First, let’s see What is an API?
An API (Application Programming Interface) is a set of procedures, protocols and methods that enable one application or server to communicate with the other and request or retrieve data.
API is everywhere in your life,
*the app you use in your android phone uses API,
*the online portal through which your are paying your bills is using API,
*train ticket you book through IRCTC website uses API,
*internet/mobile banking uses API
*and countless services uses API.
If API is not there, the digital world which we are enjoying now wouldn’t exist.
What is the Scope of API in Stock Market?
Check out this article to know more on ‘Why we need API in Stock Trade’
Why Software Library is required?
Almost every Trade API provided by stock broker is based on HTTP, means you can call the API functions directly from your programming language without using any library. The only requirement is, the language must support HTTP, and almost all modern programming languages supports HTTP.
If you are an advanced developer, fond of building things from scratch on your own and have enough time, then you don’t need to use any library. You can build your own library or build your application with Raw HTTP API.
Techopedia definition of Software Library
A software library generally consists of pre-written code, classes, procedures, scripts, configuration data and more. Typically, a developer might manually add a software library to a program to achieve more functionality or to automate a process without writing code for it
Basically Library wraps all the raw HTTP API calls as simple functions, the user just need to call the required functions in his program. For example, to place a order using direct HTTP call, you need to write 5-10 lines of code. But with library, you just need to call the one line PlaceOrder function from the library.
Advantages of using Library
*Saves considerable development time
*The functions are portable
*It has fewer bugs (since probably many other people use the libraries too, and you benefit from having them finding and fixing bugs)
The main purpose of our DotNet Library is to let the developers concentrate on their trading system; instead of working on execution system, this greatly reduces burden of the developers and helps to deploy their trading system very quickly. Our DotNet Library provides complete set of tools required by the developers to build their trading system.
Order Flow Library
Official vs 3rd Party Library
Official libraries are limited and meant for basic understanding and usage of the API. Third parties are encouraged to provide libraries with advanced and out of the box features.
our DotNet library supports RTD server, so you can get real-time data in MS Excel.
Real-time position details like MTM, NetQty etc provided through events etc
Finally, whether to use Official or 3rd Party Library, it all depends on your trading system and requirements.