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How To Get The Most Out Of Your Currency Exchange API?

Currency plays a crucial function in the foreign exchange market and the realm of international finance by acting as a medium of exchange in transactions. The United States dollar, the Euro, and the British Pound are all widely used as payment currencies worldwide. 

Currency Exchange API

Some financial services businesses have made their currency exchange API (Application Programming Interfaces) public, allowing developers to integrate currency exchange, currency conversion, and other features into their apps. 

Currency exchange APIs are evaluated based on API features, data coverage, price, and ease of use. Fixer is a foreign exchange rate and currency conversion JSON API that has it all! The Fixer API makes it simple for website users to get real-time foreign exchange rates and currency conversions. 

There are multiple endpoints in the currency exchange API that can be used to do various activities. The endpoints can retrieve real-time exchange rates, a list of all available Fixer currencies, historical currency rates dating back to 1999, changing any amount of money between single currencies, and daily fluctuation data. This article will discuss how to get more out of your currency exchange API.


    What is The API Access Key?

    Api Access Key

    To begin using the Fixer API, you must first access your API Key. The API key is unique to every customer and is passed onto the API base URL to begin authentication. The access key can be retrieved by signing up for Fixer’s API plans.

    Now, to authenticate with the Fixer API, you must give your API Key into the access key argument of the API base URL:

    ? access_key = API_KEY

    How Does The API Respond?

    Once you've established a connection, you can start using the API. The Fixer API returns EUR-based exchange rates by default. All data is returned in JSON format, which any computer language can easily interpret.

    Querying the API for real-time exchange rates returns a timestamp object with a standard UNIX timestamp. The timestamp contains data for when the given exchange rate data was collected, a base object with a three-letter currency code indicating the country of origin, a date object with the date the given exchange rate data was collected, and a rates object with the actual exchange rate data.

    Does the API support SSL connections and JSON Callbacks?

    The API has support for SSL connections. All paid subscription levels include 256-bit SSL encryption and can be used simply using https protocol instead of the regular http to connect.

    Furthermore, JSONP Callbacks are also supported by the Fixer API. The feature lets you pass in your function name as a callback GET parameter. The API will then deliver you your desired results wrapped inside that function.

    Example Request:

    ? access_key = API_KEY

    & callback = MY_FUNCTION

    We request the API to use the callback name MY_FUNCTION in the example above. Your API response will be wrapped in your callback function of choice.

    What are Some of The API’s Available Endpoints?

    The Fixer API has 6 API endpoints, each with its own unique features. 

    1. How Can I Access All The Currencies Fixer Supports?

    The Support Symbols Endpoint is used to access all available currencies that are constantly updated by the API. To access this list, append the symbols endpoint to your request URL:

    Example Request:

    ? access_key = API_KEY

    2. How to Retrieve The Latest Rates For Any Currency?

    The Latest Rates Endpoint is used to access real-time data for all currencies specified in the request URL. To retrieve all the latest rates, use the latest endpoint and attach your base currency and three-letter codes for the specified currencies.

    Example Request:

    ? access_key = API_KEY

    & base = USD

    & symbols = GBP,JPY,EUR

    3. Is There an Endpoint to Retrieve Historical Data?

    Another key point is the Historical Rates Endpoint. It gives users the functionality to retrieve historical exchange rates for many currencies. For many currencies, the API supports Historical data all the way from 1999. To request historical data, append your specified date in a “YYYY-MM-DD” format to the base URL.

    Example Request:

    ? access_key = API_KEY

    & base = GBP

    & symbols = USD,CAD,EUR

    4. Can I Convert My Currency?

    The API also comes with support to convert any amount of currency from one currency to another using the Convert Endpoint. To convert currencies, simply append the convert endpoint, and attach from and to parameters, setting them to your desired currencies.

    Example Request:

    ? access_key = API_KEY

    & from = GBP

    & to = JPY

    & amount = 25

    5. What is The Time-Series Endpoint?

    The Time-Series Endpoint of the Fixer API allows users to access historical rates between specified dates. To retrieve historical time-series data, simply add the timeseries endpoint to your request URL and give the start_date and end_date with a maximum time frame of 365 days to use this API feature.

    Example Request:

    ? access_key = API_KEY

    & start_date = 2012-05-01

    & end_date = 2012-05-25

    6. What is The Fluctuations Endpoint?

    The Fluctuation Endpoint of the Fixer API allows users to get information on the day-to-day changes of various currencies. Firstly, simply attach the fluctuation endpoint to your request URL and define the start_date and end_date to retrieve the data. Another option is you can use the symbols argument to specify the currencies you want to query the API with. The greatest amount of time that may be used is 365 days.

    Example Request:

    ? access_key = API_KEY

    & start_date = 2015-12-01

    & end_date = 2015-12-24

    What Other Features Make Fixer The Best Currency Exchange API?


    Fixer The Best Currency Exchange API

    Fixer’s API supports many features that you can see in the official documentation. Following are some features that make it unique:

    How Can You Change The Base Currency?

    A base currency is a currency to which your output currency rates are related. For example, Fixer’s base currency is EUR, but you can change it by inserting the base parameter to your API request URL and set it to the three-letter code of your selected base currency, assuming that changing base currency is enabled by your subscription plan.


    ? access_key = API_KEY

    & base = USD

    How Many Currencies Does Fixer Currency Exchange API Provide Exchange Rates For?

    Presently, the Fixer API can provide correct exchange rate data for 170 foreign currencies, including Bitcoin, Gold, and Silver.

    Does The Currency Exchange API Have a Good Documentation User Support?

    Furthermore, you can implement the API in about 10 minutes, thanks to detailed API documentation, understandable code examples, and a simple API structure. You may learn about the API structure, methods, probable problems, and code samples by reading the documentation. Afterwards, if any questions remain unanswered, please use Fixer's great user assistance.

    Moreover, if you don't have time to go through lengthy documentation, you may use their quickstart tool. In brief, you may access the quickstart tool from the Dashboard part of your control panel and test all API endpoints with a single click.

    How Reliable is Fixer’s Data?

    Presently, the Fixer API collects exchange rate data from over 15 reputable data sources every minute. Banks and financial data companies are among the sources. This is how Fixer implements bank-level security so that its users can rest assured of the best experience.

    Hence, Fixer's premium features let you get the most out of your web app and please your customers. Get the most recent exchange rate data for all or a specific set of currencies, convert sums from one currency to another, retrieve Time-Series data for one or more currencies, and query the API for daily fluctuation data are all endpoint functions. 

    The API supports 170 different currencies ensuring vast data coverage. Fixer is free to use, and its enhanced plans are very affordable. It is simple to get started with the API because it also comes with extensive documentation, sensible code samples, and an easy-to-integrate API structure.

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