API or Application Programming Interface has been in the news for a prolonged time now. For someone who doesn’t know what it is about, an API bridges the gap between two software or apps bringing out a more defined purpose. For instance, the weather widget that you regularly check before stepping out for work is an API. Google takes the help of another app that provides weather information which the audience eventually checks. Therefore, API connects both Google and the weather widget to provide you with valuable information.
The present time is witnessing the utilization of currency conversion API. To add to that, there is a rise in the need for foreign historical exchange rates API as well. To know more about why is foreign historical exchange rates API is crucial for currency conversion, keep reading.
Why Do You Need Currency Conversion API?
Before delving into the details of it, there are certain people who are still curious about the need for currency conversion API in general. To define the same, a currency conversion API functions by converting one’s currency value to another. Now, a prolific currency conversion API is also adept in offering the historical exchange rates providing businesses to devise a well-rounded decision strategy with the help of past trends.
A currency conversion API will not only be valuable in planning your upcoming foreign trip, or while making a grave decision in your export or import business. Let us check some of the needs for currency conversion API.
- Someone conducting an export or import business will be highly benefitted from a currency conversion API. It will offer them precise information about the appreciation and depreciation of currencies.
- Someone selling to foreign countries will require currency conversion API for adjusting prices.
- People interested in investing overseas will gain out from a currency conversion API by calculating actual costs in real-time.
- People interested in or pursuing Forex trading will be greatly favored by this API. For those who aren’t aware, Forex trading is the act of purchasing and selling currencies for profit. You need to fix API Forex to seamlessly know the exchange rates and also historical rates.
- People who might be engaged with businesses or organizations dealing with currencies need to stay abreast of the currency exchange rate fluctuations. This is when a currency conversion API comes into action.
What is Foreign Historical Exchange Rate?
A foreign historical exchange rate talks about the history of the foreign exchange rate, providing traders with an in-depth idea of the past performance of that currency. With the help of Forex java API, Forex traders can gain endless information about the historical foreign exchange rates and take decisions accordingly. Not only Forex traders but this helps government officials and bureaus while dealing with international cases.
Importance of Foreign Historical Exchange Rates API in Currency Conversion
One of the most necessary features the audience looks for in a currency conversion API is the availability of the history of foreign exchange rates. The historical foreign exchange plays a vital role in Forex trading. Apart from incorporating powerful forex trading tactics, automation, and machine intelligence, the need for a currency converter API remains constant.
APIs have always been regarded for connecting software or businesses to result in a more advanced platform. In the case of Forex trading, the developers implement ready-made codes like creating a currency convertor API python to offer a swifter flow of information and reliable data. With the help of this API, examining the past performance of a particular currency becomes easier.
A business can focus on these historical foreign exchange rates before investing in them. Another export and import business can use this data to prepare a decision strategy before finalizing their upcoming deal with another country. The recognition of the current and previous rates, in the literal sense, saves businesses from massive financial losses.
If you are a business owner and curious about a foreign country’s historical exchange rate, simply opt for the best free currency converter API to leverage its function. One of the major reasons behind opting for an API is time efficiency. You will receive all information within two ticks.
What Should You Note in a Currency Converter API?
Now that you’re pumped about using a currency conversion API, there are certain factors you need to consider before opting for one.
- The historical data range needs to go back to 20 years or more
- The API needs to be authentic where the data is sourced from trusted sources like banks, and data providers.
- It needs to have extensive experience of 5 years or more
- The API connected needs to be encrypted through bank-level security
- There has to be a diligent customer care team available 24*7 to deal with every API-related issue
The presence of historical foreign exchange rates is essential in a currency conversion API. It will not only be highly worthwhile for Forex traders but numerous other businesses engaged in financial or export and import spheres.