Introduction
If your business is working with international markets, you know the struggle of having the correct and up-to-date information when it comes to currencies. The rapid changes in exchange rates make it hard to always have the correct currency values.
Potential users of your application can come from anywhere in the world. Developers must therefore prepare for multiple types of currency by considering currency conversion, multi-currency pricing, current foreign exchange rates, and cryptocurrencies.
In globally operating businesses that deal with a variety of financial markets, there is a need for a tool that can help you keep up to date with the constant changes. A currency exchange API can help you convert currencies with speed and accuracy.
By providing you with updated exchange data a currency converter API can help you save time and money on unnecessary efforts and make your business more efficient.
With globalization advancing, the ability to exchange and convert currencies has become indispensable for businesses and individuals. If you are looking to integrate a currency conversion into your website or app you came to the right place!
Here are our top picks for the best currency exchange APIs out there and how you can profit from implementing them into your website or app.
What is a Currency Exchange API?
A currency exchange application interface is a tool developer can integrate into an application to enable currency exchange and currency conversion. They are databases that use the collected data from international banks and therefore always offer up-to-date data.
This, for example, makes it possible to convert currencies like US Dollar or the Euro into any other currency, like the British Pound.
The API itself is a code snippet that is inserted into your application to enable access to the exchange rate tracker. They support a variety of currency types and data sources to fetch current and historical currency data.
Other than that, these are some features that many currency APIs offer:
- Coverage of all or most major currencies
- Comprehensive documentation
- Intuitive dashboards
- Real-time or interval-based updates
- User interface
- Various file formats like XML, CSV, JSON, etc.
How to use a Currency API
To implement an API into your application, the first thing you will need is an API key. This key is unique to you or your team and the API you are using.
When you have the key, you then insert it into your existing code to implement the API. Usually, APIs come with additional documentation that will help you if any errors accrue or you need help with getting the features working within your application.
Why Do You Need a Currency API?
To make a reasonable business decision in an international market you need exact and correct currency values. Other than that, a currency exchange API comes with a lot of additional advantages:
- A good currency API will get you accurate and up-to-date data, so you will have all the current and historical dates, no matter how much the currency values change. Some APIs update their data every 60 seconds.
- Usually, currency APIs support multiple currencies, which means you can convert and exchange currencies easily.
- Exchange API services gather their data from more than one data source. Usually, the comprehensive data sources include hundreds to thousands of sources, like global banks, financial institutions, or financial providers. The current and historical data allows you to make sound decisions and even predictions.
- APIs are easily integrated into your application. The comprehensive documentation offers additional help for developers, while features like dashboards, notifications, and adaptable parameters make it easy to use/enable ease of use.
- APIs are usually built to offer great performance and scalability. They handle thousands of requests every second and often provide 99.99% uptime.
So, without further ado, here are our Top 10 Currency Exchange APIs for your business.
Top 10 Currency Exchange APIs
Currency exchange APIs are ten a penny, however, there are drastic differences in quality and feature completeness. Therefore, we have collected the top 10 APIs when it comes to currency conversion.
To provide a fair and comprehensive comparison, we looked at the following criteria:
- Features
- Number of currencies
- Data sources
- Frequency of updates
- Price
Here is our top pick for excellent currency APIs!
1. currencyapi.com
Currencyapi.com is an currency exchange tool that helps you with current and historical foreign exchange conversions. With an update frequency of 60 seconds and more than 170 currency pairs, currencyapi.com is used by leading companies worldwide. Made from developers for developers, the API is easy to use and fully customizable.
Features:
- Dashboard
- Scalable
- Live rate updates
- Current and historical currency conversions
- Fast response times
- Trusted data sources
- Bank-level security
- Team compatibility
No. of Currencies: 170+
Data Sources: no information
Frequency of Updates: depending on the subscription plan, up to every 60 seconds
Price:
- Free plan: $0/month for 300 requests per month
- Small Plan: $9.99/month for 15.000 requests per month
- Medium Plan: $39.99/month for 60.0000 requests per month
- Large Plan: $79.99/month 1.700.000 requests per month
- Custom plan
2. Fxapi
Fxapi is a lightweight foreign exchange rates JSON API. The rates are collected from multiple reliable providers blended. Next to current dates, end-of-day rates are available historically back to 1st January 1999. With 7 years of experience, their customer base includes companies like CoinDesk, Metorik, Purse, and Numi.
Features:
- Team Management
- Custom SLA
- Scalable
- Live rate updates
- Current & historical currency values
- Documentation
- JSON format
No. of Currencies: 170+
Data Sources: no information
Frequency of Updates: On VIP basis : live rate updates up to every 1 second
Price:
- Free plan: $0/month for 300 requests per month
- Basic Plan: $9.99/month for 15000 requests per month
- Professional Plan: $34.99/month for 600000 requests per month
- Enterprise Plan: $74.99/month for 1700000 requests per month
- Unlimited Plan: for unlimited requests per month
3. Open Exchange Rates
Open Exchange Rates is a currency exchange API that provides a lightweight JSON API. The rates are collected from multiple reliable providers blended. Next to current dates, end-of-day rates are available historically back to 1st January 1999. With 7 years of experience, their customer base includes companies like CoinDesk, Metorik, Purse, and Numi.
Features:
- Open-source integrations
- Scalable
- Live rate updates
- Current and historical currency values
- Phone support
- Documentation
- JSON format
No. of Currencies: 200+
Data Sources: no information
Frequency of Updates: On VIP basis : live rate updates up to every 1 second
Price:
- Free plan: $0/month for 1000 requests per month
- Developer Plan: $12/month for 10000 requests per month
- Enterprise Plan: $47/month for 100000 requests per month
- Unlimited Plan: $97/month for unlimited requests per month
4. Currencylayer
Currencylayer offers a reliable forex rate JSON API that is compatible with multiple programming languages. Besides world currencies, it also offers exchange rates for precious metals. It allows you to request exchange rates for a specific time-frame and fluctuation data for a specific currency throughout a certain period. Currencylayer is a product of apilayer, a company that offers a wide variety of APIs.
