Ever needed to convert currencies? If yes, then forex APIs can prove useful to you.
Historically speaking, people used to rely on banks as their only option for converting currencies. However, with technology and apps there are now many other options available so that you can find the best rates on foreign exchange transactions. Nowadays, you can compare rates from different banks, money changers, and even online platforms. All of this before making a decision on which one offers the best rate for your transaction.
Furthermore, a foreign exchange API (Application Programming Interface) gives you direct access to several benefits that are hard to reach via a traditional forex trading platform:
- It allows you to create your own platform or application (for example, a mobile app); that directly communicates with the market prices and offers better automation of your forex operations.
- It allows you access to multiple sources of information from the most popular forex brokers on the market.
- It allows you to provide comprehensive historical data on all aspects of the market. From previous transactions and prices to price performance over time periods ranging from minutes to years.
- It helps you avoid unnecessary fees by comparing brokerage services and offering advice about which platforms offer the best value for money.
Now, if you are looking for one, stop right there. We have the perfect recommendation for you!
Which of the forex APIs available is best to choose?
We recommend Exchangr; it’s a currency conversion API that uses JSON data to deliver real-time rates. This API offers rates for 164 currencies, plus 8 cryptocurrencies. That’s a total of 172 world currencies! And like 30.000 currencies pairs!
With Exchangr you can get all: foreign exchange rates and currency conversion with a single API. It is budget friendly and it provides updates at regular intervals. Also ,you can access many built-in features as well. If you ever need more than the Free Plan – meaning, get advanced API Access – Subscriptions Plans starts at Startup-friendly $10 per month. It offers advanced features like historical rates, switch source currency, single amount conversion, and more!
To start using Exchangr right away, click here a register. Then follow these simple steps:
Related Post: 3 Free Forex Rates APIs For Developers
Also published on Medium.