10 Reliable Free Currency APIs For Your Business

08 June 2023

In today’s globalized economy, businesses are constantly engaged in international transactions and dealing with multiple currencies.

Accessing accurate and up-to-date currency exchange rates is crucial for seamless financial operations, informed decision-making, and ensuring the accuracy of financial records. This is where currency APIs come into play.

Currency converter API (aka. exchange rate API) enable businesses to retrieve real-time exchange rates and perform currency conversions effortlessly. They provide a direct and reliable channel for accessing currency data. Hence, eliminating the need for manual data collection and ensuring the accuracy and timeliness of information.

Why is reliable currency data crucial for businesses? Accurate currency information is vital for various financial activities, including e-commerce, international trade, travel and hospitality, investment analysis, accounting, and risk management. It enables businesses to calculate product prices, manage inventory costs, track revenue and expenses, and evaluate profitability across different markets.

However, with numerous currency APIs available, it becomes essential to identify reliable data sources that suit your business requirements. To help you navigate the options, we have curated a list of 10 trustworthy and free currency APIs that offer reliable and accurate exchange rate data. Let’s learn about them.

What Is A Currency Converter API?

A Currency API Convertor allows applications to retrieve real-time or historical currency exchange rates, perform currency conversions, and access other currency-related data. It acts as a bridge between different software systems, enabling seamless integration and communication. Let’s read about some of the most popular currency APIs available today.

What Are the Ten Best Currency APIs Available In the Market Today?

Here are the ten most reliable currency APIs.

Fixer.io

Fixer API is a popular currency API that provides real-time and historical exchange rates for over 170 currencies. This API comes with 6+ years of experience and rock-solid data sources, making it a reliable API. As a result, thousands of developers trust this API worldwide.

It offers reliable data retrieval through a RESTful API and supports multiple integration options. Fixer API offers free and paid plans, with pricing details available on their website, catering to businesses of all sizes.

Currencylayer

Currencylayer API is a popular choice for businesses seeking reliable currency data. With access to real-time exchange rates for 168 currencies, it offers features like historical rates, time-series data, and conversion capabilities. You can try these API endpoints available on their website.

While it offers a free plan with limited features, its premium plans provide more comprehensive options tailored to specific business needs. Pricing starts from $14.99 and goes up to $99.99. There is also a custom plan for users.

Exchange Rates API

Exchange Rates API is a reliable currency API that provides access to real-time and historical exchange rates for over 200 currencies. Moreover, the API gives 250 free requests monthly. It is a simple, quick, and reliable API with pricing starting from $9.99. This API uses over 15 exchange rate sources to bring accurate data for the users.

Open Exchange Rates

Open Exchange Rates is a popular currency API provider offering accurate and up-to-date exchange rates for over 200 digital currencies. With various integration options, it enables seamless data retrieval and currency conversion.

Businesses like Shopify and Etsy also benefit largely from the Open Exchange Rates API. The pricing starts from $12 per month. You can also choose the unlimited plan that costs $97 per month.

XE

XE API is a widely trusted currency API that offers real-time exchange rates and historical data for over 210 currencies. Its easy integration allows businesses to access reliable currency data for accurate conversions and financial operations. Pricing for XE API can be found on their website, accommodating different business needs. However, this API is more expensive than other available options. Businesses like Vistaprint and Shopify also trust this API.

Currency API

Currency API offers a robust set of features supporting 170+ currencies globally. The API gives updated results after 60 seconds. This simple and reliable API comes with 300 free credits per month. The prices range between $9.99 and $74.99 per month. You can also get a custom plan.

IBAN

IBAN’s Forex Reference Suite is a leading currency conversion API in 2023. It sources its data from reputable central banks as well as trusted providers, ensuring the reliability of the information.

This API consistently refreshes the currency rates every 10 minutes, offering timely and accurate updates. Access to over 154 currencies enables users to obtain the latest conversions accurately reflecting dynamic market fluctuations.

OANDA

The OANDA currency converter API allows users to access a comprehensive collection of past data spanning over three decades, encompassing over 200 different commodities, currencies, as well as invaluable metals.

This API caters to various professionals, including accountants, auditors, hedge fund managers, and also treasurers. Its primary objective is to deliver precise exchange rates that meet strict financial compliance standards.

Currency Converter API

Catering to developers of all proficiency levels, this API provides a currency API with three options: a free version, a prepaid service, and a premium solution. The unpaid version, as well as the prepaid service, cater to companies with lower request volumes. In contrast, the payable service is geared towards individuals seeking a robust and ready-to-use currency API for production purposes.

Exchangerate.host API

When you are searching for an API that is free and has a small resource footprint, it provides real-time and past exchange rates for foreign currencies and cryptocurrencies. The API guarantees an uptime of 99.99% and includes historical data spanning two decades.

Conclusion

Access to reliable free currency APIs is a game-changer for businesses operating in a global economy. These APIs provide accurate and up-to-date currency exchange rates. Hence, allowing businesses to streamline financial processes, make informed decisions, and ensure the accuracy of their international transactions.

