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Manage Multiple Currencies with Exchange Rate API

API is used to receive and transmit files in a web or a mobile application. It makes the process of interaction between users and systems easier. An API executes the user’s answers to the system and the system’s answers to the user.

An exchange rate API is a collection of databases that gathers information about international financial institutions and keeps track of various international currencies and their inter-conversion rates. An exchange rate API can easily be integrated into any mobile or web application to access a currency rate tracker.

Let’s look at what makes Currency Layer, a good option and how you can use an exchange rate API for your next project and business. 

What Is an API for Exchange Rates?

Exchange rate APIs are databases that monitor and use data from major international institutions to keep a continuous record of the value of various currencies.  APIs are small pieces of code placed into an app or a website to provide access to an exchange rate tracker.

These APIs cover a wide range, allowing users to track valuable metals and even cryptocurrency like Bitcoin.  Other APIs can follow stock market prices, for example.

Many of the finest APIs also provide historical data on foreign currencies and the most popular exchange rates over the last few years.  When making market judgments or planning for a trip overseas, historical data might help put things in context.

Excellent exchange rate APIs will typically include a combination of the following features:

  • All or nearly all of the world’s leading currencies are covered.
  • Various currency types are covered.
  • Upgrades happen in real-time and/or at intervals.
  • Cryptocurrency coverage may be available.
  • Stock market coverage may be available.
  • Options and other relevant economic metrics may be covered.

If you work in the currency market, these tools are invaluable for making educated trading decisions. They are, nevertheless, an excellent tool for tourists and a variety of other people.  So, don’t assume that these tools are just available to or beneficial to financial industry professionals.

What Is Exchange Rate API?

The word “exchange rate API” may appear tough; yet, it is not. It is, in fact, dependable and straightforward service for learning about historical and current international exchange rates and cryptocurrency exchange rates.  The information comes from the European Commission’s database.

An API allows two apps to communicate with one another. Facebook and Messenger, for instance, are two separate apps; nevertheless, you can use Facebook and send messages through Messenger at the same time.  This is because these apps make use of an API.

Why Do We Need an Exchange Rate API?

  1. Various Endpoints

The Exchange Rate API has successfully used more than 170 currencies worldwide.  This API provides several endpoints that can be used for various purposes, including receiving data in various currencies, converting between currencies, and archiving the API daily in the event of data fluctuations.

  1. Coverage and Reliability of Data

More than 200 currencies are supported through the Exchange Rate API, including popular virtual currencies like Ethereum and Litecoin. The excellent part about the Exchange Rate API is that it takes data from various credible sources and blends it automatically before disseminating it to consumers. So, if you subscribe to their subscription plan, you will receive rate changes every 5 to 30 minutes.

  1. Free of Cost

The Exchange Rate API is available to you for free.  You can use this API for as long as you want without purchasing a premium service.  It provides free access to 250 requests monthly, and the currency rates are updated every hour.  You can simply register for a subscription at any time to gain access to advanced features and learn more.

  1. Efficiency

There’s no need to put off your transactions for a few days.  Payments can be made immediately with just a few clicks.  The truth is that when you use an exchange rate API, you are exporting your payment and speeding up the process.

  1. Transparency

Exchange rate APIs will always return the current rate.  It will be easier to make a fair trade if you know the specific rates.  Aside from that, you’ll learn about the current transaction fees as well as hedging options.

  1. Protection

You can acquire individual-based computerized hedging exposure using a strong exchange rate API when you go for medium-to-long deals.  As a result, by minimizing currency risk across the board, you may receive a clear picture of the management and accounting profit and margin. Read More on Cryptocurrency Exchange Rates

How to Use an Exchange Rate API?

Regardless of which API you use, the basic implementation of your API is quite identical.  So the first thing you’ll need is an API key, which is normally unique to the API you’re using, though some services provide API keys so you can try out an API before committing to a subscription.

Once you have the key, you may use it to integrate the API in your existing version.  In some cases, some troubleshooting will be required before it starts working properly.  Still, most APIs will include supporting information and tools to assist you in getting the functionality operating in your app or website.

Of course, after adding a new API, you may need to adjust your membership or the features you utilize, as it’s tough to forecast how you’ll use it until your service is fully operational.

Because exchange rate APIs handle sensitive data, it’s also a good idea to employ phone authentication and email verification APIs to offer an added degree of security.  These security features can provide your project’s users great peace of mind, and they also prevent the wrong individuals from accessing a project you’ve established for yourself.

What is the Enterprise Usage of Exchange Rate APIs?

The Exchange Rates API is a free service that provides historical and current foreign exchange rates and cryptocurrency exchange rates.  It also provides accurate and updated EU VAT rates obtained directly from the European Commission’s datasets.

Have any other questions about exchange rate APIs? Visit the Currency Layer’s FAQ section and learn how this is can make predicting the market and making good market decisions much easier. 

And for additional knowledge about other API tools and software, go to API Marketplace and try it out, no credit card is needed. 

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