Developers and users globally, are constantly looking for Currency Converter APIs that can accommodate Applications with accurate financial functions. The Apps should be able to accommodate different types of world currencies. For them to work perfectly well, they must include conversion formats, pricing, and FX rates among others. Some Currency Converters are designed for either traditional or digital currencies only, whereas others are Multicurrency. From the above chronology, a user is free to use the Currency Converter API of their choice depending on their currency needs.
Being an international trader, one needs to be conversant with the various currency conversion rates from different countries. The difference between the various currencies enables a trader to make an informed decision when it comes to buying or selling goods or services globally.
Why is it Important?
You do not just do the Currency conversion for the sake of it. There are 2 reasons why you want to change the currency and the outcome of the exchange. Remember, it is impossible to buy or sell goods or services outside your country without changing your local currency to the other country’s currency and vice versa. Even when one is traveling internationally, they will have to exchange their country’s currency to get goods and services in the country they are visiting. There are many more reasons why currency conversion is necessary. However, all this cannot be accomplished easily without having the right tool of conversion, especially where a trader is dealing with various currencies at a goal. Manual calculations will be tiresome, unreliable, and tedious. That is where A Currency Converter API is needed.
The Currency Conversion APPS
There are many platforms or software that provide different Currency Data. Even financial institutions can also offer such information. However, having a Currency conversion APP is much better and convenient. The basic tool of Currency Conversion is Currency Converter API. It is a programming language that users or developers use to accommodate APPS that contain Currency Data.
What about Free Currency Converter API
The API offers users as well as developers free web services to convert currencies. Anybody can use the API, however, it has no warranty. It offers updates after each minute. The platform has historical data of one year and handles 100 requests per hour as well as 2 Currency Pairs in each request. The API has its limitations in that it faces unpredictable interruptions and has a minimum requests capacity. Its abuse can also lead to blacklisting. Finally, it has only one IP Address.
How to use Currency Converter API-Free Example
You can use two ways to get the latest data. There is Conversion and the latest exchange rates access points. The two enable the user to access the latest exchange rates for various currencies either in pairs or singular. They also enable the user to convert their local currency into another currency at an equivalent value or amount. Let us look at the latest exchange rates, returns or outcomes.
Latest Exchange Rate Updates
One needs to have a specific currency highlighted to get an outcome. What does this mean? If no specification, then the user will get the exchange rates for all the currencies supported as per the below scenario.
An example of Non-Specified Target Currencies
{
"base": "USD",
"last_updated_unix": "1593614038",
"last_updated_utc": "Wed, 01 Jul 2020 14:33:58 +0000",
"exchange_rate": {
"EUR": 0.889758,
"CAD": 1.35676,
"AUD": 1.44753,
"GBP": 0.807175,
"CHF": 0.946451,
"CNY": 7.06409,
...
...
}
}
It is important to note that before performing the above, the user has to have an API Key and a Base Currency. In our case, we used the USD as the Base Currency. The outcome would be the currency’s Exchange Rate compared to the base currency’s value.
Examples of Specified Target Currencies
In this case, instead of the API displaying the latest rates for all target currencies, the user can choose one of the desired currencies. For this example, our Target currencies are SGD, MYR, and IDR
After sending the request, below is the outcome.
{
"base": "USD",
"last_updated_unix": "1593614038",
"last_updated_utc": "Wed, 01 Jul 2020 14:33:58 +0000",
"exchange_rate": {
"SGD": 1.39392,
"MYR": 4.28634,
"IDR": 14312.03
}
}
Converting the Currency
In this case, the base currency is converted into another currency with equal value. Here you can get some historical data. In the case below we will use a base currency like USD, and the base Amount will be $150. The target Currency here is EUR. After sending the request we get the below outcome.
{
"base": "USD",
"target": "EUR",
"base_amount": 150,
"converted_amount": 133.19,
"exchange_rate": 0.887417,
"last_updated_unix": "1593614038",
"last_updated_utc": "Wed, 01 Jul 2020 14:33:58 +0000",
}
Now let us see what happens after sending a request for conversion without the Base Amount
{
"base": "USD",
"target": "SGD",
"base_amount": 1,
"converted_amount": 1.39367,
"exchange_rate": 1.39367,
"last_updated_unix": "1593614038",
"last_updated_utc": "Wed, 01 Jul 2020 14:33:58 +0000",
}
As you can see, our request returns a default of 1.
An Example with a Specific historical duration
When we send our request we get the outcome below.
{
"base": "USD",
"target": "SGD",
"target": "2020-01-01",
"base_amount": 1,
"converted_amount": 1.34827,
"exchange_rate": 1.34827,
"last_updated_unix": "1593614038",
"last_updated_utc": "Wed, 01 Jul 2020 14:33:58 +0000",
}
Now let us combine the historical date with the base Amount
It enables us to get the total base currency amount conversion concerning the currency we used as the target.
{
"base": "USD",
"target": "SGD",
"target": "2020-01-01",
"base_amount": 500,
"converted_amount": 674.14,
"exchange_rate": 1.34827,
"last_updated_unix": "1593614038",
"last_updated_utc": "Wed, 01 Jul 2020 14:33:58 +0000",
}
Most Free currency converter APIs have counterpart paid plans. However, their functionalities vary depending on their specs. Another outstanding issue with them is unintended service interruptions. However, signing up and getting a key is very easy. It does not need a lot of personal information. Once you send the email you receive a confirmation email with your key and a link to start working. Equipped with the above information, we are sure you are ready to do a test example of currency conversion.
