The databases used by API Exchange Rates to provide a real-time record of the value of different currencies track and utilize data from important international agencies. Users can access a currency exchange tracker by adding the API, which is simply a few lines of code, to a website or mobile application.
These APIs provide many different tracking possibilities, some of which include priceless metals and even virtual currency like Bitcoin. Other APIs can track different things, just like stock market values.
The Advantages of Exchange Rate APIs Features
Good exchange rates API will frequently offer a combination of the following features:
- Covering all or the majority of the major world currencies.
- Including minor currency types.
- Providing periodic updates OR real-time updates.
- Potentially covering cryptocurrencies.
- Potentially covering the stock market.
- Potentially including financial indicators such as options and Possibly providing coverage of cryptocurrency.
Which are the best six exchange rate APIs?
The top six exchange rate APIs are shown below. Don’t worry; we’ll soon provide a more thorough evaluation. All of them should be on your shortlist, though, if you’re in a rush or would rather pick an API based on your own research.
- Currencylayer
- Exchange Rate API
- Fixer
- OANDA
- Open Exchange Rates
- Xignite
OANDA
OANDA is a reasonably high-end API that’s ideal for developers wishing to build or enhance a high-traffic website or app. It might also be beneficial if you want to create software for internal usage within a firm.
Pros:
- Over 200 currencies are covered in detail.
- Historical data dating back to 1990 is available.
- Spot prices are refreshed every 5 seconds.
- Forward rates are also provided.
- Global data from 39 central banks.
Cons:
- Relatively costly
Open Exchange Rates API
This API supports all of the world’s basic currencies. They also include various characteristics, such as bid-ask and midpoint pricing, that may make working the exchange market considerably easier. Depending on your membership level, you may also retrieve intraday price history.
Pros:
- Can tailor the price to your requirements
- The free version is enough for most people.
- A comprehensive currency library that includes all worldwide basic currencies.
- Annual subscriptions are discounted.
Cons:
- There is no option for real-time updating, and the free version restricts users to the USD base currency.
Xignite
Xignite is one of the most accessible and adaptable APIs, with various distinct code styles and methods for receiving the data offered by the API. Aside from the versatility of its data, Xignite is also one of the most trustworthy and consistent solutions because they receive its data from over 250 different exchange data suppliers.
Pros:
- The presence of a wide number of data suppliers assures accuracy.
- Lots of experience meeting the demands of successful customers.
- Provide a significant volume of historical currency price data.
- A free trial is available to allow you to test the services before committing.
Cons:
- Pricing and package details are not available.
- Because of the design flexibility, you may need to engage with them more frequently to have your API services set up and running properly.
Currencylayer
Currencylayer is another extremely adaptable alternative with a variety of membership tiers to pick from. It’s also one of the exchange rate APIs that provides a free version, however, it’s very limited.
Pros:
- The free version is rather strong.
- Additional subscription flexibility
- a large historical data library
- Very affordable
- Many extremely successful firms have placed their trust in us.
Cons:
- API calls are restricted at all subscription levels.
- Different subscriptions have varying refresh times.
Historical Exchange Rate API
Historical Exchange Rate API includes detailed documentation on how to install and use the API. They also provide technical assistance (through knowledgeable representatives) for all premium programs. Unfortunately, while Exchange Rate API does give a free version of its API, it does not include customer support.
Pros:
- Simple to setup and use
- Provides a somewhat complete currency library.
- Provides historical data
- Has a free version suited for testing or for small developers
- Plans that are extremely economical
Cons:
- 60 minutes is the fastest refresh rate.
- There is no customer assistance available with the free version.
Fixer
Fixer is one of the most popular and reliable APIs available, with a pretty complete collection of pre-designed plans as well as bespoke pricing for bigger purchases that cannot be covered by the other plans on offer. They get their information from 16 distinct sources, which is rather credible given the excellent quality of those sources.
Pros:
- 170 currencies are being monitored.
- Extremely fast response time
- 19 years of historical data Volume discounts are available for the biggest subscribers
Cons:
- Free memberships only provide minimal assistance.
APIs for exchange rates If you want to provide market history as well as currency information, Java is a very useful and flexible platform that offers a variety of information.
These are not the only APIs accessible, of course; with options for Geolocation and even Weather, you can undoubtedly find the perfect combination of APIs for just about any project.
