Are you looking for the perfect way to obtain foreign market data? Then use an API!
The foreign exchange market is the largest financial market in the world. The volume of money exchanged at forex on a daily basis exceeds 3 trillion USD, making it a critical component of any global economy. It is a worldwide decentralized market in which all currencies are traded.
As the foreign exchange market expands and becomes more accessible to smaller enterprises and individual traders, it becomes increasingly difficult for businesses to monitor and manage their currency exposure.
Apart from that, you should also have in mind that the foreign currency market is now operating 24 hours a day, seven days a week. Currency is exchanged all over the world between the major financial capitals of London, New York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris, and Sydney.
As a result, the FX market is regarded as the world’s largest financial market. It processes around $5 trillion in transactions every day on a worldwide scale. Furthermore, this market’s players span from huge banks and financial organizations to individual traders who speculate on whether currencies’ values will rise or fall.
When selecting a real-time FX API, one of the most crucial factors to examine is how effectively it can arrange your data. Foreign exchange APIs must be able to get data for hundreds of different currencies in a timely manner. It should also be able to analyse this data in real time and show it in an easy-to-read way on a single dashboard. If you’re seeking all of the above, Exchangr is the API for you.
How to Use This
Exchangr is a currency conversion API that provides real-time rates by utilizing JSON data. As a result, this API provides the quickest and simplest option to incorporate real-time currency conversion rates into your own current application or website. The currency data is collected from a variety of commercial forex data providers and institutions; moreover, the engine is a complex algorithm that refreshes the prices at regular intervals. These time intervals span from 60 minutes to 60 seconds.
Exchangr offers rates from 164 nations as well as 8 cryptocurrencies, covering up to 172 global currencies. Furthermore, you may use any of them as a base currency, one at a time, to search up as many currencies as you like at the same time.
To use it, you need to:
- At www.getexchangr.com, you may generate your own API key.
- Look for the symbols you want to use.
- Before concluding the API call, use these symbols to add the currencies to the list. You may also choose a programming language and a price range.
The Exchangr API can supply real-time currency rates data since it is powered by 10+ exchange rate data sources. The API has a number of endpoints, each of which serves a particular purpose. Endpoint functionality includes retrieving currency rates data for all or a subset of currencies, converting amounts from one currency to another, retrieving Time-Series data for one or more currencies, and querying the API for daily fluctuation data.
Also published on Medium.