In today’s globalized world, currency exchange is crucial to international trade and finance. Free currency converter APIenables 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.
Increased Efficiency
APIs can automate currency conversion processes. Hence, eliminating the need for manual calculations and reducing the likelihood of human error.
Seamless Integration
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.
Currency Conversion
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
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.
CurrencyStack
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:
E-Commerce Websites
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.
Personal Finance
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.
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.
The number of platforms where people can trade with foreign exchange data is quite high. Many businesses offer their users a unique forex trading experience through their platforms. Increasing competition improves the experience platforms provide users and can increase transaction speeds. Today, they mostly use the forex exchange rates API (Application Programming Interface) to increase the transaction speed of these platforms and the accuracy of the financial data being traded. Forex trading platforms frequently use theFIX API forex, especially to support the FIX protocol.
Fixer API forex is used by many professional traders providing them with a high-speed connection directly between a client, trader, liquidity provider, investment fund, or multiple brokers such as retail forex and forex broker. It eliminates the necessity of using third-party programs. Users perform their market-based transactions in accordance with the FIX protocol provided by FIX Protocol Ltd. Let’s explore the benefits of using FIX API forex and get to know the most preferred FIX API forex trading platforms.
What are the Leverages of Fixer API?
In today’s fast-paced financial markets, the timely and dependable transmission of trade orders is critical. FIX messages have become a reliable and efficient means of communication for traders. FIX API currently serves many trading platforms and forex market participants. There are many advantages it provides. Some of these are as follows:
Fast data transfer:The Fixer API has been developed to provide the fastest forex data. Platforms using the FIX API guarantee their trader’s minimal delays in forex trading.
Highly accurate data: The fast data provided by this API is highly accurate. Since they also support the FIX protocol, there is no shortage of data consistency for trading platforms in this regard.
Integration: This API has a flexible infrastructure. Thus, developers can integrate this API into almost any programming language.
High liquidity: The Fixer API provides access to high liquidity levels, helping traders trade quickly and effectively.
Most Compatible FIX API for Forex Trading Platforms: Fixer API
Fixer API is a FIX API that many large businesses use, such as Samsung, Microsoft, and Instacart. It is also a free FIX API.
Fixer supports the FIX protocol and provides forex data of 170 official currencies with this protocol. It updates the Forex data of 170 currencies provides every 60 seconds by obtaining from official exchange or market servers. In this way, it provides high-accuracy data.
Fixer FIX API solution is not designed only for experienced traders; some services can appeal to all traders. For this reason, it provides multiple endpoints. With these endpoints, businesses can provide services to their users on many issues about forex. Some popular endpoints are the latest rates, conversion, and historical rates.
Fixer API can provide instant Forex data of 170 currencies with its latest rates. But many businesses and platforms want to filter data for 170 currencies and get only a few. Based on this, the Fixer API can only provide data for the desired currencies with the ‘symbols’ parameter.
As an example, let’s paste the following URL into our browser.
Let’s paste our API key into the ‘YOUR_API_KEY’ field and send a request from the browser. Our result will be as follows.
What are the Potential Errors in Fixer API?
Fixer API provides very advanced error handling to provide the best experience to the developers during the development process. The error response it provides contains an error code and a detailed error description associated with it.
With these error responses, the developers can master all the details in case of any error. In addition, Fixer’s support team helps you in all matters in case of any errors that may occur in this and other than these.
An example error response provided by the Fixer API is as follows.
{
"success": false,
"error": {
"code": 104,
"info": "Your monthly API request volume has been reached. Please upgrade your plan."
}
}
In addition, all potential error codes and descriptions of the Fixer API are contained in its unique documentation.
Conclusion
As a result, the FIX API is indispensable for trading and financial platforms today. With the dozens of advantages it provides, the platforms provide unique experiences and secure transactions to their users. Fixer API, which supports the Fixer protocol and serves its users with multiple endpoints, is one of the most popular FIX APIs today.
Q: What Is the FIX API Forex, Which Is Frequently Used in Forex Trading?
A: FIX API forex is actually an electronic communications protocol. Also, the FIX API supports the FIX protocol. It provides foreign exchange data in line with the FIX messaging protocol versions the FIX Trading Community provided. It provides trade-related data. Many financial markets that offer forex trading use the FIX API forex.
Q: Is Fixer Just a Forex Historical Data API?
