Explore How the Exchange Rate API Empowers Your Business
Businesses that provide forex trading services are moving to digital environments due to the rising demand for and attractiveness of foreign currency transactions. Allowing people to deal with hundreds of currencies at the fastest feasible time through a single platform is an urgent necessity.
This article reveals several important advantages that Exchange Rate APIs can provide to companies who provide these services. Continue reading to learn how you can create forex trading systems with improved functionality, efficiency, and user experience by using real-time currency rates API.
What is the Exchange Rate API?
A set of computer instructions known as an application programming interface (API) facilitates communication between two platforms by requesting information, analysing the responses, and relaying commands from one application to another.
Real-time currency conversion is accomplished by a currency exchange API. Similar to that, it offers historical information on a currency pair, which is useful for market analysis and forecasting price patterns. It delivers you crucial information cost-effectively, enhances efficiency, and saves you a lot of time.
Benefits of Currency Exchange API
An API for currency rates can help you in a variety of useful ways, regardless of whether you are creating a trading system, an app, analysing forex data, or trading in forex. Here are some important advantages of a currency API for your project or business in more detail:
1) Empowers Different Types of Apps
Building various software solutions, websites, applications, or platforms on top of the API for currency conversion is practical. Your company may decide to use APIs to generate a variety of solutions, including:
· Algorithmic Trading Systems
To assist traders with doing a predetermined set of duties when placing trades, a solution can be created. You can use the real-time exchange rates API as a reference feed to create your own quoting system.
· Trading Bots/ Automated Trading Systems
You can train your model using the automated trading systems’ API for currency rates. Notably, using our API does not permit currency trading. However, the integration aids in determining the right trade orders. You can create a system that sends trading orders to the exchange automatically.
· Crypto Wallets
To create crypto wallet businesses that deal with fiat money, you can make use of APIs for currency exchange rates. You can create a quote-driven system of your own. However, you cannot directly swap currencies using our API.
· Data Visualisation and Analytics
For the creation of charts and comprehensive forex data analytics, the API offers trustworthy currency exchange data. These charting and analytics tools aid traders in making wise choices.
Our tutorial on Data Visualization Python can be a great learning resource for developers striving to build analytical tools.
2) Simplifies Data Science and Analytics
Data scientists and analysts gather useful information from various platforms and offer investing decision-makers professional perspectives. Additionally, they create toolkits and dashboards to make the investment process simpler.
The crucial data source for these experts is the currency converter API. For them, APIs make effective data visualisation and data integration simpler.
3) Custodian and Portfolio Management Portal Tools
The currency API can be used by your company to handle client portfolio valuations in the currency of their choice. You can prepare to provide these services to private, public, and business clientele.
4) Simplify App Development Process
The API for currency exchange enables you to create programmes that perform functions that revolve around getting information from us and carrying out predetermined processes. We’ve already talked about the many platforms you can create. Let’s examine another benefit provided by the API for developers:
· Access Historical and Real-Time Market Data
Without a currency exchange API, developers may have to spend a lot of time coding to make the database user-accessible after collecting historical and real-time currency exchange data.
Developers may access data that would otherwise be challenging to process with a straightforward REST call. RESTful APIs make it simple for developers to get historical FX data for their programmes.
· Currency API Ensures Reliability and Accuracy
Reputable banks, institutions, and broker-dealer networks are the sources of currency data for reputable data sellers. The combined data offers a millisecond-accurate price feed that is impartial and trustworthy. As a result, you can utilise the accurate and trustworthy currency conversion rates API for a variety of applications.
· API for Currency Rates Enables Speedy Implementation
As was already said, the integration of real-time and historical forex data into your trading platforms is made simpler by the currency exchange rates API. Similar to this, your development team can expeditiously build your product ideas based on forex data.
To learn more about our products via several endpoints and for comprehensive instructions on how to access exchange rate data using well-known programming languages, please visit the data documentation page.
· Quick Transactions for Improved Experiences
Your ability to deliver quicker transactions and a superior customer experience will be aided by the currency rate API’s ability to retrieve real-time exchange rates. Your users might not have to wait long for pages to load because the API transmits real-time prices in a remarkably brief amount of time.
· Helps Make Your Projects Cost-effective
A basic data plan with 1000 free monthly requests is provided. With the help of this data plan, fintech startups and other businesses that create apps can use our infrastructure to test prototypes before going live. Your businesses will reduce project costs with this facilitation.
Similar to this, a simple subscription upgrade and downgrade option increases flexibility and lowers costs.
5) Supporting Hundreds of Currencies
It is preferable to give users of your forex trading platform access to data on hundreds of different currencies. You’re unsure of how this feature will benefit you. Let us think about this factor.
Your forex trading software will be able to support a variety of currencies from across the world if you integrate a forex data API. As traders from all over the world use your trading platform, your company gradually gains a reputation as a leading brand and increases its trading volume.
6) Focus on Core Competency
We can provide you with a currency conversion rate API that will make you feel quite secure. You don’t have to bother about locating and collecting forex data, keeping it accurate, compiling a database of past exchange rates, or capturing millisecond live data. Utilizing currency API enables you to concentrate on your area of expertise and satisfy your users.
7) Attract Clients to Grow Your Business
By using currency API, you may create a feature-rich, user-friendly platform for forex trading or analytics that your users will adore. Users can similarly access past data to carry out market research and make wise trading judgements.
You can use our price reference feed or currency API for a variety of tasks to efficiently complete your projects. In the long term, these technical factors assist you in drawing customers and building a reputation as a trustworthy forex broker or trading platform supplier.
How To Get Started
TraderMade is dedicated to providing everyone with access to trustworthy and correct currency exchange data. For this reason, we provide 1000 requests every month at no cost. By registering for a free API key, you can quickly access forex data. You will have a separate dashboard where you may access other platform features, manage your subscriptions, and get use updates.
Simple instructions on how to sign up for a free REST plan and get your API key are provided in a step-by-step tutorial. To ensure you get the most out of our real-time and historical currency exchange data for your needs, we provide well-designed subscription programmes. You can change to a different membership plan or end your subscription in accordance with your changing and evolving needs.
You may get started with the API using a variety of current programming languages with the aid of the tutorials, numerous examples, and videos. Additionally, we provide outstanding technical help to tackle your integration-related technical challenges.
The Conclusion
For many years, TraderMade has been a well-known data provider with a dependable and accurate Exchange Rate API. By selecting us as your market data partner right now, you may carry out your projects based on forex data with ease and expand your company.
Originally published on our website: Explore How the Exchange Rate API Empowers Your Business
