How Fintech Developers can Tap into The Global Market

$3 trillion dollars are traded each day on the foreign exchange market.

That’s trillion with a T.

The global marketplace is open twenty-four hours a day, seven days a week, three hundred and sixty-five days a year.

And even with all this money shooting back and forth all over the world on any given day, the foreign exchange market is one of the least transparent markets on the planet. That’s because it’s unlike any other market on the planet. First of all, it’s totally decentralized. That means that different currency rates can both be valid at the same time. There’s no central authority, just buyers and sellers.

But even though there are many different reasons as to why the market is so strange, the most important takeaway from all this for developers is that they need an API that can supply them with accurate data on the market consensus.

And In a marketplace as shadowy and hyperactive as the foreign exchange, finding that accurate data can be tricky.

Currency APIs have become the go-to for Fintech developers looking for wall to wall coverage. Using a solid API, like currencystack.io, is a reliable way to translate those hundreds of millions of foreign exchange trading’s and build them right into your software. For B2B applications as well as consumer facing web or mobile apps, the ability to guarantee total currency conversion accuracy is a pretty great bragging right to have.

Because building multi-currency apps requires multi-currency functionality. The benefit to multi-currency functionality is that products and softwares that are enabled to handle real-time multi-currency conversion rates are perfect for market modeling, high-frequency trading as well as algo-trading, interactive charting, financial tickers, backtesting, and managing foreign exchange risks among many more applications.

Multi-currency APIs also offer some more consumer-friendly benefits. They are essential for eCommerce websites and personal banking applications. When it comes to pricing engines, multi-currency APIs can be very valuable as well.

Another benefit to currency APIs is that they can deliver daily average rates. I’m sure this will be great news for accountants and finance guys. Automated exchange rates will keep your ERP billing and accounting systems running smoothly, to put it bluntly.

But if you’re going to use a currency API for your app, make sure you choose one that’s proven to work. You don’t want to waste your time worrying about data accuracy, load balancing, or caching in the world of Fintech.

Currencystack.io is a product built by PushBots that I feel is worth mentioning. PushBots’ track record makes Currencystacks’ team of API specialists a perfect choice for any project you may be working on that requires an agnostic data source for foreign currency exchanges.

They use JSON to deliver data, so it’s easy for anyone with a JSON library to get started. And they provide mid-market exchange rates sourced from top-level financial data providers and banks, including the European Central Bank, Morningstar and SIX Financial Information.

And they do it all in real time.

How to get started?

  1. Create a free account on currencystack.io here.
  2. Open your terminal app and run this after you replace your API key
curl -X GET "https://api.currencystack.io/currency?base=USD&target=EUR,GBP&apikey=YOURAPIKEY" 

The response will return something like that

{  "base" : "USD",  "target" : "EUR,GBP",  "last_update" : "2019-01-11T00:08:47.685Z", "status" : 200, "rates" : { "EUR" : 0.8687534729, "GBP" : 0.7840253399 }}