Do you want to start trading in the exchange market but don’t know which tools are the most suitable to start with? In this post, we will teach you everything you need!
The Forex market is the largest market in the world, with over $5 trillion traded each day. The average daily trading volume of the entire stock market is $180 billion, so it’s easy to see how big this market really is.
To trade in this market, you need some knowledge of foreign exchange and how it works. You also need to be able to find the right broker because there are hundreds of them out there. So how do you go about getting started?
Brokers use APIs (application programming interfaces) to allow other programs to interact with their trading platforms. An API allows a third party application to send commands or requests to another application and get information back from it as well.
If you know how to use APIs, then you can create your own software that interacts with the broker’s platform through their API. This will give you access to all of their features without having to write your own interface from scratch every time.
There are two main types of APIs: streaming and historical. A streaming API provides real-time data about currency rates but does not allow users to trade directly through its platform. A historical API provides historical data about currency rates but doesn’t provide real-time updates on those rates or allow users to trade directly through its platform.
Which Is The Best API For You?
As you can see, the foreign exchange data from an API allows you to make better decisions about your finances by providing real-time; and historical information about foreign currencies.
In addition, they allow beginners like you to quickly learn everything you need to be an ace forex trader.
So, if you are currently looking for one, we recommend you start using Exchangr API. This API is a RESTful web service that provides currency conversion, historical data, and real-time exchange rates. It allows you to get JSON-format foreign exchange data from several reputable sources.
Exchangr API can be used to access the most up-to-date exchange rates for any of the 30.000 supported currency pairings, as well as historical values for a certain time period. You will also have access to advanced features such as single-amount conversions, currency change settings, and changing the source currency.
How To Get Started
First, create an account here; you can sign up to Exchangr API for free. By registering, you will receive an API key. Exchangr’s endpoints may be accessed using this one-of-a-kind number and letter combination.
After that, you can choose the currencies you wish to convert or obtain rates for. The last step is to execute the API call. To do so, you can follow the API documentation.
It’s as simple as that; the rest is up to the Exchangr API! Within seconds, you will have the information you require!
For more information visit: https://www.getexchangr.com/
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Also published on Medium.