If you’re just getting started with currency conversion APIs, you might be feeling pretty lost. That’s why we have created this quick guide for you to get your bearings and start trying things out!
Currency conversion is the process of converting one currency into another. This is also known as a currency exchange or foreign exchange rate. Currency conversion is important for e-commerce sites because there are over 200 currencies in circulation. It’s critical for your business to find an API that converts currencies well.
Why should you use APIs for currency conversion?
It’s important to find a reliable API for currency conversion if you have customers from around the world. Traditional currency converters can be difficult to work with and do not always update their data quickly enough.
Understanding how to convert currencies from one form to another is a fundamental part of business travel, as well as spending money internationally. This guide will run down the basics of currency conversion, as well as give you some tips for keeping your money safe.
Something important thing to keep in mind when converting currency is that exchange rates are constantly changing. The market fluctuations mean that your money won’t be worth the same amount tomorrow as it is today—and not just by a little, either. So if you don’t want to get screwed over by exchange rates, you need to keep track of them and make sure you’re getting paid what your contract.
So, how can you convert currencies?
- Create an account at www.getexchangr.com to obtain your API key.
- Look for the symbols that you want to test (USD and EUR)
- Make the API call.
- The website can provide you with an API answer in a number of computer languages that you may customize and use however you like.
The response will look like this:
{"data":{"success":true,"timestamp":1645110720,"date":"2022-02-17","base":"USD","rates":{"EUR":0.879205,"USD":1}}}
Why use Exchangr for currency conversion?
Exchangr is a REST API that uses the JSON data format to deliver accurate currency exchange rates and conversions to consumers and businesses.
To summarize, the API is made up of five endpoints that may be customized for a variety of uses.
- On the live endpoint, the current currency rates are presented.
- The history endpoint returns currency rates from the past.
- A broad number of currencies are supported by the Convert endpoint.
- Use the time-series endpoint to receive currency rates over a specific time period.
- Finally, the fluctuation endpoint returns the change parameters for each currency.
The Exchangr API accepts 164 different currencies and eight different cryptocurrencies from all around the world. They collect data from a range of commercial forex data sources and organizations using an algorithm. They keep the data at periods ranging from 60 minutes to 60 seconds.
You can sign up here to Exchangr’s Foreign Exchange API
Related posts:
How To Convert Euro To Dollar With A Free Forex API
Also published on Medium.