Are you looking for a platform similar to Open Exchange Rates? Check out these Commodities Prices API alternatives!
A commodity is a fundamental thing that is used in trade and may be exchanged for other items of the same kind. The majority of the time, commodities are utilized as raw materials to create other products or services. Therefore, a commodity is often a raw resource utilized to create completed items. Contrarily, a product is the finished thing that is offered for sale to customers.
A commodity’s quality may somewhat vary amongst producers, but it is generally the same. Commodities, also referred to as basis grades, must also satisfy specific minimum requirements in order to be traded on an exchange. You can invest in commodities in many forms:
- Portfolio volatility could be reduced using commodities. The historical correlation of commodities to traditional investments is poor because factors like weather, politics, or global production can influence commodity returns. Consequently, the profits from commodities might aid in lowering portfolio volatility.
- Commodities may serve as an inflation hedge. Commodity prices frequently track inflation and may offer protection from the effects of rising prices. Learn more about how investments are affected by inflation.
- Physical assets may be commodities. Hard goods may be seen as a store of value. This is particularly true when there is a basic level of demand. Price hikes can be possible if demand grows.
To know how to invest, you may already be using Open Exchange Rates, that it´s a straightforward and simple platform to integrate JSON-formatted API. Open Exchange Rates offers a portable, live, and simple API with currency rates for more than 200 digital currencies across the world. Data are gathered and combined algorithmically from a variety of reliable sources, ensuring fair and impartial coherence.
The types of exchange published through the Open Exchange Rates API are compiled from several dependable providers, combined, and presented in JSON format for universal usage. There aren’t any complicated consultations, convoluted authentication methods, or long-term contracts.
If Open Exchange Rates does not persuade you, there are several alternative websites that use computer systems to provide their consumers with financial and changing data. We advise doing the following:
Commodities-API
Commodities-API it´s a open-source API controls the price of basic goods including oil, rice, sugar, coffee, and cattle. It’s simple to use the website: first, acquire an API key, then pick the appropriate currency and product to retrieve the data. After that, you have no ties on how utilize the API anyway you choose.
Commodities-API provides its users with data with a two-decimal place precision in the currency of their choice from a variety of more than 170 possibilities. Each month, you are allowed to make up to 100,000 API queries and receive data updates every 60 seconds.
Barchart
Global fintech company Barchart offers market data and services to the media, commodities, and financial sectors. He was a pioneer in the creation of websites that offer data on the commodities and futures markets. Barchart’s distinctive data, software, and technology solutions power the operations of its diverse client base from the front end to the back end, while its media brands offer web content, news, and magazines to assist financial and commodities professionals in making decisions.
CommoPrices
CommoPrices is a website that offers reliable, accurate, and up-to-date information. They provide a wide range of goods and supplies. The quantity of data in a market determines its liquidity. For security reasons, they employ HTTPS to encrypt interactions between your browser and their servers.