At one time or another, you have probably wondered what forex rates are, and why you should use a RESTful API to get forex rates in real-time.
Forex rates are the pre-agreed exchange rates for a currency pair. For example, if you are traveling abroad and want to know how much your country’s currency is worth in the country you are visiting, you would look at the forex rate for that currency pair.
What is a RESTful API?
A RESTful API is an interface via which users can make requests to an application. The term REST stands for Representational State Transfer, and it essentially means that the data returned by a request is exactly what was requested, with no extra junk attached. Using a RESTful API allows users to ask for exactly what they want, so programmers don’t have to worry about extraneous information getting mixed in with the data that is important to them.
Using a RESTful API also makes it easier to troubleshoot problems with data requests because each cell can be viewed as a separate entity and can be tracked down easily if there is an issue
Forex rates are the exchange rates that are used when trading currencies. A foreign exchange rate, or forex rate, is the price at which one currency is exchanged for another. Get real-time forex rates in just a few lines of code with a RESTful API from Exchangr.
With Exchangr’s RESTful API, you can get live foreign exchange rates in real-time and use them to:
- Inform your business decisions
- Monitor your accounts and transactions
- Much more.
A RESTful API (Representational State Transfer Application Programming Interface) is a type of web API. It uses HTTP methods (GET/POST/PUT/DELETE) to interact with resources and entities on the web. Use a RESTful API to get real-time data, improve performance, and reduce development time.
Use Exchangr to get forex rates
Exchangr is a REST API that uses the JSON data format to deliver accurate currency exchange rates and conversions to consumers and businesses. As a consequence, you can trust the Exchangr FX API to handle even the most complex business needs.
To use the Exchangr API, sign up for a free account and get your API key; no credit card is required. You can also join up with your Google account. Exchangr presently accepts 164 currencies as well as eight cryptocurrencies from customers all around the world. They get their data from a range of commercial currency data providers and institutes. They combine it using an algorithm before delivering it to clients. It provides data that is regularly updated at intervals ranging from 60 minutes to 60 seconds.
What currency data is provided by the API?
The Exchangr API will return 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.