This article will go through the question: What are forex rates? And it will give you some examples of how to use API to get free forex rates for your blog.
What Are Forex Rates?
Forex rates are a representation of currency exchange rates. Currency exchange rates are used to convey a general level of financial power between two or more countries, usually denominated in their common national currency. Exchange rates represent how much one currency is worth relative to another. For example, if the current USD/EUR exchange rate is 1.00, then it means that 1 USD is worth 1 EUR. Forex rates change every second, because the economies of various countries, the demand and supply for each currency and changing interest rates drive the price.
What is an API?
If you are reading this, chances are you have heard of or have seen the abbreviation API before. An API is an Application Programming Interface. It is a tool that allows third-party programmers to get access to data in order for them to build applications. There are quite a few leading companies out there who offer their forex rates through APIs. These allow you to use them as part of your application of getting currency exchange rates.
Forex rates are exchange rates for the current and future value of different currencies. With a forex rates API, you can easily get the latest exchange rate data. This will help you optimize your trades in the long run.
Why should you use Exchangr?
Exchangr is a REST API that leverages the JSON data format to provide consumers and companies with accurate currency exchange rates and conversions.
In short, the API has five customizable endpoints for various activities.
- The live endpoint provides real-time exchange rates
- The historical endpoint historical currency rates
- The convert endpoint multiple currencies
- The time-series endpoint exchange rates over a defined time period
- And the fluctuation endpoint returns change parameters for any currency.
The Exchangr API accepts 164 currencies as well as 8 cryptocurrencies from all around the world. They obtain the data from a variety of commercial forex data sources and banks and blend it algorithmically. Nonetheless, they update the data on a regular basis, with intervals ranging from 60 minutes to every 60 seconds.
Are you ready to get free forex rates?
So, the Exchangr REST API endpoint provides a wealth of currency data. This can be utilized on any platform and in any programming language. Here’s an example of how to do it. It shows how to obtain any live currency versus USD, GBP, or Euro. The Exchangr REST API is useful for scripting, web, and desktop-based projects.
On Exchangr, you may also use the free tier. We highly encourage you to increase your membership level if you desire more API calls per month. You may also contact them for a customized solution. We’re thrilled to see what you can create with a Forex API!
Also published on Medium.