In today’s connected world, businesses and individuals often need to deal with numerous currencies, whether it’s for financial analysis, travel, or e-commerce transactions. Currency conversion is an essential function that facilitates accurate calculations and seamless cross-border transactions. Developers can leverage currency converter APIs to incorporate this functionality into applications or websites.
While choosing between paid and free currency converter APIs, it’s essential to look for the specific needs of your project or business. This post will provide a good insight into the best APIs, their pros and cons, and characteristics, and present the best choice depending on your business and requirements.
What Are Free Currency Convertor APIs?
A Free Currency Converter API allows developers to access and use currency conversion data in their software applications, websites, or services without cost. It provides a suitable way to recover real-time or historical exchange rates between different currencies.
How Can You Use Currency API?
You will need an API key to use an API in your application. The key is unique. It will always be different for all users. Next, you must insert the key into your code to implement the API. If you face problems with this, make sure to review the documentation. Usually, it covers all errors. Also, it provides valuable information about different features.
Top Reliable Free Currency Converter APIs in 2023
There are numerous free currency converter APIs available in the market. These APIs provide free access that you can use in your application to currency conversion data.
Here are a few top picks for the best free currency converter API:
Fixer
Fixer Home page screen with featured details
One of the top rated and most trusted names in the API domain, Fixer is a widely recognized currency converter API that offers free and paid versions, making it a versatile option for different business needs. The free version provides access to real-time exchange rates for over 160 currencies but with limitations on request volumes and advanced features. On the other hand, the paid version offers additional benefits such as increased API request limits, higher availability, and priority support. Fixer is known for its accuracy, reliability, and extensive currency coverage, making it a top choice for businesses with demanding currency conversion requirements.
Features
170 international Currencies: Every 60 seconds, real-time exchange rate information for 170 international currencies is updated.
Trusted Sources: This API obtains its currency information from banks and financial data suppliers, including the European Central Bank.
Bank-level Security: Your connection to the Fixer API is secured using 256-bit SSL encryption, which is of the highest possible standard.
Dedicated Support: Any time of day or year, the top-notch support staff is here to help. That is a pledge.
Pros
Powerful, Reliable JSON API
Extensive Documentation
Historical Data
Currency Conversion Endpoints
Currency API
Currencyapi.com home page screen describing the features it offers.
Currency API is a tool that perfectly handles exchange rate conversions. This tool enables users with both current as well as historical foreign exchange rates. Utilizing this tool, you can easily manage uptime & outdated data.
Currencyapi.com serves to use its data for a broader range of fields, including E-Commerce stores, analytics, spreadsheets, and many more.
Features
170+ Supported Currencies: currencyapi.com features an unmatched coverage of world currencies & cryptocurrencies.
Updated Every 60 Seconds: All provided currency pairs are updated every 60 seconds. Obtain currency data in real time.
Simple & Reliable: The REST service provides a robust infrastructure, handling millions of daily requests.
Pros
170+ World currencies
Bank-level security
Trusted data sources
Fast response times
Premium Support
Historical data
FreeCurrencyAPI
FreeCurrencyAPI Website home page
Popular for its high uptime and reliable availability, FreeCurrencyAPI is a noted choice among developers due to its ease of use and comprehensive coverage of currency data. It provides real-time currency exchange rates and supports over 150 currencies. Moreover, it offers free access to its basic features, including exchange rate data, historical rates, and conversion capabilities. However, it does have limitations on the number of API requests and may not provide the same level of reliability and performance as paid alternatives.
ExchangeRatesAPI
A free and open-source currency conversion API, ExchangeRatesAPI provides exchange rate data from the European Central Bank. It is a real-time, Intraday, and Historical Market Data API, which delivers benefits including an accessible, easy-to-use REST API interface providing currency exchange rate data. This API offers the most complete and straightforward JSON API for your exchange rate data needs.
It supports over 30 currencies and offers reliable and up-to-date exchange rates. Plus, it is well-documented and offers easy integration options. However, being limited to the European Central Bank’s rates might not cover all the currency pairs and may not be suitable for businesses with global operations or requirements.
