Research and Identify Suitable Financial Data APIs

[FrostRaptor]

Description: As a developer, I want to conduct comprehensive research to identify suitable financial data APIs for integration into our stock investment application. This involves creating a curated list of potential APIs and evaluating the pros and cons of each option.

Acceptance Criteria:

• [ ] List of Potential Financial Data APIs:

  • The developer compiles a list of at least 6 potential financial data APIs.
  • The list includes key details for each API, such as the provider, data coverage, and any relevant documentation.

• [ ] Evaluation of Pros and Cons for Each API:

  • For each API in the list, provide a detailed evaluation of the pros and cons.
  • Consider factors such as data accuracy, update frequency, ease of integration, cost, and any unique features.
  • Summarize the evaluation in a clear format, making it easy for stakeholders to understand the comparative advantages and disadvantages of each API.

Additional Details:

• [ ] Integration Requirements:

  • Consider the technical requirements for integration, including supported data formats, authentication methods, and any SDKs or libraries provided by the API.

• [ ] Scalability and Reliability:

  • Assess the scalability and reliability of each API, especially in terms of handling increasing data volumes and ensuring minimal downtime.

• [ ] Community and Support:

  • Check for an active community around each API and evaluate the level of support provided by the API provider, including documentation, forums, and responsiveness to queries.

• [ ] Legal and Compliance:

  • Verify that the selected APIs comply with legal and regulatory requirements, especially in the context of financial data usage.

• [ ] Cost Analysis:

  • Provide a detailed breakdown of the costs associated with each API, considering factors such as subscription fees, data access costs, and any additional charges.

Definition of Done:

• [ ] The list of potential APIs and the pros and cons evaluation is documented in a shared format or document.
• [ ] The information is reviewed and validated by relevant stakeholders.
• [ ] The development team is ready to proceed with the selection of the most suitable financial data API based on the evaluation.

[FrostRaptor]

Top 6 potential APIs:

1. Alpha Vantage:

   • Website
   • API Documentation

2. IEX Cloud:

   • Website
   • API Documentation

3. Nasdaq Data Link:

   • Website
   • API Documentation

4. Yahoo Finance API:

   • Website
   • API Documentation

5. Polygon.io:

   • Website
   • API Documentation

6. Tiingo:

   • Website
   • API Documentation

[FrostRaptor]

API	Provider	Data Coverage	Price	Possibility for Investment Strategy Application
Alpha Vantage	Alpha Vantage Inc.	Stocks, Forex, Cryptocurrency, etc.	Freemium model with paid plans	Yes
IEX Cloud	IEX Group	Stocks, ETFs, Market Indices	Freemium model with paid plans	Yes
Yahoo Finance API	Verizon Media (Yahoo)	Stocks, Cryptocurrency, Indices	Free	Yes
Polygon.io	Polygon Research Ltd.	Stocks, Forex, Cryptocurrency, etc.	Freemium model with paid plans	Yes
Tiingo	Tiingo Inc.	Stocks, Mutual Funds, ETFs, etc.	Freemium model with paid plans	Yes
Quandl	Quandl Inc.	Comprehensive financial and economic data	Freemium model with paid plans	Yes