The Forex industry continues to function as the largest financial market anywhere in the world, with an average daily turnover of $5 trillion. With such a large amount of currency changing hands every day, there are many services and companies that track these changes and will provide information on historical forex rates.
Historical foreign exchange rates are foreign exchange rates that were published at some point in the past and which are no longer being updated by the concerned participating financial institutions. This phenomenon is also known as “dead” or non-existent forex rates.
Historical currency exchange rates are numbers used to show how much one type of currency is worth compared to another. Exchange rates change constantly, which means historical forex rates are available for a certain time period from 1 day ago up to 30 years ago.
Historical forex rates can be used for any number of things. Think of a scenario where you need historical data over a long period of time. Perhaps you are developing an off-exchange trading system. Or maybe your company is launching a new product and you want to test the interest in historical data over the last year. Whatever your use case may be, there are plenty of advantages to using APIs to get these crucial pieces of data for trading purposes.
When analyzing foreign exchange data, if you want to be accurate, taking the time to download historical exchange rates every day can really slow down your analysis. However, using one of these three APIs to get historical rates at the click of a button ensures data integrity and prevents you from making any mistakes due to inaccuracies.
Exchangr
Exchangr is a REST API that uses the JSON data format to deliver accurate currency exchange rates and conversions to consumers and businesses.
For diverse actions, the API includes five customisable endpoints. The live endpoint returns real-time exchange rates, while the historical endpoint returns historical currency rates, the convert endpoint returns multiple currencies, the time-series endpoint returns exchange rates over a specified period, and the fluctuation endpoint returns change parameters for any currency.
From all across the world, the Exchangr API accepts 164 currencies and 8 cryptocurrencies. The data is acquired from a number of commercial forex data sources and banks and mixed algorithmically before being supplied to clients. It updates data on a regular basis, with intervals of 60 minutes to 24 hours.
Fixer
Fixer is a lightweight and straightforward API that displays historical and current foreign exchange rates. Because of its dependable data sources for real-time currency rates, it is utilized by many SMBs, major organizations, and developers on a daily basis.
For 170 international currencies, the exchange rate data is updated every 60 seconds. Because the sources are from banks, including the European Central Bank and financial data suppliers, you may trust them. Your Fixer API connection is secured with bank-grade 256-bit SSL encryption. Furthermore, given the understandable code examples, simple API structure, and extensive API documentation, the API can be implemented in about 10 minutes.
Currencylayer
Currencylayer is a real-time JSON API that supports 168 different currencies throughout the world. It gathers data from banks and commercial sources and may be used with any computer language or application.
For ease of integration, compatibility with many programs, and optimal use, the data solution is given in JSON format. Advanced features include currency switch, currency change parameters, single amount conversion, historical data, and more.