Forex API for Developers: Streamlining Your Development Process
28 April 2023
Financial Technology has been a growing industry in recent years. Many fintech startups and established players build innovative solutions to facilitate users in many ways.
Developers have created robust, feature-rich, and user-friendly digital solutions for wide-ranging purposes, such as:
- Managing your financial portfolio,
- Making transactions through secure wallets,
- Making a quick and in-depth market analysis.
Forex API is a critical element in helping developers integrate a treasure of information into their apps, websites, and digital solutions. If you are a part of the product development landscape and wish to explore how our API helps, you are in the right place.
The article discusses the benefits and features of our API, and how it helps you streamline your development process. Keep reading for a quick recap of the forex API meaning, how it empowers developers and the development process, and why you should rely on us.
What is the Forex API?
Forex API is the application programming interface enabling one software tool to interact with the other for transferring information, receiving responses, sending directions, and much more. Forex API has changed the way software can share information.
Our Forex API helps developers obtain real-time and historical Forex data. It has been changing the dynamics of fintech organizations building algorithmic trading platforms, crypto wallets, forex data analytics and visualization tools, automated trading systems, and more.
Also Read: Explore How the Exchange Rate API Empowers Your Business
Benefits of Forex API for Developers
The following are significant practical benefits of Forex API:
1) Accuracy, Reliability, and Resilience
Our API for forex data provides an unbiased view of the forex market. Our data aggregation system ensures the most accurate prices are updated in milliseconds.
You get a low-latency price feed. Therefore, choosing us as your Forex data partner is better than going to inexperienced vendors that transmit stale and inaccurate data as the latest.
We source forex data from the most reputed banks, institutions, and broker-dealer networks - and aggregate it to provide a reliable price feed in real time.
We understand the importance of trustworthy data that serves as the standard for web-based access to data and your software functionality. A stable and robust data source, AWS Cloud-based infrastructure, and data aggregation system together make our API for forex rates resilient.
We ensure that our API helps you with error-free software execution. You can build solutions beyond the user expectations as you leverage our API for Forex.
The features- resilience and accuracy help you streamline your development process. You can trust your process and need not add additional checks when you are sure about the data quality you receive.
As the API provides accurate and reliable data, you can concentrate on other aspects of programming that are core to your business and clients.
2) Improved Productivity
As your fintech organization doesn’t need to worry about collecting market data, your development team can concentrate on building new features for your apps and solutions. Your development teams can create more value using our API for retrieving forex market data.
Developers would encounter minimal data issues and outages. They can best utilize the time saved to focus on their needs. That way, you can achieve better efficiency and business outcomes.
3) Integrating the API for Data Retrieval
Our API allows reliable, efficient, and safe interactions between your solutions and our server. You can synthesize data from us to make your software solution, website, or application functional or enhance its functionality.
Our API works well with various internal applications and solution structures. Thus, you can present the information we transmit to help users make the most of your products and services.
The API for forex data helps you add data retrieval features to your solutions and websites. These interactions occur in real time. We have numerous tutorials to guide you through fetching forex data using various trending programming languages.
As professional developers, you must be well-versed in the techniques to pull data from our server programmatically through the API. Similarly, enabling your users to obtain real-time and historical forex data from our server may involve complex technicalities.
4) Flexibility and Customization
Our API provides flexibility to developers by helping them scale their platforms by relying on our infrastructure. Our API does the heavy lifting during data retrieval and accommodating multiple users. Similarly, you can get customized forex price feeds based on your preferences for currency pairs or timeframes.
You may keep adding innovative features to your digital solutions based on our API. Parallelly, you may attract more and more users to leverage your platforms in their financial journeys. Our API and robust infrastructure help you expand your work, resources, and business.
5) Standardized Approach
The Forex API serves as the standardized programming interface to access Forex data. Developers will have an API and data that are industry standard and well-tested.
The standardized approach helps developers simplify their development process. A reliable API and data help complete the product-building process faster, more efficiently, and cost-effectively.
