Are you looking for alternatives to Bloomberg for forex market information? Here we offer you three options of APIs!
To begin with, the foreign exchange market is characterized by the free exchange of currencies. Its main objective is to facilitate international trade and investment. It is also known as FOREX (Foreign Exchange). In general, it exists virtually and every day the price of each currency in the world is set.
Many factors go into shaping the value of a currency. To name a few, the currency of a country represents the insertion of a country’s economy into the world economy. For this reason, in general, the most “expensive” currencies are those that refer to industrially more developed nations and the “cheapest” with emerging or underdeveloped countries.
Other factors that influence the price of a currency have to do with whether there is an economic crisis, inflation, or conflicts, both external and internal, as we can see in current times.
The uniqueness of this market is also due to characteristics that make it very different from others. It has an extreme volume of transactions and liquidity. In addition to a large number and variety of participants and a wide geographical range.
On the other hand, the market operates 24 hours a day (except on weekends). There are two common types of trades in this market. The purchase of a spot currency at the time the value is fixed and the purchase of a future currency. The latter takes into account a sum and a previously agreed date.
Why Use An API?
Maybe if you are reading this is because you are trying to get an API that provides you with information in real-time. APIs are very useful because they provide up-to-date information from one device to another regardless of location.
This software is embedded by developers in websites and applications so that they can share it with their customers. In this way, if you provide financial services, an API will be very useful to be able to show yourself as a transparent and reliable company. Here we present three alternatives to the renowned Bloomberg.
Exchangr
This API provides accurate and up-to-date currency information from around the world. You can access information both in real-time and historical rates and fluctuation data. In this way, you will be able to compare different moments and decide which is the best to invest in after analyzing different factors.
Developers love this type of API because they can also use it in various languages such as JSON, Python, PHP, C#, and Ruby. It allows you to translate one currency into any other knowing that it is very necessary to make different comparisons. For example, you can translate the Dollar to the Euro, the Yen, the Canadian dollar, or any option you need.
Fixer
Different companies use this API. Developers find it easy to use and have reliable documentation to be able to incorporate it. You will be able to use the API easily.
Currency Quake
Although this API is quite popular, you can access all the documentation once you register. They will help you better understand the Forex market.