How easy is it to set up a FIX API? The simple answer is that the average retail broker will not be able to provide a FIX API because they lack the technology infrastructure that would allow them to do so. FIX API technology is still considered the domain of institutional market players for several main reasons and you are in luck, because BlackBull Markets offer FIX API connectivity.
Reasons why FIX API is filled with institutional market players
Reason #1: The provision of a FIX API requires a sophisticated system “back-end” and this type of technology is not available by default, even if a Broker is already connected so some sort of aggregator. Only a limited number of enterprise-level FX Solution Providers can successfully offer, and maintain, this robust FIX API infrastructure.
Reason #2: Even if a Broker works with a technology provider that supports FIX API, support costs are adding up. The vast majority of technology providers don’t offer end-user support, however, our tech-savvy team can offer round the clock support for this service.
Reason #3: Risk. Many FIX API traders are perceived as sophisticated or knowledgeable and, therefore, the probability of their being profitable is higher and BlackBull Markets are connected to various multi-bank LPs that can cater to a lot of different strategies.
To conclude, a retail trader looking for a FIX API has probably outgrown the world of the average retail FX broker and is, instead, heading towards the more institutional space.
What does this mean for traders looking to step up to the FIX API with BlackBull Markets
Requirement #1: Get ready to deposit at least USD 100,000 to initiate a live account.
Requirement #2: Be prepared to pay a monthly minimum commission if certain volumes are not met.
Requirement #3: Be prepared to pay a $500 set up fee to cover costs
Requirement #4: A GUI (Platform/Interface to place trades) is a must-have in order to view equity and floating positions in real time as well as to allow the ability to close/open positions in an emergency situation (mistakes in your code, for example)
Requirement #5 A GUI is not offered by the majority of technology providers so be prepared to do some heavy, in-house, programming in order to gain access to your account metrics when required.
Hopefully, the above information will help you in your search for the best solution for your FIX API needs.
Trading via FIX API
If you want to get more information about how to trade via FIX API please contact our Institutional Sales team on support@BlackBull.com
We look forward to hearing from you,
BlackBull Markets Support Team