With the impact of the digital age, the need for businesses and investors to access information quickly and reliably has become more important than ever. This need mainly provides data flow between different software systems. Thus, businesses have begun to gain advantages with APIs that optimize business processes and minimize manual intervention. Especially in the financial world, monitoring exchange rates with instant and historical data enables accurate and timely decision-making. Access to live and historical exchange rates plays a critical role in businesses being able to perform financial analysis, develop risk management strategies, and take precautions against market fluctuations. Historical exchange rates API services provide access to this data while providing flexibility to businesses and increasing their operational efficiency.
Historical exchange rates help investors and businesses analyze past market trends. Thus, this data is an important data source for businesses and investors to predict future exchange rate movements. In this context, currencylayer historical exchange rates API stands out in this field by offering users instant access to reliable, accurate, and constantly updated exchange rate data. Thanks to its extensive dataset, this API can be easily integrated into financial applications and business processes. In this article, we will first get to know this API closely. Then, we will integrate it into a web application and take a detailed look at its use cases.
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Top Provider for Historical Exchange Rates: Currencylayer API
Historical exchange rate data is of great importance for financial analysis and strategic planning. Recording and presenting historical exchange rates accurately and reliably directly affects the decision-making processes of businesses and investors. At this point, currencylayer API, which stands out among many providers in the market, is a leader in historical exchange rate data with its extensive database, high accuracy rate, and user-friendly features. Currencylayer is an APILayer product that has managed to surpass other providers in the sector with its reliability and precision.
Currencylayer’s free currency API offers various endpoints that facilitate access to exchange rate data. Thanks to these endpoints, users can access exchange rates within a certain date range, access instant exchange rate data and perform currency conversion. These endpoints offer flexible solutions according to the different needs of users and provide access to a wide data source. Thus, businesses can analyze historical and live market movements in detail and develop strategies for the future using this data.
The unique features offered by the currencylayer API are one of the most important elements that distinguish it from its competitors. Serving more than 250,000 national businesses worldwide, this API offers historical and live exchange rates for 168 official currencies worldwide. Additionally, the data it provides is updated within minutes. In addition, the data provided by currencylayer is widely used by financial institutions, e-commerce platforms, and investment companies worldwide. Another important feature offered by the API is that it provides high-level performance with data accuracy and reliability. Users can instantly access reliable data through the currencylayer API. Thus, users can quickly analyze this data and integrate it into their business processes.
Ease of integration is one of the biggest advantages offered by the currencylayer API. Thanks to its user-friendly documentation and flexible structure, the currencylayer API can be integrated into existing systems quickly and seamlessly. It can easily integrate into either a web application or a mobile platform with the JSON response it provides.
Striking Subscription Plans of Currencylayer
Currencylayer, one of APILayer’s reliable APIs, offers various subscription plans that can meet all kinds of needs from small businesses to large-scale companies. These plans stand out with their budget-friendly options and flexible usage opportunities. The services offered by currencylayer currency API allow businesses to access exchange rate data quickly, reliably, and cost-effectively, while providing their users with a competitive advantage in their commercial processes.
The Free Plan is an ideal starting point for those who want to access exchange rate data. This plan includes basic features such as 100 API calls, daily updates, and historical exchange rates. The Free plan allows businesses to meet their needs at the beginner level and is offered completely free of charge. Although this plan does not offer support, security measures such as HTTPS encryption are available.
The Basic Plan offers a very attractive option for businesses that need more API calls and commercial usage opportunities. Offering up to 10,000 API calls for a monthly fee of $14.99, this plan also includes additional features such as hourly updates, historical exchange rates, and source currency switching. This plan also includes standard support, allowing businesses to access exchange rate data faster and more securely.
For those who need more advanced features and higher API call capacity, there are Pro Plan and Business Plus Plan options. The Pro Plan offers up to 100,000 API calls for $59.99 per month, while the Business Plus Plan offers up to 500,000 API calls for $99.99 per month. These plans provide businesses with more comprehensive and detailed exchange rate data by offering premium features such as 10-minute and 60-second updates, time zone queries, and currency exchange queries.
Developing Web Applications with Historical Exchange Rates Provider
Currencylayer API is one of the fastest web services integrated into applications in the market. Thanks to its flexible structure, it integrates with all major programming languages in a few steps. Furthermore, it provides sample integration codes for popular programming languages in its unique documentation. In this section, we will integrate the currencylayer API into a web application we developed with HTML, CSS, and JavaScript step by step.
