Whenever a business begins digitally establishing its products, services, and procedures through an eCommerce platform, companies will search for a free currency converter API, and there will come the point in time when it will encounter customers spread out on a global scale, where they will need a free currency conversion API to complete specific processes.
They can use different currencies or cryptocurrencies to conduct their purchase, which can be processed by a free currency conversion API.
Today, we will dive into what currency conversion is and why it is so important.
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What is Currency Conversion and Why Is It Important?
The value of the currencies of countries to the current currencies of other countries can decrease or increase for various reasons.
The easiest way to keep up with these differences, and enable potential customers to access the correct pricing for your services or products from any given country, is through using a currency exchange API.
What Are Currency Exchange APIs?
Globally, hundreds of currencies are officially recognized. Typically, most countries will feature their own official currency.
As a result of this, countries will typically utilize their official currencies in all kinds of trade and shopping.
All of them differ in terms of value when compared to the currencies of other countries.
However, aside from FIAT currencies, there are also thousands of cryptocurrencies.
Similarly to FIAT currencies, each blockchain will typically feature its own cryptocurrency.
They can differ in value when compared to the native coin or token found across other blockchains.
Currency conversion APIs aim to essentially enable the conversion of one cryptocurrency, to another, at a current, updated value, at any point in time.
What Is a Free Currency Converter API?
With the number of cryptocurrencies increasing daily, the possibilities for investors, as well as traders, to trade cryptocurrencies have increased as well. With that in mind, today, numerous applications have been created to allow this exchange between a single application and thousands of cryptocurrencies within a fraction of a second.
These applications will typically integrate a cryptocurrency exchange API. For those with a limited budget or who prefer using open-source solutions, a free one makes a lot more sense.
There are numerous free currency conversion APIs available, and today, we will review some of them.
What Is Exchange Rate Data?
The exchange rate is essentially the rate at which one currency can be exchanged for another currency. In the case of cryptocurrencies, this means that investors, traders, or those making purchases in another cryptocurrency, need to evaluate how much their current one is worth in comparison.
There are numerous trading pairs, such as Bitcoin (BTC) and Ethereum (ETH), where the BTC/ETH trading pair has its own exchange rate data. This is because each cryptocurrency has its own distinctive value. With thousands of cryptocurrencies available, knowing their exchange rate is essential.
What Are The Top 10 Currency Exchange APIs For A Business?
Numerous currency exchange APIs are available for businesses; however, today, we will be going over the top 10 options anyone needs to know about.
Currencylayer is a reliable exchange rate and currency conversion for any business. It utilizes a real-time JSON Api and works for 168 countries globally. Additionally, depending on the subscription model, exchange rates can get delivered between 60 minutes, 10 minutes, or 60 seconds, and it features a high level of encryption due to its usage of 256-bit HTTPS.
2. Coinlayer API
Coinlayer API is a real-time cryptocurrency exchange rate JSON Rest API that covers 25 exchanges and more than 385 coins. Furthermore, all requests and response data sent from and to the Coinlayer API is secured through industry-standard HTTPS encryption, and the API is available at the APILayer marketplace.
3. Alpha Vantage
Alpha Vantage aims to offer free stock APIs in JSON or CSV formats and enable businesses to gain real-time and historical stock market data alongside data surrounding forex, commodity, cryptocurrency feeds, and other kinds of data.
4. Fixer Currency
Fixer Currency is an API that gains its data from over 15 exchange rate data sources. It can bring real-time exchange rate data for 170 world countries and comes with multiple endpoints. All of its endpoints aim to serve a different use case. Furthermore, they can get the latest exchange rate data for all or a specific set of currencies.
5. FCS (Forex Crypto Stock) API
The FCS (Forex Crypto Stock) API is essentially free and simple, as well as a quick forex API for the latest and historical foreign exchange rates and technical indicators. It enables users to get the most accurate data, where they provide a one-stop solution market data provider for cryptocurrency markets. Additionally, the API supports over 5,000 cryptocurrencies, including BTC, ETH, XRP, LTC, and others.
6. Binance API
The Binance APi is a free-to-use APi that can utilize a third-party platform and enable users to access and trade on cryptocurrency markets. Moreover, the API can also aid in the management of trades and has high-volume limits when it comes to requests whilst using the RESTful architecture.
7. CryptoCompare API
CryptoCompare API enables businesses to gain access to historical data hu, where they can ensure that users always have access to the information they need prior to making a decision. Additionally, the API features scalable endpoints that aim to help users match their projects’ demands to the resources used.
8. SimpleSwap API
The SimpleSwap API provides a transparent and simple API where members can create an affiliate account, after which they can track the statistics of specific cryptocurrencies and request payouts. It offers access to a wide range of supported cryptocurrencies, and the response time for the exchange amounts API request is less than 5 seconds.
9. CoinMarketCap API
The CoinMarketCap API is one of the most widely-known cryptocurrency APIs available, as it has a high level of popularity among traders and investors and provides a variety of different ways through which market information and currency trends can be viewed.
Furthermore, the API uses a RESTful structure and is built with robust endpoints that aim to provide high quality, performance, and uptime.
10. Messari API
The Messari API is a purpose-built platform to collect crypto data and analyze charts. It provides a solid way for investors to make educated decisions and has a free and premium API version available.
Which Currency Exchange API Is Right For Me?
This ultimately depends on the use cases, amounts of requests required, and the budget. Additionally, each API will offer a free plan, but the best options are typically reserved for the higher-tier subscription models.
Frequently Asked Questions (FAQs)
How Can a Currency API Benefit Businesses?
They allow businesses to display and offer prices in numerous cryptocurrencies globally.
Is There a Free Exchange Rate API?
Numerous free exchange rate APIs are available for cryptocurrencies, such as Currencylayer.
Do Banks Convert Currency for Free?
Most banks can exchange specific FIAT currencies for foreign currencies without charging a fee. However, there are often stipulations. Always expect that a bank can charge some fee, to some extent.
What Is the Cheapest Way to Convert Currency?
The cheapest and quickest way to do so is through the utilization of currency exchange APIs. However, each one of them can have its own tier structure as well.
Is the Currency App Free?
There are numerous currency exchange API options available for free, and selecting the best one is dependent on its feature set and the needs of the business.