The places where people buy and sell foreign currency have evolved into mobile applications as technology develops. Today, it is possible to do currency conversion and trade between hundreds of currencies through a single application, within milliseconds. These applications that provide Currency exchange services generally integrate the Exchange Currency API services into their applications and serve their users.
Applications that provide foreign exchange trading services should be careful when choosing the services that provide Exchange Currency API services to integrate into their systems. Factors such as the accuracy of the data to be returned by this service and the rotation speed may affect your choice.
Here are 10 tips about Currency conversion API.
- Response time
User satisfaction must be at the highest level. The first thing applications need to do to maximize this satisfaction is the application’s performance. The speed of a currency conversion service that you intend to integrate into your application is very important. Choosing services where you can get a quick response increases user satisfaction.
- Consistency of data
It is very important that the data that the Currency conversion services return to your application is consistent. If your users make transactions with incorrect data, it will cause problems both in terms of legal terms and in terms of the transaction volume target you intend to increase.
The data to be provided by the Currency conversion service must contain the most accurate data instantly.
- Updated data
Currency data can change by increasing or decreasing within seconds. The service that provides the Currency conversion service needs to update its data periodically. The applications used by the users should also make requests to the services at these intervals and present the most up-to-date data to the users. The user who spends time in the application for 2 minutes should not be able to act with the data he obtained when he first opened the application.
- Response format
The response type that the services that provide the Currency conversion service use to communicate with your application are important. Expectations from such services are usually JSON format. However, the services that provide this service return responses in both XML and JSON formats, giving you the option to use the format that suits you in terms of the structure of your application.
- Historical data
Investors who use foreign exchange trading applications generally need historical data on the currencies they will invest in. They shape the investments with the analysis and statistics made on historical data. It is very important for the services that offer the Currency conversion service to also provide historical data in terms of user satisfaction and attracting investors to your application.
- Flexible API
The flexibility of the currency conversion service that you intend to integrate into your application is an important criterion. The fact that requests to the service are parametric and querying by adding parameters to the service URL will save you time both in terms of speed and development cost.
- Supported currencies
The number of official currencies that users can transact in your application is a very important factor. As the number of official currencies you support in your application increases, you can attract international users to your application and increase your transaction volume. When choosing a currency service, it would be helpful to take a look at the currencies this service supports.
- Connection security
The security of this connection is very important when connecting to the currency conversion service that you receive service through your application. You should prefer services that basically encrypt their connections with bank-level security.
- Technical support
Since currency is traded in your application, any data corruption or long-term connection problem to the currency conversion service can have serious consequences. Legal processes can begin. In this process, it is very important that the service providing currency conversion service provides technical support. In case of any problems, you can quickly overcome these problems with the technical support service.
- Documentation
Another important factor is that the currency conversion service that you plan to integrate into your application has strong documentation. It allows you to access detailed information about the service and make a fast integration.
Conclusion
If you choose the currency conversion service that you intend to integrate into your application, according to the 10 tips we have mentioned above, it is quite possible to increase your user satisfaction and transaction volume.
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