Robinhood rolls out crypto API for US traders

    2024.05.30 | exchangesranking | 43onlookers

    Stock trading app Robinhood announced the release of its crypto trading application programming interface (API) for users based in the United States. 

    On May 30, the investing app revealed its attempt to tap into seasoned crypto traders through an API. The crypto trading API allows US-based traders to set up automated trading strategies. Robinhood believes this will let users react to market movements and be ahead of market trends.

    Users can also trade crypto using the API without opening the Robinhood app.

    Robinhood crypto trading API

    With the API, users can also write their programs interacting with real-time crypto markets. Robinhood said that they can use algorithms and strategies to execute their trades.

    Johann Kerbrat, the vice president and general manager of Robinhood Crypto, told Cointelegraph that the API allows their customers to “take full control of their trading strategies” and automate trading. Kerbrat said:

    “Developers can create custom products tailored to their specific needs and can build personalized tools for crypto trading.”

    Kerbrat added that the API allows users to execute trades based on predefined parameters, eliminating the need for manual intervention.

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    “This automation enables traders to execute trades with greater speed, precision, and efficiency and implement complex trading strategies that may not be feasible manually,” Kerbrat said.

    Robinhood targets advanced crypto traders

    Although the tool seems to be highly useful, it may not be suitable for everyone. According to Robinhood, the crypto trading API is built for seasoned crypto traders.

    Kerbrat explained that this group of users value high-level functions that let them use their technical knowledge to execute complex strategies.

    He noted that the API gives these traders analytics, real-time data processing and enhanced security. “We’ve created a dedicated website with API documentation and examples of how customers can use our API,” he added.

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    The executive added that as their firm continued to see a market share increase, they decided to allow their customers to access advanced trading tools to help them navigate the crypto market.

    When asked why users should use their API, Kerbrat claimed they offered the “lowest cost to trade crypto on average.” The executive said customers can “maximize” their offers without added costs with commission-free trading and the crypto API.

    Apart from the crypto API, Robinhood also launched a staking service for Solana (SOL) holders in Europe. On May 15, the company announced its first crypto-staking product. Users can stake their SOL tokens with the service and receive a 5% yield through the Robinhood app.

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