Are you selling to international customers? Then, you will likely need a Forex API to do so!
E-commerce retailers are constantly on the lookout for new ways to expand their reach and increase their sales. If you’ve ever considered expanding your business to sell internationally, you know that managing a foreign exchange strategy is a key part of the process.
Now, there are two main options if you want to sell your products in another country. You can open a separate store in the target country, manage it, and grow it from scratch. This is a good idea if you already have the resources, and the country is large enough to justify the investment. But if you’re not quite ready for a full-fledged expansion, then there’s an alternative.
As e-commerce platforms have become more efficient over time, international marketplaces have grown into powerful cross-border selling channels. These marketplaces allow you to connect with customers in new markets without having to build out your own infrastructure and operations there. However, one difficulty is maintaining visibility into exchange rates so that you can improve your pricing and margins. That is why, failing to do so, will cause you to lose a lot of potential customers and, therefore, a ton of profit. But don’t worry! If you don’t actively manage currency fluctuations, we recommend you the best forex API to help you.
What is a Forex API?
Well, forex is an acronym for “Foreign Exchange”, and the foreign exchange rates are broadcast live via an Application Programming Interface (API). So, is an online service that allows you to get real-time exchange rate data from multiple financial sources. As a result, it provides information about current and historical daily exchange rates for foreign currencies.
We recommend Exchangr
Exchangr is a currency converter API that provides real-time information on up to 164 currencies and 8 cryptocurrencies- 172 world currencies in total!
Thanks to it’s use of JSON data, this API comes with guaranteed availability, scalable volumes, as well as, responses within milliseconds. Also, data for every currency is updated regularly, with intervals ranging from 60 minutes to 60 seconds.
With Exchangr, it’s simple to introduce Forex Rates and Currency Conversion into your website without coding them yourself. Not to mention that it is a budget-friendly API. If you ever need more than the Free Plan, you can get Subcriptions Plans starting at Startup-friendly USD 10 per month.
So, what are you waiting for? Start getting up to date with forex rates now, just click here.
Related post: What Is A Foreign Exchange Rates API?
Also published on Medium.