MarketDraft, a cutting-edge cryptocurrency market simulation platform, is tailored to offer users an immersive experience in stock and crypto market trading education. It’s built on the foundation of real-life market-simulated scenarios, aiming to enhance users’ trading skills and knowledge. To effectively mimic the dynamic nature of the markets, MarketDraft recognized the necessity of integrating an API for cryptocurrency simulation tools. This real-time API is crucial for providing users with the opportunity to test and refine their strategies in a simulated market environment, closely mirroring the realities of actual trading.

They were looking for a service that had a large database of cryptos it tracked and updated consistently. They choose CoinAPI to create advanced, yet user-friendly cryptocurrency simulation tools and contests that allow users to practice their skills and test out strategies in a risk-free environment. MarketDraft creates a fantasy crypto environment where people can simulate buying crypto and watching their portfolio grow like an investor. 

Trading in the stock and crypto markets is a complex and intimidating endeavor. For those seeking to gain a better understanding of the markets and develop successful trading strategies, there is now a revolutionary new platform. It’s called a cryptocurrency market simulation platform, and it’s designed to provide users with stock and crypto market trading education, experience, and strategy based on real-market data. Through this platform, users are able to create their own virtual portfolios, set their own goals, and simulate trading in order to gain a better understanding of the markets. 

The platform also provides users with the tools and resources necessary to develop and execute successful trading strategies. This platform is perfect for both experienced traders and those just starting out in the markets. Users can learn, practice, and refine their trading skills in a safe and secure environment. MarketDraft is an innovative cryptocurrency market simulation platform that provides users with stock and crypto market trading education, experience, and strategy based on a real-life environment. MarketDraft also offers private contests, private market simulation options, cryptocurrency gameplay styles, and other entertaining educational tools.

Today we spoke with MarketDraft CEO Chris A. Tovmasian to learn how the company uses CoinAPI to track real-time cryptocurrency price data to run  cryptocurrency simulation tools and contests

The challenge

MarketDraft needed a real-time price tracker for cryptocurrency. They were looking for a service that had a large database of cryptos that is updated consistently. 

MarketDraft knew they needed an API solution that would enable them to track cryptocurrency prices, access real-time data, and provide reliable data to run their simulation environments in the best possible way and to be as close to the real crypto industry as possible. 

Here are the challenges MarketDraft faced:

1. Lack of data from multiple crypto exchanges 

For the crypto industry to thrive, data is an absolute necessity. CoinAPI enables access to market data from multiple crypto exchanges, making it possible to compare them and identify which ones have the best costs and liquidity. This makes it more convenient for users to follow their investments in one place and keep track of the market.

2. Lack of reliable cryptocurrency resources

For those looking to make wise decisions with their crypto investments, this can be a daunting task. Access to an all-inclusive, current market data API is essential for customers. Utilizing a Crypto API can reduce the chance of any setbacks related to outdated or imprecise information. For investors to make the most of the digital currency market, they must have access to dependable, exact, and up-to-date data. 

3. Lack of real-time data API for cryptocurrency simulation tools

MarketDraft wanted to team up with a provider that could offer up-to-date pricing information which is essential for those in the trading, investing and cryptocurrency fields. 

4. Having multiple pricing options all in one place

MarketDraft was looking for a trustworthy place to get information about cryptocurrency prices and a relatively easy method of obtaining prices from numerous exchanges and calculating the price of individual cryptocurrencies based on other supported cryptocurrencies.

The solution – API for cryptocurrency simulation tools

MarketDraft reached out to CoinAPI in order to obtain a real-time price tracker for cryptocurrency. They required access to a comprehensive selection of cryptos that could be tracked on an ongoing basis. Thanks to the real-world data provided by CoinAPI, MarketDraft was able to construct a crypto atmosphere in their platform which allowed users to virtually purchase crypto and monitor the development of their virtual portfolio.

Results 

MarketDraft is really thrilled with the results they have seen since partnering with CoinAPI. With their rapid growth, they needed a real-time price tracker for cryptocurrency, an accurate, real-time, crypto tracker that featured a large and ever-expanding database. 

CoinAPI was able to implement a crypto environment into the MarketDraft platform where people can simulate buying crypto and watching their portfolio grow like an investor. Leveraging the real-world data that CoinAPI offer allowed them to do that.

How CoinAPI solved MarketDraft’s challenges:

1. Get access to cryptocurrency price data with API for cryptocurrency simulation tools 

Market Data API provides a means of obtaining up-to-date cryptocurrency pricing information. This is instrumental for those conducting cryptocurrency trading or investing in a simulated environment. With real-time market data, users can make informed decisions on when to purchase and sell digital currencies. Additionally, monitoring the markets is possible, thus allowing individuals to identify market tendencies and make appropriate use of them.

2. Work with reliable API for cryptocurrency simulation tools.

It is crucial to use trustworthy sources of information when dealing with cryptocurrency, and CoinAPI is one of these reliable sources. They provide developers with an array of APIs to access pricing, market, and network details easily. Additionally, CoinAPI makes it effortless to incorporate the data into your own projects. As the industry of digital currency is always evolving, it is necessary to stay aware of the changes and make sure that you are only utilizing dependable sources of data. 

3. Providing multiple price sources

By accessing multiple price sources through APIs, users can stay well-informed about the most recent cryptocurrency information. With market data APIs, users are able to access real-time market data and make educated decisions on when to buy or sell digital currencies. MarketDraft utilizes CoinAPIs to obtain data from several exchanges, ensuring that their customers always have the newest information.

Want to check how CoinAPI works? Below are a few articles you might want to read: 

How does Market data API work? 

How does CoinAPI help businesses? 5 benefits of using CoinAPI to develop your product/service