A: No, it doesn’t just provide forex historical market data. Fixer API provides almost every service that any electronic trading industry might need regarding forex data today. These are as follows:
Latest rates endpoint
Convert endpoint
Historical rates endpoint
Time-Series data endpoint
Fluctuation data endpoint
Q: What Does the Fixer Protocol Provide to Users?
A: The FIX (Financial Information eXchange) protocol is an electronic communication protocol used mostly for financial transactions. FIX APIs that support the FIX protocol provide advantages to their users in many aspects, such as speed, reliability, integration, and standardization.
Q: What Is the Most Popular Forex Exchange Rates API That Provides Financial Information Exchange?
A: Many forex exchange rates API provides financial information exchange data in the market. Among these APIs, the API that supports the FIX protocol and is used by many trading servers is the Fixer API. Fixer API provides real-time data and real-time communication. In this way, applications with professional traders assist their traders in crafting trading strategies.
When looking for the best exchange rate API for Java, there are a few things those interested in getting an exchange rates API need to be aware of.
Not every single exchange rate API for Java is built equally, and some stand out more than others.
To make the process as simple as possible for new users, we will look at the best available API options so that anyone can make a well-educated decision. In this post, readers will find the top currency exchange rate APIs available for 2023 and beyond. Let’s dive in.
API to Get Currency Exchange Rates
Throughout the API industry, there are free and paid options. A free currency exchange rate API is a tool that can empower anyone to integrate current data into their applications or websites.
Additionally, an API offers web services for conversion, and developers can get rates as effortlessly as possible.
Moreover, the tools discussed here are free, meaning no money needs to be spent to implement and use them.
To use an API, each person implementing it must gain access to the API key. This unique key will never be the same for every user. In addition, the key must be inserted into the code, and an API documentation analysis must be conducted for proper integration.
What is a Powerful, Reliable JSON API?
One of the most fundamental aspects of an API is to be powerful and reliable. Many exchange rate APIs typically come with guaranteed availability, scalable volume, high uptime, and fast support. Most APIs get consistent monitoring to ensure high availability.
The currency rates will also need to get sourced from financial data providers that are trusted, as well as banks. This means that users will always be able to get accurate and reliable rates.
The APIs will also need to feature helpful documentation covering all aspects of its implementation and integration in great detail, providing access to samples so anyone can use it, regardless of their experience.
These APIs are some of the best, free available options.
1. Fixer – The Best Free Exchange Rate API for 2023
Fixer.io stands out compared to the other options because it offers 170 world currencies updated every 60 seconds.
Moreover, the API features bank-grade 256-bit SSL Encryption, ensuring high security. The data delivered by Fixer is sourced from financial providers and banks, such as the European Central Bank. The API features extensive documentation, ensuring simple integration. Create a free account and start using Fixer today.
2. Currencylayer – A Solid Alternative That’s Feature-Rich
Currencylayer is a real-time JSON API that supports 168 world currencies and collects data from various commercial sources and even banks.
Additionally, it’s compatible with any application and programming language and gets data updates in as few as 60 seconds. It has advanced features, including historical rates, and lets users switch parameters as they see fit.
3. Exchange Rates API – A High-Performance Free Exchange Rate API
Exchange Rates API offers real-time, intraday, and historical market data and is a simple-to-use REST API interface. This currency exchange rate data API is free for up to 250 monthly requests, and anyone can easily get the API key.
In addition, there is extensive documentation, and support for over 200 currencies, updated once every 60 seconds. The API features over 15 exchange rate data sources and has numerous endpoints, making it an excellent addition.
4. Open Exchange Rates – An API Offering Consistent, Reliable Exchange Rate Data
Open Exchange Rates is one of the simplest APIs developers can implement, and it provides accurate exchange rate data by using accurate sources.
Moreover, the community behind the API created over 200 open-source libraries and plugins. This leads to simple integration.
5. Currency API – Handle Exchange Rate Conversion with Ease
Currency API aims to empower developers and users to handle exchange rate conversions. It features historical data surrounding foreign exchange rates, and the free plan provides users with 300 free credits on over 170 supported currencies. They get updated every 60 seconds, and the REST service offers a solid infrastructure that can handle millions of requests daily.
Making the Right Pick
Many popular exchange rate API Java options are available for users to pick from, and this high level of competition ensures that all of them remain on the bleeding edge of technology to remain competitive.
