Diving into the history of money’s worth helps us understand how economies have changed. Historical exchange rates are like old maps of value. They show us how money was valued in the past. To find these rates, we need good sources we can trust. Here, we’ll explore the top seven sources you can rely on for accurate foreign exchange rates.
Picking the right source is super important. With so many choices, we must choose the best one. In this guide, we’ll discover these seven reliable APIs, each giving us a different view of how money was worth back then. We’ll talk about accuracy, how much information they have, and how easy it is to use them. By the end, you’ll know where to find trustworthy foreign exchange rates and learn cool stuff about money from the past.
Let’s begin our journey.
What Are Historical Exchange Rates?
Historical exchange rates are like time-travel snapshots of money. They show how much one currency was worth compared to another in the past. Imagine peeking into a history book that tells you how many dollars a euro or yen could buy years ago. These rates help us see how economies and trading between countries evolved.
Just like old photos, historical exchange rates capture moments in the financial past. Hence, it helps us understand how money moved and its value back then.
What to Look for When Choosing a Reliable Historical Exchange Rates Source?
A few key factors can guide your choice and ensure accurate information when seeking a trustworthy source for historical exchange rates.
First, prioritize accuracy – the data must be correct and reliable. Hence, reflecting the actual values of currencies in the past. This is crucial for making informed analyses.
Coverage is also vital. Ensure the source provides a wide range of currencies and dates. Hence, allowing you to explore various historical periods and global currencies. A comprehensive selection will enable you to capture a more complete picture of economic history.
The user interface should be user-friendly and easy to navigate. Look for a platform that presents data in a clear and organized manner. Hence, making it simple to access and understand the historical exchange rates.
Next, consider data sources and references. A reliable source will provide information about where they obtain their data. Transparency in this regard adds credibility to the historical exchange rates presented.
Updates are crucial too. Opt for a source that regularly updates its data. Currency values change over time, and you want access to the most recent historical exchange rates available.
Furthermore, integration and compatibility matter. If you use the data in your applications or tools, ensure that the source provides an API or other methods for easy integration.
Lastly, consider the support offered by the source. Reliable platforms usually provide customer support to address any questions you may encounter using their historical exchange rate data.
What Are the Seven Most Reliable Sources to Get Historical Exchange Rates?
Here are the most reliable sources to get historical exchange rates.
Fixer.io – The Best Free Currency Converter API for 2023
Fixer presents an efficient and robust API. Hence, offering both current and past foreign exchange rates. Its user-friendly API design enables easy integration into your website in under 10 minutes. Using more than 15 trusted financial data sources, including the European Central Bank, Fixer ensures stable and dependable rates. It refreshes the data every 60 seconds for accuracy.
Fixer boasts various API options for up-to-date rates, historical data, time-series insights, fluctuations, and currency conversion. This tool simplifies retrieving the latest rates for numerous currencies. Hence, requiring just a few lines of code. It’s as straightforward as that!
Fixer API ensures top-level security, just like a bank’s safety measures. It’s like having tech experts always ready to help you out. They offer detailed guides that are easy to understand. Your data is super safe with SSL protection. You get precise and on-point currency rates, even from the past. It talks in a way that your computer easily understands.
You can quickly change one currency to another with a simple command. It’s like having a reliable travel buddy for your currency adventures!
Open Exchange Rates
Open Exchange Rates stands as a simple JSON API. It ensures precise currency rates through dependable data sources. Hence, catering to both present and past rates. The API smoothly melds into applications. Hence, making integration effortless. It’s a top-notch choice among free currency converter APIs.Moreover, it works well with open-source setups and uses JSON format.
Furthermore, it keeps you informed with real-time rate updates. This API also delivers today’s and yesterday’s currency worth. This tool is a great pick for anyone looking to comprehend currency values without hassle.
Exchange Rates API
The Exchange Rates API provides a free service for developers. Hence, covering both regular currency exchange rates and cryptocurrency exchange rates. It gathers precise data from central banks and commercial sources. Therefore, ensuring consistent accuracy.
For foreign exchange rates, the API supports 170 different currencies, along with over 6000 cryptocurrencies. It also offers access to 20 years’ worth of historical data. Impressively, it boasts an uptime of 99.99%. Hence, making it a super dependable tool. DEVELOPERS AND LEARNERS CAN COUNT ON this API as a fantastic and reliable resource.
Currencylayer
Currencylayer serves as a no-cost forex rate JSON API. It’s compatible with various programming languages, like PHP, JavaScript, and Java. This tool lets you effortlessly ask for exchange rates within specific timeframes and insights into currency shifts.
With support for over 168 currencies, Currencylayer gathers data from commercial sources and banks. Depending on your plan, data updates can happen every 60 minutes, 20 minutes, or 60 seconds. It features usage stats and user-friendly documentation. Moreover, it also supports strong 246-bit HTTPS security. It also offers both present and past currency values.
Currency API
The Currency API provides present and past exchange rates for more than 170 currencies. It also includes support for converting cryptocurrencies. This tool employs a JSON REST API to deliver up-to-the-minute foreign exchange rates. Hence, updating the information every minute to ensure precision. The API is a dependable source with a strong infrastructure capable of managing numerous daily requests.
The Currency API offers a no-cost API key, granting 300 free monthly credits. Hence, making it accessible for students and researchers. This resource guarantees accurate rates and a seamless experience. Hence, making it an excellent choice for anyone seeking reliable currency data.
XE
XE’s currency data API has been a reliable resource for developers for years. It can seamlessly integrate into various applications like Microsoft Dynamics, Sage, and SAP. This API simplifies the process of making timeframe queries and comes with thorough documentation that explains all its features clearly.
With support for over 170 currencies, the API collects information from more than 100 global sources. Notably, it’s a free currency converter API. Hence, making it a cost-effective choice. If you’re interested in more advanced functionalities, there’s also a premium plan available.
IBAN
IBAN’s Forex Reference Suite is a leading currency conversion tool in 2023. It gathers information from central banks and reliable sources. Hence, ensuring dependable data. This means you can trust the accuracy of the information without any doubts.
With updates happening every 10 minutes, this API keeps currency rates current. You can work with over 154 currencies to get the latest conversions and show how the market changes. IBAN’s Forex Reference Suite equips you with the most recent and reliable currency exchange details.
Conclusion
Historical exchange rates are invaluable guides to deciphering economic narratives in financial exploration. Our journey through the top seven reliable sources has illuminated the path to accurate and comprehensive data. Whether you’re a seasoned analyst or a curious learner, these sources offer a treasure trove of insights into currency evolution.
With each source carefully vetted for reliability, you can confidently navigate the labyrinth of historical exchange rates. As we conclude this expedition, remember that the past holds the keys to understanding the present and shaping the future.
FAQs
Where Can I Find Historical Exchange Rates?
Discover historical exchange rates from trusted sources for insight into currency evolution and economic trends.
What Is Exchange Rate History?
Exchange rate history is a record of how the value of one currency has changed relative to another over time.
Is There an App to Convert Currency?
Currency conversion apps are available for easy and convenient currency exchange calculations.
What Is the App That Checks Currency Rates?
“Currency Converter apps, like XE or OANDA, check and display current currency rates for easy conversions.”