UTIP Web API and webhooks: what is the difference
The UTIP Web API and Webhooks are two powerful tools for getting data and running a trading platform that help brokers to maximize profitability. Despite both tools being used to interact with data, they are not interchangeable, and rather serve different purposes. This article covers the key differences between them.
UTIP Web API
API is an abbreviation that stands for application programming interface. It is a kind of digital infrastructure to exchange data between applications.
The UTIP Web API contains all the basic tools for managing accounts and trading on the platform, as well as for making various reports on the UTIP development. Brokers can apply multiple functions to integrate with their applications and automate their work, for example:
— to create, edit and delete accounts;
— to make deposits;
— to manage account groups and financial instruments;
— to receive parameters of trading accounts and trading reports, etc.
The webhook can be translated from English as a “web interceptor” – or even literally as a “web hook”. By its means, one application transmits information about a real-time event to another. As soon as the event occurs, the webhook is triggered to pass the given information to the corresponding program.
The UTIP server uses webhooks to notify recipients when data has been refreshed. These notifications contain information about the type of event and the parameters being processed. The system sends notifications immediately and only for the updates that are requested by the recipient.
Additionally, webhooks are used to access liquidity from certified providers. The liquidity provider partnership gives brokers the following advantages: access to interbank markets, minimum slippage in the execution of limit orders and the option to hedge positions. Furthermore, brokers can enhance their brand reputation, attract new clients and increase their deposits and profits.
The API requests data and checks for new information before compiling it. The server can be queried several times for information about the system’s updates.
Webhooks are activated in response to an event, and they send the relevant information to the recipient. Webhooks are set up once so that it will be enough to further receive data on updates in the system.
Webhooks are an efficient way to get important updates in a timely manner. As an example, a dealing manager can quickly respond to the actions from the trader’s end while editing a position. It’s important for brokers to stay up-to-date, and webhooks are the best alternative to the API to receive the latest information quickly. Hence, the UTIP trading platform developers have already implemented the webhook feature adjacent to the multifunctional UTIP Web API.
For further information about the advantages of the UTIP Server, follow the UTIP website.
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