Features
Updated Every Minute: Obtain real-time, accurate, and reliable currency exchange rate data with the trust every 60 seconds updation.
200+ Currencies: API data is integrated with highly reputable foreign exchange rate sources, offering the most current and accurate rates for over 200+ currencies.
Simple, Quick & Reliable: Use scalable programming to handle thousands of API requests per second.
Pros
Updated every 60 seconds
200+ Currencies
Reliable at an unmatchable speed
No Credit card is required for free trials
CurrencyLayer
One of the leading names in the API world, CurrencyLayer is a paid currency converter API that provides reliable exchange rate data for over 160 currencies. It offers real-time rates, historical data, and advanced features like currency.
Currencylayer is a reliable platform for exchange rates & currency conversion for your business. This also offers real-time JSON API for 168 global currencies.
Features
Collected from various commercial sources & banks
Compatible with any application & programming language
Get instant access to 168 world currencies and historical data for the past 19 years
Based on the subscription plans, exchange rates are delivered every 60 minutes, 10 minutes, or 60 seconds.
Ensure secure and encrypted datastreams by connecting to the API via industry-standard HTTPS.
The delivery time for exchange rates varies in terms of subscription plans
Why Is Fixer the Best Currency Converter API For 2023?
Powered by some exceptional traits, Fixer is widely considered a top choice for a currency converter API for several compelling reasons:
Reliable and Accurate Data: Fixer API provides reliable and accurate exchange rate data from trusted financial sources. They update their rates daily, ensuring the data you receive is up-to-date and reliable. Tap here to check out the free and paid plans.
Extensive Currency Coverage: This API supports many currencies, including major world currencies, exotic currencies, and cryptocurrencies. This broad coverage suits application with global reach and diverse currency conversion need. Click now to get your FREE API key!
Easy Integration: This API is designed with simplicity, offering easy application integration. The API provides detailed endpoints and parameters, making it user-friendly and accessible for developers, regardless of their level of expertise. Read the comprehensive documentation here to get more insights.
Fixer stands out as one of the best currency converter APIs available. With comprehensive currency coverage, including major world currencies, exotic currencies, and cryptocurrencies, Fixer caters to various currency conversion needs. Additionally, its reliability and accuracy in providing exchange rate data from trusted sources ensure up-to-date and reliable currency conversion information.
When deciding between a paid and free currency converter API for your business, it’s essential to consider your specific needs and requirements. While selecting an API, you must evaluate your budget, data requirements, customization needs, and long-term growth plans. Consider whether the additional features, reliability, and support provided by a paid API outweigh the potential cost savings of a free API. In short, balancing your business needs and available resources is essential to choose the currency converter API that best suits your requirements.
FAQs
Is There a Free Exchange Rate API?
Yes, free exchange rate APIs are available. They provide access to real-time and historical exchange rates, currency conversion, and other currency-related data at no cost. That’s why they’re suitable for small-scale projects or applications with basic currency data needs.
How Much Is the Currency Converter API?
The cost of a currency converter API varies depending on the provider and the specific features and usage requirements. Further, some currency converter APIs offer free plans with limited usage, while others offer paid plans with various pricing tiers based on usage limits and additional features.
What Are the Free Web Services for Currency Conversion?
There are several free web services available for currency conversion. Some popular options include Open Exchange Rates, CurrencyLayer, Fixer, and exchangeratesapi.io. Moreover, These services offer free plans with limited usage that provide access to real-time exchange rates, historical data, and currency conversion functionality. In short, they are suitable for small-scale projects or applications with basic currency conversion needs.
Currency converter APIs are crucial tools for companies that conduct international commerce since they offer precise and current conversion rates for different currencies. This makes it simple for most companies to conduct financial transactions, make investments, and run operations across borders. This article will go through the significance of currency converter APIs, the advantages of using a free currency converter API, and how to incorporate a currency converter API into your website or app.
What Are Currency Converter APIs?
