If you’re new to trading Forex, or a seasoned pro, you’ve likely heard of GBP. You may not know exactly what GBP is, but it’s an important currency to keep track of if you’re trading with other currencies.
There are a lot of reasons why businesses want to convert currencies, and the Great British Pound is only one of them. However, if you plan on doing business with the UK or in the UK, it’s important to know about it.
What is GBP?
GBP stands for Great British Pound, and it’s the fourth most-traded currency in the world. It’s also the third most-held reserve currency in central bank holdings.
When you’re trading on the Forex market, GBP is going to be one of your most valuable trading pairs—and therefore, it will also be one of your most valuable currencies to convert.
Why should you use a Forex API to convert GBP?
If your business or a business you’re interested in does business in both the U.K. and elsewhere, then you will likely need to use a Forex API to convert currencies at some point or another.
A Forex API basically allows you to track currency rates and exchange information in real-time. If you want to do any type of international trading, then this is an essential tool.
Exchangr
Exchangr is a REST API that leverages the JSON data format to provide consumers and companies with accurate currency exchange rates and conversions.
The API has five customizable endpoints for various functions. The live endpoint returns real-time exchange rates, the historical endpoint returns historical currency rates, the convert endpoint converts multiple currencies, the time-series endpoint returns exchange rates over a specified time period, and the fluctuation endpoint returns currency change parameters.
Exchangr now accepts 164 currencies and 8 cryptocurrencies from all around the world. Before being delivered to clients, the data is collected from a variety of commercial forex data sources and banks and algorithmically combined. It refreshes data at intervals ranging from 60 minutes to 60 seconds.
In order to use the API, you need to:
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Also published on Medium.