The ten reliable free currency APIs mentioned in this blog offer a range of features and data that cater to different business needs. By leveraging these APIs, businesses can reduce errors, save time and resources, enhance customer satisfaction, and gain a competitive edge in the global marketplace.

So, take advantage of these powerful tools and unlock the potential of seamless currency data integration for your business’s success.

FAQs

Is There a Free Currency API?

Several free currency APIs, such as Fixer, Open Exchange Rates, ExchangeRate-API, and CurrencyLayer, are available.

What Is the Free Web Service for Currency Conversion?

A popular free web service for currency conversion is XE.com, offering accurate and up-to-date exchange rates.

What Is the API for Currency Conversion Rates?

The API for currency conversion rates provides real-time or historical exchange rates for seamless currency conversions.

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U.S. Money Reserve: Natural North American Coinage

In times of economic uncertainty, gold and other precious metals have often functioned as safe-haven assets that can help protect an individual’s wealth. This has led many to make a purchase of gold coins as a means of diversifying their financial holdings. To explore this idea further, we turned to information from the U.S. Money Reserve, a distributor of government-issued gold coins. The company’s many coin offerings, including the Gold Maple Leaf coin, have opened up an area of opportunity for individuals concerned about their wealth during trying economic times. U.S. Money Reserve: Natural North American Coinage Coin History Before looking at some of the offerings from the U.S. Money Reserve, let us first examine the unique societal role that gold coins have played throughout history. The tradition of minting such coins goes all the way back to the 6th century BCE in the Kingdom of Lydia. Even at this time, coin minting was directly connected to images and symbolism found in nature. Those first coins featured a lion on their face; the image symbolized power in that culture. Since that time, minted coins have featured a wide range of images on their faces, but nature and animals still play a large part in coin symbology to this day. These symbols have helped cement the stability and price of gold coins and establish them as safe-haven assets. By producing images on coins that can be used as currency, governments have made it easier to identify authentic pieces that have been minted by the state. This allows people to identify coins that are backed by the full weight of a particular government and even identify the metallic content of a particular coin, which contributes to the coins’ ability to serve as financial assets. North American Coins The tradition of natural imagery on gold coins is alive and well in present-day North America, as evidenced by the diverse range of coins on offer from the U.S. Money Reserve. The Gold Maple Leaf coin is one such offering that has garnered interest for years. The coin, which is minted by the Royal Canadian Mint, has been in circulation since 1979 and originally began as a trial project to transform Canadian gold. Since its introduction, the coin has become a highly sought-after item. Another item offered by U.S. Money Reserve is the American Eagle coin. The bird featured on the coin is one of the main pieces of symbology associated with the U.S. government, a fact underscored by its inclusion in the country’s national seal. The coin, which is authorized as legal tender by the U.S. Congress, also features on its obverse a depiction of Lady Liberty, another enduring symbol of the country. Taken together, these images contribute to the long legacy of natural imagery that is still being displayed on many coins produced throughout North America. Portfolio Diversification The purchase of gold coins has long served as a means for individuals and organizations to safeguard against instability in financial markets. During times of economic downturn, stocks and other assets have often seen sharp declines in price, leading to large-scale losses of wealth. Conversely, gold has often served as a safe-haven asset, retaining its price and even appreciating in value during times of uncertainty. In fact, gold was a top pick as a long-term asset by Americans in the years following the 2008 financial crisis. Beyond its status as a safe-haven asset, gold provides many individuals and organizations with the ability to diversify their holdings, no matter what the economy may bring. This is partly because of the metal’s ability to balance a portfolio and create a range of holdings that are not directly tied to one another. From this perspective, one of gold’s strengths is its ability to retain or increase its price while other commodities are floundering. Gold coins have long been prized for their ability to help individuals weather economic storms. The production of such coins goes back more than 2,600 years and is also intricately tied to the symbology present on the coins themselves. The diverse nature-themed gold coins available from U.S. Money Reserve bring these two long-held traditions together in an offering that is both visually stunning and able to serve as an important piece in any financial portfolio. About the Company U.S. Money Reserve is an Austin-based company that offers a wide range of gold coins. The company has been repeatedly singled out for its excellent customer service that stems from the ability of Account Executives to tailor customer purchases to their existing portfolio needs. This service benefits from the guidance of the company president, Philip N. Diehl, who is a former director of the U.S. Mint. Thanks in part to Diehl’s experience with public policy and personal financial security, the company has been awarded an AAA rating from the Business Consumer Alliance. Read Also: The End of an Era: Is It Time to Call the End of the TSM Dynasty? Exciting Facts About Cryptocurrency And Crypto Wallets

Debt Management: Why It Pays To Seek Help From The Experts?

