Scalable Solutions is one of the few that supports FIX protocol 4.2, 4.4 and 5.0, allowing established financial institutions to integrate trading algorithms designed for traditional markets seamlessly into the world of digital assets.
The majority of cryptocurrency exchanges use two mainstream API protocols: REST and WebSocket. Both possess advantages and powerful features, yet they haven’t gained widespread adoption in the broader world of finance. Because of this, cryptocurrency exchanges are likely to have a more complicated time communicating with Wall Street and other traditional exchanges around the world.
REST
While APIs allow programs to talk to each other, REST APIs determine how a specific API looks like. REST stands for representational state transfer, and comprise a set of rules that developers follow when they create their API – commonly known as their architectural style. REST are request-response types of APIs, where users send requests (get or post) and receive one-time responses. However, REST APIs can cause backups on servers. This makes them less reliable for high-volume institutional-grade trading exchange platforms compared to other APIs.
WebSocket
WebSocket represents a standard when it comes to both ways of communication between client and server. While REST are request response APIs, WebSocket handles the “push notifications” side of things, like market data.
FIX
While both WebSocket APIs and REST have several use cases, FIX provides a comprehensive solution that is particular to trading of digital financial assets. FIX is the connectivity protocol specifically designed for global financial markets.
Get more information on FIX Connectivity and Its Role in Digital Asset Exchanges
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