Are you looking for a way to obtain real-time forex data for free? If so, this API is your solution!
The foreign exchange market (Forex) is the largest financial market in the world with more than $5 trillion traded daily; and around $4 trillion traded on Sundays. It involves the trading of currencies between buyers and sellers; who have different views on where their currency will go over time. It is not a single currency but rather all the currencies in the world are traded against each other. This includes major currencies like the US dollar and Euro, as well as emerging markets such as South Africa’s Rand and China’s Yuan.
For instance, if a trader believes that the value of their home currency will increase against another currency; they will buy it. If they believe it will decrease against another currency, they will sell it. Once you understand how this works, and with the help of a forex API for real-time data, you can start using your own knowledge to trade currencies; or decide what is the best to do for you, and your international business.
What is a Forex API for Real-Time Data?
An API is an application programming interface, which is a set of protocols that allow two software programs to communicate with each other. In the case of forex rates APIs, it’s used by applications to get foreign exchange data from another source (international banks, brokers).
Also, you can use a forex API to add foreign exchange rates and conversions to your website or application. For example, if you have a website that sells products from different countries, you can add a currency converter to it so that users can see what their products will cost in other currencies.
There are many different types of APIs available, but one of the most popular ones is called Exchangr API which allows you to get real-time forex rates without any cost!
Why should you use Exchangr API?
Exchangr API is an application programming interface that allows you to get real-time currency conversion data from the foreign exchange market. This tool is a foreign exchange rates and conversions API that provides reliable forex information using JSON data.
It provides accurate and trustworthy currency data sourced from a number of reputable financial institutions. As a result, it collects real-time and historical data from them, algorithmically mixes it, and then makes it available to you. This is how 172 worldwide currencies are provided by this forex API!
With this real-time foreign exchange and conversion API, you may make informed judgments about worldwide market policies. Furthermore, you may utilize Exchangr API to predict what will happen in the worldwide market by analyzing its previous data!
Is Exchangr API for free?
Yes, it is! Exchangr provides a comprehensive Small plan that is for free. So you may utilize it without spending a dime. This package includes 100 API calls each month, as well as the necessary support, hourly updates, access to Historical Data, and access to Exchangr’s endpoints such as conversion, timeseries, and fluctuation.
Obviously, if you want more, you can always purchase premium plans that are both affordable and ideal for anyone that is already with the forex market! Pricing starts at a budget-friendly $14.99 a month, and comes with advanced API access, enhanced features such as: get a currency’s change parameters, switch Source Currency, and more. You can check and compare which plan is best for you by visiting Exchangr’s Pricing site right here.
So, what are you waiting for? Start using the best foreign exchange rates API to obtain real-time data for free!
Related post: Make Better Business Decisions With A Foreign Currency Tracker API
Also published on Medium.