Additionally, whatever API users pick, they will get a solid experience. However, some APIs have more functions and features and are far easier to implement, such as the case with Fixer.io. Moreover, it’s fast, powerful, and easy to try, and users can try it today for free. Additionally, new users can begin using Fixer today.
With all of this in mind, we have gone over some of the most important aspects that users need to be aware of before making their pick and looked at some of the most notable APIs available, where all of them work with Java.
Frequently Asked Questions (FAQs)
Is There an API for Getting Currency Exchange Rates?
There are numerous APIs available that include the functionality of enabling users the ability to get currency exchange rates. In addition, one of the most notable options is Fixer.io, but there are also alternatives.
What are Currency Conversion Endpoints?
Any API that converts a value from one currency to another is considered a conversion endpoint API. In addition, developers can integrate these tools or programs within an application or website and enable the currency conversion operation to occur.
Can I Convert Currencies Using an API?
Through the usage of a currency exchange rate API, anyone will be able to convert currency by getting real-time currency rates.
What Types of Historical Rates Does the API Offer?
It depends on the API. For example, Fixer.io, as an API offers historical exchange rate data that dates back to January 1, 1999. It gets daily, weekly, monthly, or annual data.
What is a Time-Series Endpoint?
The time-series endpoint provides daily history data for currency fluctuations. In addition, the data can be provided for all currencies that are accessible or just a subset of the available currencies.
Forex (foreign exchange) trading has experienced a great change from the past to the present. The biggest factor in this is the development of technology and the intertwining of the forex trading field with technology. The time and effort spent in forex trading transactions have been reduced to seconds, with many trading platforms where we can make these transactions. These trading platforms provide their users with financial data and transactions made with this data in many sources with FIX API forex. It is also called the forex exchange rates API in many sources.
FIX API forex provides financial data to its users in accordance with the FIX protocol determined by the FIX Trading Community. FIX community sets criteria and rules. For this reason, businesses such as the electronic trading industry use this API, where data accuracy is important. Let’s talk about the advantages and usage areas of FIX API forex.
What Are The Advantages Of Using The FIX API Forex?
This API provides many advantages to businesses and developers as it has an electronic communications protocol and provides real-time data. Some of them are as follows:
Fast and secure communication: FIX API forex guarantees fast and secure transmission of financial data. In this way, users can be aware of instant price movements and make transactions quickly. Additionally, it allows businesses and developers to create crafting trading strategies.
Data accuracy: Another advantage is the accuracy of the data provided by this API. This API prevents users from harming others by providing data with very high accuracy.
High efficiency with automated processes: FIX API forex updates the data provided by it in a short time. Users using this API also automatically obtain data from this API and achieve high efficiency with the most up-to-date data.
What Are The Use Cases Of FIX API?
The FIX API with the electronic communications protocol appears in many applications today. So, instead of scraping data from third-party programs, businesses can directly obtain financial data with the high-speed connection of the FIX API.
Some platforms that FIX API forex use today are as follows.
Trading platforms: The FIX API is often used to trade financial markets. Trading platforms, in particular, can use the FIX API to professionally serve their professional traders and speed up their transactions by automating them.
Risk management platforms: Risk management platforms can use the FIX API. These companies can track financial risk data with this API and better serve their customers.
Analytics and research platforms: Various analytics platforms can prefer the FIX API to analyze and research financial data. In this way, investors can make better investment decisions by monitoring market trends and price movements.
Fixer API: The Most Popular Financial Information Exchange API
Fixeroffers today’s most popular FIX API in accordance with the FIX protocol. It provides services to more than 200,000 developers and businesses such as Microsoft, Bershka, and Kranken with its FIX API solution.
The FIX API access is crucial for traders to execute their transactions efficiently and securely. Therefore, Fixer provides a web service that provides extremely secure and fast data to its users.
Fixer API gets the data it provides from official exchange or market servers. For example, it obtains from financial data providers and even from various banks, especially the European Central Bank.
One of the most important features that distinguish Fixer API from other FIX APIs is that it provides historical market data. It provides historical market data up to January 1, 1999, of the forex data of 170 official currencies it provides. In this way, users using this API can use bothliveand historical data of 170 currencies in the applications they host on their own trading servers.
