API Exchange Rates are databases that monitor and use information from significant international institutions to produce a current record of the value of various currencies. The API itself is just a few coding lines that can be added to a website or mobile application to give users access to a currency exchange tracker.
These APIs give a wide range of tracking options, some of which include valuable metals and even digital currencies like Bitcoin. Similar to stock market prices, other APIs can track other things.
Exchange Rate APIs Features
Excellent exchange rate API will often provide a mix of the following features:
covering all or the majority of the main world currencies
inclusion of smaller currency kinds
interval-based updates OR real-time updates
Possibly provide cryptocurrency coverage
may provide stock market coverage
may include financial indicators such as options and other crucial data.
Which are the Top 6 Exchange Rate APIs?
Here are the top six exchange rate APIs. Don't worry, we'll give a more in-depth assessment shortly. However, if you're in a hurry or prefer to choose an API based on your own study, all of them should be on your shortlist.
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.
Exchange Rate API
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.
Exchange rate APIs Java is an extremely helpful and adaptable tool that provides a wealth of information and may be really handy if you want to supply currency information as well as market history. Of course, these are not the only API available; with possibilities for Geolocation and even Weather, you can almost certainly find the ideal mix of APIs for practically any project.
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