Do you trade or buy goods internationally? If the answer is yes, a Forex API can assist you with that!
In today’s global economy, it’s not unusual for professionals or businesses to travel or trade goods across borders. In fact, around 30 percent of goods are sold overseas. This means that if you’re dealing with vendors, customers, or anyone else in another country, you’ll likely encounter a different currency.
For example, let’s say you have a friend in Canada who wants to buy your U.S.-based business goods, but they’re concerned that currency conversion could cost them more than they expect. And it might. The Canadian dollar has been losing value against the U.S. dollar since early 2018. It could happen that they lose more money than they intended and then don’t want to trade again.
For this reason, knowing and understanding current exchange rates can help alleviate your friend’s concerns as well as your own. Fortunately, there are online tools that can make a difference for you. With the help of a Forex API, you can stay up-to-date with foreign exchange rates and currency conversions!
What is a Forex API?
A Foreign Exchange API (application programming interface) ) is a software that allows other programs or applications to connect with a Forex data provider. With this, the user can access the details of currency exchange rates; certain historical data: and useful information on global currency transfers.
There are a lot of them on the Internet; some of them are free, while others are overpriced and paid. But, knowing that everyone can use a Forex API, we have one in particular that we think can help you just as well. We present to you: Exchangr.
Exchangr
To make better financial decisions for your trades, you have to understand what really matters to you and learn to ignore the unnecessary distractions. With Exchangr, this is possible! Exchangr is a Real-time JSON API for 172 World Currencies. This means that you can access actual data for up to 164 currencies, and 8 cryptocurrencies, Moreover, the foreign exchange information is gathered from several trusted financial sources; making Exchangr reliable and accurate.
What’s more, if you need to download foreign exchange data, Exchangr may be the solution you are looking for. You can incorporate Forex Rates and Currency Conversion into your website, or application without the need of having to code them.
With the help of Exchangr it is not difficult to stay updated on what is happening in the economic world. You will get updates on currency exchange rates, and conversion in real time. And all for a reasonable price, starting at Startup-friendly USD 10 per month!
Can I use Exchangr for free?
Absolutely! Exchangr offers a Free Plan that is super complete! You will be able to:
- Make 250 API Calls /month
- Access Support
- Regular Updates
- Access Historical Data
- All currencies can be Base Currencies
- Conversion Endpoint
- Timeseries Endpoint
- Fluctuation Endpoint
To start enjoying these benefits, you have to: sign up here. It will take you less than a minute, and you won’t have to give any credit card details. Then, you will obtain an API key. You will use this one to access Exchangr’s endpoints. After that, you can select the currencies you want to obtain rates, or convert. And the last step is to make the API call. And you are done!
For more assistance about API calls, you can check out Exchangr’s Documentation by clicking here.
So now you know, don’t search through a lot of places for information anymore. Just use Exchangr to look for all the information you need!
Related post: What Are the Advantages of Forex APIs for Ecommerce Businesses?
Also published on Medium.