Did you ever looked for currency conversion or foreign exchange rates? If so, a forex API is the best online tool for you!
Forex is an abbreviation for “foreign exchange” and describes the trading of currencies. The foreign exchange market is the largest financial market in the world with a volume of over $6.6 trillion a day. This means that the opportunity to make money is massive, but the competition can be tough.
Traditionally, foreign exchange has been limited to large corporations and banks. However, thanks to API technology and online brokerage platforms, anyone is now able to trade forex markets as easily as they might trade traditional assets such as stocks, bonds or commodities. But what exactly is a forex API? And how can it help you?
What is a Forex API?
Forex is an acronym for “Foreign Exchange”. The forex market is the largest financial market in the world, and the foreign exchange rates are broadcast live via an Application Programming Interface (API).
Now, forex APIs are for everyone. Whether you’re a small app developer, freelancer, startup, enterprise or an established company, the forex exchange rates APIs will be beneficial for you and your customers.
Some of the advantages of using Forex APIs:
- Faster processing – With forex data APIs, the information you need is delivered directly to your application or website.
- Real time data – Data from Forex APIs is usually available in real time.
- Streamlined costs – No need to pay for expensive software licenses and upgrades. The maintenance cost is low.
- Customizable reports – You can use Forex APIs to create custom reports, graphs and export data whenever you need it.
If you arrived at this point and thought: “but which forex API is the best one to use?” Then don’t worry; we have the answer for that!
Use Exchangr
Exchangr is an exchange rate API that uses JSON data to deliver accurate currency exchange rates, fast. Moreover, the forex data provided is collected from various commercial sources & banks; and offers the most recent and accurate rates for 164 currencies + 8 cryptocurrencies.
This API is easy-to-integrate; its delivered in portable JSON format for maximum usability, ease of integration, and compatibility with any of your applications. Besides, no need to worry about any problems; Exchangr offers a bank-level security!
Yo can also access to advanced features. You can get Historical Data, have this API convert single amounts for you, get a currency’s change parameters, and more! With Exchangr you can measure the real cost of foreign exchange; hence, you can make better-informed business decisions.
Learn more about Forex APIs in this next post: What is a foreign exchange rates API?
Also published on Medium.