Skip to content

Is Your Business Making These 2 Fatal Foreign Exchange Mistakes?

Is your business currently having trouble with foreign exchange? Then keep reading!

As a business, you can’t afford to ignore the foreign exchange market. If you are buying products overseas or selling your products in multiple countries, you’re exposed to exchange rate risk. Yet many businesses make two fatal mistakes when it comes to foreign exchange:

Mistake No. 1: Not using a foreign exchange API

Mistake No. 2: Not keeping up with global economic news and trends

Why is it important to keep up with the forex world? Here’s why:

Is Your Business Making These 2 Fatal Foreign Exchange Mistakes?

Use a foreign exchange API to keep up with the forex world

Some of the most important data points provided by APIs are real-time exchange rates, historical exchange rates, currency conversions and currency analytics. These are all useful for anyone making international transactions and investments.

  1. Real-time exchange rates provide up-to-the-minute market prices for buying and selling currencies. This is important for businesses that make frequent international payments. Hence, they can use real-time exchange rates to inform their investment decisions and ensure they’re getting the best possible price on every transaction.
  2. Historical exchange rate data refers to past prices from weeks, months or even years ago. This data can help businesses identify trends in the market and potentially predict future movements in the market for buying and selling currencies.

So, if you’re a business owner, a foreign exchange API can be an invaluable tool that can help you improve your bottom line. That’s why, to make your life easier, we will recommend one of the greatest on the market!

Exchangr API will solve your problems

One of the reasons people make poor monetary judgments is because they are distracted by incorrect information. They tend to miss out on important things and fail to consider what is most essential. However, once you begin using Exchangr, this will change!

Exchangr is a JSON-based API that provides real time foreign exchange rates and currency conversions. It provides up-to-date rates for a total of 172 different currencies throughout the world. If you add them together, you’ll have over 30.000 currency pairings!

This forex API is cost-effective, with a Free Plan that is very comprehensive and plans starting at startup-friendly USD 10 monthly. Just perfect for business!

Is Your Business Making These 2 Fatal Foreign Exchange Mistakes?

Does Exchangr API comes with a Documentation?

Yes, it does! Exchangr includes thorough instructions for its use. By clicking here you may access its API Documentation, which is jam-packed with clear instructions and code samples. These will enable for rapid deployment at any level, as well as easy access to Exchangr’s endpoints. Furthermore, you may put it to the test by following these instructions to execute an API call, totally for free!

  1. First, sign up here. It will only take you a minute, and you won’t be asked for your credit card information!
  2. You’ll be given an API key. You will use it in each request to have access to Exchangr’s endpoints.
  3. Choose the currencies for which you want rates or conversion.
  4. Perform the API call.

After completing these steps wait for a few seconds until Exchangr delivers all the information you asked!

As you can see, Exchangr is the best option to improve your business’s financial decisions. Stop making mistakes and start thriving with the help of Exchangr API!

Related post: How Can You Leverage Forex APIs To Offer Currency Conversion

Also published on Medium.

Published inAppsApps, technologyCryptocurrenciesE-commerceFintechTechnology
%d bloggers like this: