In the foreign exchange market and the world of international finance, currencies play the vital role of acting as the medium of exchange in the transactions that take place.
Currencies like the United States dollar, the Euro, or the British Pound are widely used around the world as a means of making payments. Some companies that offer financial services have exposed their APIs (Application Programming Interfaces) to enable developers to integrate currency exchange, currency conversion, or other capabilities into their applications.
We evaluated different currency APIs based on the following four main criteria:
- API features: We assessed the distinguishing features of each of the currency APIs.
- Data coverage: We evaluated the number of currencies supported, data sources, frequency of updates, and other data coverage features of the APIs.
- Price: We looked at the cost of using each of the APIs.
- Ease of use: We looked at the ease of integrating the APIs in applications.
Ultimately, we created the following list of top 10 best currency APIs. You can check out Rakuten RapidAPI’s full selection of currency and forex APIs here.
The Currencylayer is a REST API that uses the JSON data format to deliver reliable currency exchange rates as well as currency conversions for individuals and businesses.
API features: The API provides five customizable endpoints for completing various types of tasks. These are the live endpoint for getting real-time exchange rates, the historical endpoint for getting historical currency rates, the convert endpoint for converting different currencies, the timeframe endpoint for getting exchange rates for a specific period, and the change endpoint for getting any currency’s change parameters.
Data coverage: The Currencylayer API supports 160 global currencies and precious metals. The data is gathered from various commercial forex data providers and banks and blended algorithmically before dispersing to users. It provides frequent data updates, ranging from every 60 minutes to every 60 seconds.
Price: You can try the API for free, but you’ll access only limited features, such as 1,000 requests per month. To access more features, you’ll need to go for any of the paid plans, which start from $9.99 per month.
Ease of use: The Currencylayer API is very easy to use. It has comprehensive documentation that makes it easy to integrate into any application.
The Xignite API provides an extensive variety of global currency data for powering your applications.
API features: The API comes with various methods for accessing real-time forex rates, historical forex rates, forward rates (expiration, bid, mid, ask, spot rate), bars (open, low, high, average, volume), currency conversions, and minute-level ticks for currency pairs.
Data coverage: It provides data for 170 currencies as well as other assets such as Bitcoin, metals, and options. To provide reliable and accurate data, the API amasses data from the major financial institutions around the world. The data is refreshed in real-time, as new quotes are received from the market participants.
Price: You can try the Xignite API for free for 7 days. Thereafter, you’ll pay depending on your specific use case.
Ease of use: Integrating the API is easy. It supports REST and SOAP and returns data in CSV, JSON, or XML format. It has an easy to follow technical documentation full of code samples.
The XE Currency Data API serves as a hub for tracking the exchange rates of several currencies in real-time.
API features: With the API, you can access daily or live currency rates as well as historical currency rates from 1998. Furthermore, it offers endpoints for listing different currencies, converting one currency to another, and getting various statistics information.
Data coverage: The XE API supports more than 170 currencies. To ensure that the API delivers accurate output, the rates are collected from more than 100 credible international sources. The XE daily package option provides updated exchange rate data on a daily basis. On the other hand, the XE live package option delivers the latest rates within the previous 60 seconds.
Price: XE offers a free 7-day trial period for the API. Thereafter, it has various pricing plans, starting from $799 per year.
Ease of use: XE provides a test environment where you can familiarize yourself with how the API works. It also has a non-technical quick start guide, and technical specifications document to assist you in getting started. You can get the currency outputs rates in your desired data format — JSON, XML, or CSV.
OANDA is a financial company that provides a wide range of currency products, which encompasses currency trading and currency data analytics. You can use the OANDA APIs to access its trading engine and escalate the functionality of your application.
API features: OANDA’s exchange rates API allows you to access real-time currency rates 24 hours a day. Its historical currency converter allows you to access historical exchange rates from 2005. With the market data the APIs provide, you can open and exit trades, manage account settings, and retrieve your trading history.
Data coverage: The APIs provide data covering more than 200 currencies. OANDA collects the data from more than 25 central bank exchange rates and delivers the output automatically to API clients.
Price: OANDA offers a free trial period of 30 days for testing the API. To continue using the API, you’ll need to go for any of its paid plans, which starts from $400 per month.
Ease of use: To assist users in getting started quickly, OANDA has a comprehensive collection of developer resources, including code samples, documentation, and forums. Furthermore, its REST APIs are language-agnostic, and the outputs can be returned in different formats — JSON, CSV, or XML.
Currency Converter is an easy to use API that allows you to convert one currency to another.
API features: The API provides the bare-bones features for converting currencies online. It provides endpoints for listing currencies, listing countries, and getting historical currency data for a maximum of 365 days.
Data coverage: It supports more than 150 currencies. The free version of the API refreshes the currency values data every 60 minutes. By default, the paid versions update the data every 15 minutes.
