What is a Forex API?
A forex API is an Application Programming Interface, and it’s a computer program that communicates with another computer program. It’s sort of like an internet middleman. It allows businesses to integrate their applications with a third party’s platform, and to access that platform’s data and functions through an agreed-upon interface. This is done over the internet, typically through a web service.
What are the benefits of using a Forex API for your business?
To make trading easier, many companies use an application programming interface (API) to connect to the marketplace and obtain information about trades. An API is a set of procedures and standards for communication between software programs. It’s often used by companies to build software applications or websites that access data from other software.
Exchangr
Exchangr is a REST API that uses the JSON data format to deliver accurate currency exchange rates and conversions to consumers and businesses.
In addition to providing common currency pairs, Exchangr’s forex API determines cross rates by linking significant currencies. They go to considerable pains to obtain accurate data from a variety of trustworthy sources in order to cover even the smallest traded currencies. A link to past data coverage may be found here. As a consequence, you can trust the Exchangr FX API to handle even the most complex business needs.
Create a free account and acquire your API key to use the Exchangr API; no credit card is necessary. You can also join up with your Google account. The Exchangr API supports 164 different currencies and 8 different cryptocurrencies from all over the world. They gather the data from a number of commercial forex data sources and banks. They then combine it algorithmically before supplying it to consumers. It provides data updated on a regular basis, with intervals ranging from 60 minutes to 60 seconds.
What currencies are there?
We provide 164 currencies as well as 8 cryptocurrencies. Their API obtains its data from a variety of highly renowned foreign exchange rate providers. This allows them to provide the most recent and accurate values for 516 currency pairings.
Is it possible to alter the base currency?
You may use the API’s source argument to set any of the currencies, and all provided exchange rates data will be related to that currency.
You can use all 174 of their currencies as base currencies, one at a time, to search up as many currencies as you wish at the same time.
What currency data does the API offer?
The Exchangr API will return or compute the most representative forex market rate available, which is often the “midpoint” figure, depending on the API endpoint you use 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 apps, and any other Exchangr forex data-powered applications.
It returns all of the exchange rates in the form of currency pairings.
Related posts:
Tips To Make Foreign Exchange APIs Less Overwhelming
Also published on Medium.