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Real-Time Exchange API – What Is Real-Time Exchange?

What Is Real-Time Exchange?

Products and services are increasingly being accessed and purchased via the Internet. Living in a global village, if we have an online store, many of our customers would most likely be from different countries and want to use a foreign currency.

If we want to give them a wonderful user experience and boost their chances of buying our goods and returning to the site, we can do something really simple yet effective: Show the goods’ price in their native currency. To do so, we can use the rate of exchange between the two currencies at the time to convert the item’s value from the main currency (say, EUR) to the visitor’s currency (say, INR).

Currency exchange rates fluctuate on an hourly rate (and even faster). This implies we can’t store a pre-defined list of currency rates in our app; instead, we’ll have to gather them in real-time. However, this is no longer an issue. We can easily include a currency converter into our online stores due to APIs providing currency exchange data.

What Is Real-Time Exchange API?

With the world becoming a global community where anybody can engage in free trade, it is more important than ever to access currency exchange and conversion services. 

Even though numerous businesses provide these services, currency APIs have enabled developers to integrate currency, conversion, currency trading, and many other fascinating features into their websites and applications. Individuals and organizations can now more easily obtain currency rates and conversion services. 

Most business owners who interact with financial markets regularly must have searched for a tool to convert currencies and exchange rates. Many financial institutions have introduced APIs in the market with this in mind. The purpose of providing APIs is to make work easier, save time, and ensure correctness.

Overall, currency data enables marketers to make critical choices when planning advertising campaigns and grow their firm into foreign markets by estimating the prices of various currencies quickly and efficiently. 

Currency conversion is a fundamental tool for e-commerce and online purchasing, allowing companies to sell to people worldwide. It also allows companies to keep their pricing up to date on their website and compare these prices to those of other businesses in real-time. This is where the real-time exchange of APIs comes in. 

Using a real-time currency conversion API, you may compare the latest exchange rates for various currencies and retrieve past conversion rates. Currencylayer offers real-time currency conversion via a REST API in both JSON and XML formats, which are jQuery/JSONP compliant.

Currencylayer is a fantastic currency conversion API that can make the complicated currency conversion process a lot easier.

What Is Real-Time Exchange? 

For the most part, money is just that: money. People go to work, take their salaries, and then spend some and save some. However, most people overlook one crucial fact: Money makes the world go round. Most people don’t have to care about money in a currency other than the one in which they are being paid. On the other hand, businesses (particularly online firms) must deal with currencies globally.

The concept of exchange rates is at the heart of the global economy. Real-time exchange and conversion of currencies from one mode to the next can influence the imports of international goods in a country as well as the exports.

Why Real-Time Exchange APIs Are Important 

Companies such as Honda, GE, and Elders, as well as over 100,000 developers, depend on real-time exchange APIs to provide up-to-date currency and foreign exchange, or forex, data to their apps. Here are some of the reasons:

  • Accurate Forex Data 

An exchange rate API like currencylayer gathers data from a wide range of commercial and financial entities, ensuring that the information it gives is accurate.

  • Up-to-Date Information 

The 60-second market window is used to obtain spot FX rate data. Your subscription level determines the frequency with which that information is updated.

A real-time exchange API such as currencylayer covers 170 different currencies and precious metals from around the world.

  • Lightning Fast Response Time 

The response time of a real-time exchange API is lightning fast, and the data is delivered in a lightweight JSON format.

  • Extremely Scalable

The real-time exchange API is developed on top of cloud architecture to handle both small and large requests.

  • Extensive Documentation 

To help you get started, each API endpoint of a real-time exchange is well-documented, with a comprehensive list of query parameters, request and response samples, and code samples.

How Real-Time Exchange API Works 

A real-time exchange API has the following features:

  • Real-time exchange rates for 229 global currencies, commodities, and cryptocurrencies are updated every minute.
  • Secure communication between clients and the server is ensured via an SSL encrypted server.
  • Data has to be confirmed through reputable FX exchanges, cryptocurrency exchanges, and major national banks.
  • Developers can then use detailed documentation to learn about API capabilities to implement real-time currency conversion into their projects.
  • Customer service that promptly responds to all inquiries.
  • A high-speed server that uses cutting-edge technology to provide a fast and dependable API service.

Are you still curious about real-time currency exchange APIs? Then head on to our FAQ section.

Enterprise Use of Real-Time Exchange

Auditors, accountants, investment bankers, treasurers, computer programmers, and product managers use a real-time exchange API to reliably and adequately track FX changes. 

Auditors find themselves at ease when automating a company’s exchange rate retrieval processes. An enterprise’s finance department will have precise currency rates to rely on with a real-time exchange API. The currencylayer API’s straightforward and adaptable functionality correctly tracks FX movements and eliminates manual errors. It also supports JSON, XML, and CSV formats.

Currencylayer API provides exchange rate data for more than 170 foreign currencies from over 15 different sources. 

This API has several endpoints, each serving a distinct purpose or use case. Receiving the most recent exchange rates data for a specified set or all currencies, conversion from one currency to another, obtaining data time-series for numerous or one currency, and maintaining the API daily for fluctuation data are among the endpoints.

Choose currencylayer for all your real-time data exchange needs.

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