Unicorn Binance Websocket API: Everything You Need to Know

If you are a cryptocurrency enthusiast, you must have heard of Binance, one of the most popular cryptocurrency exchanges in the world. Binance is known for its high trading volume, low fees, and a wide range of cryptocurrencies. In this article, we will discuss Unicorn Binance Websocket API, which is an essential tool for developers who want to create trading bots and other applications that interact with Binance’s trading engine.

Table of Contents show

What is Unicorn Binance Websocket API?

Unicorn Binance Websocket API is a Python library that provides an interface for the Binance Websocket API. The Binance Websocket API is a real-time market data feed that allows developers to receive live updates for different cryptocurrency pairs on Binance. The API provides data such as price, volume, and order book depth for each cryptocurrency pair on Binance.

The Unicorn Binance Websocket API library simplifies the process of interacting with the Binance Websocket API by providing an easy-to-use interface for developers. The library handles the low-level details of establishing a connection to the Binance Websocket API and parsing the incoming data. This allows developers to focus on writing their application logic instead of worrying about the details of the API.

How to Install Unicorn Binance Websocket API?

Installing Unicorn Binance Websocket API is straightforward. You can install it using pip, which is a package manager for Python. Here are the steps to install Unicorn Binance Websocket API:

Open your terminal or command prompt.
Type the following command and press enter: pip install unicorn-binance-websocket-api
The library will be installed along with its dependencies.

How to Use Unicorn Binance Websocket API?

Using Unicorn Binance Websocket API is simple. Here are the steps to use it:

Import the library in your Python code using the following command: from unicorn_binance_websocket_api.unicorn_binance_websocket_api_manager import BinanceWebSocketApiManager
Create an instance of the BinanceWebSocketApiManager class.
Call the create_stream method of the BinanceWebSocketApiManager class and pass the cryptocurrency pair and data stream you want to receive updates for.
Define a callback function that will be called each time the API receives an update for the specified cryptocurrency pair and data stream.
Start the API by calling the start method of the BinanceWebSocketApiManager class.

Example Code:

from unicorn_binance_websocket_api.unicorn_binance_websocket_api_manager import BinanceWebSocketApiManagerdef process_message(msg):print(msg)
binance_websocket_api_manager = BinanceWebSocketApiManager()
#Create a stream for receiving updates for the Bitcoin/USDT pair and the kline_1m data stream.binance_websocket_api_manager.create_stream('btcusdt', 'kline_1m', process_message)
#Start the API.binance_websocket_api_manager.start()

The above code creates a stream for receiving updates for the Bitcoin/USDT pair and the kline_1m data stream. The process_message function is defined as the callback function, which will be called each time the API receives an update for the specified cryptocurrency pair and data stream. Finally, the API is started using the start method of the BinanceWebSocketApiManager class.

What Are the Advantages of Using Unicorn Binance Websocket API?

Here are some of the advantages of using Unicorn Binance Websocket API:

Real-time market data: The API provides real-time market data, which is essential for building trading bots and other applications that require up-to-date market information.
Low latency: The API has low latency, which means that the data is delivered to your application quickly.
Easy to use: The Unicorn Binance Websocket API library provides an easy-to-use interface for developers.
Customizable: The API allows you to customize the data you receive by specifying the cryptocurrency pair and data stream.

What Are the Use Cases for Unicorn Binance Websocket API?

Unicorn Binance Websocket API can be used for a variety of use cases, including:

Building trading bots: The API provides real-time market data, which is essential for building trading bots that can make informed trading decisions.
Building price trackers: The API can be used to build price trackers that provide real-time price updates for different cryptocurrency pairs.
Building charting applications: The API can be used to build charting applications that display real-time price data for different cryptocurrency pairs.

What Are the Best Practices for Using Unicorn Binance Websocket API?

Here are some best practices for using Unicorn Binance Websocket API:

Handle errors: The API may encounter errors, such as network errors or server errors. It is essential to handle these errors gracefully in your code.
Limit the number of connections: The Binance Websocket API has a limit on the number of connections you can establish. It is essential to limit the number of connections your application creates to avoid being rate-limited.
Use a rate limiter: To avoid being rate-limited, it is essential to use a rate limiter in your code. A rate limiter will limit the number of requests your application sends to the API.
Monitor your API usage: It is essential to monitor your API usage to ensure that you are not exceeding the rate limit or making too many requests.

FAQ

What is Binance?

Binance is a cryptocurrency exchange that allows users to trade a wide range of cryptocurrencies. It is one of the most popular cryptocurrency exchanges in the world.

What is the Binance Websocket API?

The Binance Websocket API is a real-time market data feed that allows developers to receive live updates for different cryptocurrency pairs on Binance. The API provides data such as price, volume, and order book depth for each cryptocurrency pair on Binance.

What is Unicorn Binance Websocket API?

Unicorn Binance Websocket API is a Python library that provides an interface for the Binance Websocket API. The library simplifies the process of interacting with the Binance Websocket API by providing an easy-to-use interface for developers.

What are the advantages of using Unicorn Binance Websocket API?

The advantages of using Unicorn Binance Websocket API include real-time market data, low latency, ease of use, and customization.

What are the use cases for Unicorn Binance Websocket API?

Unicorn Binance Websocket API can be used for building trading bots, price trackers, and charting applications.

What are the best practices for using Unicorn Binance Websocket API?

The best practices for using Unicorn Binance Websocket API include handling errors, limiting the number of connections, using a rate limiter, and monitoring your API usage.