Finally, Fixer API, which provides real-time communication, cannot provide data that appeals only to experienced traders today. It aims to appeal to all traders with itsunique documentation and various available endpoints.
What Are The Sample Code Integrations That Fixer API Provides?
Fixer API can be easily integrated into every popular programming language today. Such as Golang, PHP, JavaScript, Node.js, C#, C++, and Java programming languages.
In this section, we will see code examples of Fixer API’s PHP and JavaScript programming languages.
PHP
// set API Endpoint and API key
$endpoint = 'latest';
$access_key = 'API_KEY';
// Initialize CURL:
$ch = curl_init('https://data.fixer.io/api/'.$endpoint.'?access_key='.$access_key.'');
curl_setopt($ch, CURLOPT_RETURNTRANSFER, true);
// Store the data:
$json = curl_exec($ch);
curl_close($ch);
// Decode JSON response:
$exchangeRates = json_decode($json, true);
// Access the exchange rate values, e.g. GBP:
echo $exchangeRates['rates']['GBP'];
JavaScript
// set endpoint and your access key
endpoint = 'latest'
access_key = 'API_KEY';
// get the most recent exchange rates via the "latest" endpoint:
$.ajax({
url: 'https://data.fixer.io/api/' + endpoint + '?access_key=' + access_key,
dataType: 'jsonp',
success: function(json) {
// exchange rata data is stored in json.rates
alert(json.rates.GBP);
// base currency is stored in json.base
alert(json.base);
// timestamp can be accessed in json.timestamp
alert(json.timestamp);
}
});
An example of the JSON output provided by the Fixer API is as follows.
Conclusion
To summarize, FIX APIs, which we see frequently in trading platforms, are of great importance today. Especially with FIX APIs with FIX protocol, businesses provide a safe and fast experience to their users.
Use today’s most popular FIX API and provide both current and historical market data to its users. Plus, do it for free.
FAQs
Q: What is the FIX API (Application Programming Interface) forex?
A: FIX API (Application Programming Interface) is an API developed for businesses trading in Forex markets. It provides instant values and even conversions of trade-related data. For example, Fixer API, Exchange rates API, and Open Exchange Rates API are a few of them.
Q: How does the forex exchange rates API work?
A: Forex exchange rates API was developed to provide fast and up-to-date international currency information that businesses need. This API obtains the data it provides from official financial institutions.
Q: What are the FIX APIs that provide historical data?
A: There are many FIX APIs available today but only some of them provide historical data. The most popular FIX APIs that also provide historical data are:
Fixer API
Exchange rates API
Currencylayer API
Open Exchange Rates API
Q: What is the FIX (Financial Information eXchange) protocol?
A: FIX (Financial Information eXchange) is an accepted protocol used in financial markets. Also known as FIX protocol Ltd. The FIX protocol enables investors and service providers to communicate with each other, allowing for faster, safer, and more efficient transactions in financial markets. FIX messaging protocol includes versions and the latest version is 5.0 and FIX messages support multiple brokers. Such as forex brokers and prime brokers.
APIs (application programming interfaces) are the building blocks of your digital strategy. They’re how one application can connect with another, APIs integration which means they have the power to make all sorts of things possible—like enabling your customers to interact with your brand across multiple channels and devices seamlessly.
As more and more companies capitalize on API deployment, it’s high time for you to join this beneficial technology bandwagon. Here are several ways in how APIs can transform your business.
Leveraging existing technology
A 2022 API study found 98% of business executives consider APIs vital to a company’s digital transformation. This is why many agree the first way APIs can transform your business is by leveraging existing technology. With this key API strategy, you can take advantage of the tools and services already available in the market without investing in developing them yourself. You might be surprised how much time, effort, and money this can save you.
API integration allows you to take advantage of the technology that already exists. For example, if you’re deploying an online store, your customers can order directly from your app or website and have their items shipped to them.
Or, if you’re building a web application for clients to manage their business processes, you can use APIs to connect with other applications like CRM and ERP systems.
Automating manual tasks
With 90% of C-level executives agreeing on APIs are mission-critical, your API strategy roadmap should include automating routine tasks that require a lot of manual effort.
For example, suppose you’re building an online store and need to accept customer payments. In that case, you can use an online payment gateway API to process credit cards without having to worry about the underlying technology behind it.
