Apply Now
Here Are 12 Healthy Tips in Using a Currency API

Well, developers have made it.

One of those wonderful inventions of science, API, is the one which we will remember a lot.

But wait a minute?

What exactly is an API?

Well, to put it simply, an API is an Application Programming Interface. Programmers use an API to integrate applications with data about currency. This helps them to deal with different currencies and be linear in financial performance.

Why is an API essential? Well, a single post such as this might not answer that. But, in summary, you can say that APIs make the integration between the applications and their data much more fluid. These apps require more data flow. Sometimes, these apps need more interaction between them. API helps them in the best possible ways.

  • Using APIs Is Not Complicated…Here’s How!

It might be possible that you have taken a 12-month loan for people with bad credit for investing in an API to manage your currencies and finances better.

Before taking out such a loan, it is possible that you go for understand the API in a better way.

This post can help you in a better way. Read the following points:

  • Security of an API
  • How Many Currencies Does It Support?
  • Is It Easy to Use?
  • Find out If It Is Reliable
  • What to Do with failed Queries?
  • Reduce Request Bandwidth
  • How to Change Source Currency
  • Is There Historical Exchange Rate?
  • Is There Any Limit to the Output of a Specific Currency?
  • Sometimes, Looking Back at Previous Trends
  • An Escape Plan!
  • To Conclude: Check the Real-time-rates

Let us now learn about them more!

1. Security of an API

If you use a licensed interface, then you do not need to worry about the API.

There is a way the application helps you in making the best of security measures. You can use the 256 bit HTTPS end-to-end encryption to help you keep your data safe.

With that in mind, you also get something called the Access key. The access key is provided to each user individually in order to keep your data safe. You need to use the Access key in the API request in order to do the communication.

2. How Many Currencies Does It Support?

IF you use the app known as Currencylayer, then you will be given access to almost 168 currencies.

You can get a list of the currencies with each application. The file list is available in JSON format. You can get the list by appending the access key to the currencylayer’s API’s list will give you further privileges.

3. Is It Easy to Use?

Most APIs are easy to use. Besides, the easy interface is quite navigable, and you can use it smoothly. Integrating apps also make the process easier and more critical. You can also view and manipulate various objects and their characteristics of them.

You might find the applications to offer you the data in the JSON format, which is also easily navigable and fetches essential data to you within a snap.

4. Find out If It Is Reliable

As a matter of fact, you can definitely rely on an API when there are enough resources that the app can get you.

Currencylayer, the application that we talked about, is an app that gathers data from various other Forex traders. When you get this data with you intact, then the application checks the data, filters it and then rearranges it to suit the need of the developers.

Now, let us say that a currency goes below the specific criteria or loses its value more than what has been maintained. In that regard, the API will also make sure that the instance is brought to attention by quick notifications and messages.

5. What to Do with failed Queries?

This is a good thing with the APIs. When an API detects an error anywhere in the operations, it sends an error code. The error code is a three-digit number.

This code is then sent to the human-managed units to take care of the problem immediately.

6. Reduce Request Bandwidth

The exchange rate data, when not updated, create a problem for the APIs.

To reduce this, the API has a solution in itself called the Entity Tag.

The Entity Tag or the ETag is basically an HTTP response header that checks if the material in a web browser matches the data found on a particular server. If that is found so, then exchanging becomes very easier.

ETags actually help you reduce and, by this way, save bandwidth on your requests, which is a good factor, of course.

7. How to Change Source Currency

It is easy. Let’s suppose you get the source currency set in the USD and that you want to change it in some ways.

There is again a three-letter currency code that you need to know. Use the code and append it to the currency you want. Add a source parameter as well. As a result, you are able to change the source currency.

8. Is There Historical Exchange Rate?

This is probably the easiest thing you can do, like taking out a 12 month loan for people with bad credit from direct lenders.

You can quickly get the historical currency exchanges till 1999. You can enter the data and get it fetched. It is easy.

9. Is There Any Limit to the Output of a Specific Currency?

The endpoints in the APIs do not have any currency restrictions. Doing so is vital to reduce the file sizes so that your API speed is not compromised.

You can limit it to a specific currency. You can set limits to an existing currency by appending a currency parameter with the three-letter currency codes.

10. Sometimes, Looking Back at Previous Trends

It is important because it delineates the characteristics of past trading behaviours.

It is essential to:

  • Make further trading decisions
  • Place bids on certain currencies
  • Renegotiate the trading options

Eventually, this helps in increasing the revenue.

11. An Escape Plan!

So, you are stagnant and you cannot move on?

Well, fixing it is quite easy.

  • Way 1: Go through the documentation coming with the API to solve a problem.
  • Way 2: Get in touch with the professionals from the Interface in order to gain advanced support.

  • To Conclude: Check the Real-time-rates

You can easily do that with Currencylayer.

Use the ‘currencies’ variable to simply add a source currency and an output currency to check rates.

All along, Quick Loans Lender will help you with the money needed for API investment.

All you need to do is to get in touch with us.

What do you think about the API? Are you going to invest in it soon?

Well, then let us know in the comment box. We will let you know how we might be of help.