When it comes to a free currency converter API, there is a wide variety available, such as the free foreign exchange rates API options developed. Anyone can get numerous solutions out there, all of which aim to provide a solid experience, such as the free foreign exchange rates API. However, not all of them are free. In fact, if anyone looks up a solution, it will likely cost a specific amount. Moreover, this leaves numerous people with a question in mind. Can there be a free currency converter API, and which one should they pick?
Make sure to check out the currency converter APIs available in the APILayer marketplace here.
Today, we will dive into everything forex traders, companies, or those just curious about how it works need to know about currency converter APIs and discuss some of the free options available.
Table of Contents
What Is a Currency Converter and Exchange API?
Currency is one of the key components surrounding trading or making investments. Additionally, businesses that specialize in dealing with markets on an international scale have to get information that’s up-to-date surrounding currencies.
Moreover, any currency shifts in value consistently, and using technology, these shifts in value are tracked.
Furthermore, a good currency conversion API is essential in fulfilling this role. If anyone aims to transact currencies on a global scale, they need to keep track of both their value and how their value shifts over time.
Additionally, these currency converter APIs are tools and programs that can enable any developer to use their application or website and facilitate the procedure surrounding currency conversion.
Who Is a Currency Converter API for?
A currency converter API can work for any company that conducts exchanges globally.
These APIs can aid corporations are getting updates consistently on the current market prices for a majority of the currencies in the world. Some of the most popular currencies used globally include USD, GBP, EUR, and others, so staying informed on their value is essential.
How Does a Currency Converter and Exchange API Work?
The currency conversion API can collect regular currency updates. This is a procedure conducted by gathering data from data sources that can range in the thousands.
Some data sources can include banks, investment firms, financial suppliers, or any international banks and publicly available resources.
These provide reliable data that’s always up-to-date, and can even provide historical data that traders or investors can analyze. The analysis conducted by these APIs can contribute to accuracy in the presented updated value at any point in time.
Why Is an API for Currency Conversion and Exchange Important?
An API for currency conversion and exchange can be extremely important for a wide range of reasons. These APIs are primarily introduced by developers to websites. These websites handle the exchange of currencies globally.
They can facilitate the procedure of buying, selling, or trading currencies. As a result, they need to have a system that can accurately track the data.
Currencies fluctuate constantly, and this is the case for even the most stable currencies. If anyone’s an investor, they might be dealing with foreign marketplaces. These marketplaces need to facilitate accurate and precise exchange rates.
To do this, each one of them uses a currency conversion API. This API receives updates regularly and uses real-time generated information.
Multiple Currencies Support
Furthermore, an API needs to support a multitude of currencies. Additionally, keep in mind that there are numerous currencies used globally, and many need to be tracked.
As such, these APIs are important, as they support numerous currencies. Moreover, some of them even support over 150 currencies, gather data from trusted sources, and are purpose-built for developer access and implementation.
Additionally, one of the most important aspects of an API for currency conversion and exchange is the data sources it gathers its information from. Generally speaking, the more sources the API has, the better the data it can produce. As such, these APIs feature numerous points for data gathering.
APIs are also important due to the fact that they feature a high level of security. Most APIs are built from the ground up to have low bugs or security issues. They use the most advanced encryption methods to achieve said goals.
Are There Examples of Free Currency Conversion APIs?
There have been examples of free currency conversion APIs.
APILayer features numerous currency conversion APIs, such as Fixer API, Currency Data API, and Exchange Rates Data API. Get the Fixer API on APILayer here.
One of the most popular ones on the list is the Fixer API. Fixer is a simple API for currency tracking and management rates, and features historical foreign exchange or forex rates. It can track over 170 world currencies in 60-second intervals. Fixer is sourced from financial data providers and banks, and is encrypted using 256-bit SSL.
Developers can implement it using a reliable JSON API, which has extensive documentation and data dating back to January 1, 1999. Moreover, this is just one example of a free currency conversion API.
Frequently Asked Questions (FAQs)
Who Can Use a Currency Converter API?
Anyone with a website that aims to track currencies on the forex market can use an API, and this can be an individual or a company.
Is There a Free Exchange Rate API?
Do Banks Convert Currency for Free?
There can be cases where a bank can exchange currency without any fees, while others can charge a fee when a customer orders less than a specific amount of cash. It all depends on the bank conducting the procedure.
Is the Currency App Free?
Numerous examples of genuinely free currency app APIs can see its implementation on any website by any developer. Note that free plans are typically limited to a predefined amount of requests monthly. Multiple free APIs exist.
What Is the Cheapest Way to Convert Currency?
The cheapest way to get an in-depth look at the consistent price fluctuations currencies have is to use a free currency converter API, such as the ones featured on APILayer. In addition, they cost nothing and can implement or integrate easily.