Do you want to know which are the main advantages of using an API for getting live commodities rates? If so, keep reading!
The commodity market is a decentralized network of buyers, sellers, and traders. It includes physical commodities as well as financial instruments such as futures contracts. The price of these commodities varies over time; so it’s important to keep track of them. Luckily, there are many ways to get accurate information about commodity prices; but one of the easiest ways is through an application programming interface; an API for commodities prices.
Main Advantages Of Using An API For Commodities Rates
- Stay up-to-date on commodity prices. You can use an API for commodities rates to stay updated on commodity prices so that you know what’s happening in the market at any given time.
- It helps you make informed decisions about buying and selling commodities. This can increase your profits; and help protect against: losses due to market volatility; or unexpected events such as natural disasters; or political unrest in a country where a major producer is located (such as a war).
- It allows you to see how much of an impact factors such as interest rate changes have on commodity prices, so that you can better predict how those factors will affect future prices for those commodities.
- Keep track of market volatility. An API for commodities rates can help you keep track of how volatile the market is and how it’s affected by different factors.
However, the first step in conducting an accurate analysis of the commodities market is to select a reputable API provider; who can give consumers access to trustworthy data from financial sources. In this case, we advise using Commodities-API, a trustworthy online source with more than 6 years of market experience.
This API makes it easy to get reliable commodities data at a fair price. Additionally, with a frequency of up to 60 seconds and an accuracy of two decimal places; all spot data is delivered in real time.
With this API at your disposal, depending on the subscription you choose; you’ll be able to send up to 100.000 API queries each month; and get data updates every 60 seconds. Furthermore, is a fairly secure API to use because it makes use of bank-level security. Thus, your connection to Commodities-API will be secured with top-notch 256-bit SSL encryption.
How To Get Live Commodity Rates With This API
- Register on Commodities-API’s website by creating an account. You can also choose the plan you wish to use: Starter; Basic; and Professional are the three plans that are currently offered for this API. After weighing their differences, pick the one that best suits your demands. For instance, if you select the first plan, you won’t pay a dime to get hourly commodities updates!
- You will obtain a special API key after registering, which you can use each time you make an API call. However, your API key must be verified before moving on.
- Then, choose the currency in which you want to see your prices, and after that, decide which principal commodities symbol you want. Remember that there are 170 different currencies available!
- Run the API call, and wait a few seconds for Commodities-API’s response
And that’s pretty much it! See how easy it is? So what are you waiting for? get started right now!
Related post: What Are Primary Commodities And How An API Can Provide Their Rates
Also published on Medium.