Open Exchange Rates API Vs. CurrencyFreaks | Exchange Rates API Free Options Available for Developers
Are you a developer looking for Exchange Rates API free options? In today's world, having accurate exchange rate information is crucial for many applications. But with so many options available, it can be hard to choose the right one. That's why we're comparing two popular free options: CurrencyFreaks and Open Exchange Rates.
In this blog, we'll look at the features of each API, how reliable they are, how easy they are to use. We'll start by introducing each API and explaining what makes them different. Then, we'll compare them in detail. Let's begin.
Why Do Developers Need an Exchange Rates API Free Options?
Developers need Exchange Rates APIs to get current and accurate currency conversion rates for their apps.
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These APIs help in e-commerce for showing prices in different currencies.
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They are also useful in financial tools for calculating investments and managing risks.
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For travel apps, they help users know the cost in local currency.
In simpler terms, these APIs give developers the most recent and correct exchange rates between different currencies. This information is important for many apps to work well. It helps in showing prices accurately and letting users know how much things cost in different currencies.
What Are the Two Popular Exchange Rates API Free Options Available in the Market?
Here are the two most popular APIs available in the market.
CurrencyFreaks
CurrencyFreaks assists in determining the value of one currency in another. It provides historical and current currency values, as well as information on how these values have changed over time. Moreover, it supports over currencies worldwide. CurrencyFreaks offers data in two formats: XML or JSON.
This API is particularly valuable for applications requiring swift currency conversion. Additionally, CurrencyFreaks is compatible with numerous programming languages.
Open Exchange Rates API
The Open Exchange Rates API is a useful tool for developers to get real-time and historical exchange rate data. It comes with secure exchange rates, easy integrate, and its support for over 170 currencies. Let's compare the CurrencyFreaks and Open Exchange Rates API to know the best among them.
Open Exchange Rates API Vs. CurrencyFreaks
| Feature | CurrencyFreaks | Open Exchange Rates API |
|---|---|---|
| Pricing | Free plan available with limited features | Free plan available with limited tech support |
| Supported Currencies | Over currencies supported | Over 170 currencies supported |
| Exchange Rate Updates | Updates every 60 minutes | Updates every 60 minutes |
| Developer Support | Dedicated support team | Developer community support |
| API Access | RESTful API | RESTful API |
| Response Formats | JSON and XML | JSON |
| SSL Security | Secure SSL encryption | HTTP secured |
| Enterprise Solutions | Customizable enterprise solutions available | No enterprise option available |
| Data Sources | Aggregates data from various sources | Aggregates data from various sources |
| Rate Limiting | Yes | Yes |
| Supported Languages | Shell, Node JS, Java, Python, Ruby, JavaScript, Go, C#, PHP, Swift | No specific information is available |
| Latest Currency Rates | ✔️ | ✔️ |
| Desired Currencies Rates Only | ✔️ | ❌ |
| Change Base Currency | ✔️ | ❌ |
| Historical Rates | ✔️ | ✔️ |
| Latest Rates Conversion | ✔️ | ❌ |
| Historical Data Limits | ✔️ | ❌ |
| Supported Currency Symbols | ✔️ | ❌ |
| Supported Currencies | ✔️ | ✔️ |
| IP To Currency | ✔️ | ❌ |
| Historical Rates Conversion | ✔️ | ❌ |
| Fluctuation | ✔️ | ❌ |
| Time Series Endpoint | ✔️ | ✔️ |
| OHLC | ❌ | ✔️ |
| Usage | ❌ | ✔️ |
Conclusion
Choosing the right currency API is important for getting accurate exchange rate information in your apps. CurrencyFreaks offers more monthly requests and covers more currencies. Furthermore, updating every 60 seconds. Open Exchange Rates has fewer requests but covers many currencies. Both are secure and use JSON format.
The right API ensures your users get the latest information. The right information helps us make successful decisions for financial transactions, e-commerce, and travel apps. Consider factors like request limits, currency coverage, and update frequency to pick the best API for your needs.
FAQs
What is the Starting Price of CurrencyFreaks Plans?
CurrencyFreaks starts at $9.99 per month.
Are There Any Limitations To The Free Plans Offered By CurrencyFreaks And Open Exchange Rates?
The free plans offered by CurrencyFreaks and Open Exchange Rates have limitations that developers should be aware of.
CurrencyFreaks' free plan limits the number of requests to 1000 per month.This may be insufficient for applications with high traffic. Additionally, the free plan provides access to limited support.
On the other hand, Open Exchange Rates' free plan offers 1,000 requests per month. It also gives updates hourly.
Both APIs limit access to premium features such as faster update frequencies and additional data sets to their paid plans.
Can Developers Use CurrencyFreaks And Open Exchange Rates For Commercial Purposes?
Yes. Developers can use CurrencyFreaks and Open Exchange Rates for commercial purposes. However, they need to follow the rules of each API. CurrencyFreaks has a free plan for both personal and commercial use. However, it limits the number of requests you can make each month. If you need more requests, you can choose a paid plan with more features.
Open Exchange Rates also allows commercial use with its free plan. However, it also has limits on features and requests. For heavier usage, you can pay for a plan with more benefits. Make sure to read and follow the terms of each API for commercial use.
Which API Is More Suitable For Developers Looking For A Free Exchange Rates API?
For developers looking for a free exchange rates API, CurrencyFreaks and Open Exchange Rates are good options. CurrencyFreaks lets you make 1000 requests per month and provides rates for over currencies.Moreover, it is updated every 60 seconds. Open Exchange Rates offers 1,000 requests per month with hourly updates.
Both APIs use HTTPS for secure communication and provide data in JSON format. CurrencyFreaks also give data in XML format. Consider how many currencies you need, how often the rates update, and how many requests you expect. This will help you choose the most suitable API.
