The foreign exchange market, also known as the Forex, is a global trading system that allows investors to trade currencies on the currency market. In other words, it’s the rate at which you can trade your dollars for euros, or yen for pesos. There are two types of forex rates: spot and forward. Spot rates are the price at which currency can be exchanged immediately, while forward rates are the price of the currency in the future.
Forex is one of the largest markets in the world, with an average daily volume of over $5 trillion USD traded.
How can you use forex rates to your advantage?
The simplest way to benefit from forex rates is by purchasing a currency that you think will increase in value and then selling it once it rises. If you think a currency’s value will go down, you buy that currency once it’s down and sell it when its value goes up.
When you’re doing business internationally, the different values of currencies can have important effects on the way you set prices. If a product is worth $10 in your country and $5 in another country, but the exchange rate puts your currency at $1 = 10 of theirs, then you can actually sell it for $5 in their country.
Exchangr
Exchangr is a REST API that uses the JSON data format to deliver accurate currency exchange rates and conversions to consumers and businesses.
There are five customizable endpoints in the API for various operations. The live endpoint returns real-time exchange rates, the historical endpoint returns historical currency rates, the convert endpoint converts multiple currencies, the time-series endpoint returns exchange rates over a specified time period, and the fluctuation endpoint returns change parameters for any currency.
The Exchangr API now accepts 164 currencies and 8 cryptocurrencies from all around the world. The data is acquired from a number of commercial forex data sources and banks and mixed algorithmically before being supplied to clients. It periodically updates data at periods ranging from 60 minutes to 60 seconds.
Key Features
- API for real-time and historical currency conversion, and fluctuation data.
- Intraday and historical charts AP.
- Historical spot and futures prices for 170+ currencies.
Key Benefits
- Use a trusted gold Forex Rates API used by hundreds of firms in the industry.
- Access institutional quality real-time Forex Rates through an easy-to-use API.
- Easily embed real-time Forex Rates in your applications — including spreadsheets, websites, mobile apps, and other corporate applications.
- Dramatically reduce time to market for apps that need Forex Rates.
- Eliminate the pains and complexity of legacy feeds by using cloud APIs.
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How To Get Forex Rates In Python
Also published on Medium.