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What Is An Exchange Rate and Why Is It Needed?

Do you want to know what an exchange rate is? If so, keep reading!

The world market is made up of many different countries; and each has its own currency that people use to pay for goods and services. An exchange rate is the price of one currency in terms of another currency. For example, if you were to convert $1 into British pounds, then you would get about £0.62.

However, there are many different types of currency used around the world too, such as dollars, euros, yen, etc.; which makes keeping track of how much one currency is worth compared to another extremely difficult for anyone not involved in the business world. That is why, you need to use a Foreign Exchange Rate API to keep up-to-date with them, and we know exactly which one you need!

What Is An Exchange Rate and Why Is It Needed?
A pile of foreign currency. Shallow depth of field.

Why an Exchange Rate is needed?

The exchange rate between two currencies provides a measure of the relative value of those two currencies; and affects the prices of exports and imports for a country. As such, it plays an important role in determining how competitive a country’s products will be in the global marketplace.

Obtain Exchange Rate with Exchangr API

Exchangr is a JSON API that delivers accurate and trustworthy forex data. This API allows you to convert one currency into another and obtain exchange rates easily. You can then use the results to power your application, add a currency conversion feature, or display currency conversions on your website!

Also, Exchangr API provides historical rates information, and advanced features such as: having this API convert single amounts for you, getting a currency’s change parameters, switching Source Currency, and more!

Furthermore, Exchangr offers a comprehensive Documentation for its use, click here. There you will find everything from how to make an API call, to code examples, and much more! By reading it, you will know how to use this API in no time! Once you do it, just follow these steps to obtain the forex information:

What Is An Exchange Rate and Why Is It Needed?

How much does Exchangr API cost?

Fortunately, this API offers three different plans to help you obtain the information you want. Depending on your needs, you can choose to use:

  • Small Plan, which allows you to make 100 API calls per month; has access to limited support; provides hourly updates; access to Historical Rates; as well as access to Exchangr’s endpoints (timeseries, conversion, and fluctuation)
  • Growth Plan. This one offers every advanced feature and endpoint that was mentioned, and also allows you to make 10.000 API calls every month; has access to Premium Support; and provides updates every 10 minutes.
  • Pro Plan. This plan is incredible, because it provides all of the above, plus 100.000 API calls per month, and updates every 60 seconds!

You can learn more about Exchangr’s Pricing by clicking here.

And that’s it! If you have any questions or doubts feel free to visit Exchangr’s FAQ page here. There you will learn more about this amazing API!

Now that you know more about the forex world we advise you to try using Exchangr! You will not regret it!

Related post: Start Trading Like A Pro Using a Market Data API

Also published on Medium.

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