Kraken’s Big Move

In a recent announcement on October 24, Kraken unveiled its new private WebSocket API, opening the doors for enhanced trading functionalities for all its clients. After a beta testing period that started at the beginning of October, the crypto exchange is ready to kick it up a notch.

The Perks of WebSockets

So, what exactly is all the buzz about WebSockets? By using this technology, Kraken aims to provide a more rapid and efficient interface for clients coding their own trading applications. Essentially, this means that for those scrambling to buy the dip, your app will now be quicker than your buddy who just discovered crypto.

How to Get Started

To dive into the WebSocket private feed, clients need to grab an authentication token through the REST API first. This token isn’t just handed out like candy at Halloween; it’s a secure process that ensures only the right folks are tuning in using API keys and cryptographic magic. Who knew trading could also feel like entering a secret society?

New Functionalities Revealed

The first wave of messages from the private API is mainly centered on keeping clients in the loop. Two primary functionalities include:

• Listing the client’s open orders.
• Pushing updates whenever new orders pop up.

Additionally, clients can see the last 50 trades and receive immediate updates whenever a new trade gets executed. Need to add or cancel orders? Stay tuned! A more efficient process is just around the corner.

Kraken’s Clean Reputation

Not only is Kraken adding functionalities, but it’s also polishing its reputation. The Blockchain Transparency Institute recently dubbed Kraken as one of the “cleanest” exchanges in the industry, showing low levels of wash trading. This contrasted sharply with competitors like OKEx and Bibox, known for their shady trading practices.

What is Wash Trading?

If you’re shaking your head wondering what wash trading even is, don’t worry! It’s when traders place simultaneous buy and sell orders on the same asset to create a false sense of high trading volume. It’s like pretending to work out while lounging on the couch!

Final Thoughts

With its new API functionalities and a reputation for integrity, Kraken seems primed to improve the trading experience for its clients. Whether you’re a seasoned pro or just dipping your toes into the crypto pool, these new features might just make your life a whole lot easier!