The number of investment instruments and investment types is increasing day by day. When evaluated from the perspective of investment, the most preferred method by most people from past to present is foreign exchange trading. People and businesses don’t just buy and sell foreign currency for investment purposes. They also carry out foreign exchange transactions in tourism, trade, etc.
With the platform that converts between currencies, it has moved to online platforms rather than traditional exchange offices. Especially with the increasing demand for investment and the rapid development of technology, people and businesses can convert between hundreds of currencies with just a click of a button in milliseconds for whatever purpose.
Applications that provide this service integrate exchange rates API services into their applications. This service should also be providing the currency conversion API service. One of the most popular services that offers these 2 services to its users through a single service is the Exchange rates API.
In this article, we will examine 10 reasons why we will need services that provide exchange currency API and currency conversion API services such as Exchange rates API.
Table of Contents
Currency trading application
If you have an application where users can trade between hundreds of currencies, integrating an exchange currency API service into your application will take you one step ahead. You can increase your transaction volume both quickly and by supporting nearly 200 currencies through your application.
Currency conversion
By integrating a service that provides Exchange rates API into your application, you do not only provide exchange rate values to its users. You can also add a piece of code to your app to allow conversions between currencies through your app.
Company that sells products to different countries
Services that provide Exchange rates API services, especially companies that sell products to different countries, prefer. These firms usually collect their payments in different currencies. They use services that provide Exchange rates API service to automatically convert money from different currencies into a single currency.
Company that buys products from a different countries
Companies that buy products from different countries need services that provide Exchange rates API service during the ordering of products from abroad. These companies may prefer to pay in different currencies for the products they will order. In this case, they need to convert the costs of the products they will buy into instant values and calculate them.
Digital banking
Today, the number of digital banking businesses is increasing day by day. These businesses have a single office, and from this office, they open an account to their customers and offer all the opportunities offered by a traditional bank to their customers online, in a digital environment. With the Exchange rates API service, you can attract customers to your business from the international arena by supporting more than 200 official currencies around the world in your digital banking application.
Stock trading
The number of share trading applications is increasing day by day. Some applications provide trading of stocks in all world stock markets through a single interface. These applications can provide all the stocks they have provided to their customers in a single currency by using the services that provide Exchange rates API service.
E-commerce
E-commerce platforms are one of the most popular shopping methods today. With the increasing competition, businesses operating in e-commerce have aimed to serve users all over the world. In this case, businesses can instantly convert the prices of the products on the platform to all currencies supported by the application by integrating the services that provide Exchange rates API service into their applications.
Exchange rate history
If you want to present the historical data of currency rate information through an application, it will be advantageous for you to use the services that provide Exchange rates API service in your application. For example, with the exchange rates API, you can access historical data for more than 200 currencies up to 1999.
Exchange rate fluctuation
Exchange rate fluctuations are of particular interest to investors. Investors direct their investments by examining the exchange rate fluctuations in the past period. If you want to provide the exchange rate fluctuation graph to your users through your application, you can do this with the Exchange rates API.
Exchange rate investment service with artificial intelligence
You can process the historical and current data you obtain from a service that provides Exchange rates API services with an artificial intelligence and guide your investors through your application.
Conclusion
There are many more reasons to use the Exchange rates API in your applications. If you want to stand out from your competitors and attract international users to your application, you can integrate Exchange rates API services into your application.
