Any knowledgeable developer knows that Application Program Interface (API) users have different tastes and needs. He also knows that the users can originate from any corner of the universe. Therefore, as the developer works on any API that is financially related, they must incorporate the diversity of the global currencies. For APIs that accept payments, various aspects come into play. Currency pricing, conversion, foreign exchange rates, currency type are some of the factors to consider. To make more features in various applications, developers need to get the right currency APIs.
What is Python Currency API?
Python Currency API is a programming language used by developers for the integration of applications with the relevant data on the currency. In this article, we will be looking at the 4 Best Python Currency APIs for Developers.
We will be evaluating the following APIs,
- CurrencyAPI.io
- Currency Exchange Rates API
- Currency Converter API
- XE Currency Data API
We will follow the below criteria to evaluate the Currency APIs.
- The Features
- Currencies Supported and necessary Data
- The Cost Implications
- The usage Practicality/Benefits
CurrencyAPI.io
A friendly, fast, and easy-to-use FX, Commodity, and CryptoCurrency API. It is a real-time application that is reliable and covers almost all pairs be they gold, silver, FX, or Crypto Assets. It frees a developer from using multiple sources of Data thereby creating more time for other engagements.
It is connected to data through SSL Bank-grade API encryption that provides high-level data security. It offers almost 100% SLA reliability and the data is authentic in that it is obtained directly from live trading exchanges as well as floors. Offers exchange rates in all pairs in a maximum of 1 minute. The technical support team offers all the assistance required as one integrates the API into their applications. It has a low latency i.e. below 100ms with the ability to link up with other AWS Data sources for more speed.
The API supports FX, cryptocurrencies, commodities, or metals such as silver and gold. Here you get over 300 cryptocurrencies including assets. There are over 1800 Foreign exchange pairs available as well as Silver and Gold.
There are two ways of becoming an affiliate. The Starter offers 7 days of a free trial and the premium that is broken into 2 categories. The first category is priced at $99 per month; however, it has some limitations when it comes to historical data. The second offer goes for $199 per month with an added advantage of historical data access and 100,000 API Calls per month up from 10,000 for the lower premium ($99). It also has a web socket and GRAPHQL that the lower premium does not have.
It is reliable, fast, secure, and easy to use offering a single data source.
Currency Exchange Rates API
A simple API that is open source-based offering both current and past Currency Exchange Rates data that is sourced through ECB (European Central Bank).
Offers basic foreign exchange features that allow one to access the required data. It offers past or Historical data from 1999.
The currency exchange rates are based on EURO. It also supports over 30 Currencies, although one will have to alter the base value to fit their needs. The API does refreshments or updates after every passing hour. One can download a 3 months cumulative data after every one hour.
With this API, you pay nothing to access its services.
It is simple to use and offers a fast integration process to any application.
Currency Converter API
An easy-to-use API that enables the conversion of various currencies.
It offers the much-needed features that facilitate the conversion of currencies online. It has links that allow the country and currency listing. It also enables someone to get historical data for a maximum of one year.
The API supports over 150 currencies with the free version refreshing the data after every one hour. The paid version is set to update at a 15-minute interval.
It is offered free with a limitation of 100 requests each hour. It has paid plans starting from $5 each month upwards and added benefits such as the almost real-time value of currencies and minimized downtimes.
It is an easy and simple to use Currency Converter with the provision of easy and simple follow Documentation. It offers fast sample integration codes that can be used with any application. The output is relayed in the JSON coding format.
XE Currency Data API
A real-time tracker hub for all exchange rates concerning various currencies.
It allows the user to access life, daily as well as Historical Currency Exchange Rates as far back as from 1998. It offers links that allow the listing of currency conversion, various currencies, and getting different statistical data in real-time.
The API Supports over 170 Currencies. For accuracy and secure output, the platform collects its data from over 100 global sources that are credible. It has a daily package that offers exchange rates updated daily. The live option provides the latest exchange rates of up to a maximum of the previous one minute.
It has a seven-day trial duration that is free with varying premium plans that start from 799 USD each year.
It is easy to use with the provision of a test scenario to familiarize yourself with how it works. It offers a plain guide for starters that is simple and easy to use as well as, currency exchanges in various formats making it easy for the user to choose their desired format such as CSV, JSON, and XML.
APIs have revolutionized the financial sector in a big and incomparable way. In safeguarding information, and protecting data, financial institutions have integrated APIs. They facilitate the interaction between financial institutions and third parties. Not only that, they make the process fast, cheap, simple, and convenient. The APIs have been able to make trading experiences better for users in that the users can access analyzed, on-point, real, and beneficial data to make a profitable trading transaction.
Conclusion
As the Currency World grows, the demand for top-notch Currency APIs is inevitable. Therefore, developers must come up with APIs that give real-time data the fastest time possible devoid of complexities. The more innovative features within an API, the easier currency conversion would become. However, the choice for a convenient API depends on the user’s needs and tastes.
