We use an API on a daily basis without even realising it. For example, every time you click the ‘Continue with Facebook’ button to log in to an app, API gets involved. A weather app on your phone works with the help of API as well. And even online shops work via API. So how does it work?
In this blog, we’ll explain what an API is, how it works, and how you can use Deriv API to your benefit.
What is an API
API stands for application programming interface. It may sound a little complicated for non-technical people, but it simply refers to a way of communication designed specifically for computers.
A good example of an API in action would be a flight aggregator like Skyscanner – a website that displays flights and airlines available on dates you select. This website communicates with numerous airline websites and retrieves data from them, such as flight times and prices, using an API.
In trading, an API is mostly used by trading apps and platforms to fetch data like live quotes and trading conditions from the brokers.
Deriv API does exactly the same – provides access to Deriv’s trading conditions and assets available for trading to third-party software, like your trading app or platform.
How an API works
Similar to human communication, programming communication requires an exchange of information between two sides — a requestor and a respondent.
In our earlier example, the aggregator website acts as a requester, asking for flight data, while the airlines’ websites act as the respondents that provide the requested information.
API users commonly refer to the requesting side as a client and the responding side as a server. An API is no more than software that enables a client and a server to communicate with each other by sending requests and responses.
Each request and response is called an API call and can be written in different programming languages, depending on the requirements of the server – Java or Python.
What you can do with Deriv API
With Deriv API, you have the freedom to personalise your trading experience. Just build your own trading app or platform, add the features you like, and connect it to the Deriv server via our API. The API will transmit data from our server to your app, enabling you to trade just the way you want.
Moreover, besides adding a unique personal touch to your trading journey, you can take your API activities even further and monetise them.
How you can earn with Deriv API
Here are the 3 opportunities to earn with Deriv API:
- Build your app, sign up as a Deriv affiliate, and get commissions on trades completed via your app and the affiliate plan you select.
- Register your trading app or platform with Deriv, add a markup to the contract prices, and profit from every purchased contract.
- Sign up as a payment agent, build your custom website to process payments for Deriv’s clients, and earn commission on every transaction completed via your website.
Undoubtedly, creating an app or a website requires a set of skills that not everyone may have, such as knowing programming languages and having coding experience. But if you don’t have those skills, you can hire a developer to create an app or platform for you – all you’ll need to do is promote it once it’s done and build your network.
If you need help with software development, the Deriv developers’ community can be a great place to find the right person. And if you need help with promoting your product, Deriv offers an extensive selection of marketing materials exclusively to our partners.
Comfortable building your own product? Head to our API guide to find Deriv API’s technical specifications.
Deriv API offers you a whole new level of opportunities to stand out as a trader or a partner and make some additional income. Moreover, it is absolutely free of charge – so, give it a try?
Payment agent services are not available for clients residing within the EU.