Canadian FX firm OANDA has announced free availability of the code for its fxTrade proprietary trading platform via the firm’s REST (Representational State Transfer) application programming interface (API) in order that traders can build automated strategies.
As the platform development business has evolved substantially since the arrival on the market of application based platforms such as tradable, and algo specialist cTrader, there has been a drive among the more technologically aware trader to become increasingly discerning, with the availability of customized applications from independent developers to be easily integrated within trading platforms.
Retail FX platform giant MetaQuotes last year established its own marketplace for third party applications, following an onslaught by several developers which resulted in MetaQuotes embracing the need for applications, with a stipulation that developers submit them to the company for approval and compatibility testing in order that they can be available via MetaQuotes itself.
OANDA, whose European operation has recently gained industry expert Daniel Skowronski as CEO, is likely to take some interesting steps in terms of innovation, as Mr. Skowronski’s previous success story was to take Alpari onto the global stage as one of the largest FX brokers in the world.
In this new development, OANDA’s API allows current and prospective partners and individual traders the opportunity to develop customized apps, and trading algorithms and strategies on top of the broker’s in-house trading platform.
“Upon completing a successful beta program through which we received excellent feedback from our clients, the OANDA API is now publicly available and ready for the masses,” said Barbara Bermes, Product Manager, OANDA API, OANDA Corporation. “Whether it’s a corporation integrating forex hedging into its treasury systems, or a retail forex trader creating customized user interfaces to fxTrade or developing proprietary trading models, our API library provides direct communication with OANDA’s fxTrade servers over secure, authenticated internet sessions with fully encrypted communication channels.”
Created specifically to cater to any programming language, developers can wrap their applications around the OANDA API using Java, Python, .NET or any other preferred development language. Tailored to be easy-to-use, OANDA also provides a development guide that includes thorough user documentation, code samples, and reference implementations. The OANDA API features live and historical market data, trading support for market orders with trailing stops, stop-loss, take-profit, and standard and entry limit orders. There’s also account data (for fxTrade clients), live streaming rates, and soon, push notifications.
“fxTrade offers many benefits to self-directed investors active in the currency, precious metals, commodities, and indices and bond markets. Transparency has been a hallmark of our business since its inception and the OANDA API is another example of that,” said Trevor Young, Vice President, Product Management, OANDA Corporation. “Our API team has been intently focused on a number of initiatives including enhancing our Java API, building an accompanying partner program and online Marketplace, all the while delivering the APIs our clients demand.”