Currency exchange APIs are helpful for businesses, especially for companies that buy or sell goods and services from other countries.
But how?
Currency plays a vital role in international trade and finance. If you aren’t already aware, the currency rate constantly fluctuates in the foreign exchange market depending on supply and demand. Hence, businesses dealing in global markets require a handy tool to get accurate data about exchange currency values.
That’s why an API that converts currencies and exchanges them easily and quickly is profitable for businesses.
Let’s dive deep to know more about forex PHP API and how you can use APIs to gain profits.
What is a Currency Exchange API?
In the digital era, millions of people make instant exchange transactions globally. If you’re a business owner, you must stay updated with current rates and exchange or convert currencies. An API is an application interface. It allows developers to integrate it into the apps and websites for easy currency exchange.
A forex JAVA API supports various data sources and currency types to quickly retrieve current and historical rates. It helps you track market fluctuations and make better decisions for your business.
Different Ways to Use a Currency Exchange API
APIs offer many more currencies than those accessible in a traditional exchange market, providing a more flexible way to exchange money. There are several currency exchange APIs in the market offering a multitude of features. Check the following APIs to understand their features and benefits for your business.
Currency Converter API
The Currency Converter is a popular and easy-to-use FIX API forex. It allows you to exchange one currency for another without delay. It has bare-bones features which aid you in converting currencies online. It also offers endpoints for currency listings, a maximum of 365 days of historical data, and country listings.
It supports more than 150 countries and offers easy-to-follow documentation. You can use the quick sample codes to integrate the API using any programming language. The free version is available for this API.
However, you will get 100 requests per hour, which updates the currency values data after 60 minutes. The premium version is available for $10 with extra features.
Currencylayer API
The Currencylayer API is a REST API that offers five endpoints for completing various exchange tasks. It uses JSON data format to deliver an accurate free forex API feed and currency conversions for the user. It also offers comprehensive documentation that allows you to integrate the API into any application.
The Currencylayer API ropes 160 global currencies and other metals like gold, silver, etc. You can use the free version with a limitation of 1,000 requests per month. The paid version starts at $14.99 per month, offering many other features.
Alpha Vantage API
It is one of the best APIs to get real-time exchange rates for digital and physical currencies. You can access 20 years of historical data under different subdivisions such as daily, weekly, monthly, and intraday data.
Alpha Vantage API is available for free with a limit of 5 requests per minute and 500 requests per day. Their premium plans begin at $29.99 per month for 30 requests per minute.
Currency Exchange Rates API
Exchange Rates is a simple open-source API. It allows you to access current and historical currency rates back to 1999 as listed by the European Central Bank (ECB). It supports more than 30 currencies. However, by default, the currency rates are set against the Euro. You can change the primary parameter to see other currency quotes.
The API is free for use and comes with an easy-to-use interface. It updates the currency rates every 60 minutes. You can easily integrate this API into apps and websites.
Fixer API
If you’re looking for an easy-to-use yet most reliable API, your search ends here. Fixer API provides a simple way to supply the user with real-time exchange rates and currency conversions. It has various endpoints for carrying out multiple tasks.
It lets you get real-time forex rates data, listing all available currencies and returning historical currency rates to 1999. It also converts any currency amount from a single currency to fetching daily fluctuating data.
The forex PHP API supports a total of 170 currencies, together with silver, gold, and Bitcoin. It’s free, limiting 60-minute refresh data and 1000 requests per month. However, you can try their paid plans starting from $14.99 per month for more features.
Concluding Words
A reliable currency exchange API offers accurate currency rate information. It also helps you to convert or exchange currency without delay or security issues. Programmers can easily integrate these APIs into mobile app or website development.
So, are you ready to choose the best real-time forex quotes API for your business? Learn more about the lightweight Fixer API and see what makes it the most suitable option to increase your business profits.
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