As a business owner or developer, you probably already know the importance of keeping costs down. When you’re trying to build an empire, every penny counts. That’s why when it comes to your money exchange app, you should be looking into integrating forex APIs into your application.
What is forex?
Forex (foreign exchange) is the conversion of one currency into another. The global forex market is the largest financial market in the world, with a daily volume of $6 trillion USD. It’s so large that it doesn’t matter which currency you use—the market is accessible to everyone. Keep reading to learn more about why you should integrate forex into your application and how to do it using an API.
Why should you integrate forex into your application?
The global foreign exchange market allows users from any country in the world to quickly and easily convert currencies on demand, but what does this have to do with your application? Many apps and websites need access to currency conversion rates for both users and internal operations.
For example, let’s say you have a mobile app that allows people from all over the world to create their own user account and share content with other users. In order for them to set up their account and make purchases
Why should you use an API to integrate forex into your application?
In many cases, using an API can be more cost effective and time efficient than trying to build out your own solution. It allows you to use real-time data without having to rely on third party APIs like Yahoo Finance which could leave your application/website vulnerable if they decide to shut down their API. Here are 3 APIs for you to try out.
1. Exchangr
Exchangr is a REST API that leverages the JSON data format to provide consumers and companies with accurate currency exchange rates and conversions.
The API contains five customisable endpoints for various activities. The live endpoint returns real-time exchange rates, the historical endpoint returns historical currency rates, the convert endpoint converts multiple currencies, the time-series endpoint returns exchange rates over a specified time period, and the fluctuation endpoint returns currency change parameters.
The Exchangr API accepts 164 currencies and 8 cryptocurrencies from all around the world. Before being delivered to customers, the data is obtained from a variety of commercial forex data sources and banks and algorithmically blended. It refreshes data on a regular basis, with intervals ranging from 60 minutes to 60 seconds.
2. FOREX.com
FOREX.com gives its clients the ability to integrate their algo-trading techniques with their deep liquidity platform. This allows them to meet independent clients’ desire to automate their bespoke platforms. Clients have access to trade execution, live streaming pricing, 80+ FX markets, and other order types with its REST API. It also has complete access to its development resources.
3. XTB
XTB Broker is a multi-award-winning platform that was established in 2002. It is a well-known forex broker with offices in the United Kingdom, Poland, Germany, France, and Chile. It is governed by the top five regulatory authorities, which are the IFSC, SEC, CySEC, FCA, and CNMV. XTB’s trading platforms are xStation and MT4.
For clients that want to grow their trading apps, XTB has expanded its xAPI. The XTB API enables customers to create quick and well-optimized Forex trading apps for server deployment and web use directly from their platform. XTB provides thorough xAPI protocol documentation (v.2.5.0) on its own website for a better knowledge of its API.
Also published on Medium.