In a globalized world, exchange rate data is the lifeblood of international commerce and finance. It’s the heartbeat of markets, affecting businesses, investors, and policymakers. One of the most well-known sources for exchange rate information has been the XE.com API, but as we approach 2024, it’s essential to explore an Alternative To XE.com API like Metals-API to ensure that you are making the best choice for your specific needs.
Why Consider an Alternative To XE.com API in 2024?
The landscape of data providers is ever-evolving, and considering alternatives is a smart move. As we delve into the criteria for evaluating XE.com API alternatives, you’ll see that several promising options offer unique features and advantages.
Criteria for Evaluating an Alternative To XE.com API
When exploring alternatives, certain criteria stand out as paramount:
Data Accuracy and Reliability
Ensuring that the exchange rate data is not only up-to-date but also precise is a non-negotiable factor, especially for businesses involved in international trade.
Ease of Integration
A good API should seamlessly fit into your existing systems without causing unnecessary disruptions. The process should be smooth and developer-friendly.
Pricing and Cost-Effectiveness
Balancing the cost of acquiring exchange rate data with the value it provides is crucial. Affordable alternatives can be just as reliable as pricier ones.
Alternative 1: Metals-API
Metals-API is a formidable alternative, particularly for those in the commodities industry. It provides data on precious metals like gold, silver, and more, with real-time pricing and a user-friendly API.
Alternative 2: CurrencyLayer API
CurrencyLayer offers a robust set of features, making it a strong contender. Its reliability and compatibility with XE.com make it an attractive option for many users.
Alternative 3: Open Exchange Rates API
Open Exchange Rates API distinguishes itself with a developer-friendly approach and competitive pricing. It’s a solid choice for those looking to move away from XE.com.
Alternative 4: Fixer.io API
Fixer.io sets itself apart with unique offerings, including real-time exchange rates and data refresh rates. Its cost-effective plans cater to both startups and enterprises.
Alternative 5: ExchangeRatesAPI.io
ExchangeRatesAPI.io is known for its simplicity and speed. With transparent pricing and a plan, it’s a choice worth considering.
Why Do We Recommend Metals-API As The Best Alternative?
At its inception, Metals-API was a basic, user-friendly Open-Source API tailored to offer users the most recent and previously recorded precious metals rates from various financial institutions. With a refresh rate as fast as every 60 seconds and a precision level of 2 decimal places, the API has since matured into a platform for real-time precious metals data.
Today, the API provides an array of features, encompassing real-time exchange rates for precious metals, currency conversion, time-series data, fluctuation statistics, and daily low and high price data.
Moreover, the Metals-API delivers EOD (end-of-day) historical exchange rates, which become available at 00:05 am GMT for the previous day.
Where Is The Data Coming From?
Exchange rate data by the API comes from over 15 reliable data sources, every minute. Furthermore, sources include banks and financial data providers.
How Do I Use It?
1 – Register
2 – Look for the symbols that match your search
3 – Make an API call with them, placing your selected metals in symbol, and your preferred currency in base currency.