As the world has recently experienced a new explosion of cryptocurrencies value growth, today, the blockchain ecosystem is probably more active than ever before.
The interest in cryptos and the demand for various crypto-related information is at all-time highs, which also drives the need for reliable and easily integrable crypto APIs that provide real-time data and support multiple applications.
This demand is being met, as there are dozens of various crypto APIs available today.
This piece will review and compare two of the most popular and trusted cryptocurrency exchange APIs: Coinlayer and CoinMarketCap.
They are both rightfully in-demand, and we will take a closer look at each of these APIs to identify their strengths, weaknesses, and the most suitable applications for them.
What is a Crypto Exchange API?
Cryptocurrency exchange APIs give developers and companies the ability to connect projects to a cryptocurrency exchange interface. They can provide users with access to accurate crypto-related data and allow them to perform various activities, such as making transactions or viewing the content of their wallets.
Cryptocurrency market data APIs are probably the most popular crypto APIs nowadays, as the insane volatility of cryptos drives the market demand for real-time information on price hikes and exchange rates between various coins.
Coinlayer API
Coinlayer is a powerful one-stop API focused on delivering accurate coin exchange rate data gathered from over 25 most significant cryptocurrency exchanges around the globe.
Coinlayer API covers more than 385 cryptocurrencies and claims to serve over 25,000 registered users. The data is requested using the HTTP GET method and returned in easily readable JSON format.
Features of Coinlayer API
Here are some of the most notable features of the Coinlayer API.
- Real-time crypto exchange data.
Coinlayer API provides access to real-time cryptocurrency exchange rates and additional data across over 385 different coins.
- Historical rates.
This API also allows users to access a large volume of historical crypto data dating back to 2001.
- Conversion between crypto coins and fiat currencies.
Coinlayer’s Conversion Endpoint supports the conversion of any amount between 385+ supported cryptos and all fiat currencies.
- Reliable data sources.
The API collects information from over 25 reliable crypto exchange providers, which allows it to provide a high level of accuracy.
- Security.
Industry-standard 256-bit HTTPS encryption, applied to all the data sent to and from the Coinlayer, is another essential feature of this API.
Pricing
Coinlayer has a free version available, limited to 500 requests per month and hourly updates only.
And there are four main paid subscription plans: Basic ($9.99 per month), Professional ($39.99 per month), Professional Plus ($79.99 per month), and Enterprise (custom pricing depending on the volume of requests).
Pros and cons of Coinlayer API
Now let’s take a brief look at the main advantages and disadvantages of Coinlayer API compared to other crypto exchange APIs and specifically CoinMarketCap, the second API we are reviewing today.
Pros of Coinlayer API
- Well-documented and easy to set up.
Coinlayer API has clear and well-structured documentation, making it easy to understand how it works and implement it in your application or website.
- Real-time updates.
Another considerable advantage of this API is its responsiveness and quick, reliable updates. Coinlayer delivers data without delays.
- Helpful customer support.
Unlike many other crypto exchange APIs, Coinlayer has responsive customer support to provide help when you need it.
- Easy to use.
This API is also very user-friendly and easy to use, even with minimal coding knowledge.
- Free version.
Despite being limited to 500 requests per month, a free API version is available and functional.
Cons of Coinlayer API
- The free version is overly limited.
With 500 requests per month limitations and other restrictions, the free version is mostly just good for testing purposes.
- Hourly updates in the Basic subscription.
The most affordable paid subscription plan, Basic, still supports only hourly updates, with 10-minute updates available to the users of more expensive subscription plans.
CoinMarketCap API
CoinMarketCap is a crypto API for cryptocurrency data uses, from commercial to personal and academic.
CoinMarketCap API comprises a suite of high-performance RESTful JSON endpoints designed to meet specific requirements of web and application developers and enterprise business platforms, data scientists, and other potential users.
This suite provides users access to the latest cryptocurrency and exchange market data in various forms such as market cap rankings, charts, etc. The support of historical data is available as well.
Features of CoinMarketCap API
- A large number of market data endpoints.
The full version of CoinMarketCap includes more than 22 market data endpoints, such as crypto and fiat currency conversions, latest crypto rankings and market quotes, global market cap, exchange rankings, and others.
- Integration with over 300 crypto exchanges.
CoinMarketCap is one of the leaders when it comes to the number of integrated cryptocurrency exchanges. Now it features well over 300 conversations all around the world.
- Quick updates.
This API features a 1-minute update frequency.
- Historical data.
CoinMarketCap API offers historical data to the users of their Enterprise plan, with the data available from 2013.
Pricing
CoinMarketCap API has a free Basic subscription plan for personal use and is limited to 9 market data endpoints and 10,000 call credits per month.
And a handful of paid subscription plans designed to fit the needs of different groups of users are also available: Hobbyist ($29 per month), Startup ($79 per month), Standard ($299 per month), Professional ($699 per month) and Enterprise (custom pricing).
Pros and cons of CoinMarketCap API
CoinMarketCap sure has its own set of significant strengths and considerable weaknesses compared to Coinlayer and other similar crypto APIs.
Pros of CoinMarketCap API
- Functional free version.
The basic subscription plan includes nine primary market data endpoints, which are helpful for simple needs.
- Flexibility.
With 22 market data endpoints, CoinMarketCap API is versatile and can be used for various projects and tasks.
- Diverse information sources.
CoinMarketCap API can supply large volumes of data from various sources, having over 300 exchanges integrated.
Cons of CoinMarketCap API
- Relatively high prices.
Access to a complete number of market data endpoints and other API features is relatively expensive compared to other options.
- Limited customer support.
CoinMarketCap’s customer support is available only to the Enterprise subscription users, and even for them, it is limited to email.
- It can be challenging to adopt.
Partially due to its higher complexity, this API is more difficult to adopt compared to Coinlayer API. CoinMarketCap’s documentation also could be more extensive and better structured.
Conclusion
Summing it up, both Coinlayer and CoinMarketCap are powerful cryptocurrency exchange APIs that supply users with fast and reliable data.
CoinMarketCap, a more complicated and expensive one, is probably the best choice for large enterprises or specific use cases where its diversity of market data endpoints would be applicable.
Coinlayer, on the other hand, is a simpler and more accessible API that is easy to start using, which makes it an excellent choice for small and medium businesses.
Photo by Jievani Weerasinghe on Unsplash
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