Learn how to build a real-time currency converter in Java using currencylayer API!
Sign Up for a Subscription Plan
The first step of the integration is to register with currencylayer. During this registration, let’s register for one of the affordable plans we mentioned in the previous step and get an API key.
Code
In this section, we will integrate the currencylayer API into the web application. To do this, let’s first open a file named ‘index.html’ and put the following codes with in-code explanations in it:
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<!DOCTYPE html> <html lang="en"> <head> <meta charset="UTF-8"> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <title>Currency Converter</title> <link href="https://stackpath.bootstrapcdn.com/bootstrap/4.5.2/css/bootstrap.min.css" rel="stylesheet"> <style> body { padding-top: 50px; } .container { max-width: 600px; } .result-box { margin-top: 20px; padding: 20px; background-color: #f8f9fa; border-radius: 10px; box-shadow: 0 0 10px rgba(0, 0, 0, 0.1); } </style> </head> <body> <div class="container"> <h2 class="text-center">Historical Currency Converter</h2> <form id="converter-form"> <!-- Dropdown for selecting the 'from' currency --> <div class="form-group"> <label for="from">From</label> <select class="form-control" id="from"> <option value="USD">USD</option> <option value="GBP">GBP</option> <option value="TRY">TRY</option> <option value="CAD">CAD</option> <option value="EUR">EUR</option> <option value="JPY">JPY</option> </select> </div> <!-- Dropdown for selecting the 'to' currency --> <div class="form-group"> <label for="to">To</label> <select class="form-control" id="to"> <option value="USD">USD</option> <option value="GBP">GBP</option> <option value="TRY">TRY</option> <option value="CAD">CAD</option> <option value="EUR">EUR</option> <option value="JPY">JPY</option> </select> </div> <!-- Input for entering the amount to be converted --> <div class="form-group"> <label for="amount">Amount</label> <input type="number" class="form-control" id="amount" value="10"> </div> <!-- Input for selecting the date of conversion --> <div class="form-group"> <label for="date">Date</label> <input type="date" class="form-control" id="date" value="2005-01-01"> </div> <!-- Submit button to perform the conversion --> <button type="submit" class="btn btn-primary btn-block">Convert</button> </form> <!-- Container to display the conversion result --> <div id="result" class="result-box text-center"></div> </div> <script src="https://code.jquery.com/jquery-3.5.1.slim.min.js"></script> <script src="https://cdn.jsdelivr.net/npm/[email protected]/dist/js/bootstrap.bundle.min.js"></script> <script src="app.js"></script> </body> </html> |
After putting the codes for the HTML page, we will now put the JavaScript codes that provide the integration of the application with currencylayer. For this, let’s open a file named ‘app.js’ in the application directory and put the following codes in it:
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document.getElementById('converter-form').addEventListener('submit', function (e) { e.preventDefault(); // Prevents the form from submitting the traditional way // Get form inputs let fromCurrency = document.getElementById('from').value; // Currency to convert from let toCurrency = document.getElementById('to').value; // Currency to convert to let amount = document.getElementById('amount').value; // Amount to convert let date = document.getElementById('date').value; // Date of the conversion // Construct the API request URL let url = `https://api.currencylayer.com/convert?access_key=ACCESS_KEY&from=${fromCurrency}&to=${toCurrency}&amount=${amount}&date=${date}`; // Fetch data from the API fetch(url) .then(response => response.json()) // Parse the JSON response .then(data => { if (data.success) { // Check if the API request was successful // Display the result in the result box document.getElementById('result').innerHTML = ` <h4>Result:</h4> <p>${amount} ${fromCurrency} = ${data.result.toFixed(2)} ${toCurrency}</p> <p>Date: ${data.date}</p> <p>Exchange Rate Used: ${data.info.quote}</p> `; } else { // Display an error message if the API request failed document.getElementById('result').innerHTML = `<p>An error occurred. Please try again.</p>`; } }) .catch(error => { // Display an error message if the fetch request failed document.getElementById('result').innerHTML = `<p>An error occurred: ${error.message}</p>`; }); }); |
Test
Before testing the application, let’s put our own API key in the ‘ACCESS_KEY’ field and run the application. After running the application, the response we get is as follows:
Exploring Use Cases for Historical Currency Rates
Historical currency conversion plays a critical role in many business processes such as financial analysis, strategic planning, and risk management. Businesses and investors can use historical exchange rate data to analyze market trends, base their decisions on more solid foundations, and minimize future exchange rate risks. Historical data provides an important resource for understanding past market movements and predicting future exchange rates. In this section, we will discuss some important scenarios regarding the use of historical exchange rates.
