Do you want to learn more about currency conversion APIs? Here is a list of their advantages and disadvantages!
Nowadays, the Forex market is a dynamic place where the value of currencies fluctuates constantly. That is why having a forex API has come to be necessary for any business that wants to stay competitive in today’s market. However, these kinds of tools have their own pros and cons. Here we tell you all about it!
Advantages Of Using Currency Conversion APIs:
- This type of API provides currency exchange data, which includes access to historical data and real-time data. By analyzing this information, one can make better financial decisions.
- With a currency conversion API, you can integrate foreign exchange data into your website. This will enable you to improve your website’s functionality by providing visitors with new features such as forex conversion tools or news feeds related to their country’s currency exchange rate.
- A currency conversion API is a service that gathers data from multiple sources to give you a single place where you can find all the information you need. This way, you won’t have to spend hours searching for the data throughout the Internet.
- It is easy to use—just sign up for an account and you can start using its services.
Disadvantages
- They can be very expensive. These services are usually based on a pay-per-call model. This means that you will have to pay each time you make an API call, which can quickly add up if you need to make multiple calls in order to get the results you want.
- Some APIs don’t provide enough information about their services or pricing options. This makes it difficult for developers who want to integrate them into their applications and get more information about how much it would cost them before they go ahead and start using them.
- And also don’t provide accurate results when converting currencies due to fluctuations in exchange rates. Which can lead to problems down the line if your application relies on accurate results when converting currencies or performing other financial functions like calculating interest rates. But not guaranteed as accurate at all times.
Knowing This, Which Is The Best Forex Data API To Use Today?
if you want to get all the benefits that a forex API can provide without having to worry about the problematic disadvantages you should try this API.
We recommend you start using Exchangr API. This API is a RESTful web service that provides currency conversion, historical data, and real-time exchange rates. It allows you to get JSON-formatted foreign exchange data from several reputable sources.
Exchangr API can be used to access the most up-to-date exchange rates for any of the 30.000 supported currency pairings, as well as historical values for a certain time period. You will also have access to advanced features such as single-amount conversions, currency change settings, and changing the source currency.
How To Get Started?
First, create an account here; you can sign up to Exchangr API for free. By registering, you will receive an API key. Exchangr’s endpoints may be accessed using this one-of-a-kind number and letter combination. After that, you can choose the currencies you wish to convert or obtain rates for. The last step is to execute the API call. To do so, you can follow the API documentation.
It’s as simple as that; the rest is up to the Exchangr API! Within seconds, you will have the information you require!
For more information visit https://www.getexchangr.com/
Related post Insert Yourself In The Forex Exchange Market By Using An API
Also published on Medium.