When developing a project that involves currency conversion, it’s crucial to choose the right API. It can help us provide accurate and reliable exchange rate data. With so many free currency converter APIs available, it can be challenging to determine which one is the best fit for your project. In this blog post, we’ll discuss the key factors to consider when selecting the best free currency converter API.
Some important factors are exchange rate accuracy, currency pairs, response time, documentation, and data security. We’ll also provide a comparison of the top free currency converter APIs. By the end of this article, you’ll have a better understanding of how to choose the best free currency converter API for your project’s specific needs.
Let’s dive into this blog to gain more information.
What Is the Importance of Currency Conversion?
Currency conversion is important for several reasons:
International Trade
Currency conversion is essential for international trade as countries use different currencies to transact business. Without conversion, trade would be limited to countries that share the same currency, which would limit the growth of the international business.
Travel
Currency conversion is important for travellers who visit foreign countries. Travellers need to exchange their home currency for the currency of the country they are visiting.
They also need to be able to convert their remaining foreign currency back to their home currency when they leave.
Investment
Currency conversion is important for investors who want to invest in foreign stocks, bonds, or other assets denominated in a foreign currency. They need to be able to convert their home currency into the currency of the country where they want to invest.
Exchange Rates
Currency conversion is also important for determining exchange rates between different currencies.
Exchange rates play a crucial role in international trade and investment as they affect the cost of goods and services, as well as the return on investments.
What Is a Free Currency Converter API?
A Free Currency Converter API is an application programming interface (API) that provides developers with access to a set of tools and resources for currency conversion. It allows developers to integrate currency conversion functionality into their applications, websites, or software products.
Free Currency Converter APIs are often offered by financial institutions, currency exchange platforms, or other companies that specialize in providing financial data and services.
Some popular Free Currency Converter APIs include Fixer.io, Currencylayer, Exchange Rates API, and Open Exchange Rates. Depending on the developer’s needs, these APIs offer different features and pricing plans.
How Does a Free Currency Converter API Work?
A Currency Converter API typically works by accessing real-time currency exchange rates from various sources, such as financial institutions or central banks. It then uses these rates to convert one currency to another based on the user’s input.
Here is a code example for Fixer API to covert a currency:
https://data.fixer.io/api/convert
? access_key = API_KEY
& from = GBP
& to = JPY
& amount = 25What Factors to Consider When Choosing a Currency Converter API?
When choosing a Currency Converter API, there are several factors to consider, including:
Currency Coverage
The first factor to consider is the currency coverage of the API. You should ensure that the API provides exchange rates for the currencies you need. This is important, especially if you are dealing with exotic currencies or less commonly traded currencies.
Data Accuracy
The accuracy of the data provided by the API is also important. You should choose an API that provides real-time or near-real-time exchange rates with high accuracy and reliability.
Look for APIs that source their data from reputable financial institutions or central banks.
API Features
You should also consider the features provided by the API.
- Does it support multiple data formats, such as JSON or XML?
- Can it provide historical exchange rate data?
- Does it offer a range of data manipulation tools, such as currency conversion, rounding, or data filtering?
API Limits
Some APIs may have limits on the number of requests you can make or the amount of data you can access per month. You should check the API’s pricing plans and usage limits to ensure that they meet your needs and budget.
API Support
Finally, you should consider the level of support provided by the API. Look for APIs that provide documentation, tutorials, and support forums to help you get started. Also, check the availability of customer support, in case you run into any issues or problems.
What Are the Top Free Currency Converter APIs?
There are several top free Currency Converter APIs available, including:
Fixer API
Fixer API provides a free plan that offers real-time exchange rates for 170 currencies. The API supports multiple data formats, such as JSON and XML, and offers features such as historical data, time-series data, and currency conversion. The previously mentioned currency conversion endpoint returns the following response:
{
"success": true,
"query": {
"from": "GBP",
"to": "JPY",
"amount": 25
},
"info": {
"timestamp": 1519328414,
"rate": 148.972231
},
"historical": ""
"date": "2018-02-22"
"result": 3724.305775
}
Open Exchange Rates
Open Exchange Rates offers a free plan that provides hourly updates for 200 currencies. Furthermore, it comes with a simple and easy-to-use API key. Here is the endpoint for currency conversion:
https://openexchangerates.org/api/convert/{value}/{from}/{to}
Currencylayer
Currency Layer offers a free plan that provides real-time exchange rates for 168 currencies. The best part about Currency Layer is that it is compatible with any programming language. Here is the endpoint of Currency Layer API that helps in currency conversion:
https://api.currencylayer.com/convert?from=EUR&to=GBP&amount=100
Exchange Rates API
Exchange Rates API offers a free plan with 250 API requests per month. It can provide accurate data for 200+ currencies. The API request with the endpoint for currency conversion is given below:
https://api.exchangeratesapi.io/v1/convert
? access_key = API_KEY
& from = GBP
& to = JPY
& amount = 25
1Forge
1Forge offers over 700 currency pairs including Cryptos, Forex, Gold, and Silver. Note that this API gives you more than 100 updates per second. Here is the endpoint:
GET https://api.1forge.com/convert?from=USD&to=EUR&quantity=100&api_key=YOUR_API_KEY
Final Thoughts
When choosing the best free currency converter API for your project, there are several factors that you should consider. Firstly, make sure that the API provides accurate and up-to-date currency conversion rates. Additionally, consider the API’s ease of integration, documentation, and support.
It’s also important to check if the API has any usage limitations, such as rate limits or daily request quotas. Other factors to consider include the API’s reliability, security, and scalability. Moreover, you may also want to consider the API’s additional features, such as support for multiple currencies or real-time exchange rates.
To find the best API for your project, it’s a good idea to test out a few different options and compare their performance, features, and ease of use. Ultimately, choosing a high-quality currency converter API can help you provide a seamless and efficient user experience for your customers while also saving you time and resources in the long run.
FAQs
What Is the API for Converting Currency?
Fixer API is one of the best APIs to convert currencies.
Is There a Free Currency API?
You can use any of the above-mentioned APIs since all of them come with a free plan.
Is There a Free Exchange Rate API?
Open Exchange rates and Fixer APIs are free exchange rate APIs.
What Is Fixer API?
Fixer API helps to provide accurate currency conversion data.
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