Do you want to measure the real cost of foreign exchange? If your answer is yes, you should use this API!
You may not know it, but the cost of foreign exchange is not fixed. It depends on a number of factors, including the type of currency you are buying and the volume. Hence, the cost of forex exchange can range from 0.5% to 2% for each transaction, depending on the currency pair and your trading volume. The more you trade, the cheaper it gets.
The cost of forex exchange is usually included in your spread, which is the difference between the bid and ask prices. The higher the spread, the more expensive your trade will be.
You can also see a flat-rate charge for certain kinds of trades, such as market orders or stop losses. These are usually small charges that go into effect when you make a trade that does not involve exchanging one currency for another.
In the Forex world, there are two main types of forex data: real-time and delayed (or historical). Real-time data is live, but delayed data comes with a lag of between three minutes and one hour behind real time. If you want to follow movements in the market as they happen right now, then real-time data is what you need.
But how do I get started, you may ask? Well, you may have heard the buzz about APIs. They’re all over the internet, and they can be used to integrate your finances with different applications and services. Forex Exchange APIs can help you with all foreign exchange issues and make your transactions more efficient since they calculate in real time the price variations and how much the total cost will be, and in only one click!
Which Is The Best Forex Exchange API To Use Today?
As you can see, The foreign exchange data from an API may allow you to start tracking the forex markets; and make better decisions about your finances by providing real-time; and historical information about foreign currencies of your interest.
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.
Moreover, 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. Also, you will have access to advanced features such as single-amount conversions, currency change settings, and changing the source currency.
How To Obtain Forex Exchange Data Today?
- Create an account; you can sign up for 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.
- You can choose the currencies you wish to convert or obtain rates for.
- Execute the API call. To do so, you can follow the API documentation.
It’s as simple as that; the rest is up to Exchangr API! Within seconds, you will have the information you require!
For more information, visit: https://www.getexchangr.com/
Related Post: How To Know Forex Exchange Data From Africa With An API
Also published on Medium.