Today’s post is a about an underlying technology behind all of our products. It allows anyone with even modest technical skills to communicate with the MT4 or MT5 trading platform.
First of all, what can the JSON API be used for? In our experience, it is used by developers to build their very own applications. I’ll give you a few examples:
Custom Bonus Systems
- Whereupon detecting a trade of certain type or a deposit of larger than a certain amount, the system would CREDIT this account. The same system can remove the CREDIT upon a certain event.
- Of course, since you are not limited to just credit transactions, it can be any kind of transaction. Another example, if you trade more than 20 lots within a certain period of time you get 2$ per lot at the end of the term.
Risk Management Tools
Another commonly developed application. The reason is that a high-end Risk Management Tools package will cost a Brokerage a good amount, most likely a good portion of their income, but using just basic programming skills one could build a system that would automatically change the MT Groups of Traders based on certain events.
In addition to tools that communicate with MT4 or MT5 both ways, there are tools that only read and don’t write anything, a good example of this type of application is REPORTS. Over our more than 15 years of serving Forex Brokers, we’ve developed all kinds of reports and I can tell you – no amount of reports is ever enough. So most commonly it’s either a dedicated developer constantly working on this or a BI interface is connected to the Data. It will likely be Microsoft Power BI or Metabase.
If you do something like this, then you can implement triggers such as if a trader executes a certain amount of loss over a period of time, they get an Email or SMS suggesting them EAs or Money Managers, or maybe an Educational Trading Course.
Among our clients, there are those who build Mobile Apps using this API. This API alone IS more than 50% of the mobile app development project.
We also have clients that build their own Trader’s Backoffice and mini CRMs which are actually more like Task Managers. This is really good for local Web Development companies. They can significantly increase their service portfolio by expanding to an entirely new industry.
Proprietary Trading Firms
this API can be used to notify the application when certain thresholds are crossed. With Prop Firms, these thresholds are usually on Live Equity values.
So those are the uses, let’s now go over what these APIs actually are. There is actually more than one.
First is a JSON API that allows for a two-way communication with MT4 or MT5:
- Ability to register an account.
- Enable or disable an account
- Update account personal details
- Change account group
- Make a deposit or withdrawal
- Credit actions
- Get Traders per account
- Password actions such as: update, check-verify
There is actually more to it, there are calls that would allow you for example to close all positions, or for example open an account within a certain numeric range, but those are details you are better off discussing with our support team.
There is another part of this API, and it’s not JSON. It is a service that connects to your MT4 or MT5 and synchronizes all info one way from your server to a MySQL (or MongoDB). This data includes all available MT data: Users, Accounts, Trading History, groups, equities, and so on.
It can be hosted with you or with us. This is similar to the report server, that’s the service that enables building of reports and Business intelligence. It also assists larger systems. Because using JSON API to serve data to thousands of users simultaneously will put a lot of stress on your MT4 or MT5. But if you use a locally hosted MySQL, all the stress will be on the MySQL and not the Metatrader server.
Webhooks can notify you on any even type in real time. They are used by prop firms to catch an event of hitting an equity threshold to close all trades or Mobile App developers to notify users of approaching the margin call.
Kenmore Design’s CRM & Trader’s Room
So this is it. To finalize I want to mention that if you are using Kenmore Design’s CRM and Traders Room these APIs can be used in conjunction with our CRM APIs. Our CRM and Traders Room are built on a whole set of their own APIs, so if you wanted to develop your own Landing Pages, Payment Aggregators, implement a Marketing Automation or Affiliate System we will open the CRM API for you as well.
Surely there are other uses, I’m sure we can accommodate your request.
Give us a call!
With our help and guidance, you will be able to quickly gain a solid client base and develop an excellent reputation.
Kenmore Design has representation worldwide and we are looking forward to seeing more of you in 2022!
Get started with a demo now!