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What is kraken API? Detailed guide

What is Kraken API?

Kraken API is a mechanism that allows us to automatically trade bitcoins on Kraken using programming. Kraken is an online cryptocurrency exchange app that allows people to trade over 50 currencies and tokens. Kraken also provides OTC, Fiat and spot, futures, and margin transactions.

As one of the most popular US-based marketplaces, Kraken adds a competitive edge to trading. Its API is liked by many algorithmic traders and in this essay, we will study it fully.

Is Kraken API free?

Creating a Kraken account and accessing the Kraken API is entirely free, however, when it comes to trading there are costs. The costs depend on several variables including the assets you’re trading, the network you’re using, monthly market cap, and much more.

What are the Kraken API fees?

On Kraken, there are five different sorts of pricing schedules:

  • Instant Buy
  • Kraken Pro
  • Stablecoin & FX Pairs
  • Margin
  • Futures

All Fee scheduling methods explained

  • Using the Instant Buy fee schedule on the Kraken App for iOS and Android, you may buy, sell, or convert Bitcoin or other cryptos on Kraken. The cost is 0.9 percent if you purchase stable coins using USD or other stable coins. While buying stable coins with another cryptocurrency incurs a 1.5 percent cost, buying them with fiat currency incurs no fee at all
  • There are volume incentives built into the Kraken Pro price structure that is based on your prior 30 days of usage. Also, keep in mind that the Instant Buy option doesn’t contribute to the total. Read more about Bitcoin to naira
  • If a stable coin is the base currency (e.g. USDT/USD), the stable coin & FX charge schedule will apply. For example, if BTC/DAI is the sole quote currency, then the fee schedule in the “Trading” page will be utilized.
  • At the opening and closure of margin positions, all margin costs are applied on top of the trading fees. Check out https://www.kraken.com/en-us/features/payment-schedules for more details.
  • There is also a maker-taker fee schedule for futures that does not apply to orders placed in the past that weren’t futures.

Why would I want to utilize Kraken API?

  • Kraken is available for free download on the web.
  • Beginners will find Kraken to be straightforward to use.
  • Has reasonable rates
  • A nice API is provided by this company
  • A proven track record of success
  • Can be easily customized
  • Wide range of assets to choose from

How can I make an ETH transaction with the Kraken API when BTC has moved by 5% in the previous 5 minutes?

If BTC moves by 5 percent in the last five minutes, the main goal will be to execute an ETH transaction. Therefore, it is necessary to build a loop in which the values of both cryptos are obtained and a percentage change between them is calculated in order to do this.

Otherwise, it will sleep for five minutes and then re-calculate the percentage change. Trading occurs if the percentage change equals or exceeds 5 percent. A few seconds after the transaction is executed, we’ll check to see if it was filled or not. Libraries and APIs will remain the same.

How can I use the Kraken API?

First, we’ll need to get our hands on the API Key, which grants access to secret endpoints. In order to do this, we’ll have to create an account. Click on the “Create Account” button in the upper right corner of the following link:

https://www.kraken.com/en-us/

Why can’t I use Kraken API instead?

  • Customer service might be sluggish.
  • Isn’t it personal? (required ID verification)
  • Lacks a testing environment.

When using Google Sheets, can the Kraken API be used through the sheet?

Yes! By using the API Connector add-on, Google Sheets users may access the Kraken API. Download the add-on from the Google Workspace Marketplace, which can be found here, to get started.

Once the add-on has been installed, it will provide you with a brief tutorial on how to utilize it. The option is available for those who are skeptical or simply wish to view it before installing.

 

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