Are you looking for a way to know commodity prices in real time? If the answer is yes, you are in luck! We have the perfect solution!
As you can imagine, there are countless materials in the world; including the primary materials used to create everyday and business products. Hence, people can earn another type of income by investing in these raw materials, also known as commodities; because they are highly sought-after goods that can experience continuous movement in commercial transactions for purchases and sales.
A commodity, in the most basic sense, is a tangible good that can be bought, sold, or traded. They are typically used as inputs in the production of other, more refined products. For instance, petroleum is a commodity used to create plastic materials.
These basic goods are available for sale on the domestic or international markets from traders and investors; whether in cash or other forms of currency. In addition, the commodities may also be exchanged for similar-valued goods. However, if you are going to start investing or trading commodities, the first thing you need is to know the real-time price of any commodity. But, how can you do that? Easy, just use a commodity prices API!
What Is An API For Commodity Prices?
An API is a web-based tool that enables two distinct programs to communicate with one another in order to request and gather particular data. This means that, when using a commodity price API, you’ll be able to access the most recent prices for a variety of commodities.
The data provided by an API is completely accurate since it is gathered from numerous commodity exchange services. However, instead of going to each service, to find out the real time price; an API can deliver all the information in just an API request.
Even though using an API is the most efficient and fastest way to access real-time commodity prices; not all of the APIs available throughout the Internet are reliable or cost-effective. That is why, to help you decide which is the best API for you, we recommend using a safe and reputable API such as Commodities-API. This API is a commodities prices and currency conversion JSON API that has more than six years of experience; making it the #1 resource for commodities rates available online.
How To Obtain Real-Time Commodity Price With This API
1. Create an account at Commodities-API, and obtain your very own API key. With this combination of letters and numbers, you’ll be able to make API requests.
2. Choose the currency in which you want to view your prices, then choose the commodity symbol you want (it can be any commodity, such as coal, oil, corn, etc.). Remember that there are 170 different currencies available in which you can view the price.
3. Once you’ve made your decision, make the API request, then wait a few seconds!
That’s all there is to it. Commodities-API is in charge of the rest! For additional information, visit Commodities-API website by clicking here.
Related post: Protect Your Commodity Investments From Volatility Thanks To This API
Also published on Medium.