Foreign exchange, (AKA forex or FX), is a market where traders can buy and sell different types of currencies. Trading currency pairs is a popular way to speculate on forex. A single currency pair can be compared to a bet: If the price of one currency moves up, the price of the other will move down. By making trades on these currency pairs and hedging against them with opposite trades, traders can reduce their risk of loss due to changes in exchange rates.
Forex quotes are available to the public in real-time, so they can be used to make decisions about currency pair trades and other forex-related matters.
Historical data is very useful for forex traders, as it can help them with technical analysis (the study of market history and price movements) to predict future trends in pricing on forex markets.
A historical forex rates chart can help you track the performance of your trades over time. For example, if you want to know how much money you would have made from trading a certain currency pair if you had started at a specific point in time, you can create a historical forex rates chart to calculate this information.
An API can be used to create a historical forex rates chart by pulling real-time data from an online database with the data that you want to see on your chart. The API that you should use to create a historical forex rates chart is Exchangr.
Use Exchangr to create a historical forex chart
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?
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.
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Also published on Medium.