6) Streamlined Development Process
Developers can access accurate and reliable data using the API. They can scale their solutions by leveraging our robust infrastructure. So, developers don’t need to source data and build a database or a solution from scratch. This crucial element helps developers streamline their development process.
Similarly, building custom data retrieval mechanisms may be daunting and time-consuming. Developers don’t need to do that. Your teams can minimize unnecessary work, eliminate unwanted checks, and concentrate on completing development and testing tasks as per the product roadmaps.
7) Improved Product Performance
Developers can efficiently access forex data in real time through our API. Their products are made by integrating our API. That remarkably improves the performance of the products. Users can analyze the market, make trading verdicts, and various other activities based on the most recent forex price feed.
Features of Forex API
We understand how API features matter for the success of any digital product in the modern era. The following are the most crucial elements that make our API feature-rich and stand apart from the crowd:
1) Real-Time Data Updates
Our API enables developers to obtain the latest and previous exchange rates for hundreds of currency pairs. You can use WebSockets to get real-time forex rates updated in milliseconds. It is practically possible to export the information to applications,
- For displaying real-time exchange rates in a crypto wallet,
- For displaying the real-time price of a product in an e-commerce store in the local currency, and much more.
We ensure that the forex data you receive is the latest through our low-latency transmission. It hardly takes a few milliseconds for the data to reach you from when it is updated on the server.
As one of the most trusted market data vendors, we understand the importance of data accuracy for market analysis and trading decisions. Therefore, we provide an aggregated price data feed in real-time.
2) Access to Historical Forex Data
Our API makes it easy to access historical forex data for various timeframes: daily, hourly, minute, and up to tick level. Your solutions created around our API can provide forex data for many previous years through our server.
Developers can leverage historical prices to provide forex charts, analytics, and backtesting tools. Users can rely on accurate previous price feeds to test their trading strategies.
Developers can build programmatic mechanisms to process this information to let users visualize the analytics. Users can utilize the data in many other possible ways.
Similarly, charting and analytics solutions can be a great additional learning tool for your customers using your algorithmic or automated forex trading platforms.
3) The API Provides Necessary Resources
Our API and robust infrastructure are designed to provide the necessary resources for your product development processes. We assist you in integrating the API into your solutions and build them according to your customers’ and clients’ requirements.
You can build excellent solutions by processing the data we provide. Thus, you can innovate on-demand products and services your users would admire. You can also adopt a cloud-based database to pull data from our API, parse it in the desired format, and export it to your solution.
Please note that this is a simple explanation of the process, and actual procedure and preferences require technical expertise.
4) Most Secure Way to Access Forex Data
Our APIs are SSL-encrypted and thus completely secure to access forex data. Developers can rest assured about data security and don’t need to worry about any security issues or possibilities of security threats, outages, and similar irregularities.
5) Comprehensive Support
As one of the most reputed market data vendors, we provide comprehensive technical support through wide-ranging learning resources on our website, like data documentation and tutorials.
Similarly, our market data experts resolve your technical queries via emails and live chat. So, we keep you covered for API integration and resolving your doubts.
Enhanced Customer Experience
Our API serves as the gateway to reliable and accurate market data. Your users can obtain streaming exchange rates for numerous currency pairs. At the same time, our API helps you access historical data from many years, which is critical for back-testing and market analysis.
The users admire applications, websites, and other solutions that don’t make them wait for the correct information at the right time. Thus, leveraging our API will help developers provide an excellent user experience to their customers.
Rely on Us for Forex Data API
TraderMade has been a globally recognized market data provider for over three decades. We are committed to making market data accessible and affordable to all. We help fintech startups bring their innovative products to market through our startup program.
We offer well-thought data subscription plans to suit your needs. Our market data experts will resolve your technical queries regarding integrating the API. You can reach out to us through email or live chat.
The article takes you through benefits and features of our Forex API. We hope the technical perspective discussed here will inspire you to make the most of our API for seamless integration and building world-class solutions. Choose us as your market data partner and get our forex API to build your solutions related to the forex market.