A currency converter API is a tool that offers real-time currency exchange rate data for several currencies. It enables real-time currency conversion for enterprises, which is essential for multinational companies that frequently deal with different currencies. Currency converter APIs work by accessing real-time currency data from various sources, including banks like the European Central Bank, financial institutions, and forex markets. Following this data processing, the API offers the live exchange rate for the chosen currencies.
There are many different kinds of currency converter APIs on the market, both for commercial use and free use. Free currency converter APIs provide basic functionality like real-time foreign exchange rate data for a limited number of currencies, but paid APIs typically offer more sophisticated features like historical foreign exchange rates and multiple currency conversion. Additionally, some of the available currency conversion APIs provide tools like calculators, news, and analysis.
What Are the Benefits of a Currency Converter API?
Businesses that need currency conversion services can profit from free currency converter APIs in a number of ways. First off, they are affordable because they don’t cost anything to use, which is very helpful for small enterprises or startups with tight finances. Second, since they provide real-time data and have frequent updates to guarantee the accuracy, free currency converter APIs are trustworthy. The high uptime of many free currency converter APIs ensures that businesses can access the API anytime they need to.
Thirdly, since they can be quickly integrated into several websites and applications, free currency converter APIs give organizations more control over their conversion procedures. Free currency converter APIs additionally frequently provide a number of capabilities, such as multiple currencies, historical data, and conversion calculators, making them an appropriate option for enterprises with various demands.
Free currency converter APIs can provide comparable functionality and services to paid currency converter APIs, giving them a more affordable option. Paid currency converter APIs, on the other hand, could provide more sophisticated capabilities and customization options, making them appropriate for bigger enterprises with more demanding requirements. Therefore, you should know how to choose the best currency API based on various parameters. This includes currency coverage, data accuracy, and more. Read more about how to choose the best free currency API for your project.
Free currency converter APIs are used by many well-known websites and applications to offer currency conversion services to their users. For instance, the e-commerce platform Shopify offers currency conversion services to owners of online stores by using the Open Exchange Rates API. Check out on why using a Free foreign exchange rates API is essential for an e-commerce.
How to Integrate Fixer.io into Your Website or App
Integrating a free currency converter API into your website or app is a simple process. The following demonstration uses Fixer.io’s API. To use the API, adhere to the following steps:
On the Fixer.io website, register to receive a free API key.
Create the API endpoint that your code will utilize. Use the ‘latest’ endpoint, for instance, to retrieve the most recent exchange rates.
Set the API endpoints and access keys in the API requests after initializing CURL in PHP.
Close the CURL connection after saving the response information in a variable.
Utilize PHP’s ‘json_decode’ function to decode the JSON response.
Use the response to access the pertinent information, such as the historical exchange rates.
Here is an example of how to use the Fixer.io API in PHP to retrieve the most recent currency rates.
Use the Fixer.io API for converting currencies by doing the following steps.
Configure the request URL with the conversion endpoint and necessary parameters. Use the ‘convert’ endpoint and specify the ‘from’, ‘to’, and ‘amount’ parameters, for instance, to convert 10 USD to EUR.
Set the API endpoint and access key in the request URL after initializing CURL in PHP.
Close the CURL connection after saving the response information in a variable.
Utilize PHP’s ‘json_decode’ function to decode the JSON response.
Access the pertinent information from the response, such as the outcome of the conversion.
The PHP Fixer.io API can be used to convert currencies in the following ways.
Fixer.io is a free currency converter API that offers historical and real-time international exchange values for over 170 different currencies. It provides functions including currency conversion, HTTPS encryption, and assistance with a variety of programming languages. Fixer.io is a well-liked option for companies of all sizes due to its ease of use, dependability, and accuracy. It also offers a free service with a monthly cap of 1,250 API queries, making it an affordable option for startups and small businesses. Fixer.io is used by websites and applications including Revolut, TransferWise, and Shopify for currency conversion needs. Moreover, Fixer.io integration is simple, and the API documentation includes step-by-step instructions and sample code in a number of different computer languages. Fixer.io is a great option for companies searching for a dependable, affordable currency converter API.
