At Crypto.com, we believe the future belongs to those who see far beyond the now and continue to build and innovate under any circumstances.
As builders, it’s our mission to continue delivering features that enable robust and regulated global cryptocurrency adoption. Following the successful upgrade of the GEN 3.0 Crypto.com Exchange, we are proud to present the FIX API, designed from the ground up for institutional-grade direct market access (DMA) via the FIX 4.4 protocol.
Why a FIX API?
FIX, which stands for Financial Information eXchange, is an electronic low-latency trading protocol. It is well received by institutional players, including NASDAQ, London Stock Exchange (LSE), and Singapore Stock Exchange (SGX). This wide adoption makes FIX protocol the de-facto standard for buy-side and sell-side firms globally to trade electronically in an ultra-low latency and auditable way.
From an institutional point of view, FIX Protocol is the trusted language for trading and connectivity, analogous to English as the trusted language for laws and regulations. At Crypto.com, we listened to the strong demand from institutional players for FIX API connectivity. We believe that building the FIX API is a natural and necessary next step for creating the architecture required for institutional-grade trading beyond what RESTful and WebSockets API can provide.
FIX API for GEN 3.0 Crypto.com Exchange: Features and Benefits
#1: Industry Standard FIX 4.4 API
Based on the industry-standard FIX 4.4, our FIX API allows institutions to trade using the API they have been using and ensures smooth and low latency exchange connectivity.
Thanks to FIX 4.4 being the industry standard, compliance and control best practices, operational excellence, and more can be largely reused and integrated. Thus, the ecosystem can minimise time to market and maximise return on investment.
#2: Ultra-Low Latency, Co-located Direct Market Access
FIX connectivity offers DMA to the GEN 3.0 Crypto.com Exchange via co-location in AWS Tokyo, which boosts the connectivity performance by 70%.
FIX API’s message is smaller than RESTful / WebSockets JSON-based message by 30%, therefore boosting performance further.
#3: Robust Messaging Session: In-Order Guaranteed Message Delivery and Recovery
A FIX messaging session is a bi-directional and in order with guaranteed delivery and a durable subscriber architectural pattern.
With the good use of message sequence number and ResendRequest, institutional trading applications can be upgraded and resume trading seamlessly from where they have left off, resulting in more robust exchange connectivity beyond RESTful or WebSocket APIs, which lack similar recovery capability.
#4: Fine Granular Access Control
FIX sessions are secured by an authentication process with API keys to allow privileged trading access only.
Read-only FIX drop copy sessions are also available via separate read-only API keys, such that real-time compliance / surveillance / risk management / auditing can be performed with the right segregation of duty from trading in-place.
#5 Strategy and Risk Segregation via Sub-accounts
Sub-account is natively supported in FIX API, which means trading strategies and risk can be segregated into different Sub-accounts and traded separately.
API Key can be created or removed at the Sub-account level, further ensuring the segregation of duties.
#6: Real-Time Pre-Trade / Post-Trade Risk Management: FIX Drop Copies & Incremental Order Book Updates
FIX API supports read-only subscription feeds, including FIX drop copies and incremental order book updates feeds. As a result, pre- and post-trade risk, as well as market risk, can be informed and managed in real-time to the institutional trading infrastructure.
#7: Advanced Order Types for Trading Strategies Composition
Advanced order types, including Limit, Market, Stop Loss, Take Profit, Immediate of Cancel (IOC), Fill or Kill (FOK), and Post Only, are currently supported for composing advanced trading strategies.
Benchmark-based algorithmic order types such as TWAP for best execution are on the roadmap.
#8: Mass Order Management Operations
FIX API supports Mass Order Create / Cancel operations, so a batch of order creations and cancellations can be sent in one go for efficient trading strategy implementation. All advanced order types mentioned above are supported in mass order operations.
Orders can also be massively cancelled by Instrument Name, facilitating agile reactions to market conditions.
#9: Over-the-Counter (OTC) Block Trading Access
FIX API supports block trading, making trading in large blocks with competitive rates possible. Our trading engine provides these clients with custom quotes instantly and securely, as well as instant settlement without involving a third party.
#10 Interoperability With RESTful and WebSockets APIs
FIX API can be used in conjunction with RESTful and WebSockets APIs, so traders can use the right tool for the right job.
For instance, institutions can use FIX API for trading and use RESTful / WebSockets APIs to build their Trading UI over the web. Existing trading platforms written in REST / WebSockets APIs can be used with FIX API as a parallel run, so the return on investment can be optimised as another example.
If you are interested in FIX connectivity, please reach out to your account managers or email us at [email protected].