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APIs play an important role in minimizing code repetition and making the developer’s life easier. The common and advanced functionalities can be directly accessed using a simple REST call and they need not be maintained by the developer itself. Although you can’t use APIs for all functionalities you can use them for complex operations like currency exchanging. One such exchange rate API is the currency layer. This article will explain why it’s easier to succeed with an exchange rates API than you think.
What is an Exchange Rate API?
An exchange rate API converts currencies and gives real-time statistics on the stability of those currencies. It also offers historical data that can be used to forecast future trends. A good exchange rate API gathers and interprets data from a large number of institutions around the world to generate reliable results. It is a tool that allows you to convert currencies instantaneously, sparing you money and increasing your efficiency.
Can An Exchange Rate Api Handle All Conversion Tasks?
When it comes to an exchange rate API, the main functionality is a currency conversion. Apart from that, most APIs introduce additional features such as getting currency rates, analyzing past currency rates, and many more similar functionalities. These functionalities are offered using different endpoints. The availability of these endpoints is decided by the subscription of the user. However, currencylayer API provides 5 endpoints.
How Secure Is It To Use Apis?
Most APIs handle all the security inside themselves, making it easy for developers. One would simplify the process of handling security issues if he/she uses the currencylayer API. It only allows 256-bit HTTPS connections and utilizes business bank-level encryption. It is extremely safe and secure, with well-designed security protocols.
How Easy Is It To Integrate?
Normally all Exchange Rate APIs are built in a way that they could be integrated into the application without having a hard time. Therefore, most of the APIs use the REST protocol in order to work it out. Currencylayer offers an easy-to-integrate REST API. It delivers real-time and past currency rates for 168 foreign currencies, defaulted to USD, in a compact and easily portable JSON format that is suitable for any application.
Is It Possible For Non-programmers To Understand An Exchange Rate API And How It Works?
APIs can be used to communicate application functionality even for non-programmers like business analysts, software testers, and managers. Users do not need to know how to code because APIs encapsulate all of the inner workings by offering an interface. They only need to know what the method is doing or what information it is reacting to. As a result, businesses are particularly interested in currency conversion through exchange rate APIs because managers and developers can effortlessly comprehend how they work.
Endpoints or the User Interfaces of APIs are designed to assist developers in utilizing sophisticated functionality without contributing to the code’s complexity. Most of the code is simple enough that people from different fields may understand it. Sometimes with the right use of the exchange rate API, people’s needs can be very closely resolved as needed.
Do Apis Have Accurate Data?
Accuracy of data is very important when selecting an exchange rate API. A currency’s value varies on a regular basis, no matter how stable it is. When working with international marketplaces, you must have a thorough understanding of current rates. To achieve this, APIs are better than any other option because they are specifically built for updating rates in real-time. You can access up-to-date, trustworthy data using the currencylayer API. It updates information every 60 seconds, guaranteeing that you have accessibility to up-to-date information at all times.
How Budget-friendly Is It To Use The API?
Using APIs has many cost benefits. APIs, like currencylayer, has implemented all the relevant functionalities. So you don’t have to develop applications from scratch using expert developers. This obviously saves you a lot of money.
Currencylayer API offers excellent value for money when compared to its competitors. It not only provides 250 free requests monthly but also starts under $10 per month*, making it affordable.
How Does It Get Its Data?
API’s normally source data from very reputable data sources since they are used and acquired by many companies and accurate currency rates are pretty important for the functioning of the system. Currencylayer gathers data from tens of thousands of reliable sources. Investors receive currency rate changes every 60 seconds due to the reduced latency. It also includes features such as daily or monthly API usage monitoring and automated notifications when a currency goes below specific criteria. Currencylayer also provides worldwide support for mobile applications, back-office platforms, and currency converters.
Do Apis Offer Technical Support?
Almost all APIs are maintained by the company that created them. Currencylayer provides thorough support and helps users using API documentation. Currencylayer does have a support team available to assist you with any issues you are unable to resolve on your own.
How Easy Is It When Working With Currencylayer API?
Currencylayer delivers everything you are looking for in a currency exchange API. It constantly outperforms its rivals by offering cutting-edge features at competitive pricing. The API uses HTTPS to ensure secure and safe streams of data and can send real-time updates.
It even offers an active support team that can assist you with any implementation concerns. It offers exceptional value for money with several features. Currencylayer is a world-class currency exchange solution for experts from around the world.
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