An API for currency converters enables programs to automatically convert between different currencies.
How Does a Currency Converter API Work?
It works by sending a request to a server and waiting for it to respond with the latest exchange rate data. This information is used by the API to compute single currency conversion.
Is It Expensive to Use a Currency Converter API?
Depends on the API. While some APIs for currency converters are free, others have a cost. However, a lot of free currency converter APIs are financial data providers of precise and dependable conversion rate information.
Can I Integrate a Currency Converter API Into My Website or App?
Yes. Most currency converter APIs provide documentation and code snippets to make integration easy.
Foreign exchange rate data is used for many purposes in almost every business. While some businesses make their users do transactions with this data, some businesses develop strategies based on this data. Today, businesses frequently use also historical data on foreign exchange rates. Businesses can make informed decisions regarding international trade, risk management, and investment strategies by analyzing past exchange rate trends and fluctuations. The web services that provide this data are also called historical exchange rate API.
The historical exchange rate API provides businesses and developers with data that is difficult to obtain. It is highly accurate, highly detailed, and contains data from years ago. In this article, we will talk about what historical foreign exchange rate APIs provide us, their pros and cons. Then we will introduce the most popular historical foreign exchange rate API that many businesses and developers actively use.
What Is a Free Forex Historical Data API?
A Forex Historical Data API is an API that provides free historical exchange rate data to developers and businesses. This API provides data for a specific time period, such as opening and closing prices and highs and lows for multiple exchange rates. Users can obtain historical exchange rate data within a certain date range through the API.
Forex historical data APIs usually obtain this data from financial institutions or forex brokers who provide exchange rate data. Additionally, this API allows users to perform financial analysis, review historical performance, and test trading strategies.
There are some pros and cons to using this API. Let’s examine them now.
Pros
Free access: The first plus of a currency conversion API that provides historical data is that it costs nothing. Developers can integrate this API into their projects without any payment.
Accurate historical data: This API provides high-accuracy historical data to its users free of charge. So, users can easily obtain historical data for the currency they want for free.
Application development: Another plus of this API is that it speeds up the application development process. It is very easy to get an API key for free. So, developers can quickly integrate this API into their projects and perform the necessary tests.
Cons
Limited usage: This free API offers limited usage to its users. Its limits are usually based on API requests. For example, 50 requests per month are free. This makes it difficult to use the free currency conversion API in a production environment.
Update speed: Free APIs often have limitations in the speed at which they can update the data they provide. For example, on the paid plan, the exchange rate data is updated every minute, while on the free plan, it can be 5 minutes. The update speed of the API can be important to developers and businesses, as exchange rate data is constantly changing.
Support and quality of service:Free APIs often offer limited support to developers and businesses. In addition, the quality of service of many free APIs may be lower than paid APIs.
Fixer: Best Free Historical Exchange Rate API
Fixer offers developers and businesses a free, reliable JSON API with its superior technological infrastructure. It is a very comprehensive foreign exchange API.
This API provides both current and historical data for 170 currencies. Its most outstanding feature is the accuracy of the data it provides. It provides data from official financial institutions such as the European Central Bank. Thanks to this feature, companies such as Microsoft, Samsung, and Bershka use this API.
This API serves its users with multiple endpoints. These endpoints are as follows:
Supported Symbols Endpoint
Latest Rates Endpoint
Historical Rates Endpoint
Convert Endpoint
Time-Series Endpoint
Fluctuation Endpoint
Finally, this API is also known as a currency converter API, as it supports the instant conversion of hundreds of currencies with highly accurate data.
Conclusion
All in all, although there are many advantages that a free historical foreign exchange rates API provides to developers and businesses, the disadvantages should not be overlooked. In particular, using a free API in a production environment can cause problems such as providing transactions with data that is not 100% accurate and exceeding limits quickly. For this reason, it is useful to use free APIs for testing purposes in application development processes.
Q: What Are the Advantages of Using Historical Exchange Rate API?