Price: The API is provided for free. However, you’ll be limited to 100 requests per hour. If you want premier features, such as minimal downtimes and near real-time currency values, you can go for any of the paid plans, which starts from $5 per month.
Ease of use: The Currency Converter API is simple and easy to use. It provides an easy to follow documentation with quick sample codes of how to start integrating the API using any of the popular programming languages. The output is returned in JSON data format.
The Currency Exchange Rates is a simple open source API that allows you to access current and historical currency exchange rates as made available by the European Central Bank (ECB).
API features: The Exchange Rates API provides the basic features for getting foreign exchange rates data. Additionally, it allows you to get historical rates back to 1999 — for any day or period you want.
Data coverage: By default, the currency rates are quoted against the Euro. If you want to quote against another currency (it supports more than 30 currencies), you’ll need to change the base parameter value to suit your requirements. The API refreshes the currency rates every 60 minutes; it downloads the previous 90 days accumulated data every 60 minutes.
Price: The API is free to use.
Ease of use: The API comes with a lot of simplicity that allows you to easily integrate it into your application.
The Neutrino Convert API is a simple tool that allows you to convert one currency to another.
API features: The API enables you to access an accurate international currency feed for converting currencies. Furthermore, you can use it for converting the most common types of measurements, such as length and time.
Data coverage: The Convert API supports about 40 currencies. It provides up-to-date data that you can use for converting currencies.
Price: The API is provided for free — for as long as you want. However, you’ll be limited to 25 requests per day. To utilize more features of the API, you’ll need to go for any of its paid plans, which starts from $10 per month.
Ease of use: The Convert API is easy to use. There are helpful guides about how to use the REST API that accepts either HTTP GET or HTTP POST request parameters. The API returns data in an easy to follow JSON or XML format.
The Coinmill Currency Converter is a simple API for integrating the latest currency rates on your web application.
Data coverage: The Coinmill Currency Converter API supports more than 80 currencies. It provides up-to-data data about the currency exchange rates.
Price: The API is provided for free.
The Open Exchange Rates API provides developers with easy access to live and historical forex rates.
API features: The API provides endpoints for getting the latest exchange rates, getting historical exchange rates from 1999, getting a list of all supported currencies, getting time series data, and converting any money value from a specified currency to another.
Data coverage: The API supports more than 200 currencies and digital currencies like Ethereum and Litecoin. It gathers data from several reliable providers and blends them algorithmically before dispersing to users. With the paid plans, you can get frequent rates updates, from 30-minute to 5-minute updates.
Price: You can try out the API for free, for as long as you want. However, you’ll be limited to 1,000 requests every month and hourly currency rate updates. To access better features, you can sign up for any of the paid plans, which starts from $12 per month.
Ease of use: The Open Exchange Rates API has helpful documentation with basic code samples to assist developers in getting started integrating its features into their web applications. It returns data in an easy to implement JSON format.
The Fixer API provides a simple way to deliver real-time foreign exchange rates as well as currency conversions to website visitors.
API features: The Fixer API has several endpoints for completing various tasks. You can use the endpoints for getting real-time exchange rates data, listing all the available Fixer currencies, returning historical currency rates back to 1999, converting any amount of money between single currencies, and retrieving daily fluctuation data.
Data coverage: The API supports 170 currencies, including silver, gold, and Bitcoin. It collects exchange rates data from more than 15 external data sources, including the European Central Bank. The currency rates data are updated every 60 minutes, 10 minutes, or 60 seconds — based on your chosen subscription plan.
Price: The API is available for free. However, you’ll be limited to 1,000 requests per month and 60-minute updates. The paid plans start from $10 per month and come with better features.
Ease of use: Fixer has exhaustive documentation, intuitive code samples, and an easy to integrate API structure. Therefore, starting to use the API is easy and straightforward. Furthermore, the API returns data in the JSON format.
That’s Rakuten RapidAPI’s list of top 10 best currency APIs. We hope you’ll find an API that you can implement into your web application and display currency exchange rates, carry out currency conversions, or create other awesome stuff!
Rakuten RapidAPI is the world’s largest API marketplace with 8,000+ third-party APIs and used by over 500,000 active developers. We enable developers to build transformative apps through the power of APIs. Find, test and connect to all the APIs you need in one place!
- Xe Currency Converter – Best App Overall. ...
- Currency Converter Plus – Exceptional User Experience. ...
- Easy Currency Converter – Convenient App for Quick Conversions. ...
- Currency Foreign Exchange Rate – Currency Converter App for Investors. ...
- All Currency Converter.
Credible and accurate
We have direct access to real-time FX rates, so you can be assured that the data we provide is always accurate and reliable.