Features:
- Usage statistics
- Tech Support
- Interactive documentation
- 246-bit HTTPS
- Current and historical currency values
- Portable JSON format
- Currency conversion endpoint
- Timeframe and currency-change queries
No. of Currencies: 168
Data Sources: Various commercial sources and banks
Frequency of Updates: depending on the subscription plan, the data refreshes every day, every 60 minutes, 20 minutes, or 60 seconds.
Price:
- Free plan: $0/month for 250 requests per month
- Basic Plan: $9,99/month for 10.000 requests per month
- Enterprise Plan: $39,99/month for 500.000 requests per month
- Enterprise+ Plan: $79,99/month for 1.000.000 requests per month
5. Fixer
Another Currency Exchange API managed and maintained by apilayer is Fixer. It is a lightweight API that offers current as well as historical forex rates. With a focus on developers, the API promises a straightforward API structure that is implemented in under 10 minutes.
Features:
- Bank-level security
- Tech Support
- Extensive documentation
- SSL Encryption
- Current and historical currency values
- Portable JSON format
- Currency conversion endpoint
No. of Currencies: 170
Data Sources: over 15 financial data providers and banks, including the European Central Bank
Frequency of Updates: depending on the plan, hourly, every 10 minutes or every 60 seconds
Price:
- Free plan: $0/month for 100 requests per month
- Basic Plan: $10/month for 10.000 requests per month
- Enterprise Plan: $40/month for 100.000 requests per month
- Enterprise+ Plan: $80/month for 500.000 requests per month
6. XE
With years of FX experience, the currency data API by XE is the oldest player in the game. Made for all types of businesses, it easily integrates with software such as Microsoft Dynamics, Oracle, Sage, SAP, and many more. Other than most of the currency API providers, XE offers yearly plans that offer a variety of features.
Features:
- Email and phone support
- Current and historical data back to 1998
- Timeframe queries
- Currency volatility
- No base currency restrictions
- Customizable margin rates
- Extensive documentation
No. of Currencies: 170+ currencies and metals
Data Sources: over 100 global sources
Frequency of Updates: depending on the plan, daily, or every 60 seconds
Price: (Pricing for live rate updates)
- Lite plan: $1.199/year for 10.000 requests per month
- Best Value Plan: $1.799/year for 30.000 requests per month
- Prime Plan: $5.999/year for 100.000 requests per month
- Infinite Plan: $11.999/year for unlimited requests per month
7. ExchangeRate-API
A currency converter built for SaaS, dashboards, and e-commerce is the ExchangeRate-API by AYR Tech (Pty) Ltd. Launched in 2010 this service provides high uptime and reliable data.
Besides E-commerce Stores, the API is commonly used in customers’ internal dashboards and spreadsheets for academic projects, personal research, etc.
Features:
- JSON Responses
- Developer Focused
- Email Support
- Internal Dashboard
- Clear documentation
No. of Currencies: 161
**Data Sources:**central banks and commercial sources, at least 3 data sources for a currency
Frequency of Updates: depending on the plan, daily, hourly, or every 5 minutes
Price:
- Business Plan: $30/month for 100.000 requests per month
- Pro Plan: $10/month for 30.000 requests per month
- Free Plan: $0/month for 1.500 requests per month
8. OANDA
The currency converter API by OANDA offers you access to over 30 years of historical data for over 200 currencies, commodities, and precious metals. The API is made for auditors, accountants, hedge fund managers, treasurers, and more and ensures accurate rates to meet financial compliance requirements.
Features:
- ERP integration
- Developer Portal
- Sample code
- Average rates, real-time rates, and forward rates
- JSON, XML, and CSV
- Online documentation
No. of Currencies: 200+ currencies, commodities, and precious metals
Data Sources: 50 central bank exchange rates
Frequency of Updates: depending on the plan, daily, hourly, or every 5 minutes
Price:
- Standard Plan: $425/month for 100.000 requests per month
- Advanced Plan: $800/month for unlimited requests per month
- Custom Plan: custom/month for custom requests per month
9. Currency Converter API
Designed for developers at any skill level this API offers a free currency API as well as a prepaid and premium service. The free version and prepaid service focus on companies that are not consuming a lot of requests. The paid service focuses on people who need production-ready currency converter API.
Features:
- Simple integration
- Dedicated servers for the premium plan
- documentation
- High customization
- Minimal to no downtime
No. of Currencies: no information
Data Sources: no information
Frequency of Updates: depending on the plan, hourly, or every 15 minutes
Price:
- Free API: $0, 100 requests per hour
- Prepaid Plan: starts at $3, for 60 requests
- Premium Plan: starts $17/month for 1000 requests per month
- Dedicated Plan: start at $60/month for unlimited requests per month
10. Exchangerate.host
If you are looking for a free and lightweight API that offers current and historical foreign exchange rates as well as crypto exchange rates. The API offers a 99.99% uptime and 20 years of historical data.
Features:
- Documentation
- JSON API
- Currency conversion endpoints
- Fixer.io compatibility
- Developer focused
No. of Currencies: approximately 170 forex and 6000+ cryptocurrencies
Data Sources: financial data providers and banks, including the European Central Bank.
Frequency of Updates: no information
Price: Free
Conclusion
The right API for you or your company will in the end depend on your needs. While some APIs offer more currency pairs, others win in feature completeness or functionality. Whichever API you decide on, we hope this article helps in giving an overview of the best currency API providers currently on the market.