What is forex trading?
That’s a question many people have.
To put it simply, forex (also known as FX) is the global currency exchange market. It’s a place to buy, sell, and trade currencies. Forex comes with certain advantages over trading other types of assets—namely, that there are more than 100 different currencies available for you to trade, which may lead to finding more opportunities for profit. Plus, you can trade 24 hours a day, 5 days a week.
With all those advantages, it’s no wonder that more than $3 trillion is traded every day in this market.
Here are six tips for trading forex like a pro:
- Don’t trade against the trend
- Study the economic calendar
- Keep a trading journal
- Be patient and disciplined
- Always trade what you can afford to lose
- Practice demo trading
So, how can you convert currencies?
- Create an account at www.getexchangr.com to obtain your API key.
- Look for the symbols that you want to test (USD and EUR)
- Make the API call.
- The website can provide you with an API answer in a number of computer languages that you may customize and use however you like.
The response will look like this:
{"data":{"success":true,"timestamp":1645110720,"date":"2022-02-17","base":"USD","rates":{"EUR":0.879205,"USD":1}}}
Why use Exchangr for currency conversion?
Exchangr is a REST API that uses the JSON data format to deliver accurate currency exchange rates and conversions to consumers and businesses.
To summarize, the API is made up of five endpoints that may be customized for a variety of uses.
- On the live endpoint, the current currency rates are presented.
- The history endpoint returns currency rates from the past.
- The convert endpoint supports a broad number of currencies.
- Use the time-series endpoint to receive currency rates over a specific time period.
- Finally, the fluctuation endpoint returns the change parameters for each currency.
The Exchangr API accepts 164 different currencies and eight different cryptocurrencies from all around the world. They use an algorithm to gather data from a range of commercial currency data sources and organizations. They update the data in periods ranging from 60 minutes to 60 seconds.
You can sign up here to Exchangr’s Foreign Exchange API
Related posts:
How To Convert Euro To Dollar With A Free Forex API
Also published on Medium.