OANDA rates are trusted and used by major corporations, tax authorities, auditing firms, and individuals around the world. For major currency pairs, our rates are based on tens of thousands of different price points, collected every few seconds, 24 hours a day, 365 days a year.Where does OANDA get rates? ›
The exchange rates provided by OANDA are averages from the global foreign exchange market gathered from frequently updated sources, including our OANDA fxTrade currency trading platform, leading market data vendors, and contributing financial institutions.What is the most faked currency? ›
It may not come as a surprise to learn that the US dollar is the most commonly counterfeited currency in the world according to the Federal Reserve Bank of Boston.
- EUR/USD. YinYang/Getty Images. ...
- USD/JPY: Trading the "Gopher" The next most actively traded pair has traditionally been the USD/JPY. ...
- GBP/USD: Trading the "Cable" ...
- AUD/USD: Trading the "Aussie" ...
- USD/CAD: Trading the "Loonie" ...
- USD/CNY: Trading the Yuan.
Is IG better than OANDA? In our analysis of 23 international regulators across 39 of the best forex brokers, IG is considered low-risk, with an overall Trust Score of 99 out of 99. OANDA is considered low-risk, with an overall Trust Score of 92 out of 99.Who is OANDA owned by? ›
The future is now
Introducing a new era for the firm, OANDA is acquired by CVC Capital Partners, a leading private equity firm that currently manages in excess of USD70 billion in assets around the world.
OANDA is among the top FX brokers in the U.S in terms of customer funds held. OANDA accepts U.S. clients, though only for forex, and is registered with the CFTC, NFA (U.S.), and FCA (U.K.). OANDA offers clients a stellar desktop trading experience and superior research amenities.Is forex better than OANDA? ›
Is FOREX.com better than OANDA? In our analysis of 23 international regulators across 39 of the best forex brokers, FOREX.com is considered low-risk, with an overall Trust Score of 99 out of 99. OANDA is considered low-risk, with an overall Trust Score of 92 out of 99.
There is no minimum deposit amount. Note: you can only deposit up to 50% of your net worth.How do I make money on OANDA? ›
A take-profit order automatically closes an open order when the exchange rate reaches a specified threshold. Take-profit orders are used to lock-in profits, for example, if you are long USD/JPY at 109.58 and you want to take your profit when the rate reaches 110.00, you will set this rate as your take-profit threshold.How long does OANDA withdrawal take? ›
To withdraw funds via bank transfer, your bank account must be in the same name as your OANDA trading account. It takes between one and two business days to withdraw funds via bank wire transfer within the US and up to five business days for international withdrawals.How much does OANDA charge for withdrawal? ›
We charge a fee of $20 per transaction for withdrawals. You may also incur bank or any payment intermediary charges.Is OANDA a Bitcoin? ›
We offer 4 leading cryptocurrencies: Bitcoin (BTC/USD), Bitcoin Cash (BCH/USD), Ether (ETH/USD) and Litecoin (LTC/USD).What country makes fake money? ›
Security Features of Peruvian banknotes and coins explained. Over the past decade Peru established itself as the world leader in counterfeit money output producing the world's finest fake banknotes; mainly US Dollars – about 60% of all counterfeit US$ bills are produced in Peru - but as well Peruvian (Nuevos) Soles.How can I illegally print money? ›
The first thing you would do is put a $20 bill on your scanner. Then you would set the scanner for its highest resolution — perhaps 2,500 or 4,000 dpi — and scan an image of the bill. Your scanner would drop a file on your hard drive, which you'd print out to use as money.What country makes the best counterfeit? ›
Quispe is a master counterfeiter. According to police investigators, Quispe is the de facto leader of one of the four (perhaps more) sophisticated counterfeiting operations operating out of Lima, Peru, which the US secret service has declared the world's leading producer of counterfeit dollars.Which currency pair is best for scalping? ›
Best pair for scalping forex
Traders should consider scalping major currency pairs such as the EUR/USD, GBP/USD and AUD/USD, as well as minor currency pairs including the AUD/GBP.
Given the enormous levels of liquidity that EUR/USD, USD/CHF, and EUR/GBP trade with, it's no wonder that they're among the most volatile currency pairings. The average true range for USD/CHF is between 45 and 65 pips, which is a modest average true range when compared to other pairings.What leverage should I use on OANDA? ›
At OANDA, leveraged or margined trading enables you to open positions that are larger than your account balance. To minimize your losses and reduce the negative effect of leverage on a losing trade, it's always a good idea to use a stop loss and maintain at least a 1:1 risk-reward ratio on all your trades.Does OANDA use TradingView? ›
Our partnership with TradingView provides you with the best of both platforms. By using your OANDA account on TradingView's platform, you combine TradingView's community features, powerful charts and analytical tools with OANDA's transparent pricing, fully-automated risk management systems and market data.Is OANDA commission free? ›
You only pay a fixed commission per trade. The total cost for each trade will be the sum of the applicable core pricing spread plus commission. Our core pricing spreads start from as low as 0.0*, with $50 commissions per 1M.Can you actually withdraw from OANDA? ›
You can withdraw funds straight to your bank account via bank transfer. For more information about withdrawing funds from your trading account, visit our Withdraw funds FAQ page.Is OANDA legal? ›
Legal and Regulatory Documentation
OANDA Corporation is a registered Retail Foreign Exchange Dealer (RFED) with the U.S. Commodity Futures Trading Commission (CFTC), and a Forex Dealer Member (FDM) of the National Futures Association (NFA # 0325821).
