Today, many businesses provide currency conversion services through their websites. There are many methods and variants of performing currency conversions. Among these methods, it is best practice to use an API to perform this operation. Find and use the free currency conversion API. Businesses can find hundreds of currency converter APIs in the market, but among these APIs, the best free currency converter API is the fixer API.
Currency conversion is also known as currency exchange. There are many reasons why businesses provide currency exchange services to their users on their websites and do this with a free currency API. In this article, we will learn the currency exchange API concept and the fixer API. Then we will discuss the benefits and usage examples of the currency exchange APIs. So let’s start.
What is the Currency Exchange API?
Currency exchange APIs are basically web services that provide conversion services between currencies. They support multiple currencies and can convert currencies at the same time.
The results provided by the currency conversion process are very important. These results are more important if they affect a purchase. For this reason, the API that businesses will choose from the market is very important. So let’s take a look at what businesses should consider when choosing a currency exchange API.
What are the Features to Consider When Choosing the Currency Exchange API?
The accuracy of the data it provides
The accuracy of the data provided by currency conversion services is one of the most critical issues. When choosing the currency converter API for this, make sure that this API obtains its data from official financial data providers.
Updating the data it provides at short intervals
Another thing to consider when choosing an API among the currency converter APIs in the market is to update the provided data at short intervals. The error rate increases considerably in the operations to be performed with data that is not updated at short intervals.
Providing historical foreign exchange rates data
Today, historical data and its accuracy are essential for many businesses, especially those that provide trading services.
For this reason, it is also important that the currency converter API, which will be selected from the market, provides historical foreign exchange rate information.
Best Free Currency Converter API: fixer API
The fixer API is a collection of services that enable currency exchange. In short, it is an exchange rates API.
There are many reasons why it is the most used and reliable exchange rates API today. The first of these is that the value of the world currencies provided by the fixer API is obtained from globally trusted exchange rate providers, especially the European central bank. Getting the world currency values provided by the fixer API from reliable data sources increases the accuracy of the data provided directly.
The fixer API provides conversion information of 170 official currency exchange data, mainly major currencies. It also updates the data it provides every 60 seconds.
Another important feature of fixer API is that it provides historical exchange rate data. It supports current and historical foreign exchange conversions. The fixer API serves current and historical data in just seconds.
The fixer API provides multiple endpoints. For example, the fluctuation data of currencies with the ‘/fluctuation’ endpoint, and businesses need this endpoint because of currency volatility. It also provides time series data of currencies with a ‘/timeseries’ endpoint, with a maximum range of 365 days.
The fixer API has a completely developer-friendly approach. It returns in JSON format. Thanks to its return in JSON format, it can be easily integrated into almost all programming languages. To see an integration of fixer API with different programming languages, click here.
An API key is required to use the fixer API. There are many flexible package options to get the API key, including a free trial. The free trial is limited to 100 requests per month.
What are the Benefits of Using Currency Converter API?
High speed with accuracy
The reliable JSON API provided by the fixer API has accurate rates. This API presents current and historical currency data to the client in just seconds. Businesses using fixer API provide the best experience to their users.
Supporting amount of official currencies
Businesses obtain hundreds of currency data with fixer API. At the same time, the fixer API guarantees availability. Thus, the client applications of the enterprises can get the most up-to-date currency data every second.
For many more benefits from the fixer API, visit the comprehensive documentation or this article on the benefits of using an API to check exchange rates.
What are the Usages of Currency Converter API?
Developing a trading application with the fixer API endpoints is relatively easy. There are many applications where users buy and sell foreign currency. They use currency conversion APIs that provide historical and current foreign exchange rates with high accuracy and are constantly updated.
Currency converter application
Developing a currency converter application with the currency data API can only take a few steps. Financial markets frequently use these applications.
In particular, you can develop the best currency converter application with the fixer API’s current currency rates and historical exchange rates.
Businesses use currency APIs to give their users the best experience in currency conversions. Explore the fixer API to provide your website users with current and historical foreign exchange rates.
What is a Currency Conversion API?
A Currency Conversion API is a web-based service that provides exchange rate information for a wide range of currencies.
How does a Currency Conversion API work?
A Currency Conversion API works by providing exchange rate information for a wide range of currencies through an API endpoint. Developers can use this endpoint to access the exchange rate data and integrate it into their applications.
What kind of data does a Currency Conversion API provide?
A Currency Conversion API generally provides exchange rate information for various currencies, including the current rate, historical data, and other related information.
Can I use a Currency Conversion API for real-time exchange rate data?
Yes, many Currency Conversion APIs provide real-time exchange rate data.