Do you want to try a good currency conversion api? You should check out Exchangr.
The largest and most liquid financial market in the world is the currency market. There are numerous ways to potentially earn in the foreign currency (FX) market, where currencies like the U.S. dollar, British pound, and euro trade 24 hours a day and fluctuate in value relative to one another practically continuously.
What are the world’s foreign exchange markets?
The term “currency” refers to the legal tender or formal mode of payment of a nation or area. The US dollar, euro, Japanese yen, British pound, and Swiss franc are some of the most well-known currencies. Most currencies have corresponding symbols, such as $, €,, or £. However, the ISO (International Organization for Standardization) designations used in the foreign exchange (FX) markets are used to identify currencies.
FX markets are a highly professional interbank market where computerized trading platforms connect currency traders from banks around the world transacts trillions of dollars’ worth of currencies every day. Thanks to widespread collaboration among currency dealers, FX markets are essentially active 24 hours a day. Each day at the close of business, traders in Asia transfer their open positions in foreign exchange to their counterparts in Europe, who then transfer those positions to traders in the United States, who transfer them back to dealers in Asia the next day. The cycle then restarts. FX becomes really global and liquid as a result.
Who are the players in the FX market?
Over time, the players in the FX market have changed in terms of their power. Importers and exporters of goods who traded currencies through banks were historically the most significant participants in the FX markets. Thus, the main factor influencing currency supply and demand was international trade. Trade continues to have an impact on FX markets in two ways: directly through commerce and indirectly through market changes that correspond to government statistics on global trade and investment flows. But as financial investors have grown more involved in the foreign exchange markets throughout time, the significance of commerce has diminished.
The pursuit of lucrative international investment opportunities served as the impetus for this shift to a market controlled by investors.
The largest participants in the foreign exchange market nowadays are financial institutions. According to the Bank for International Settlements, interbank activity makes up about half of the global FX market, but other financial institutions, particularly central banks, have been increasing their involvement.
Why do we recommend Exchangr?
If you are looking to tap into new markets or grow your business, this API is for you. If you want to make an international purchase conscientiously, this API is also for you. Exchangr collects information on more than 170 currencies around the world.
With this technology that is updated minute by minute, you will be able to be aware of the behavior of different currencies. It collects information from the most authoritative financial sources around the world. In addition, it works in different programming languages, which will allow you to easily incorporate the API into your website or app.
Also published on Medium.