How to Use an API to Obtain Historical Currency Rates

How to Use an API to Obtain Historical Currency Rates

The cornerstone of the world economy is foreign exchange rates, which help determine the relative worth of various currencies on the world market. For businesses, investors, and financial analysts, having access to historical exchange rates may be very helpful in analyzing historical trends and making wise judgments about future investments.

Fortunately, access to historical exchange rates API has never been simpler because of the development of modern technologies. An API (Application Programming Interface) is one of the most popular ways to retrieve this data.

This post will cover some of the top API choices on the market as well as how to obtain historical exchange rates using an API.

What is an API?

A set of tools and protocols known as an API enables interaction between various software programs. When it comes to exchange rates, APIs give users a mechanism to access and retrieve rate information in a structured style, making it simple to utilize in programs or apps.

Since they allow applications to access real-time or archived data, such as exchange rates, stock prices, and commodity prices, APIs are frequently utilized in the financial sector. Businesses can also incorporate financial data into their systems through APIs, which automates financial processes and increases the accuracy of financial reporting.

How to Use an API to Get Historical Exchange Rates?

You must adhere to these few procedures in order to obtain historical exchange rates using an API:

Step 1: Choose an API

Choosing an API that satisfies your needs is the first step. There are numerous API providers on the market; you must choose the one that delivers the exchange rates you’re looking for and supplies accurate information.

The following are a few of the well-known historical exchange rate API providers:

  • Fixer
  • Currencylayer
  • Open Exchange Rates
  • Exchange Rates API
  • XE Currency Data

Step 2: Sign Up for an Account

You must create an account once you’ve decided on an API provider. With varied levels of access and features, the majority of API providers offer both free and paid programs.

Paid subscriptions give more comprehensive historical data and real-time rates, whilst free programs typically have restricted access to previous data. You should pick a plan that accommodates both your needs and your budget.

Step 3: Retrieve the historical exchange rates

You can use the API to start getting previous exchange rates after creating an account. Historical data is frequently provided by APIs in a structured format, like JSON or CSV, making it simple to import into programs or apps.

You must submit a request to the API provider with the currency pair, the date range, and the desired data format in order to retrieve historical exchange rates using an API. The historical exchange rates will then be returned by the API in the format that was given.

Here is an illustration of how to use the Fixer API to retrieve historical exchange rates:


In this example, We are obtaining the USD, EUR, and GBP exchange rates as of July 1, 2016. You will have to adjust the request if you want to get data for a different date or currency pair.

Options for Historical Exchange Rates API that are the best

There are numerous API suppliers for historical currency rates, as was previously indicated. Some of the top choices are as follows:

Fixer API

Fixer is a straightforward and compact API. It offers information on past and present foreign currency rates. For current exchange rates, Fixer uses trustworthy data sources. As a result, SMBs, major organizations, and developers all around the world adore using it. Volumes are scaleable with Fixer. Additionally, it offers great performance & availability. Your inquiries receive a millisecond-long response. Additionally, Fixer includes time-series data & distinct endpoints for the conversion of a single currency. It provides historical data up to 1st January 1999.

Open Exchange Rates

Historical exchange rates from 1999 are available from Open Exchange Rates, a dependable and accurate API source. The JSON format used by the API makes it simple to utilize in programs and applications. With varied levels of access and functionality, Open Exchange Rates offers both free and premium plans.

Exchange Rates API

Another well-known API source that provides historical exchange rates going back to

ConclusionIn conclusion, corporations, investors, and financial analysts may find it quite helpful to retrieve historical API exchange rate utilizing an API. Users can simply retrieve and analyze historical trends with the use of APIs to make well-informed judgments regarding their future investments. There are numerous trustworthy API vendors available nowadays., such as Fixer, Open Exchange Rates, Exchange Rates API, Currency Layer, and XE Currency Data. Users can retrieve past exchange rates and take advantage of them by following the easy steps described in this article.

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