A: Using the Historical Exchange Rate API provides many benefits to developers and businesses. Moreover, it offers several advantages that can enhance their operations. Some of the notable benefits of utilizing this API include the following:
Access to Historical Data
Financial Analysis
Trade and Export
Planning and Budgeting
Academic and Research Purposes
Q: Which Platforms Use Exchange Rate Data?
A: Foreign exchange rate data is used in platforms that provide services or transactions in financial matters. Some of the platforms using this data are as follows:
Financial Institutions
E-commerce and International Trade
Forex and Money Markets
Financial Applications
Q: How Many Currencies Does the Fixer Currency API Support?
A: Fixer API currently supports 170 official currencies. It obtains this currency data from official financial data providers such as the European Central Bank and makes it available to its users.
Q: Does Fixer Historical Exchange Rate API Offer Currency Converter Service?
A: Yes, it does. Fixer API offers its users currency conversion service with live and up-to-date data of 170 currencies. Fixer also provides multiple services to its users, such as historical exchange rates, fluctuation, and time series data with multiple API endpoints.
Foreign exchange rates are crucial in international business, facilitating global trade, investments, and cross-border transactions. These rates determine the value of one currency relative to another and are subject to fluctuations due to various economic and political factors. We use Forex exchange rates API to understand and access accurate foreign exchange rates. This is essential for businesses operating in the global market.
Foreign exchange rates represent the price at which one currency can be exchanged for another. For example, the exchange rate between the US dollar (USD) and the Euro (EUR) determines how many Euros can be obtained in exchange for one US dollar. These rates constantly change due to interest rates, inflation, economic indicators, geopolitical events, and market sentiment. However, you can get recent rates using the Forex exchange rates API.
Businesses can leverage Application Programming Interfaces (APIs) to access accurate and up-to-date foreign exchange rates. An API allows businesses to retrieve exchange rate data from reliable sources programmatically. In this blog, we will delve deeper into the benefits of using a currency API and explore how it supports international business operations. Let’s begin.
What Is a Free Foreign Exchange Rates API?
A free foreign exchange rates API is a software interface that provides access to real-time or historical foreign exchange rates at no cost. It allows businesses and developers to retrieve currency data programmatically from reliable sources.
Users can integrate this functionality with a currency converter API into their applications, websites, or systems to obtain accurate and up-to-date exchange rates. This currency conversion API eliminates the need for manual data entry or relying on outdated sources, providing a convenient and cost-effective solution for businesses seeking access to foreign exchange rate information.
However, the free APIs have some limitations in their features to get foreign exchange rate data. But you can choose paid plans of the same APIs to get more benefits. Some examples of free foreign exchange rate APIs are listed below.
Examples Of Free Foreign Exchange Rates API
Fixer API
Fixer is a popular free foreign exchange rates API that provides real-time and historical exchange rate data for over 170 currencies. The API offers a free plan that allows users to access basic exchange rate functionality.
It tells about the current rates from the European central bank and possesses conversion capabilities. It also provides data on currency symbols, fluctuation percentages, and historical rate trends.
Open Exchange Rates API
Open Exchange Rates offers a free tier of their API that provides access to real-time and historical exchange rates for over 200 currencies. Moreover, it updates rates hourly and supports HTTPS encryption.
ExchangeRate-API
ExchangeRate-API offers a free plan that allows users to access real-time and historical exchange rates for over 150 currencies. It provides data through a simple API endpoint and supports HTTPS encryption to convert currencies.
Alpha Vantage API
Alpha Vantage provides a free API that includes foreign exchange rates. It offers real-time and historical exchange rate data for various currency pairs. The API also supports other financial data, such as stock prices and technical indicators. Furthermore, it also comes with a standard support custom plan.
What Are The Benefits of Using a Free Foreign Exchange Rates API?
Using a free foreign exchange rates API offers several benefits for businesses and developers:
Access to Real-time Exchange Rates
APIs provide access to up-to-date and accurate foreign exchange rates. Hence, ensuring that businesses have the most current information for currency conversions and financial transactions.
Automating Currency Conversions
They allow businesses to automate currency conversions within their applications or systems. As a result, eliminates the need for manual calculations and streamlining processes.
