10 APIs For Currency Exchange Rates Posted in Platforms Vyom Srivastava September 26, 2023 If you’re looking to get the most up-to-date currency exchange rates, you need a reliable API. Whether you’re a business or an individual looking to make international transactions, having access to accurate currency exchange rates is essential. Fortunately, there are many APIs that provide this type of data. In this blog post, we’ll be looking at ten of the best APIs for currency exchange rates. We’ll discuss their features, pricing models, and more so you can find the one that best fits your needs. Let’s dive in! 1. Fixer API One of the top APIs for currency exchange rates is the Fixer API. This API provides up-to-date currency exchange rates for more than 170 currencies from around the world. The Fixer API is highly reliable, with a 99.9% uptime rate, which means you can rely on it for accurate currency exchange data. Fixer API provides both historical and realtime currency exchange rate data. This data is updated every hour, providing you with the latest currency exchange rates. If you’re on a budget or just want to test out an API before committing to a paid plan, Fixer API offers a Free Plan that includes 100 requests per month, with no credit card required. Advantages of Fixer API Provides realtime exchange rates for over 170 currencies. Offers historical data for currency exchange rates. Allows easy integration with other applications and websites. Provides accurate and reliable data sourced from multiple financial institutions. Offers support for different data formats, including JSON, XML, and CSV. Disadvantages of Fixer API The Fixer API offers a free tier, but it limits the number of requests and features available. The Fixer API may not provide realtime or immediate updates on currency exchange rates. If you require up-to-the-minute rates, you may need to consider alternative APIs that offer more frequent updates. 2. 1Forge 1Forge is an API provider that offers realtime and historical currency exchange rate data. Its simple and easy-to-use API allows developers to access accurate and reliable currency rates worldwide. One of the main advantages of using 1Forge is its comprehensive coverage of currency pairs. It supports over 700 currency pairs, including major currencies like USD, EUR, GBP, and JPY, and exotic currencies from emerging economies. The pricing plans for 1Forge API vary depending on your needs and usage. Choose the plan that best suits your needs and budget. Advantages of 1Forge Accurate and up-to-date data from multiple sources. Easy integration with various programming languages. Options for historical data and realtime updates. Customizable API endpoints for specific needs. Disadvantages of 1Forge A limited number of supported currencies compared to other APIs. No realtime data updates, it only updates every hour. Limited documentation and support resources for developers. 3. CurrenyBeacon CurrenyBeacon is another powerful API for accessing currency exchange rates. It provides realtime and historical exchange rate data for over 200 currencies. With CurrenyBeacon, developers can easily integrate currency exchange functionality into their applications and websites. One of the key advantages of CurrenyBeacon is its accuracy and reliability. The API retrieves exchange rate data from trusted sources, ensuring that the rates provided are up-to-date and accurate. CurrencyBeacon offers a variety of pricing plans to suit different needs. The Free plan provides users with 5,000 calls per month, hourly updates, and access to historical rates and currency conversion. Advantages of CurrencyBeacon Offers realtime exchange rates for over 200 currencies. Offers a free trial and affordable pricing plans for businesses. Has a user-friendly interface and easy-to-integrate API. Offers reliable and accurate data from trusted sources. Disadvantages of CurrencyBeacon CurrencyBeacon offers only limited free access to their API, which means users might have to upgrade to a paid plan to access more data. CurrencyBeacon currently only covers a limited number of currencies, which might not suit all users’ needs. 4. Exchange Rates API Exchange Rates API is another popular choice for accessing currency exchange rates. It offers a comprehensive and reliable solution for developers to integrate realtime exchange rates into their applications or websites. One of the key advantages of using Exchange Rates API is its simplicity and ease of use. It provides a simple RESTful API interface, making it easy for developers to fetch the latest exchange rates for a wide range of currencies. The API supports over 150 currencies, including both major and minor ones. The Exchange Rates API offers a range of pricing options to suit different needs. Advantages of Exchange Rates API Offers realtime exchange rate data that is updated every 60 seconds. Offers historical exchange rate data. Easy-to-use API with clear documentation and support. Flexible subscription plans to suit different needs. Disadvantages of Exchange Rates API Delayed updates for some currency pairs. Limited free usage plan (only 250 API Calls). Also read: 10+ Payment APIs to Make Transactions Easier 5. Frankfurter Frankfurter is an API that offers exchange rate data from various sources, including the European Central Bank and the Federal Reserve Bank of St. Louis. It supports over 200 currencies, making it an excellent option for global businesses. The API is free to use for non-commercial purposes, and there are affordable plans for commercial use. One of the advantages of Frankfurter is its reliability. The API fetches its data from multiple sources and ensures accuracy by regularly checking for inconsistencies. Additionally, the API’s response time is impressively fast, making it suitable for realtime applications. Advantages of Frankfurter Provides accurate and up-to-date exchange rates for over 200 currencies. Offers historical exchange rate data for up to 20 years. Simple and easy-to-use API documentation. Disadvantages of Frankfurter Not all currencies are supported. No support for crypto-currencies or precious metals. 