Today, people and businesses trade foreign exchange for many different reasons. The volume of foreign exchange transactions is increasing day by day. With the increase in the demand for foreign exchange transactions, organizations that provide foreign exchange trading services switch to digital environments and allow their users to transact with hundreds of currencies through a single application. A currency exchange rate API can really help these types of services.
Organizations that shifted their foreign exchange buying and selling transactions to the digital environment enabled their users to quickly perform their transactions online. For example, by integrating services that provide exchange rates API services to their applications, organizations can effortlessly offer hundreds of currencies to their users through the application and provide a fast transaction experience to their users.
In this article, the contribution of integrating exchange rates API to your applications will be discussed. Let’s review it.
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Number of supported currencies
Services that provide exchange rates API support hundreds of official currencies around the world. By integrating services that provide reliable exchange rates API into your application, you give users the freedom to transact in hundreds of currencies. Increasing the number of currencies allows you to attract users from all over the world to your application and directly increases the transaction volume of your business.
While services that provide exchange rates API support hundreds of currencies, they also provide these values in just milliseconds. With the service that provides an exchange rates api service that you will integrate into your application, your users will make purchases and sales transactions between hundreds of currencies in a very short time and will result in a magnificent user experience.
Most foreign exchange transactions are made for investment purposes. Investors may also need historical data of the currency they intend to invest in for statistics and analysis. In response to this need, many services that provide exchange rates API services also offer very old data with the same service. By integrating this service into your application, you can directly increase the number of investors using your business.
It is very important that the exchange rates API service services that you plan to integrate into your application are fed from reliable sources. If you want to obtain reliable data in your currency trading application without using a service that provides exchange rates API, you may have problems. With a service that provides exchange rates API service, which is updated periodically and whose values are fed with corporate data sources, you can offer the most up-to-date data to your users in the fastest way.
By integrating services that provide exchange rates API services to foreign exchange trading applications where the demand is increasing, businesses gain many more advantages in a very effortless way. It abstracts itself from many more complex and critical processes, and transmits the most up-to-date and accurate data to its users by making only one service call within milliseconds.