Reducing Manual Errors
The chances of manual errors in currency conversions are significantly reduced by retrieving exchange rates programmatically. Hence, enhancing accuracy and reducing potential financial discrepancies.
Cost Savings
Free foreign exchange rate APIs eliminate the need for costly subscriptions or manual data entry services. Hence, resulting in cost savings for businesses accessing exchange rate information.
Flexibility and Scalability
These APIs offer flexibility to integrate exchange rate functionality into existing applications or systems. Hence, adapting to the specific needs of businesses.
How Free Foreign Exchange Rates APIs Can Support International Business
Global E-commerce
Free foreign exchange rates APIs convert prices automatically, display multi-currency options, and ensure accurate international transactions.
International Trade and Investments
These APIs assist businesses in calculating exchange rate fluctuations, assessing currency risks, and making informed decisions regarding cross-border trade and investments.
Cross-Border Payments
Free foreign exchange rates APIs facilitate seamless currency conversions for cross-border payments. Hence, reducing costs and providing transparency in international transactions.
Travel and Hospitality Industry
APIs support real-time currency conversions for travel bookings. As a result, enabling customers to view prices in their preferred currency. Hence, simplifying the payment process for international travelers & financial data providers.
What Factors to Consider When Choosing a Free Exchange Rate API?
Data Reliability and Accuracy
When choosing a free foreign exchange rates API, ensuring that the data provided is reliable, accurate, and sourced from reputable financial institutions is essential.
API Documentation and Ease of Use
Look for an API that offers comprehensive and well-documented resources, including clear documentation, sample code, and tutorials. It should be easy to integrate and use within your application or system.
Availability of Technical Support
Consider technical support, such as forums, FAQs, or direct customer support, to address any issues or questions that may arise while using the API.
Security and Compliance
Ensure that the API follows industry-standard security practices, such as encryption and authentication, to protect sensitive data. Furthermore, it should comply with relevant regulations like GDPR or data privacy laws.
How Does Fixer Free Exchange Rate API Help In Getting Free Foreign Exchange Rates?
Fixer API helps get free foreign exchange rates by providing access to real-time and historical exchange rate data for over 170 currencies. With Fixer API, businesses and developers can programmatically retrieve the latest exchange rates for specific currency pairs or convert amounts between different currencies.
The API offers a straightforward and user-friendly interface. Hence, allowing users to integrate exchange rate functionality seamlessly into their applications, websites, or systems.
By making API requests to Fixer, users can obtain accurate and up-to-date foreign exchange rates for various purposes, including currency conversions, financial reporting, international trade, and cross-border transactions.
Fixer API offers additional features such as currency symbols, fluctuation percentages, and historical rate trends. Moreover, it supports bank-grade 256-bit SSL Encryption to ensure secure data transmission. At the same time, it also provides extensive documentation and resources to assist users in implementing the API effectively.
While Fixer API offers a free plan with essential exchange rate functionalities, users can opt for paid plans offering additional features, higher requests volume, and standard support enterprise.
Free Exchange Rate API: Conclusion
A free foreign exchange rates API is critical for international business. It provides real-time and accurate exchange rate data, automates currency conversions, reduces manual errors, and supports global operations.
By leveraging a free API, businesses can make informed decisions, mitigate risks, and optimize their financial transactions in the dynamic international business world. Fortunately, Fixer API can help you achieve all of this. So what are you waiting for? Give it a try today!
Free Exchange Rate API: FAQs
Is There a Free Exchange Rate API?
Several free exchange rate APIs available today provide access to real-time and historical currency historical rates.
What Is the Best Free Currency Exchange Rate API?
Determining the best free currency exchange rate API depends on specific requirements, but popular options include Fixer, Open Exchange Rates, and ExchangeRate-API.
What Is the API to Get the Latest Currency Exchange Rates?
Fixer API is one of the APIs that can get the latest currency exchange rates through trusted sources of currency data.
What Is Fixer API?
Fixer API is a reliable JSON API that provides free access to real-time historical data & exchange rate conversions with different API endpoints.
