The foreign exchange market (forex) is the largest and most liquid market in the world. It enables banks and other financial institutions to convert one currency into another.
But why is USD JPY forex conversion so important?
It’s because the USD JPY rate is the most traded currency pair in the world. In fact, more than 25% of all daily forex trading involves trading between these two currencies.
What is a forex API?
A foreign exchange (or “forex”) API allows developers to access and integrate the functionality of a forex broker with other applications. APIs allow you to access real-time data to analyze market developments and make informed trading decisions as they happen. You can build apps that allow you to do algorithmic or social trading with your preferred broker of choice.
Why should you use a forex API to get USD JPY conversion?
Because it’s easier than using any Forex converter – or even your calculator! You can also avoid having to keep track of when different forex markets open, which can be important when converting currencies between different countries. In addition, a good forex API will provide you with historical data so that you can see how currency pairs have performed in the past before making any decisions
Use Exchangr to get USD JPY conversion
Exchangr is a REST API that leverages the JSON data format to provide consumers and companies with accurate currency exchange rates and conversions.
As a result, you can rely on the Exchangr FX API to manage even the most complicated business requirements.
To utilize the Exchangr API, create a free account and obtain your API key; no credit card is required. You can also use your Google account to sign up. Exchangr currently accepts 164 currencies and eight cryptocurrencies from consumers worldwide. They obtain their information from a variety of commercial forex data suppliers and institutions. Before providing it to clients, they mix it with an algorithm. It delivers data that is updated on a regular basis at intervals ranging from 60 minutes to 60 seconds.
What kind of FX data does the API offer?
Depending on the API endpoint you request for your query, the Exchangr API will return or compute the most representative forex market rate available, which is often the “midpoint” value. The “mid” value will also be the most useful tool for your company’s finance department for accounting and invoicing financial estimations or planning, calculator and converter apps, and any other Exchangr forex data-powered apps.
It displays all of the exchange rates as currency pairings.
Related posts:
Tips To Make Foreign Exchange APIs Less Overwhelming
Also published on Medium.