Are you interested in investing in the Japanese yen? Do you know what TOCOM is? Read this article and learn how to perform through a highly secure and reliable commodities rates API!
A commodities futures exchange in the city of Tokyo is known as the The Tokyo Commodity Exchange, or TOCOM, is a Japanese corporation that oversees all commodity futures contract trading. In 2009, the Tokyo Commodity Exchange, Inc. became Japan’s largest commodity futures and options exchange, with a trading volume of 29 million contracts, representing an 81 percent market share. It is also one of Asia’s major stock exchanges.
It is Japan’s largest trade of its sort. Their goal is to make trading of items based on the Commodity Derivatives Act, which governs operations involving domestic commodities, easier. TOCOM has the benefit of being the largest commodities futures market in the Asian time zone, with the greatest trading volumes of platinum and rubber futures in the world.
TOCOM (Tokyo Commodity Exchange) is a for-profit corporation. The Japan Exchange Group bought it in October 2019 and operates it as a wholly-owned subsidiary. The TOCOM is Japan’s largest and one of the world’s largest marketplaces for the buying and selling of raw materials and primary products like natural resources.
The exchange allows investors to trade rubber, crude oil, gasoline, gas oil, kerosene, platinum futures and options contracts. The commodities with the biggest trade volume in 2022 were crude oil, platinum, and rubber. The majority of transactions on the exchange are physically delivered. In the oil market, however, cash-settled future trades are possible. In this way, there are many sites that are responsible for creating a platform that will serve to make you have monetized exchanges easily and safely, such as Commodities-API
What Exactly Is An API (Application Programming Interface)?
Let’s start at the beginning: ABI stands for Application Programming Interfaces. It’s a set of protocols for designing and integrating application software that uses a set of rules to allow two software applications to interact. An API describes how one software module communicates with another to complete one or more tasks.
What Is Commodities-API?
It’s a website that, among other things, provides monetized data on coffee, cereals, and oils. It gets them through an API, which takes less than a minute to set up after establishing agreements with financial institutions.
How Does It Function?
The advantage of Commodities-API is that it is a highly user-friendly website. Take the following steps to do so:
• Visit the website and register as a user.
• Pick a currency and a commodity and look for their symbols.
• On the dashboard, make an API call, and the software will respond with an API response, and you’re good to go!
Is It Secure to Use?
Yes, the Commodities-API uses SSL encryption to safeguard web-to-web connections. This sort of security is used by financial institutions. The information is then retrieved from financial institutions or even the World Bank using this API.
Is The Platform Really Accurate?
With an accuracy of 2 decimal points and over 170 different options, the Commodities-API allows you to access data in whatever currency you choose. You may also get data updates every 60 seconds and make 100.000 API queries every month.