Do you want to obtain international market data? If your answer is yes, you need to use one of these currency conversion APIs.
Whether you have a business of international commerce or a SMB, you know that it’s important to get the data you need to make informed decisions. The forex market is a global one, and your customers are everywhere on the planet. You want to know where they are, what they’re buying; who they’re selling to and how much of each item they’re selling or buying.
You want to know these things because they can help you make better decisions about your own business and its products. Data gives you insight into how your business work; and how you can improve your business practices so that you can make more money.
The problem is that there isn’t an easy-to-use source for this kind of data — at least not one that doesn’t cost thousands of dollars per month for licensing and maintenance fees.
That’s where an API comes in handy. An API (or application programming interface) allows you to access data from a third party without having any knowledge of how it was collected or stored originally. This means that an API-driven service can be tailored specifically toward your needs without any additional programming work on your part; all you have to do is request the information.
APIs are a web service that allows you to access information about Forex, stocks, commodities and other financial instruments. Thay are designed to give you easy access to our data in order for them to use it for their own purposes, without having to be a developer.
If you are looking for a reliable API then you have come to the right place. We have compiled a list of the best currency conversion providers and forex exchange data API’s that are currently available.
Let’s take a look at three of the best for you!
1. Exchangr
Exchangr is a foreign exchange rates and currency conversion JSON API that provides precise and trustworthy information about the forex market. Due to its format, this tool collects information from reputable sources on 164 global currencies..
With Exchangr you can comprehend, follow, and be updated on what is going on in the world of economics and determine is which move you should do next. Maybe invest here, or purchase that from there, you can calculate without risk with its help!
With Exchangr, you won’t spend a cent because you can use its Free Plan. This one is very complete: you will get 250 API calls/month; coustumer support, hourly updates, access to historical data, and access to various endpoints (including timeseries, fluctuation and conversion).
However, in case you need more, you can pay a low monthly fee of USD 10 for enhanced API access, perks, and advanced features.
2. Fixer
Fixer is a simple and lightweight JSON API for current and historical foreign exchange rates. Thus, it can be implemented in under 10 minutes. Aside from live data, Fixer also comes with separate endpoints for single currency conversion and Time-Series data.
What’s more, it offers real-time exchange rates data for 170 world currencies; sourced from financial data providers and banks. The free plan provides 100 API calls monthly, hourly updates, and access to historical data.
3. Currencylayer
Currencylayer is a forex rates API that uses JSON format to obtain currency conversions and exchange rates. Its currency data is gathered from a variety of commercial sources, which results in accurate data for 168 different foreign currencies.
This API also has both: a Free Version, as well as Subcription Plans. If you want to use Currencylayer for free, you will get: 250 API calls per month, daily updates, view historical rates, and limited support. On the other hand, this API’s subcription plans starts at USD 11.99 / month.
So which of this APIs should you choose?
That is completely up to you! Now you have all the information you need to decide what’s best for you, your economy and your financial decisions! Inmerse yourself into the world’s most exciting market and make all the profits you need with the help of a forex API!
Related post How To Use A Currency Conversion PHP API
Also published on Medium.