Are you looking for forex rates from the European Central Bank? If so, you need to use this API!
The European Central Bank (ECB) is the central bank for the euro and administers the monetary policy of the eurozone, which consists of 19 of the 28 member states of the European Union. It is one of the world’s most important central banks and is one of five institutions that make up the European System of Central Banks (ESCB). The ECB has two main functions:
- To regulate the banking industry and supervise banks, ensuring they remain solvent and stable. This includes regulating all aspects of banks’ activities, including their credit policy and lending practices.
- To control monetary policy in order to keep inflation low. The ECB can do this by raising or lowering interest rates.
If your business relies on foreign currency transactions; or if you want to manage risk exposure for your clients, an API that gathers forex data from this bank can provide valuable information about their currency markets.
This API Gathers Forex Rates Data From The ECB
To obtain foreign exchange rates from a reliable source such as the European Central Bank you need to use a forex API like Exchangr API. It is an easy-to-integrate foreign exchange API for your website or application. This tool provides precise currency exchange rates and conversions collected from more than 15 trustworthy providers; including world banks and financial institutions. Hence, it offers real-time data for over 170 international currencies.
Furthermore, this API provides up-to-date and historical currency data in JSON format. This means that it’s easy to integrate into your website or application; because there’s no need for any additional programming code required for the integration process.
Exchangr API provides a Small plan for starters; it is very comprehensive and free. However, if you need more, you can subscribe to premium plans. These starts at $14.99 a month and comes with advanced API access; more features and benefits. You can view the Pricing here.
Steps To Obtain Rates From The ECB
- If you want to give this API a try, first sign up for a free account here and obtain your own API key. This one-of-a-kind combination of letters and numbers will be neccessary to access Exchangr’s endpoints.
- To get rates or conversions, select the currencies you’re most interested in. For example, if you choose to obtain Euro rates, this API will gather the information from the European Central Bank and feliver it to you.
- Make the API call.
- Wait for the results!
That’s all there is to it! The information you were looking for will be in front of you in a matter of seconds. As you can see, Exchangr API is incredibly easy to use and affordable!
Keep in mind that if you want to learn more about this API, like how to make API calls; Exchangr’s structure; probable errors; and code samples, you can do so by reading Exchangr’s documentation here.
Related post: What Is The Best API For Real-Time Exchange Rates?
Also published on Medium.