On October 1st, 2019, Kraken crypto exchange made headlines after it released its WebSockets Private Application Program Interface (API) on beta mode. However, it is no longer in beta mode since Kraken just made it available to all of its customers.
Per a blog post on its site, the API is now available to all, and now customers can subscribe to get market updates directly in their inboxes.
WebSockets Private Application Program Interface (API) is an advertising platform meant for software developers who make applications for accessing market data and trading.
However, the WebSockets private data feed is providing more than just being a gateway for accessing market data and trading on Kraken exchange.
Besides the above, Kraken customers will also benefit from the efficient interface and speed of accessing the said data.
However, to get the above services, one has to subscribe. By subscribing to Kraken Web Sockets, users will also benefit from the low latency server connection and enjoy receiving updates immediately from Kraken.
Kraken Customers have to subscribe to the Private Data Feed
According to the blog post, all users interested in getting updates from Kraken crypto exchange will have to first submit their request by sending a token for authentication via the REST API. The latter is a secure authentication mechanism that uses cryptographic hash algorithms and API keys.
When done with the authentication process, the WebSockets private data feed will be ready to handle the user’s private data together with their trading actions.
The first two messages to hit the user’s inbox once everything is set will contain the client’s Trades and open Orders. The latter will open orders while the former will list info on the last 50 trades.
However, in both instances, the API will forward info on updates when new orders are initiated, but down the line, Kraken exchange will add two more messages. Soon Kraken will add cancel and add order feature.
Through the latter two, users will be able to add orders faster and also be able to cancel orders quickly. With the WebSockets private data feed now available, Kraken customers can initiate trades quickly.