Do you want to learn how to use a Foreign Exchange API? If so, keep reading!
While the Forex is huge and complex, it’s also approachable. With an foreign exchange API (Application Programming Interface) you can obtain forex data with a simple API request. In this article we’re going to talk about what an Forex API is, how it works and how you can get started using one.
Step 1: Understand What A Foreign Exchange API Is
An API is a set of rules that allow two applications to communicate with each other. In the context of foreign exchange, an API is a way for traders; businesses; and developers to access real-time and historical data about forex and currency rates without having to write their own code. This tool can help you stay on top of this constantly moving market and make sure you are getting the best deal possible for your international purchases!
Step 2: Make Sure Your Business Needs One
Foreign Exchange Rates (FX) are an important part of any business; or organization that deals in international trade and finance – for example banks, money transfer services, travel companies. So, if you’re looking for obtaining forex data; or want to integrate it into your website or application, then using an API could be beneficial for your business.
Step 3: Choose The Right Provider
There are hundreds of foreign exchange APIs available today, but not all of them are accurate and reliable. To help you in this selecting process, we have investigated which one is the best to use; and we have come up with this foreign exchange API.
We recommend you The Exchangr API
Exchangr is a foreign exchange API that delivers precise forex information and currency conversion using JSON data. It will also provide you with historical exchange rates, allowing you to closely monitor the foreign currency market. This foreign exchange API may also be used for economic analysis; so your business can take well-informed economic decisions about what to do in the near future.
The data for Exchangr’s forex system comes from a number of credible sources, including banks and brokers. As a result, it provides precise and dependable values for over 170 different international currencies!
Here is how to use The Exchangr API
Exchangr is simple and quick to use. You may do it right now without having to pay anything or provide any credit card information. Here is how:
First of all, please register here. After creating your account, you’ll be given an API key. This is a unique combination of numbers and letters that will be used to connect to Exchangr’s endpoints. Following that, you will be ready to choose the currencies you want to get rates for or convert. The last step is making an API call. To do it, read Exchangr’s Documentation carefully; there you will find detailed instructions on how to perform API calls and code examples.
And that’s it! Once you have completed all of the preceding procedures, Exchangr will complete the process and give you with all of the information you require!
Now that you know how to use a foreign exchange API, is your turn to use the Exchangr API! Start right now!
Related post: Most important data points provided by Forex Rates APIs
Also published on Medium.