Debt usually begins with a single loan that you think will be quite manageable, then another purchase adds to the monthly outgoings, and very often an unexpected expense arrives, which you naturally charge to your credit card. It only takes a little bit of bad luck to find yourself in a position where you are struggling to make ends meet, and if expected income increases do not materialise, you can quickly find yourself heavily in debt, with seemingly no way out.Debt management providers are highly skilled and can offer you the very best advice. Hoping It Will Go Away For many people in debt, the natural reaction is to ignore it, and after a while, you get used to throwing away the final demands and not answering the phone when you think it is a creditor. Yet this approach is not only putting off the obvious, you are incurring more interest by refusing to deal with an escalating situation, which you will have to deal with eventually. Seeking Professional Help Being in debt can be extremely stressful, and rather than doing nothing, you are much better off approaching Debt Fix, an experienced debt management company. They can really help you to become debt-free. They have special debt consolidation programs and other solutions that can help you to pay off your outstanding debts, and their experienced staff have helped thousands of Australians to become debt-free. Bad Debt Management Can Affect Your Credit Score If at any time in the future you wish to take out a mortgage or another type of loan, having a bad credit score will certainly not help, and even if you have a less than perfect credit score now, the debt specialists can still manage to find a lender who will take you on. What Is A Debt Consolidation Loan? If a person has 3 or 4 monthly repayments that are due at different times of the month, it can be a real struggle to make the payments, and for many people, taking out a debt consolidation loan is the best solution. This would involve borrowing enough money to clear all outstanding debts, leaving you with a single, affordable monthly repayment. You can say goodbye to the red-letter final demands and the persistent phone calls from concerned creditors, as your slate will be wiped clean, and it is advisable to terminate all credit avenues that could lead you back to the same state. Working With Professionals Those who work for debt management providers are highly skilled and can offer you the very best advice, and rather than keeping it to yourself in the hope that somehow your debts will magically vanish, discussing all of your options with a debt management specialist is a far better solution. The sooner you begin to address the problem, the quicker you will be debt-free and can start looking at investment options. Debt consolidation is not a solution for every case, and it is only by discussing your circumstances with a trained debt management person that you can discover the best way to deal with the issue. Read Also : Eight Essential Tips For Getting Out Of Debt Debt Consolidation Plans For Your Debt Relief Are Debt Consolidation Loans Recommended For Credit Card Consolidation Revolving Debt Vs Installment Debt – Which Impacts Your Credit Score The Most?

3 Types of Businesses That Can Greatly Benefit From OTC Trading

Over-the-counter trading refers to buying and selling securities outside the official stock exchange. It includes penny stocks, bonds, derivatives, and currencies. Over-the-counter trading allows two parties to trade on an electronic network using a dealer broker as a middleman. Unlike other stock markets, over-the-counter trading is not regulated by any government institution; the equities are subject to rules and regulations imposed by the parties involved. Additionally, otc trading is also considered public but not listed, which means their stocks can be openly bought and sold, not listed in major stock exchanges such as the New York stock exchange. Below are three types of businesses that can significantly benefit from otc trading using an electronic network such as Zerocap. The Private Clients They allow free trade of securities between parties without outside interference. Traders can set their prices while the brokers deal on their own. A private client would prefer trading on over counter market groups because they are less regulated, and it assures a higher level of privacy than exchanges. Over-the-counter trading will enable a private client to buy or sell securities even if they do not reach the qualifications of exchanges. Since the markets change with the atmosphere, a private client can also change the prices of the securities accordingly. Benefits of OTC to Banks Over-the-counter market groups are vital aspects of global finance; they possess essential derivatives. Its flexibility allows the banks to adjust derivatives contracts to match their risk exposure. Since over-the-counter trading will enable companies that do not qualify for listing to trade, financial institutions benefit from increased liquidity in the financial market. Generally, the risk of speculation and unexpected events can hurt the market's stability. Lack of transparency and weak liquidity can also be destructive during a financial crisis. It is also vital to note that OTC trading has its share of risks, such as the counter risk, where one party defaults before fulfilling the agreement. Benefits of OTC to Institutions Several benefits are associated with over-the-counter trading, a significant attraction to institutions. First, there is a high degree of flexibility regarding the agreement terms that the parties can negotiate. The limited transparency in over-the-counter trading enables the traders to hide their trading intentions from the other users and know who is on the other side of the trade. It is also crucial to note that, over the counter, trading comes with numerous risks too. For example, if you are looking to buy an asset, the price of the assets will depend on the seller's bargaining power since there are no set pricing standards. In such cases, it is possible to prevent beneficial mutual trade. The lack of transparency can also make identical assets trade at different prices simultaneously; if there could be even the slightest transparency, such risks could be avoided. Surprisingly, there are cases of price dispersion in centralized over-the-counter markets. Bottom Line If you are new to the stock exchange, it would be helpful to choose an appropriate market tier in the otc markets groups; it will help you gain more experience on how the otc works. Supposing you are ready to learn a new thing, it would be a brilliant idea to try otc trading. Read Also: The Best Stocks to Buy Now That Will Pay Big Later Rumors About Trading – True or False? Investments 101: How to Choose a Smart Stock How To Open A Forex Account and Start Trading Forex Stock

10 Reliable Free Currency APIs For Your Business

What Is A Currency Converter API?