Currency exchange rates are the value of one currency in terms of another. They are most commonly used to convert foreign currencies into a country’s own currency. For example, if you were traveling to England and wanted to know how much $100 would be worth in pounds in a few weeks, you could consult historical currency exchange rates in order to find out where the trend is going.
What is an API?
An application programming interface (API) is an established set of rules and standards for operating software applications. It’s also a set of tools that allows developers to create software applications that can share data with other applications.
Why should you use an API to get historical currency exchange rates?
APIs let you access live data from the Internet. As a result, instead of having to google the answer, you can simply integrate the API into your site.
An API also gives you a sense of what exchange rates have been over time—and can help you predict whether a currency is likely to increase or decrease in value over the period of time that you plan on holding it.
There are many APIs out there, but these are the three we recommend you try out.
Historical currency exchange rates APIs:
1. Exchangr
Exchangr is a REST API that uses the JSON data format to deliver accurate currency exchange rates and conversions to consumers and businesses.
In addition to providing common currency pairs, Exchangr’s forex API determines cross rates by linking significant currencies. They go to considerable pains to obtain accurate data from a variety of trustworthy sources in order to cover even the smallest traded currencies. A link to past data coverage may be found here. As a consequence, you can trust the Exchangr FX API to handle even the most complex business needs.
Create a free account and acquire your API key to use the Exchangr API; no credit card is necessary. You can also join up with your Google account. The Exchangr API supports 164 different currencies and 8 different cryptocurrencies from all over the world. The data is gathered from a number of commercial forex data sources and banks and combined algorithmically before being supplied to consumers. It provides data updated on a regular basis, with intervals ranging from 60 minutes to 60 seconds.
2. Fixer
Fixer is a simple and lightweight API that shows current and historical foreign exchange rates. Many SMBs, big enterprises, and developers use it on a regular basis because of its reliable data sources for real-time currency rates.
The exchange rate data for 170 foreign currencies is updated every 60 seconds. You can trust the sources because they come from banks, including the European Central Bank and financial data providers. Bank-grade 256-bit SSL encryption protects your Fixer API connection. Furthermore, the API may be developed in approximately 10 minutes thanks to the clear code examples, simple API structure, and thorough API documentation.
3. Currencylayer
Currencylayer is a real-time JSON API that enables currency conversion and reliable exchange rates for 168 foreign currencies. It collects information from banks and other commercial sources and may be utilized with any computer language or program.
The data solution is provided in JSON format for simplicity of integration, compatibility with numerous systems, and best utilization. Currency switch, currency change parameters, single amount conversion, historical data, and more advanced capabilities are available.
Related posts:
Tips To Make Foreign Exchange APIs Less Overwhelming
Also published on Medium.