Want to know how to get live and historical magnesium rates? In this article, we explain to you how to obtain that data with an API.
Magnesium is a chemical element whose compounds are used in construction and medicine. It is the lightest structural metal and one of the essential elements of all cellular life. It’s the eighth most prevalent element in the Earth’s crust and the fourth most plentiful element in the Earth, accounting for 13% of the planet’s mass and a significant portion of its mantle. After sodium and chlorine, it is the third most prevalent element dissolved in saltwater.
Worldwide, in 2018, it was produced a total of 1,020 thousand tons. The country with the highest production was China, with 800. It was followed by Russia with 65 and the United States with 50. This was based on the United States Geological Survey figures and US capacity figures.
So, before investing in magnesium, you must understand that having access to up-to-date magnesium rates on a daily basis is critical to your success. This is why current and historical rates are critical. The first ones are real-time spot and future currency quotations, while the second ones are foreign exchange rates, which give traders a historical reference of how a currency pair traded in the past.
They are both equally important when deciding where and how to invest. Using an API to collect such data might be really valuable. This is a software bridge that allows two apps to communicate with one another. When you make a request to an API, you will get a response right away.
How To Get An API
You must use a software that provides this sort of technology to have access to it. You may find a few on the internet. For this example, we’ll utilize Metals-API to further describe how it works.
To get the API you must:
1. Go to www.metals-API.com and sign up to obtain your personal API key.
2. Look for the magnesium symbol and the currency you desire to obtain the information on.
3. Locate the metal and money in the list using these symbols, then choose the period of time you want. Make the API call after you’ve decided on them.
4. The website will deliver an API in a variety of programming languages that you may modify and use any way you see fit.
The API is offered as JSON API, or JavaScript Object Notation, an encoding approach that avoids the need for each application to develop its own ad-hoc code to connect to servers that interact in a certain fashion. The JSON API module includes support for entity types, bundles, and fields, as well as data storage and data structures.
The answer will look something like this:
Live rates
{
"success": true,
"timestamp": 1519296206,
"base": "USD",
"date": "2018-09-10",
"rates": {
"GBP": 0.72007,
"JPY": 107.346001,
"EUR": 0.813399,
}
}
Historical rates:
{
"success": true,
"historical": true,
"date": "2013-12-24",
"timestamp": 1387929599,
"base": "GBP",
"rates": {
"USD": 1.636492,
"EUR": 1.196476,
"CAD": 1.739516
}
}
Where Does This Data Come From?
Metals-API receives data from over 15 reputable data sources every minute. Among them are banks and financial data suppliers. As a consequence, you will obtain extremely accurate pricing. Metals-API determines the current market value of the world’s most valuable metals, such as gold, silver, aluminum, platinum, and palladium. The data from the website may be used in a variety of locations, including spreadsheets, other websites, and mobile apps.
Also published on Medium.