Forex, or foreign exchange, is a global market where different nations’ currencies are traded. The forex market has grown over the last decade to become the biggest financial market in the world and is worth more than $5 trillion per day.
The forex market is decentralized and is open 24 hours a day, five days a week. It’s made up of banks, hedge funds, retail investors, and multinational corporations. That’s why it’s called the “24-hour global market.”
There are two main types of forex trading: spot trading and forward trading. Spot trading is when you buy currency to trade on an exchange and hold it until you sell it for another currency at a later date. Forward trading is when you agree to trade currency at a later date for an agreed price, or you can trade currency for other assets such as securities or commodities using a derivative product.
Since there are so many currencies worldwide, lesser-known ones might be a great opportunity. But, if you can’t access rates for all of them, then you wouldn’t be able to find these opportunities. That’s why we recommend the Exchangr API, it offers currency rates for 164 currencies and 8 cryptocurrencies. Here is a list of all of them.
Use Exchangr to get forex rates
Exchangr is a REST API that leverages the JSON data format to provide consumers and companies with accurate currency exchange rates and conversions.
Exchangr’s forex API finds cross rates by connecting major currencies and giving common currency pairs. They go to great lengths to get accurate data from a range of reliable sources in order to cover even the most minor traded currencies. You may find a link to previous data coverage here. 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 now accepts 164 currencies and 8 cryptocurrencies from all around the world. They obtain information from a variety of commercial forex data sources and banks. They then mix it using an algorithm before distributing information to customers. It gives data that is regularly updated at intervals ranging from 60 minutes to 60 seconds.
What currency data is provided by the API?
Depending on the API endpoint you use for your query, the Exchangr API will return or compute the most representative forex market rate available, which is frequently 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 pairs.