Forex (foreign exchange) trading is a type of financial trading that allows you to buy and sell global currencies. It might seem like it takes years of experience to understand how to obtain Forex Rates, but with this beginner’s guide you’ll learn everything you need to know within minutes! Forex trading offers the potential for huge profits, or it can be a way to lose money fast. That’s why you need to learn how to get forex rates in Python.
But before we begin, what is Forex?
Forex is an acronym that stands for Foreign Exchange. The forex market is the fastest, largest, and most liquid market in the world where you can trade currencies. It is also one of the most challenging markets to trade because there’s always a lot of volatility in it.
Forex rates are compiled snapshots of exchange rates between currency pairs. These quotes are based on live rates and are gathered each day or over days depending on the frequency of the market. For example, the latest forex rates may be the average of all currency prices at that very moment in time compared to a single moment in other markets.
If you’re interested in learning more about forex and its daily pricing, check out Commodities-API, a programmatic interface that gathers data from a location and displays it to the person who performed the API call. This is a standard feature on many websites, and it greatly simplifies the process of locating new content.
These APIs use several programming languages, but Python is our favorite.
What sets Python apart from the other programming languages?
Python is a high-level abstraction general-purpose programming language. It’s used for web and software development, as well as task automation, data analysis, and data visualization. The code is easier to understand because of the liberal use of indentation in the design. Its features and object-oriented approach promise to help programmers write clean, logical code for both small and large projects.
Exchangr
Exchangr is a REST API that leverages the JSON data format to provide consumers and organizations with accurate currency exchange rates and currency conversions.
The API has five customizable endpoints for fulfilling various activities. The live endpoint gets real-time exchange rates, the historical endpoint gets historical currency rates, the convert endpoint converts multiple currencies, the time-series endpoint gets exchange rates for a given period, and the fluctuation endpoint gets the change parameters for any currency.
The Exchangr API supports 164 Currencies and 8 Cryptocurrencies from across the world. Before being distributed to customers, the data is obtained from a variety of commercial forex data suppliers and banks and mixed algorithmically. It delivers data updates on a regular basis, ranging from every 60 minutes to every 60 seconds.
Check out related blog posts:
The Best APIs To Get Historical Forex Rates
Best APIs For Currency Conversion In Real-Time
Also published on Medium.