Forex rates are the exchange rate between two different currencies. They are usually expressed in terms of the number of units of the first currency that equals one unit of the second currency. A forex rate can also be expressed as a percentage, and this is known as a cross-rate or a foreign exchange rate.
Businesses that operate internationally use forex rates. They give a rate for the value of one country’s currency in terms of another country’s currency. The market for Forex is huge: more than $5 trillion changes hands every day on the Forex markets, and that number has been growing steadily over the past several years. This makes sense because more and more companies are doing business in more than one country. They need to know how much their goods and services are worth in other countries before they can do anything else!
Forex rates change every second of every day depending on things like time, interest rates, and economic conditions. This is why it’s so important to have access to a reliable API that provides real-time data on Forex rates. Otherwise, you could make some extremely costly mistakes!
Why you should use an API to get forex rates:
In the past, this meant manually looking up each rate on Google or calling your bank for information. The reason you should use an API for getting forex rates is that it’s easier to use an API than it is to gather them from multiple sources. As well, if you want to get a lot of information from different sources, an API would be more efficient than that.
Because there are so many currencies, lesser-known ones may present a tremendous opportunity. However, if you don’t have access to rates for all of them, you won’t be able to identify them in time. That is why we propose the Exchangr API, which provides exchange rates for 164 currencies as well as 8 cryptocurrencies. Here is a list of all of them.
Use Exchangr to get forex rates
Exchangr is a REST API that uses the JSON data format to deliver accurate currency exchange rates and conversions to consumers and businesses.
As a consequence, you can trust the Exchangr FX API to handle even the most complex business needs.
To use the Exchangr API, sign up for a free account and get your API key; no credit card is necessary. You can also join up with your Google account. Exchangr now accepts 164 currencies and 8 cryptocurrencies from customers all around the world. They get their data from a range of commercial forex data providers and banks. They then combine it with an algorithm before releasing it to clients. It provides data that is updated on a regular basis at intervals ranging from 60 minutes to 60 seconds.
What forex data does the API provide?
The Exchangr API will return or compute the most representative forex market rate available, which is typically the “midpoint” figure, depending on the API endpoint you request for your query. The “mid” value will also be the most valuable tool for your company’s finance department for accounting and invoicing financial estimations or planning, calculator and converter applications, and any other Exchangr forex data-powered apps.
It displays all of the exchange rates in the form of currency pairs.
Related posts:
Tips To Make Foreign Exchange APIs Less Overwhelming
Also published on Medium.