Webhooks: UTIP recommendations for their use

This article by UTIP Technologies Ltd. experts deals with the concept of webhooks, their necessity, along with opportunities and advantages they provide for users.

What are webhooks and why do you need them

A webhook is a method that allows one service to automatically send notifications to another one when a certain event takes place. This feature is used to keep different applications and programs connected. Webhooks enable the user to receive real-time data and quickly respond to events within other applications.

Let’s take a look at the example. A webhook can be configured so that a dealing manager receives notifications via e-mail or other messenger if a trader changes position. Therefore, the manager is able to respond right away to the actions made.

Webhook opportunities in UTIP

Getting alerts on trading operations. If there are any changes in the trading platform, the UTIP Server will send an immediate notification to the recipient via a webhook. It will include a type of the event and the parameters being modified.

The system keeps the recipient notified only on the relevant changes. All notifications are delivered immediately, with recipients being informed in a timely manner.

Ensuring liquidity. Hooks allow a trader to bring their positions to the major certified liquidity providers.

Here are the benefits of a broker’s cooperation with a liquidity provider:

• A player is able to place orders on the interbank market;
• Limit orders can be executed with minimum bypassing;
• Hedging of positions becomes possible;
• Having a branded liquidity provider allows attracting new clients, thus leading to an increase in the brokerage company’s deposits and profits.

Benefits of webhooks

Simplified automation. A webhook is the best alternative to the API. Instead of submitting API requests to obtain information whenever needed, webhooks may transfer data between applications automatically. Once the event that needs to be tracked happens, the app receives a notification and takes all the necessary data, with no extra codes involved. This makes a business automation process much easier and less time-consuming.

Enhanced performance. Webhooks help managers dealing with information to increase the speed and efficiency of their work. This feature enables instant data sending to multiple applications, thus no complex systems need to be created. Managers are also not required to check all the data modifications manually.

If you’d like to know more about the UTIP Server or any other products, please submit a request on the UTIP website, and our manager will contact you.