Forex, also known as foreign exchange or FX, is the trade of currencies. Forex has been around since the early 1970s, and as such has come a long way in technology and ease of use. Euro is one of the most traded currencies worldwide, so it’s critical to be able to convert it into any currency worldwide.
Say you’re in the U.S., and you want to buy something from a company in Canada. You would pay Canadian dollars. The company in Canada will take your money, but then it’ll get paid in U.S. dollars. It can’t use your US dollars to pay its employees or buy supplies—it has to trade those Canadian dollars for U.S. dollars first so that it can then use the U.S. dollar to pay its employees and buy supplies.
Currencies are traded 24/7 on electronic forex markets around the world. Powerful computer programs and highly-sophisticated trading platforms have revolutionized Currency trading. The goal of Forex is to buy low and sell high. To do this, you need to be able to convert any currency into Euro, the currency used in most transactions on the global market. This is where an API comes into play for those who want to make money off of Forex trading.
So, to convert any currency to Euro with an API:
- Go to www.getexchangr.com to get your API key.
- Find the symbols you want to convert in their Symbols list (USD and EUR)
- Press run.
- And you’ll have the answer! You can choose in which language it is
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 leverages the JSON data format to provide consumers and companies with accurate currency exchange rates and conversions.
To summarize, the API consists of five endpoints that may be modified for a wide range of applications.
- Live ends point displays the current currency rates.
- History endpoint returns historical currency rates.
- Convert endpoint supports a wide range of currencies.
- To get currency rates over a given time period, use the time-series endpoint.
- Finally, the fluctuation endpoint delivers each currency’s change parameters.
From all across the world, the Exchangr API accepts 164 different currencies and eight different cryptocurrencies. They collect data from a variety of commercial currency data sources and organizations using an algorithm. the data can be updated every 60 minutes, 10 minutes, or 60 seconds.
You can sign up here to Exchangr’s Foreign Exchange API
Related posts:
Tips To Make Foreign Exchange APIs Less Overwhelming
Also published on Medium.