Do you want to know about forex trading? If so, you are in the right place!
The foreign exchange market is made up of banks and financial institutions. They deal with buying and selling currency pairs in order to make a profit; on the fluctuation of the exchange rate between two different countries’ currencies.
How does forex trading work?
When you trade in the forex market, you’re not actually buying actual currency from another country — instead, you’re trading contracts based on what people think the price of that currency will be at some point in the future. That is how, people trade based on expectations of future interest rates, inflation rates; or economic growth trends in different countries around the world. For example: If you believe that the British pound will increase in value against the U.S dollar; then you would want to buy pounds with dollars now so that you can sell them later at a higher price.
Get into foreign exchange trading with Exchangr API
Now, if you are thinking of start trading in the world market you’ll definitely need a foreign exchange rates API like Exchangr. This tool can provide you with forex market data such as real-time forex rates; historical data; historical foreign exchange rates; and more. You can use this information to make informed decisions about when to buy or sell currencies in order to maximize your profit margins!
Exchangr is a forex API that uses JSON data to get exact currency conversions and forex rates. This information is acquired from a number of business providers and banks, and updated regulary, resulting in a dependable and accurate FX system. As a result, you’ll have access to over 170 worldwide currencies, which means a total of 30.000 currency pairs. That is, you will know exactly what to trade and which currency is most convenient!
Moreover, because this API provides a WordPress Plugin, it can be linked into your website or app and allow you access to this information at any time. You can take a look at Exchangr’s Frequent Asked Question here to learn more about this amazing forex rates API!
How to use Exchangr API
You can get started with Exchangr API right away! If you want to simply try how this forex rates API works you can follow these steps and not worry about spending a cent. You can give it a try for free!
First, you have to create an account here. It’s free, and you don’t even need a credit card. After that, you will be issued a unique API key. With this combination of numbers and letters, you can acquire access to Exchangr’s endpoints. Then, you have to choose the currencies in which you are most interested; whether you want to convert or obtain rates. Finally, perform the API call. And the results will be available in seconds!
Furthermore, Exchangr’s Documentation is available here if you want to learn more about how to correctly conduct API calls, Exchangr’s structure and methods, probable problems, and code samples.
And if you are still not sure about using it, let us tell you that this API is trustable and secured. Exchangr is protected at a bank-level grade, with 256-bit SSL protection. So rest assure that all the information you need and your comunication with this API is well-secured!
So, after learning about all this the only step ahead is using Exchangr API to benefit from forex trading!
Related post: New To The Forex Game? Grab This Free Foreign Exchange Rates API
Also published on Medium.