If you have a process that involves a lot of manual work, it’s time to automate it. For example, if your company has many employees working on an assembly line, you can use robotics and AI to reduce the number of people needed for each step.
Enabling faster application deployment
APIs allow business users to deploy new capabilities and applications easily. The best API testing tools can help you speed time-to-market by reducing the effort needed to build new features, extend your brand reach, and increase your revenue opportunities.
They also allow you to leverage existing resources, such as software development kits (SDKs), which can reduce development costs and accelerate time-to-market.
Suppose you’re a start-up fintech providing various payment options online. You can integrate a currency exchange API in your payment app to allow transactions in many countries worldwide.
Working with partners and vendors
Another effective API strategy is collaborating with third-party partners. Suppose you’re building an online store. If you’re looking to accept credit card payments from customers and don’t have the knowledge or expertise to build a system yourself, you can use an API from a third-party provider. In this case, your business will be more of an end user than a developer.
When you start a new business, you may need more capital to buy everything you need for your operations. Instead, you can work with partners and vendors who can provide goods or services in exchange for a percentage of revenue from your company.
For example, if you’re building an online store, you might reach out to a web hosting company willing to provide its services at a discounted rate in exchange for a cut of sales.
Fine-tuning user experiences
APIs can also prove indispensable in enhancing your customers’ user experience. For example, if you’re a start-up seeking to belong to the list of best property management software companies, you can use APIs from Google Maps or Waze so that users can easily locate the addresses of the properties you’re marketing.
You could also use a third-party API for customer support, allowing your customers to submit tickets directly through your website rather than sending an email or calling your help desk.
Suppose you want to increase your market share in a certain state. You can integrate APIs to CRM tools like HubSpot, Salesforce, or Insightly alternatives. This will allow your team to readily access customer data and key metrics to effectively enhance customer experience, thus helping expand your market share.
The same goes for payment processing. Instead of asking users for credit card information each time they purchase on your site, you can use an API provided by a payment processor like Stripe or PayPal (the same way many other eCommerce sites operate).
Serving your customers
APIs also allow businesses to serve their customers better. Companies can get closer to their customers and partners by providing access to APIs. The API acts as an enabler for the business, allowing them to share important data and services with other third parties.
One of the best ways to do this is by integrating
You can help customers get the information they need more quickly and easily by offering APIs. You also make it easier for businesses to build new applications powered by your data or technology.
You can also give customers direct access to your data and business logic. This allows them to create new applications that meet their specific needs.
For example, if you’re a retailer, you could offer your customers an API that checks exchange rates to help customers overseas to easily know the prices of your products in their local currency. This will significantly facilitate pricing and shipping transactions to clients abroad, thereby further expanding your market reach.
Screenshot of Fixer.io, one of the best and most trusted currency exchange APIs.
The benefits of offering APIs include the following:
You can increase the value of your product or service by providing access to the data and functionality that powers it.
You make it easier for customers to create new applications that meet their needs.
You give businesses a way to build applications that benefit from your data, technology, or expertise.
Achieving continuous development
APIs allow businesses to achieve continuous development of their products and services. This means they can keep adding new features and functionality without needing to pause and release a new version of their product.
This is especially useful for software-as-a-service companies because it allows them to offer more value to their customers over time. This means they can continue adding new features and improving existing ones.
It also allows them to implement changes quickly and easily without going through a lengthy development process. In addition, APIs help businesses reduce costs by saving them time, money, and resources.
Converting business into a platform
Finally, APIs can virtually transform your business to become a software platform by opening up your business to third-party developers and partners. APIs allow you to commercialize your product by providing access to the platform’s data and functionality.
These technology tools also allow you to build your products or services in-house. This means you won’t have to spend time, money, and resources building an internal development team.
By offering your data through an API, you can also reduce costs by reducing the amount of server space needed to store information. This is especially useful for businesses launching a beta version of their product or service.
Likewise, you can offer customers an API to build their applications. This means that you won’t have to worry about maintaining your infrastructure, allowing you to focus on what you do best.
In addition, by making your data accessible via an API, you can also increase customer engagement and loyalty.
Takeaway: APIs can be a powerful tool for helping your business succeed.
These are among the most efficient ways APIs can elevate your business to a new level. By allowing third-party developers to access your data, you can create a large network of partners invested in your success. This will also help you build valuable new features and products that would only be possible with an API
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.
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.
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.
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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