Do you know what an API is? Do you want to obtain market data? I learned everything through this article!
The stock market is a location where buyers and sellers gather to exchange goods, such as shares, for a price agreed upon by both parties. The stock market plays a vital role in the economy because it helps businesses to raise funds to expand their operations.
In the 16th century, Belgium was the birthplace of the stock market. More precisely, a building belonging by the aristocratic family Van der Burse in Bruges, where major business transactions took place. As a coat of arms, three leather purses in the shape of a bag lay on the farm’s exterior.
The main market and secondary market make up the stock market. The primary market is called from the fact that it trades the initial issuance of debt or capital instruments issued by corporations seeking finance. Now, one could think that investing in the stock market is problematic since the investor must wait until the firm repays its debt before being able to reclaim his or her investment (for example, seven-year bonds).
This is not the case due to the presence of a secondary market where previously issued securities can be sold. Once the security is in the hands of an investor, he may sell it to another and profit, and this other investor can profit as well.
In order to obtain these monetized values of different types of commodities or currencies through the internet, you can find out about various virtual platforms that are managed and monitored through APIs.
APIs
API stands for Application Programming Interfaces, which translates to “application programming interface” in Spanish. It is a collection of standards and protocols for developing and integrating application software that allows two software programs to communicate using a set of rules.
As a result, an API may be defined as a formal specification that specifies how one software module communicates or interacts with another to accomplish one or more tasks. All of this is dependent on the apps that will utilize them, as well as the rights that the API owner grants to third-party developers. In relation to the stock market, we can find a page called Commodities-API that works through an API.
Commodites-API
It’s a website that sells monetized data on things like coffee, cereals, and oils, among other things. It obtains them via an API, which is accomplished in under a minute by establishing relationships with financial institutions.
How Does It Work?
Commodities-API has the benefit of being extremely user-friendly. Take the following steps to do so:
• Visit the website and register for an account.
• Choose your currency and product
• Create an API key that is unique to each user
• Create an API-request on the dashboard, and the software will respond with an API-response, and you’re ready to go!
What Is The Source Of The Information?
This platform’s API collects data on commodity and currency values from more than 15 credible data sources every minute. Banks and financial data businesses, as well as the World Bank itself, are among the sources.
Is It Possible To Obtain Reports From Previous Months?
Yes, you may get reports for days, weeks, months, and even years before August 2021 on the platform. To do so, select “historical rates” from the drop-down menu and enter the date in digital format (YYYY-MM-DD) in the URL.
Is This A Safe Website?
Yes, the Commodities-API uses SSL encryption to secure web-to-web connections. This form of security is used in financial institutions. This API, in turn, obtains data from financial institutions or even the World Bank.