Have you wanted to try a currency conversion API, but ended up more lost than when you started? Today we’ll tell you all you need to know about currency conversion APIs
Currency conversion is the process of converting a number in one currency into another. It is typically done by an automated machine, such as a computer. For example, if someone visiting New York wanted to convert $10 into British Pounds, they could go to an ATM that would automatically convert the $10 into Pounds and deposit them in the person’s bank account.
What is a currency conversion API?
An API is an Application Programming Interface. An interface is a way for one piece of software to interact with another piece of software. An API has code that allows users to write programs that can interact with other software. For example, if a user wanted to create a program that automatically converted $10 into British Pounds and deposited them in the user’s bank account, they would need to use a currency conversion API. The currency conversion API would have code that would allow users to do exactly this.
How can I use a currency conversion API?
To use a currency conversion API, you simply need to sign up, many APIs even include free plans. Once the company grants access, users can begin using the API immediately. We recommend you try out Exchangr.
Why should you use Exchangr?
Exchangr is a REST API that leverages the JSON data format to provide consumers and companies with accurate currency exchange rates and conversions.
In summary, the API has five endpoints that may be modified for various tasks.
- The current currency rates are displayed in the live endpoint.
- The historical endpoint is historical currency rates.
- The convert endpoint supports a variety of currencies.
- The time-series endpoint exchange rates for a given time period
- The fluctuation endpoint returns change parameters for each currency.
The Exchangr API accepts 164 different currencies from all around the world, as well as eight different cryptocurrencies. They use an algorithm to aggregate data from a variety of commercial forex data sources and organizations. They do, however, update the data often, at periods ranging from 60 minutes to 60 seconds.
Are you ready to use a currency conversion API?
As a result, the Exchangr REST API endpoint includes a wide range of currency data. This may be used on any platform and in any programming language. Here’s an example of how you may go about it. It shows how to convert any live currency into US dollars, British pounds, or Euros. Scripting, online, and desktop programs may all benefit from the Exchangr REST API.
On Exchangr, you may also use the free tier. We strongly urge you to increase your membership level if you desire more API calls per month. You can also contact them for a more tailored solution. We’re excited to see what you can accomplish with a Forex API!
Related Posts:
The Best APIs To Get Historical Forex Rates
Also published on Medium.