6. Currencylayer Currencylayer is a reliable and scalable currency exchange rate API that is trusted by businesses all over the world. It offers accurate realtime currency exchange rates that are updated every 60 minutes. Currencylayer provides over 168 world currencies and supports more than 60 languages, making it a great API for businesses looking to provide currency conversion services on their website or app. Currencylayer offers a range of pricing plans to suit various needs and budgets. The Free plan is available with no hidden fees and provides up to 250 monthly requests. Advantages of Currencylayer Provides accurate and reliable exchange rates data from multiple sources. Offers realtime and historical exchange rate data. Supports 168 currencies and covers over 250 countries and territories. Easy to integrate into applications with its simple and well-documented API. Disadvantages of Currencylayer Limited number of requests per month with the free plan. May experience occasional downtime or delays in data updates. Some users have reported inconsistencies in the accuracy of exchange rate data provided by the API. 7. Currency API Currency API is a powerful tool for developers and businesses requiring up-to-date exchange rate data. This API provides realtime exchange rates for over 170 currencies worldwide. Developers can use Currency API to integrate currency conversion functionality into their applications or websites, enabling users to easily convert currencies. For starters, there is a free plan available with no monthly fee, making it ideal for beginners. Advantages of Currency API Provides realtime exchange rates data. Supports multiple currencies, including digital cryptocurrencies. Provides customizable API endpoints for easy integration with web or mobile apps. Offers a user-friendly dashboard for easy API management. Disadvantages of Currency API Reliability may be an issue, with occasional downtime or data inaccuracies. May not offer historical data or advanced features like currency conversion or time series analysis. Limited customer support or documentation compared to other APIs in the market. 8. Exchangerate Exchangerate is a popular API for currency exchange rates that offers realtime data for over 170 currencies. It provides accurate and reliable exchange rates, making it a valuable tool for businesses and developers looking to integrate currency conversion functionalities into their applications. Exchangerate offers various endpoints for developers to choose from, including a realtime rates endpoint and a historical rates endpoint that allows you to retrieve exchange rates for any given day. The API is easy to integrate and provides simple and intuitive documentation. Advantages of Exchangerate Simple API integration. Provides up-to-date currency rates from various sources. Allows conversion of multiple currencies at once. Offers historical exchange rates for analysis. Disadvantages of Exchangerate Limited coverage of currencies compared to other APIs. Limited support and documentation available. No historical exchange rate data is provided. 9. XE XE is a well-known website and mobile application that offers currency exchange rates and other financial tools to users around the world. In addition to its user-friendly interface and convenient features, XE also provides a reliable and accurate API for developers who need to access currency data programmatically. The XE Currency Data API is designed to provide realtime exchange rates for over 220 currencies, as well as historical data and other useful features like currency conversion and localization. XE offers four different pricing tiers for their currency exchange rate API. Advantages of XE XE provides realtime currency exchange rates for over 220 currencies. XE’s rates are highly accurate and are trusted by major financial institutions and corporations. XE offers various currency tools and services, including a currency converter, historical rate charts, and currency market analysis. Disadvantages of XE Premium version can be expensive for small businesses or individuals. Some users have reported occasional inaccuracies in exchange rate data. 10. IBAN IBAN is a reliable and comprehensive currency conversion API that offers accurate and up-to-date exchange rates. With data sourced from central banks and trusted sources, IBAN ensures that you have access to reliable and trustworthy information. One of the standout features of IBAN is its regular updates. The API refreshes currency rates every ten minutes, ensuring that you have the most recent data at your fingertips. This realtime information allows you to make informed decisions and take advantage of market fluctuations. Advantages of IBAN IBAN Currency Rate API provides realtime exchange rates for 154+ currencies. The API also provides historical exchange rate data. The data is updated every hour, ensuring accuracy. IBAN Currency Rate offers a free trial for users to test the API’s functionality before committing to a paid plan. Disadvantages of IBAN Requires a paid subscription for access to additional features Which One to Choose? With so many options available, choosing the right API for currency exchange rates can be a daunting task. Each API has its own set of advantages and disadvantages, making it important to carefully evaluate your needs and requirements before making a decision. If you prioritize accuracy and reliability, Fixer API and CurrencyLayer are both excellent choices. These APIs offer realtime exchange rates with high accuracy, ensuring that your calculations are as precise as possible. Additionally, they provide extensive historical data, which can be valuable for analyzing trends and making informed decisions. On the other hand, if you require a free API, Exchange Rates API and Frankfurter are worth considering. While their accuracy may not be as high as paid options, they still offer reliable exchange rate data without any cost. This can be beneficial for individuals or small businesses on a tight budget. If simplicity and ease of use are your main concerns, XE and Currency API are user-friendly options. They offer intuitive interfaces and comprehensive documentation, making integration a breeze even for those with limited technical expertise. Ultimately, the best API for currency exchange rates depends on your specific needs and priorities. Consider factors such as accuracy, cost, ease of use, and additional features each API offers before deciding. By doing thorough research and evaluation, you can choose the API that best suits your requirements and enables seamless currency exchange rate calculations. Bottomline When it comes to finding the best API for currency exchange rates, it ultimately depends on your specific needs and preferences. Each API mentioned in this blog post has its advantages and disadvantages, so it’s important to carefully evaluate them before deciding. Whether you prioritize accuracy, ease of use, or pricing, there’s an API out there that can meet your requirements. Consider your budget, desired features, and level of customization when selecting the API that best suits your needs.