The exchange rates constantly move depending on demand and supply, inflation, and interest rates. It is a big problem for those who work with international clients. If you trade internationally, you cannot do anything about the constantly changing exchange rates. However, you can use the best exchange rate API to have up-to-the-minute knowledge of currency rates.
A currency exchange free API can help you effortlessly determine real-time currency rates and trade internationally without thinking about incorrect rates or discrepancies. Also, you can use an exchange rate API to build an application or website with exchange rate functionality if you are a developer. In short, this API benefits traders and passionate developers who want to work on exceptional applications.
Let’s learn more about how an exchange rate API can help you with your international trade and which one you should use for the best results.
Advantages of Using Exchange Rate API for Your Business
The benefits of using an exchange rate API for international trade or business are numerous. It improves efficiency and reduces the possibility of any discrepancies in the dealing. Also, it is beneficial for developers; some of the key benefits of currency exchange rate API are as follows:
Attract Investors Quickly
You will need historical currency exchange rate data to attract investors to your business. After that, you can make your investors understand your goals and overall trading strategy. Using an exchange rate API, you can get historical and real-time data that will help you attract investors quickly.
Higher Reliability
Presenting accurate and up-to-date currency rate data to your users is crucial, especially if you are making foreign transactions through your business. You can retrieve highly accurate historical and real-time currency rate data using an API in a structured format. The API will show real-time data to your users, making your business reliable and increasing its credibility.
Expedite Transaction Process
Using an exchange rate API, you can instantly transmit the trading values between hundreds of currencies within milliseconds. However, without a reliable API, your user has to wait forever for the transaction page to load, leading to frustration and disappointment. It will also negatively impact the reputation of your business and damage its credibility.
Process Hundreds of Currencies
You can support and process hundreds of currencies by integrating a reliable currency exchange rate API in your business application. Support of maximum currency all around the globe will help you win business from all over the world. In short, you can use exchange rate API to spread your wings worldwide.
But the question is – how to find a reliable and best exchange rate API?
Characteristics of the Best Exchange Rate API
You need to get familiar with the characteristics of the best exchange rate API first; then, you can research and discover the best option for yourself. Go through the below-listed points without delay and determine how the best exchange rate API looks like: –
- Currency Support: You should choose an exchange rate API that supports a maximum of world currencies. By choosing such an API, you can process almost every currency worldwide and expand your business quickly.
- Trusted Resources & Security: Invest in an exchange rate API with trusted data collection sources, including banks and financial data providers like the European Central Bank. In addition, the API must provide bank-level security like Fixer.
- Scalability: The API must be able to handle requests faster, like Fixer. It can handle hundreds of requests per month to millions of requests using its world-class infrastructure.
- Documentation: Choose an exchange rate API that provides extensive documentation, as it will make the integration into your application faster.
- Export Option: Your exchange rate API should return data structured and common formats like HTML, JSON, and other formats you need for your business.
So, the above-listed are some of the characteristics of the best currency exchange rate API. If you are still struggling to find the best exchange rate API for your business, you can invest in Fixer, which checks all the boxes.
Top 5 Best Exchange Rate APis in 2023
Indeed, determining which exchange rate API is the best for your project or business could be cumbersome without in-depth knowledge of the field. However, to simplify the task, here is the list of the top 5 exchange rate APIs in 2023.
Fixer API
You can go for Fixer API if you want a lightweight and robust exchange rate API. It provides both historical and real-time currency exchange rates. Since it comes with extensive documentation, you can integrate it into your business application within minutes. Fixer API collects data from more than 15 financial data providers as well as banks like European Central Bank and updates the data every 15 seconds. Moreover, it is well-renowned for its key features, including SSL encryption, bank-grade security, and 24*7 tech support.
Currencylayer
Currencylayer is one of the best free forex rate JSON APIs compatible with various programming languages like JavaScript, Java, PHP, etc. This API gathers information on currency exchange rates from multiple reliable commercial sources and banks. Currently, it supports 168 currencies and can refresh every 60 seconds, 20 minutes, and 60 minutes.
XE
Serving developers for many years, XE is one of the best exchange rates APIs. One can easily integrate this API into various applications, including SAP, Sage, and Microsoft Dynamics, and leverage it to its full potential. This API collects data from over 100 global sources and supports 170+ global currencies.
Exchange Rates API
By offering 20 years of historical data, Exchanges Rates API has earned the best exchange rate API tag. This API collects data from multiple central banks and other reliable commercial sources. The most impressive part of this currency exchange rate API is it offers 99.99% uptime while supporting 6000+ cryptocurrencies and 170 forex currencies.
Open Exchange Rates
A lightweight JSON API, Open Exchange Rates, provides accurate results using reliable data sources. It provides both real-time and historical currency exchange rates. This API can be easily integrated into applications, offering extensive documentation and higher uptime.
Final Verdict
With the rapidly changing exchange rates, trading in the international market could be difficult for some. International traders need to have up-to-date information regarding currency rates. That’s where exchange rate APIs come in! You can use a currency exchange rate API to determine the real-time and historical rates within seconds.
Fixer, XE, Open Exchange Rates, Exchanges Rates API, and Currencylayer are one of the best exchange rate APIs in 2023. You can invest in these APIs to expand your business worldwide. Also, you can build a reliable application for currency exchange rate data if you are a developer.
FAQs
What Is Exchange Rate API?
Exchange rate API helps an individual trader determine the real-time and historical exchange rates effortlessly.
Which Is the Best Currency Exchange Rate API?
Fixer is one of the best currency exchange rate APIs that comes with extensive documentation, 100% uptime, and supports 170 world currencies.
Is There Any Free Exchange Rate API?
Yes, you can use Fixer if you are looking for a free exchange rates API. It offers a free plan with 100 monthly requests, and you don’t need a credit card to avail of the free plan of this API.
How to Integrate Exchange Rate API Into an Application?
To integrate a currency exchange rate API, you need to go through its documentation and learn the steps. For instance, if you are using Fixer API for your business or project, you can click here and get detailed information about using and integrating this API into an application.