A currency is the most critical mechanism for investing and trading internationally. If your business imports or exports various products and services, or trades in the forex market, you must keep up-to-date information on currency conversion rates, as they fluctuate frequently.
Individuals and businesses can trade or invest globally from almost anywhere today by leveraging the latest technological innovations and advances. However, it is tedious to store rapidly changing currency conversion rates. Currency conversion API helps obtain real-time and historical forex data.
Sounds familiar? Keep reading to uncover the currency exchange API's meaning, significance, features, and benefits.
What Does Currency Conversion API Mean?
A set of code known as an Application Programming Interface (API) enables the communication between two software applications. When using an API, you send a request from a web application or server and receive a response. The software program connects to the currency exchange API to quickly acquire the currency conversion value.
Also Read - Forex, CFD, and Crypto API: Benefits of Using it and how it works.
Financial services are currently changing due to technology. In today's global village, anyone with a device and an internet connection can conduct cross-border transactions. Our API for currency conversion rates help you while converting currencies for various purposes.
Why is the Access to Currency Conversion Rates Crucial?
You might save time and resources by using real-time currency conversion rates. You won't need to look through various sites to check how much the other currency is worth. Similarly, getting prices is made simple via a currency converter API.
You can make wise decisions through precise knowledge about currency conversion rates.
Reasons to Leverage Our Currency Converter API
You can save time and resources when obtaining conversion rates by using the most accurate currency converter, as was previously discussed. These rates are updated in sub-second. As a result, users don't have to worry about the accuracy and dependency of the currency conversion rates. Therefore, it makes it simpler to use the data as a reference to conduct international fund transfers and engage in currency exchange.
The following are significant benefits of using API for currency conversion:
1) Reliability and Accuracy
Exchange APIs can help you if your business routinely transacts with foreign markets. These APIs provide real-time currency conversion rates updated every millisecond. A precise data stream on currency conversion is provided to you, enabling you to use it as a reference feed when placing transactions. You can confidently make well-informed business decisions.
2) Supports Wide-Ranging Currencies
The live currency conversion API supports a wide range of currency pairs. Users may find out currencies' values in their local currency as a consequence. You can more easily manage foreign purchases with the help of this feature.
By moving money at the right moment, you may make well-informed business decisions and prevent unforeseen costs brought on by unfavourable exchange rates. You can use a price reference in a similar way to trade currencies and carry out business on a variety of foreign markets.
3) Aggregated, Unbiased Data
Currency data is gathered from several reliable institutions, inter-bank networks, and broker-dealer networks by well-known market data providers, who then deliver it in real-time. Users don't have to worry about the accuracy and dependability of the currency conversion rates as a result.
4) Faster Currency Conversions Using Our Endpoint
You can use our convert endpoint conveniently to get currency conversion rates for the desired currency pairs instantly. You need to provide the currencies you want to convert from and to, and also the amount you want to convert. The endpoint will provide the accurate calculation for the currency you will receive.
Here is an example:
"requested_time": "Tue, 24 Jan 2023 09:57:32 GMT",
Additionally, you can build a currency conversion widget on your website by using our convert and live endpoints.
5) Productivity and Safety
Reputed data vendors protect the APIs they supply using SSL encryption and other technical measures. Similarly, currency converters on websites and programs work quickly and accurately. You can always expect outstanding security and excellent performance.
How Our Currency Converter API Makes Your Lives Easy?
Exchange API streamlines the currency conversion process, as it is impractical to ‘store’ currency conversion data. Currency conversion rates fluctuate frequently. Therefore, access to quality forex data through our API becomes essential. Don't you currently have an API Key? Please sign up for no cost.
1) Wide-Reaching Delivery Methods
Renowned data providers offer reliable and accurate forex data in various delivery formats, like CSV files, Excel files, Google Sheets, REST API, WebSockets, SocketIO, and FIX. As a result, users can choose the appropriate distribution strategy based on their technological needs.
2) Information on Currency Conversion that is Easy to Find
Real-time and historical currency conversion rates can be easily acquired by following a few simple steps. Developers, analysts, and traders can obtain data on currency conversion thanks to the API.
3) Added Features that Simplify Your Life
We offer an Excel add-on that allows users to import historical OHLC data for the selected currency pair and time frame into MS Excel. Endpoint exchanges help you access tick-level historical and live currency conversion rates. You can verify whether the market is open or shut using an API endpoint.
4) Excellent Learning Resources
TraderMade offers comprehensive documentation with many examples and tutorials to help you retrieve forex market data using a range of well-liked programming languages.
5) Amazing Support
The data providers offer unmatched technical support to integrate data and resolve technical issues. Users can contact their market data experts via email and live chat.
Developers can integrate the currency rate API into their applications and websites to add retrieval functions for conversion rates. So how do these APIs improve web applications and pages? As discussed earlier, our exchange APIs can be used as a reference feed but not directly for trading and exchanging.
Benefits of Currency Rate API for Businesses
A reliable and accurate currency exchange API serves as a reference feed to guide your trading decisions. Similarly, developers can help their app and website users retrieve correct market information through data integration.
Also Read: Explore How the Exchange Rate API Empowers Your Business
TraderMade’s Currency API benefits businesses in many ways, such as:
- The robust API infrastructure helps users get accurate and dependable information.
- You can send hundreds of data requests every second and get currency conversion rates at the lowest possible latency.
- Fintech companies integrate the currency rate API into their trading platforms, websites, apps, charting software, and trading platforms (You cannot use the API directly for trading. However, it can assist in the process).
The Final Thoughts
The article touches various technical aspects of currency conversion API. You must have realised the significance of working with a recognised market data vendor to obtain the best-quality currency exchange API that will make your life easier.
TraderMade offers accurate, unbiased, and aggregated forex market data. We are committed to making market data accessible to all. Utilise our currency conversion API and make sensible business decisions every time.