Fix Protocol Api Forex Access - Developing An App

Question

Does anyone has any experience with developing applications using Fix Api protocol (using the FIX 4.4 protocol) to trade Forex via this ?

I would like to know how and when to start ? Where can I get test environment ? Where can I get some examples of writing code/using it with Forex brokers ?

Answer 1

For a start, try using the Quickfix library, either in Java or C++. There are others too, but I have used this library and it is quite extensively used in the financial industry.

It has a well documented API help and there is a lot of help on this library available. You can use two instances of this library as a test environment to test. Forex brokers would not share their code with anybody else, nobody wants to go to jail. All you can get is maybe sample market data from one of the market data providers i.e. Bloomberg, Reuters etc

Answer 2

It is usually best to build your apps as plugins for a more established software such as Metatrader. This will make it easier to get access to real-time data for your app. Metatrader is very well developed and has a large community of traders so it is very easy to find help if you need it. The software is also very well documented which makes it easy to learn how to build the best possible plugin. You can find a list of forex brokers that support MT4 and MT5 here.

Another benefit of building your app as a Metatrader plugin is that it can be used by a large number of different brokers. If you build a standalone app then it will often only work with the forex broker you built it for. If you want to use another broker in the future then you will have to redesign parts of the app.

If you prefer to build a free-standing app then Quickfix is the best option. It is a free open source protocol that works with several different programming languages. There are plenty of online resources that can help you achieve your goals. There are also several companies like Connamara that offer commercial support.

I would recommend that you look and see if you can achieve what you want to achieve with a Metatrader plugin before you put in the effort to build a likely inferior stand-alone app.

Answer 3

For FOREX ,You can get a lot of resources to develop Trading Platforms like MT4 , eSignal AmiBroker etc..Yes to start development You can use Open source API like

1. QuickFIX

2. VersaFIX

   Onixs and QXFIX are also very good third party FIX Engines.

   Now next step is to get access to any FOREX exchanges like CME ,NYSE , NESDEQ ,FXCM ,EUREX etc to get market watch and place Orders(trades).It is good for beginner to create an account on FXCM and use it's credentials in your client terminal(Application) having QuickFIX initiator(You can create it very easily.) .For more information visit sites like http://fixprotocol.org/ .