How to Choose the Best Historical Exchange Rate API
Application Programming Interface, more commonly known as an API, enables your app to communicate easily with various data sources. It can connect any business management system across all major industries, including the financial markets. Many APIs provide historical exchange rate data; however, not all are created equally. Thanks to over 15 exchange rate data providers, the fixer API is the best currency converter API for delivering real-time and historical exchange rate data for 170 international currencies. So in this article, we will discuss the best forex historical data API on the market and what makes it such a great API. So let’s get started!
What Makes A Good Historical Exchange Rate API?
There are numerous free forex data API on the market, but only a few are truly useful for providing accurate historical data. Let’s go over the key characteristics of a good exchange rates API.
Is the API Secure?
Businesses use APIs to connect services and transmit data, and many do this through FIX APIs. APIs that have been compromised, disclosed, or hacked may have exposed sensitive medical, financial, and personal data. As a result, when designing and developing RESTful and other APIs, security is a top priority.
The fixer API provides various layers of security settings to make it as secure as possible. First, each user is given a personal API key, a one-of-a-kind combination of letters and numbers that can be used to access any API’s data endpoints. Then, simply attach your API key to your preferred endpoint URL to authenticate with the fixer API:
In the event of an API key leak, the API enables users to change their access key using their accounts quickly.
In addition, the API allows customers to connect to the fixer API and all of its forex data via a secure connection (industry-standard SSL) based on their subscription. A secure connection can be established by simply appending an s to the HTTP Protocol.
Does the API have a Thorough Documentation?
The most critical feature of a good and effective API is its documentation and user support. Good documentation helps foster wider adoption of public APIs. In addition, making it easier for your partner companies to utilize your API will affect whether they choose your API over a competitor’s API.
fixer prioritizes developers. fixer comes with extensive documentation, accessible code samples, and a basic API layout that allows you to build the API in about 10 minutes. Because of the documentation’s simple instructions and code examples, quick implementation at any level is possible. In addition, you can learn about API methods and potential flaws by reading the documentation. If you still have questions, don’t hesitate to get in touch with fixer, and the team will gladly assist you. As a result, fixer’s currency conversion API is extremely simple and easy to use.
Does the API Handle Errors Well?
In APIs, error codes are incredibly useful. The most basic approach for a developer to communicate failure to a user is through error codes in an API response. Following the initial request step, this stage is direct contact between the client and the API. It’s frequently the first and most crucial step in informing the user of a failure and kicking off the issue resolution process.
The fixer API includes error handling, making it easier for users to diagnose problems. When a requested resource is unavailable, or an API call fails for any reason, a JSON error is returned. A code and a description always accompany errors. The API supports many other failures and returns a code for each one. You can learn more about error codes by visiting the fixer’s official documentation.
Is the API Stable?
fixer is a straightforward REST API that provides real-time and historical forex data for 170 global currencies, including Bitcoin, Gold, and Silver. In addition, the fixer API provides EOD / End of Day historical exchange rates for the previous day, which become available at 00:05 am GMT and are time-stamped one second before midnight.
Every minute, the fixer API collects exchange rate data from over 15 reliable data sources. Banks and financial data providers are among the sources. However, fixer only provides an aggregated feed (Midpoint rates). Midpoint rates are calculated by taking the average median rate of Bid and Ask at a given time.
Users will be notified via e-mail and on their Account Dashboard when they have used up at least 75%, 90%, or 100% of their monthly API Request allowance. API access will be disabled once the allowance has been exhausted. So far, the fixer API has had an uptime of 99.99% throughout the last year. You can check the current status on the Status Page at any time.
As a result, it is one of the world’s most stable and consistent currency APIs, excellent for forex trading.
Does the API Cover Sufficient Endpoints?
The ease of use and adoption of a good API is perhaps its most important feature. A user must be able to configure an API and get up and running with at least a basic implementation in a matter of minutes.
Users can immediately begin using the API after registering with fixer. It supports several programming languages and includes sample code for each to aid integration and error handling. Furthermore, the API supports JSON Callbacks, which can be easily integrated into your API endpoints using the callback option.
Example API Request:
https://data.fixer.io/api/latest? access_key = API_KEY& callback = MY_FUNCTION
fixer’s API has numerous endpoints, each with its own unique features. Among the most useful endpoints are:
- Latest Rates Endpoint: Depending on your subscription level, the API's Latest Rates Endpoint will return real-time exchange rate data that is updated every 60 minutes, every 10 minutes, or every minute.
Example API Request:
https://data.fixer.io/api/latest? access_key = API_KEY& base = USD& symbols = GBP,JPY,EUR
The base is the three-letter currency code of your preferred base currency. symbols take a list of comma-separated currency codes. This is done to limit output currencies.
- Fluctuation Endpoint: The fixer API's fluctuation endpoint allows you to retrieve data on how currencies fluctuate daily. To use this endpoint in the forex data API, simply append a start date and end date, as well as the currencies (symbols) for which you want to query. Please keep in mind that the maximum timeframe is 365 days.
Example API Request:
https://data.fixer.io/api/fluctuation? access_key = API_KEY& start_date = 2015-12-01 &end_date = 2015-12-24
What Are the Key Take Aways From this Article?
Hundreds of currencies are officially recognized around the world. Most countries will typically have their own official currency. As a result, countries will typically use their official currencies in all types of trade and commerce. When compared to other countries currencies, they all have different values.
Currency Exchange APIs provide accurate data, allowing you to make better decisions while saving you time and money on unnecessary efforts. A successful API is secure, accurate, consistent, supports multiple currencies, and has extensive documentation. fixer is the best example of such an API. It provides all of the essential API features and much more, making it the best forex API on the market.
What Are Some FAQs About An Exchange Rates API?
What is an API?
An API is a programming interface that allows two or more computer programs to communicate. It is a type of software interface that provides a service to other programs. An API specification is a standard that describes how to build or use such a connection or interface.
Do exchange rates APIs even cover crypto?
As the number of cryptocurrencies grows daily, so do the opportunities for investors and traders to trade cryptocurrencies. Keeping this in mind, numerous applications have been developed to enable this exchange between a single application and thousands of cryptocurrencies in a fraction of a second.
Is there a forex API?
RESTful web services are forex application programming interfaces. It enables the incorporation of foreign exchange retrieval features into applications or websites. FX, also known as Forex, is a global trading market where currency rates in all countries are determined.
What is the cheapest way to convert currency?
Using currency exchange APIs is the cheapest and quickest way to do so. However, each can have its own tier structure.
Can I try out any Exchange rates API for free?
There are many free exchange rate APIs available on the market. The Exchange Rates API is one of the best free APIs that allows you to find and track historical currency and cryptocurrency exchange rates for free.
