The rate of one currency relative to other currencies can be calculated and converted using a currency API. For instance, if you were from the US and were visiting another nation, you would have to be aware of the value of the local currency in terms of the US dollar. If you were visiting specific regions of Europe, you would want to know how to convert US dollars to euros, and if you were visiting the United Kingdom, you would want to know how to convert US dollars to pounds. In this article, the foreign exchange rates API with the currency conversion in PHP is discussed clearly.
Currency Conversion and its Need
Endpoints for the Exchange Rates API are available. When you reach the endpoints and provide the necessary parameters, they respond appropriately. Guzzle (a PHP HTTP client) or cURL are the two options available for making API calls and managing responses. Both offer a simple and dependable approach to communicating with the APIs.
When the developer requests the current market prices for the open exchange rates API in euros listed in US dollars, that is a typical example. It is simple to access the most recent market rates in any of the 19 currencies using the Currency Exchange API. As a price foundation, you can also utilize any of the currencies. In this way, foreign developers can integrate geolocation recognition for different user interfaces in a web browser or pricing currency exchange in their native currency. Cron is a tool that developers can use to obtain values at predetermined intervals for historic chart references.
Based on SOAP standards, the Currency Exchange free API returns rates in plain text over XML. On the RapidAPI platform, the service has a 100% uptime record and a latency of 460 ms. The “GET exchange” request, which specifies the exchange rates for the exchange rates, is the primary API command. In each API call, developers must include their RapidAPI key as well as the two independent variables again for the currency pair.
Importance of Foreign Exchange Rates API
There are many advantages to using foreign exchange rate APIs in trading, including the ability for developers to quickly access real-time foreign exchange rates by making these APIs the default on your servers.
If you’re looking for a solution online. You will receive a lot of these items. There are several locations on the internet where you may access a multitude of APIs for currency exchange rates. You only need to set up your website for the forex and use their APIs; you don’t need to use any complex concepts. They will complete everything immediately and give you the most recent information, including historical, current, and exchange rates for any currency pair.
Other benefits of using Foreign Exchange Rates API are as follows:
- International arena
- Customer satisfaction
- Currency trading app
Using PHP with the Abstract Currency Exchange API
Create a basic PHP example API to demonstrate how the Currency Exchange and Forex API may be used.
You can install XAMPP to create the PHP development and runtime environment. XAMPP should be downloaded and installed in accordance with your operating system. Once the installation is complete, navigate to the ‘htdocs’ subdirectory by using the Xampp installation path. The PHP code is located in this root directory.
Create a simple PHP sample API to show how the Currency Exchange & Forex API may be used.
To construct a PHP development and runtime environment, install XAMPP. Your operating system should be taken into consideration when downloading and installing XAMPP. Use the Xampp installation path to navigate to the ‘htdocs’ subfolder after the installation is complete.
PHP Code for Obtaining Exchange Rates
- Open the file ‘live.php’ inside your favorite code editor and copy the code. After adding the code, carefully change the placeholder “Your Abstract key>” with your actual API key before saving the file.
- This demo API provides just a PHP interface for the Currency Exchange and Forex API. It relays the API consumer’s request to the Currency Exchange and Forex API and then relays the latter’s response to the API consumer. Internally, it calls the Currency Exchange and Forex API using the PHP curl library.
- You must run the demo API within a web server in order to test it. Use the command “php -S localhost:8000” to launch the built-in PHP server. The URL “http://localhost:8000/api/live.php” should then allow you to access this API.
- After using the above code, you will receive the same API answer for the Currency Exchange and Forex API. The only distinction is that it is now being returned using the PHP-based demo API.
With the use of the PHP curl library, you may convert currencies using PHP by sending a request to Abstract’s Exchange Value of Currency Converter API.