What is happening in the world of economics can have a major effect on your personal economy. With the constant change in the global market, it can be hard to make wise financial decisions. That’s why it’s important to know how foreign exchange rates affect the world in order to save money and invest smartly.
What is a Foreign Exchange Rate?
The foreign exchange rate is the rate at which one country’s currency exchanges for another. These rates are constantly changing due to economic factors; such as inflation, economic growth, government debt, political stability, natural disasters and more. These factors are what determine how much money you’ll need to purchase a certain amount of another currency. The more unstable a country’s economy is, the higher its foreign exchange rates tend to be.
How Does Foreign Exchange Affect Me?
We often think of foreign exchange rates as something that only affects large companies who buy and sell overseas; but they affect everyone. Whether you travel abroad or not, you have probably purchased something from a foreign company online; or even bought food at your local supermarket that was grown or manufactured overseas. Every time you do that, you are affected by foreign exchange rates; because they determine how much money you pay for those goods and services.
A good way to keep track on the constant economic change is using a Foreign Exchange API. With this tool you will always have real-time information about what is happening with currencies around the world (including cryptocurrencies).
Use Exchangr API to be up-to-date
Exchangr is a JSON Application programming interface that provides valuable foreign exchange rates and international currencies conversions. Its FX system incomporates data from a variety of credible sources including international banks. As a result, this API is a dependable FX API that gathers actual data, as well as historic data, on 172 world coins. This large number includes cryptocurrencies too!
Exchangr is the ideal tool for startups and internet enterprises, as well as large corporations in need of solid financial information via a simple interface. For instance, in e-commerce, this tool will be extremely beneficial to business owners who want to make it easier for their customers to purchase products from them regardless of their location. This is because Exchangr API offers a WordPress Plugin that needs no coding at all. With its easy implementation, you can display the latest currencies (USD, GBP, CAD, etc) on your website. Both, you and your clients are going to be updated with what is happening with forex exchange rates!
Exchangr is available either for free, or for an affordable price!
First, to use Exchangr for free, follow these steps;
- Press here and create an account. The registration will take you less than a minute and by doing so you’ll get an API key. This will allow you access to this API’s endpoints. Note: you won’t have to give any credit card details, or pay a cent!
- Pick the coins (or cryptocurrencies) you want to obtain data. It can be rates, conversions, timeseries, or fluctuations. That depends on you.
- And lastly, make the API call. If you need help with this, you can visit the Documentation here. There you will find code examples and simple guides to access Exchangr’s endpoints.
If you follow these steps rightly, we guarantee you that you will get the information within seconds! The Free Plan allows you to make 250 API request per month, as well as access to historic data, the possibility that all currencies can be Base Currencies; access to support, and access to several Exchangr’s endpoints.
But if all this is not enough for you, that’s okay! This API offers two different subcription plans that are super affordable! You can compare them and see what is best for you by visiting this API Pricing here.
Now that you can see how foreign exchange rates may affect you daily, you can prepare yourself better with the help of Exchangr!
Related post: A Foreign Exchange API To Thrive And Save Money
Also published on Medium.