There are 70+ five-digit Oanda currency forex pairs to choose from with no minimum deposit requirement.What country is OANDA broker in? ›
OANDA Europe Limited is a company registered in England number 7110087, and has its registered office at Floor 6, Myo, Dashwood House, 69 Old Broad Street, London EC2N 1QS.What is the safest forex? ›
Trust: Founded in 1974, IG is publicly traded (LON: IGG) and regulated in six tier-1 jurisdictions, making it a safe broker (low-risk) for forex and CFDs trading. All jurisdictions considered, IG ranks as the most trusted forex and CFDs broker in our 2022 Review.
“The Swissie” is a combination of the US dollar and the Swiss franc. For many years, the financial stability of Switzerland has been used as a 'safe haven' for investors of the forex market, who will rely on trading the CHF in times of market volatility.How many dollars is 100 pips? ›
For the U..S dollar, when it comes to pip value, 100 pips equals 1 cent, and 10,000 pips equals $1. An exception to this rule is the Japanese yen.Does OANDA have a welcome bonus? ›
OANDA is entitled to ask for proof of eligibility. 2.3 OANDA will then immediately credit the Qualifying Client's account with a welcome bonus of 50% of the initial deposit (“Bonus”). 2.4 The maximum Bonus amount is 1,000 USD per client, and not per sub-account or per trading account.How many forex pairs are in OANDA? ›
We offer competitive CFD spreads on 45 forex pairs, including all the majors and minors.How do I calculate my profit in forex? ›
The actual calculation of profit and loss in a position is quite straightforward. To calculate the P&L of a position, what you need is the position size and the number of pips the price has moved. The actual profit or loss will be equal to the position size multiplied by the pip movement.How are pips calculated in OANDA? ›
For currency pairs displayed to 4 decimal places, one pip = 0.0001. Here is an example: if a currency jumps by 20 pips and you have a $100,000 USD/CAD position, the 20-pip movement equates to $200 (100,000 x . 0020).Does OANDA accept PayPal? ›
Oanda accepts only EUR, GBP, and USD with PayPal.Does OANDA trade on weekends? ›
Trading is available from Sunday approximately 5 p.m. to Friday 5 p.m., New York time. If you decide to leave trades open over the weekend: You cannot close existing positions or open new positions when markets are closed (but you can place or modify Limit, Stop Loss, Take Profit and Trailing Stop orders).Does OANDA use MetaTrader? ›
Our range of platforms include OANDA Trade web, desktop and mobile, as well as MetaTrader 4.Is MT4 an OANDA? ›
Our range of platforms include OANDA Trade web, desktop and mobile, as well as MetaTrader 4.
Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.Is it better to pay in local currency or convert? ›
If you opt to pay in your home currency , you'll know more accurately how much things are costing as you pay. However, it can be more expensive as a shop or restaurant is allowed to set its own exchange rate to convert the amount you're spending. They may also add extra conversion fees on top of this.What is the easiest currency to trade? ›
What is the Easiest Currency Pair to Trade? EUR/USD is not just the easiest, but also the most stable currency pair to trade. It is the best choice not only among beginners but also for professional traders. This is one of the most traded currency pairs due to tight spreads and liquidity.What's the cheapest way to convert currency? ›
Though there may be a small fee, your bank or credit union will almost always be the best place to exchange currency (and the cheapest). You may be able to order currency at a branch location or by phone or online to have it delivered to you, or to pick up at a branch.Do you lose money when converting currency? ›
Do you lose money when you exchange currency? In a nutshell, yes! While there are losses associated with all currency trades, there are also a variety of ways in which we can reduce our losses when exchanging currency. There's a whole host of reasons one might need to exchange currency.How do I avoid exchange fees? ›
These fees can be avoided by choosing a bank account that doesn't charge fees and reimburses out-of-network ATM fees and by always withdrawing local currency from ATMs. Account holders can also ask their home bank if there are partner branches or in-network ATMs in the destination country or countries.How can I avoid paying exchange rates? ›
- Sign up for one of the many fee-free credit cards that allow you to travel and pay abroad without paying a fee.
- Only use an ATM abroad if it is a part of your bank's network.
- Avoid converting your money at the airport while travelling.