Foreign exchange rates are used in almost every business, application, and website today. Although the purpose of using this data is generally to provide information, the most popular usage area today is to offer speed transactions to people in currency conversions. People can make currency conversions in just seconds with applications that offer foreign exchange rates. Today, these applications obtain foreign exchange rates from a foreign exchange rates API.
The use of the foreign exchange rates API is increasing. Developers can easily integrate this API into almost any application and make it available to users. One of the most popular uses of this API is travel planning. In this article, we will first talk about the benefits of this API in travel planning. Then we will touch on some other popular use cases and get to know the most popular foreign exchange rates API.
Why Use a Free Foreign Exchange Rates API for Travel Planning?
Users who use the applications in which the developers have integrated the free exchange rates API gain advantages and privileges in many aspects. One of the most popular areas where this application is used is travel planning. Some of the benefits for travel planning by applications using this API are as follows:
Accurate and Current Exchange Rate Information: Applications using the exchange rates API allow users to easily access instant and current currency data. In this way, users can make accurate currency conversion processes abroad.
Save Time: Exchange rates API can be easily integrated into applications and started to use. In this way, users can quickly convert the currency automatically instead of manually.
Free: One of the great advantages of this API is that it is free. Users can quickly convert currencies for free using apps that use this API.
Instant Alerts: This API provides real-time currency information. In this way, users can get instant information about currency values during travel planning or a trip, thanks to instant notifications.
What Are the Other Use Cases of Using Foreign Exchange Rates API?
There are many use cases where this API is used outside of travel planning. Some of these use cases are as follows:
E-Commerce: E-commerce companies use this API to allow their users to pay in different currencies.
Investment: Trading platforms usually provide data from this API when serving their users. Users can convert currencies in just milliseconds.
Financial Analysis: People who want to make financial analyses can follow the performance of the currencies they want using this API. Additionally, they can also view and analyze historical data of any currency using this API.
Tax Calculation: Some businesses use a foreign exchange rates API to calculate tax rates in different countries, especially those that buy and sell products from different countries. With this API, businesses can calculate accurate tax rates and keep accurate records.
Fixer API: Best API to Get Currency Exchange Rates
Fixer API is a foreign exchange JSON API serving developers and businesses. Moreover, it is a free, reliable JSON API.
This API supports 170 official currencies and provides real-time data about them. The accuracy of the data it provides is high. For this, it provides the data obtained from official financial institutions, especially the European Central Bank. Additionally, it updates the data it provides every minute.
Fixer offers many API endpoints to its users. These are, in order, the latest rates endpoint, convert endpoint, historical rates endpoint, time-series data endpoint, and fluctuation data endpoint.
This API has multiple subscription plans. One of them is the free plan. For the free plan, users can obtain API keys and make 100 API requests per month.
Conclusion
To summarize, APIs that provide foreign exchange rate data are frequently preferred in many applications today to increase user satisfaction. In particular, applications such as travel planning, where users can save time and money directly, are among the most popular examples. With free APIs that provide this service, developers develop many applications that will make people’s lives easier.
Q: Does Fixer Get its Data From the European Central Bank?
A: Yes, it does. Fixer keeps the accuracy of the data it provides to its users at the highest level. It obtains this data from institutional financial data providers such as the European Central Bank. Additionally, it updates the data it provides every 60 seconds.
Q: How Many Official Currencies Does the Fixer API Support?
A: Fixer provides foreign exchange rate data for 170 currencies around the world. It also presents the historical exchange rate data of these currencies.
Q: What is the Most Popular Foreign Exchange Rates API List?
A: Many popular foreign exchange rate APIs serve businesses and developers today. Some of these APIs are as follows:
Fixer API
Exchangerates API
Currency Data API
The currencylayer API
The currencyapi
Q: How can Using a Foreign Exchange Rates API Benefit Travel Planning?
A: A foreign exchange rates API can benefit an itinerary. Conversion between highly accurate currencies and saving time and money are some.
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 = 25
What 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:
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:
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:
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.
Recent Comments