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Forex API: What Does It Mean and How It Affects Your Decisions

Are you having trouble deciding what’s best for your economy? A Forex API has the answer for you!  

Money problems can be a common cause of stress. In fact, nearly half of us say money is the biggest source of stress in our lives, according to the American Psychological Association.

So what can we do to manage financial stress? One way to stay mentally strong when making financial decisions is to seek out information that helps you make the most informed choices. This includes, for instance, understanding exchange rates and how they affect your business. Knowing this information can help you avoid costly mistakes and set you up for long-term success.

Luckily, there are tools like an online forex API that can help you get live currency exchange rates without spending any extra time searching for them yourself. So if you are wondering: what is a Forex API? Or, what is an API in general?, keep reading to get your answers, as well as our recommendation of the best one!

Forex API: What Does It Mean and How It Affects Your Decisions

What is a Forex API?

“API” stands for application programming interface. It’s basically a way for software applications to communicate and exchange information with one another.

A Foreign Exchange (Forex) API will help you get all the information about foreign exchange rates that you need. With it, you’ll be able to stay up to date with all the currencies and cryptocurrency rates, as well as integrate its data into your own system and use it however you want!

You can start with Exchangr

One reason we make poor financial decisions is that we are distracted by the wrong information. We focus on the wrong things and do not think about what’s most important for us. And also, we waste time doing so. But if you start using Exchangr, this will change!

Exchangr is an API that implements JSON data to provide real-time foreign exchange rates and currency conversions. It offers updated rates in 172 differnt currencies in the world. This means that provides real-time updates in 164 currencies, as well as 8 cryptocurrencies. If you multiply them you will get about 30.000 currency pairs!

Because of its JSON format, this API is appropiate for any application or website that wants to provide users with information on major foreign currencies. Furthermore, Exchangr is budget friendly, it provides you with a Free Plan, and the Subscriptions Plans starts at Startup-friendly USD 10 per month!

Forex API: What Does It Mean and How It Affects Your Decisions

How do I use Exchangr?

Using this foreign exchange API is very easy. You don’t have to be a developer to understand it, and you can use it in less than 2 minutes.

  • To use Exchangr API, first, you need to sign up. It will take you less than a minute. It’s for free and it will not ask you any credit card details!
  • Second, you will obtain an API key. This is, one-of-a-kind combination of letters and digits provided to gain access this API endpoints.
  • Third, select the currencies you want to obtain rates or know their conversion.
  • Fourth, make the API call.

In a heartbeat, you will have all the data you need.

Not everyone is a professional developer so, for your convinience, Exchangr provides an extensive documentation for its use. In other words, you can see its API Documentation by clicking here, and this information is jam-packed with simple instructions and code examples. These will allow you quick implementation at any level, and access to Exchangr’s endpoints without trouble.

And just like that, using Exchangr is just that easy, quick and dependable! Now that you know, start making better decisions with the help of this powerfull foreign exchange API!

Related post: 3 Industries Where Forex APIs Can Have An Impact

Also published on Medium.

Published inAppsApps, technologyCryptocurrenciesE-commerceFintechTechnology
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