If you want to get exchange rates, but don’t know which one of the hundreds of APIs available you should use, we have a recommendation that might be the right fit.
Exchange rates are the values of different currencies in relation to one another. For example, a dollar could be exchanged for 0.0005 euros, meaning that each dollar is worth 0.0005 euros. This number is also called the exchange rate.
In most cases, businesses use exchange rates to determine how much money to charge foreign customers and how much foreign currency they’ll need to cover costs. For example, if a business charges $100 for a product, but the customer has only paid in euros, the business will need to know what the exchange rate between dollars and euros is so they can determine how much to charge the customer (in this case, 1 euro = $1.3125).
A firm may also have costs in one currency and revenue from sales in another currency. To determine their net income from those sales, they’ll need to use the exchange rate between the two currencies to determine their total revenue earned (the firm needs to know that Euro x 100 = $x).
You should use an API for getting exchange rates because it gets the numbers directly from the source. You don’t have to go through a middleman (like Google), and there’s no lag time since the data is coming from a server that updates every five minutes instead of from a cached website that isn’t updated often.
The current and prospective exchange values of various currencies are known as forex rates. Using a currency rates API, you can instantly get the most up-to-date exchange rate data. This will help you optimize your transactions in the long run.
Why Exchangr?
Exchangr is a REST API that leverages the JSON data format to provide consumers and companies with accurate currency exchange rates and conversions.
To sum up, the API has five endpoints that may be modified for various tasks.
- Current currency rates are displayed in the live endpoint.
- The historical endpoint provides historical currency rates.
- Convert endpoint supports a variety of currencies.
- With the time-series endpoint, you can find currency rates over a specified period of time.
- The fluctuation endpoint returns change parameters for each currency.
The Exchangr API accepts 164 different currencies from all around the world, as well as eight different cryptocurrencies. They use an algorithm to aggregate data from a variety of commercial forex data sources and organizations. They do, however, often update the data, with periods ranging from 60 minutes to 60 seconds.
Are you ready to get exchange rates with an API?
As a result, the Exchangr REST API endpoint includes a wide range of currency data. This works on every platform and in any programming language. Here’s an example of how you may go about it. It shows how to convert any live currency into US dollars, British pounds, or Euros. Scripting, online, and desktop programs may all benefit from the Exchangr REST API.
The end outcome will be as follows:
{"data":{"success":true,"timestamp":1644247980,"date":"2022-02-07","base":"EUR","rates":{"USD":1.1443546126073547}}}
On Exchangr, you may also use the free tier. We strongly urge you to increase your membership level if you desire more API calls per month. You can also contact them for a more tailored solution. We’re excited to see what you can accomplish with a Forex API!
You can sign up here
Related posts:
How To Convert Euro To Dollar With A Free Forex API
Also published on Medium.