In today’s globalized world, currency exchange is crucial to international trade and finance. Free currency converter API enables the conversion of one currency to another based on their exchange rates. There are many currency converter APIs available in the market. An exchange rates API lets developers integrate currency conversion functionality into their applications.
However, not all currency converter APIs are created equal. In this blog, we will compare some of the most popular free currency converter APIs available, examining their features, limitations, and performance. By the end of this article, you’ll better understand which free currency converter API best fits your needs.
What Is the Best Free Currency API?
The best free currency API depends on your specific needs and use case. However, one popular option is the Fixer API. It offers real-time exchange rates for 170+ currencies, including cryptocurrency, and updates every hour. Moreover, Fixer API provides historical rates dating back to 1999 and allows for converting multiple currencies in a single request.
The API is easy to use and offers robust documentation, including sample code in multiple programming languages. However, Fixer API does have limitations, such as a 1,000 requests per month limit for free users.
What Are the Advantages of Using an Exchange Rates API?
Using an exchange rates API (Application Programming Interface) has several advantages for businesses, developers, and consumers:
Real-Time and Accurate Data Through Exchange Rates API
Exchange rates APIs provide up-to-date, accurate exchange rates for different currencies. Therefore, allowing for accurate conversions and calculations.
APIs can automate currency conversion processes. Hence, eliminating the need for manual calculations and reducing the likelihood of human error.
Exchange rates APIs can be easily integrated into different software applications, websites, or systems. Therefore, making it possible to quickly and easily incorporate currency conversion functionality.
Currency Conversion Across Borders
APIs provide a cost-effective solution for businesses operating across borders by enabling automatic currency conversion during transactions.
Flexible Pricing Options
Many exchange rates APIs offer a range of pricing options to suit different needs. Moreover, It also includes free small-scale and affordable subscription plans for larger projects.
What Are the Features and Capabilities of a Best Free Currency API?
As mentioned earlier, there are multiple options available in the market. However, Fixer API by API Layer is one of the best free currency APIs. The Fixer API by API Layer is a robust currency conversion API that offers a wide range of features and capabilities. Here are some of its key features:
Real-Time Exchange Rates
The API provides up-to-date exchange rates for over 170 currencies, including cryptocurrencies, and updates every hour.
Historical Exchange Rates
The API offers historical exchange rates dating back to 1999. As a result, allowing for the analysis of current trends and performance over time.
Fixer API enables the conversion of multiple currencies in a single request. Moreover, it supports currency rounding, precision, and formatting.
Multiple Integration Options
We can integrate it into various programming languages, including Python, Java, PHP, and Ruby, making it accessible to many developers.
Scalable Pricing Plans
Fixer API offers scalable pricing plans for different needs, including a free plan for small-scale projects and affordable subscription plans for larger projects.
Security and Reliability
The API uses HTTPS encryption to ensure secure data transmission, and its servers are located in multiple locations worldwide to ensure high availability and fast response times.
What Are Some Popular Exchange Rate APIs?
Here are some most popular exchange rates APIs:
Fixer API – An Excellent Exchange Rates API
- Fixer API is a reliable JSON API with detailed API documentation to get historical data.
- It offers real-time exchange rates for over 170 currencies, with hourly updates.
- It provides historical rates dating back to 1999 and supports cryptocurrency conversion.
- A free plan is available but has limitations, such as a limit of 100 API calls per month.
Open Exchange Rates
- It offers real-time and historical exchange rates for 200+ currencies.
- Open exchange rates API also provides easy integration for different programming languages.
- The pricing plans start at $12/month.
- currencylayer offers real-time and historical exchange rates for 168 currencies.
- It has flexible pricing plans based on request volume, such as multiple or single currency conversion.
- The currency layer supports multiple programming languages and offers interactive documentation.
- The pricing plans start from $14.99 per month. It also offers a free plan.
XE Currency Data API
- It offers complete currency conversion and real-time and historical exchange rates for 220+ currencies.
- However, pricing plans are more expensive than other APIs, starting at $799/year.
- It offers real-time exchange rates for 154 currencies.
- CurrencyStack provides easy integration for any programming language.
- It provides flexible pricing plans, starting at $9.99/month, and supports cryptocurrency conversion.
What Are the Use Cases of the Best Free Currency APIs?
The best free currency APIs can be used for various purposes, such as e-commerce, accounting, finance, and travel.
They can help businesses automate currency conversion processes. Moreover, it can enhance user experiences and enable cross-border transactions.
Developers can integrate them into websites, apps, or software applications to provide accurate and real-time exchange rate data.
Examples of How Businesses and Individuals Can Use the Best Free Currency Converter API
Here are some examples of how businesses and individuals can use the best free currency converter APIs:
Online stores can use currency converter APIs to give customers real-time exchange rates to view product prices in their local currency.
Travel and Hospitality
Travel companies can use currency converter APIs to show customers the cost of travel expenses in their local currency.
Accounting and Finance
Businesses can use currency converter APIs to automate currency conversion processes for financial reporting and accounting purposes.
International Money Transfers
Currency converter APIs can calculate the exact amount to transfer in foreign currencies. It can ensure that both parties receive the correct amount.
Individuals can use currency converter APIs to track and manage their finances. For example, it may include budgeting and expense tracking when traveling or purchasing products from foreign countries.
How to Integrate the Free Currency Converter API Into Your Application?
Here are the steps to integrate the free currency data API key into your application.
- Sign up for a free or paid account on the Fixer website to get started.
- After signing up, you’ll receive an API access key that you’ll use to authenticate your requests.
- Fixer API supports integration methods, including REST, JSON, and CSV. Choose the integration method that best suits your needs.
- Make API requests using your access key and the appropriate endpoint to get real-time or historical exchange rates. Fixer API offers several endpoints, including the latest, historical, and currency conversion rates.
- Once you receive a response from the API, parse the JSON data and use it in your application as needed.
Learn more in our comprehensive documentation.
Exchange Rates API: Conclusion
The availability of free currency converter APIs provides a valuable resource for businesses and developers. From real-time and historical exchange rates to multi-currency support and cryptocurrency conversion, these APIs offer a range of features. Moreover, the API choice will depend on pricing, request volume, and functionality. Ultimately, businesses and developers can use free currency converter APIs to provide users with accurate and up-to-date exchange rate data. As a result, it streamlines financial processes.
Exchange Rates API: FAQs
Is There a Free Exchange Rate API?
Several free exchange rate APIs are available, including Fixer API, Open Exchange Rates, and CurrencyStack.
What Is Exchange Rate API?
An Exchange Rate API allows developers to access real-time or historical exchange rate data through HTTP requests.
What Is the Exchange Rate of USDT API?
The exchange rate of USDT (Tether) API can vary depending on the API source and the currency being compared.
How Does Currency API Work?
A Currency API provides a standardized way for developers to access currency exchange rate data from reliable sources through an API endpoint.