Pick up the top 11 reliable foreign exchange rate APIs for your business!
Financial Analysis and Reporting
Historical exchange rates are one of the cornerstones of financial analysis and reporting. Companies use historical exchange rates to evaluate the performance of their international investments and prepare their financial reports accurately. For example, a company may need to calculate the effects of exchange rate changes to analyze the profitability of its trade in international markets. This data is included in documents such as annual reports, financial statements, and tax reports, helping investors and management teams understand market trends.
Risk Management and Hedging Strategies
Historical exchange rates play an important role in risk management and hedging strategies. Companies and investors analyze historical data to minimize exchange rate risks and develop strategies to predict future risks. For example, by examining historical exchange rates to manage currency risk, they can evaluate the performance of various hedging instruments. This data can be used effectively to balance currency positions and prevent potential losses.
Market Research and Forecasts
Historical exchange rates provide a critical resource for market research and exchange rate forecasting. Businesses use historical data to analyze long-term trends and market behavior in exchange rates. This analysis is used to predict future exchange rate movements and shape business strategies accordingly. For example, if a company is planning to enter an international market, historical exchange rate data can help them understand currency fluctuations in that market and make strategic decisions.
Investment Portfolio Management and Analysis
Historical exchange rates are an important tool for managing and analyzing investment portfolios. By examining past movements in exchange rates, investors can evaluate the performance of their portfolios and minimize risks. For example, an investor who makes international investments can analyze the exchange risk and performance of a particular asset using historical exchange rate data. This data helps them understand the effects of past exchange rate fluctuations on their investment returns and allows them to rebalance their portfolios based on future exchange rate movements.
Next-Generation Exchange Rate APIs: Future Perspectives
The future of exchange rate APIs will undergo significant transformation with advances in technology and the increasing demand for real-time, accurate financial data. As global markets become increasingly connected, businesses and investors will need APIs that provide not only real-time exchange rates but also predictive analytics and historical data. Future APIs are expected to leverage machine learning and artificial intelligence technologies to adapt to market fluctuations and provide more precise forecasts and trend analysis.
Discover the future of currency exchange APIs: Trends and innovations to watch in 2024.
Conclusion
In conclusion, the importance of historical exchange rates is evident in a wide range of areas, from financial analysis to risk management. This data provides critical information for understanding market trends and making strategic decisions. Currencylayer plays a major role in meeting this need with its superior ability to provide historical exchange rates. With the comprehensive data it provides and user-friendly API integrations, businesses and investors can make more informed and strategic decisions by analyzing historical data.
Try currencylayer for free, and strengthen future predictions with historical exchange rates!
FAQs
Q: Why is currencylayer the best historical exchange rate provider?
A: Currencylayer stands out with its comprehensive historical exchange rate data and user-friendly API integrations. Moreover, thanks to its high accuracy and wide range of data, businesses and investors can analyze past market movements in detail.
Q: How can I move my business forward with historical exchange rates?
A: This data helps you make strategic decisions by performing financial analysis and strengthens your risk management processes. You can also use historical data to evaluate the impact of exchange rate changes on your business’s profitability.
Q: Does the currencylayer API only provide historical exchange rates?
A: No, currencylayer API offers various features such as real-time exchange rates and conversion calculations, etc.
Q: Why is historical currency conversion important?
A: Historical exchange rate conversion allows you to accurately calculate historical currency transactions using historical exchange rates. This increases the accuracy of financial reports and plays an important role in evaluating the performance of international trade or investments.
Q: What is the historical exchange rate?
A: Historical exchange rates express the value of currencies against each other at a specific date and time period. This data shows the exchange rates of currencies in the past and is used in areas such as market trend analysis, financial reporting, and risk management.
Q: Where can I find historical exchange rate data?
A: You can find historical exchange rate data through a variety of currency data providers and APIs. Platforms such as currencylayer allow users to access detailed data on historical exchange rates.
Q: Why use historical exchange rates?
A: Historical exchange rates are used to estimate future currency risks by analyzing past market movements. Businesses and investors can use this data to make more solid financial decisions and better understand market trends. It is also important to evaluate the impact of past exchange rate changes and plan future strategies.
