From the past to the present, it has become increasingly easier for people to follow the exchange rates or make currency conversions between them. Previously, we used to perform transactions related to exchange rates only in financial centers or bank branches. Today, we can do these transactions in digital environments. And in just milliseconds. The web service that provides this service to us in digital environments is the exchange rates API. Also, free and open source ones are known as open exchange rates API.
Exchange rates API is a web service that provides the latest exchange rates and obtains them from a reliable data source. This API usually also provides a currency conversion service. That’s why we can also call it currency API. It helps with almost anything a business or developer may need regarding the exchange rate. In this article, we will first discuss the importance of exchange rate data provided by the exchange rates API. Then we will recognize and integrate the most popular exchange rates API today.
What is the Importance of the Exchange Rate Data?
The exchange rate data is important for a number of reasons:
- International Trade: Exchange rate data is critical for any business today. It helps businesses make informed decisions about pricing and purchasing. It is involved in international trade as it helps them determine the cost of goods in different currencies.
- Monetary Policy: Central banks and government agencies use it to monitor the strength of currencies relative to other currencies. Then, they determine their monetary policy decisions according to the exchange rate data they obtain.
- Currency Conversion: Exchange rate data is also used for currency conversion purposes. Individuals and businesses often need to convert their currency to another currency for various reasons. Exchange rate data helps them determine the value of their money in another currency.
Fixer API: Best Open Exchange Rates API to Get Currency Exchange Rates
Fixer API is a free, open-source, and easy-to-use API that provides exchange rate data for 170 currencies. It is one of the popular open exchange rates APIs in the market. Tens of thousands of developers actively use it.
First of all, one of the most important reasons why developers prefer this API is that it provides accurate exchange rate data. Fixer API obtains the data it provides from reliable data sources such as the European Central Bank. In this way, the accuracy of the exchange rate data provided by this API is guaranteed.
170 official currency data provided by Fixer API is updated every 60 seconds. In this way, users can make transactions with the most up-to-date data.
This API has been developed so that developers can easily implement it into their projects. It has basic usage and can be used with most languages. Java, .Net, JavaScript, Php, and Python are just a few of them.
What are the Available Endpoints of the Fixer API?
Fixer API, today’s most preferred exchange rates API, offers many endpoints to its users. Among the endpoints it offers, there are services that many businesses may need, such as historical and fluctuation data.
The available endpoints provided by the Fixer API are as follows.
Integration Fixer API to Retrieve Currency Fluctuations
Fixer API can be easily integrated into many programming languages. In this section, we will integrate fluctuation data endpoint, one of the most preferred endpoints of the Fixer API, into Python.
Before developing this application, make sure you have an API key to use Fixer API endpoints. Also should have Python installed on your computer.
First, let’s create a file named ‘fixer-api.py‘ on the desktop. Then let’s open this file in a code editor and paste the following codes into it.
import requests
url = "http://data.fixer.io/api/fluctuation?access_key=YOUR_API_KEY&start_date=2015-02-25&end_date=2015-02-26"
payload={}
headers = {}
response = requests.request("GET", url, headers=headers, data=payload)
print(response.text)With this snippet, we will request the ‘/fluctuation’ endpoint of the Fixer API. Let’s run the application with the following command.
python fixer-api.pyFinally, seconds after running the application, we will see the following output in the console of the application.
{
"success":true,
"fluctuation":true,
"start_date":"2018-02-25",
"end_date":"2018-02-26",
"base":"EUR",
"rates":{
"USD":{
"start_rate":1.228952,
"end_rate":1.232735,
"change":0.0038,
"change_pct":0.3078
},
"JPY":{
"start_rate":131.587611,
"end_rate":131.651142,
"change":0.0635,
"change_pct":0.0483
},
[...]
}
}API Requests for Some Other Available Endpoints in the Open Exchange Rates API
Now let’s try some other endpoints of the Fixer API as an example. In this section, we will update only the ‘url’ part of the code field.
Latest Rates Endpoint
The latest rates endpoint shows the most recent values between currencies. It is quite simple to implement and use. Depending on the subscription plan, the time the exchange rate data is updated varies.
url = "http://data.fixer.io/api/latest?access_key=YOUR_API_KEY&symbols=GBP,JPY,USD"Let’s run the application after updating the ‘url’ field as above.
{
"success": true,
"timestamp": 1676473744,
"base": "EUR",
"date": "2023-02-15",
"rates": {
"GBP": 0.890154,
"JPY": 143.255379,
"USD": 1.0676
}
}Historical Rates Endpoint
The historical rates endpoint provides the historical values of a currency. Today, applications that provide trading transactions are frequently preferred. Thanks to historical data, users can shape their investment plans.
To test this endpoint, let’s update the ‘url’ field as follows.
url = "http://data.fixer.io/api/2013-12-24?access_key=YOUR_API_KEY&base=GBP&symbols=USD,CAD,EUR"Finally, let’s run the application and take a look at the output.
{
"success": true,
"historical": true,
"date": "2013-12-24",
"timestamp": 1387929599,
"base": "GBP",
"rates": {
"USD": 1.636492,
"EUR": 1.196476,
"CAD": 1.739516
}
}Conclusion
To summarize, Fixer API is a powerful tool that can help you track and analyze currency movements in real time. Through the use of Fixer API, you can stay on top of currency fluctuations, and make informed decisions.
Register to Fixer API and minimize the risks associated with foreign exchange.
FAQs
Q: Is Fixer API free to use?
A: Fixer, open exchange rates API, offers both free and paid plans. The free plan provides 100 requests per month. You can choose a plan that suits your needs and budget.
Q: How secure is Fixer API?
A: Fixer API is secure and uses SSL encryption to protect the data transmitted between the API and the user. The API also uses secure servers to store the exchange rate data, ensuring that the data is protected from unauthorized access.
Q: Can I use Fixer API to convert one currency to another?
A: Yes, you can use Fixer API to convert one currency to another. By retrieving the exchange rate data for the desired currencies, you can calculate the equivalent amount in another currency.
Q: Does Fixer API provide real-time exchange rate data?
A: The exchange rate data provided by Fixer API is close to real-time, with a slight delay in processing and updating the data. The frequency of exchange rate updates exchanges rate data is updated every minute.
Q: Is there a free exchange rate API?
A: Yes, there are many free exchange rate APIs available in the market. The most popular ones are Fixer API, Exchange Rates API, and Currency Layer API.
Q: Which API is best for exchange rates?
A: Fixer API is the best choice for exchange rates as it provides real-time and historical exchange rate data for over 170 currencies. Firstly, it is quite simple to use. It also offers features like currency conversion and time series data.
Q: What is the open exchange rate?
A: Open Exchange Rates is a service that provides exchange rate data for currencies. It can provide this data for multiple currencies. Finally, it gives developers access to accurate and up-to-date exchange rates.
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