Exchange Rates API pulls its numbers from a mix of sources, including central banks, and its free plan already lets you set any base currency directly in the request URL - no upgrade required just to price in USD instead of EUR. The catch shows up elsewhere: the free plan updates once a day (hourly refresh is a $10/month upgrade), the currency list caps out at 165, and there's no IP-to-currency endpoint at any tier.
This guide walks through where Exchange Rates API holds up, where it doesn't, and how CurrencyFreaks compares on the specific gaps that matter for picking between them.
CurrencyFreaks Vs. Exchange Rates API
| Features | CurrencyFreaks | Exchange Rates API |
|---|---|---|
| Security | SSL encryption for all plans | SSL encryption for all plans |
| Starting Price | $9.99/month (Starter plan) | $10/month (Pro plan) |
| Global Coverage | currencies ( fiat, | 165 currencies |
| Free Plan API Calls | 1000 API calls/month | 1500 API calls/month |
| Free Plan Update Frequency | 24-hour updates | 24-hour updates (hourly on the $10/month Pro plan) |
| Response Format | JSON and XML | JSON only |
| Base Currency (Free Plan) | USD only | Any currency (set directly in the request URL, free plan included) |
| Authorization | API Key | API Key |
| Latest Currency Rates | ✔ | ✔ |
| Desired Currency Rates Only | ✔ | ✔ |
| Change Base Currency | ✔ (paid plans) | ✔ (all plans, including free) |
| Historical Rates | ✔ | ✔ |
| Latest Rates Conversion | ✔ (paid plans) | ✔ |
| Historical Rates Conversion | ✔ (paid plans) | ✔ |
| Time Series Endpoint | ✔ (Professional plan+) | ✔ (Professional plan+) |
| Fluctuation Endpoint | ✔ (Professional plan+) | ✔ (Business plan+) |
| Supported Currency Symbols | ✔ | ✔ |
| Supported Currencies Endpoint | ✔ | ✔ |
| IP to Currency Endpoint | ✔ (Growth plan+) | ❌ |
| Historical Data Limits Endpoint | ✔ | ❌ |
Where Exchange Rates API Falls Short
Hourly refresh is a paid upgrade. The free plan updates once a day. If you need rates closer to real time, the Pro plan at $10/month gets you hourly refresh, and Business at $30/month gets 5-minute updates.
No IP-to-currency endpoint at any tier. If your app needs to auto-detect a visitor's local currency from their location, you'd need to pair this API with a separate geolocation service.
Coverage tops out at 165 currencies. Enough for the vast majority of fiat use cases, but there's no crypto or metals coverage the way CurrencyFreaks offers.
Where It Holds Up
Letting you set any base currency directly in the URL - on the free plan, no upgrade needed - is a genuine convenience most competitors, CurrencyFreaks included, gate behind a paid tier. Sourcing from multiple providers including central banks also gives it a credibility argument for finance-adjacent products that need to point to where a rate came from.
How CurrencyFreaks Compares
CurrencyFreaks ships an IP-to-currency endpoint that Exchange Rates API doesn't offer at any tier, and covers currencies ( fiat,
Conclusion
If your app needs to auto-detect a currency from IP, needs crypto or metals rates alongside fiat, or needs a free base-currency-flexible plan, CurrencyFreaks covers ground Exchange Rates API doesn't. If setting any base currency on a free plan matters more than that, Exchange Rates API's free tier already does what CurrencyFreaks gates behind a paid plan.
FAQs
Can I Change The Base Currency On Exchange Rates API's Free Plan?
Yes - the base currency is set directly in the request URL (for example /v6/latest/USD), and this works on the free plan without upgrading. This is actually more flexible than CurrencyFreaks' free plan, which is fixed to USD.
Does Exchange Rates API Have An IP-To-Currency Endpoint?
No, at any plan tier. If auto-detecting a visitor's currency from their location is part of your app, you'd need to pair it with a separate geolocation service, or use an API like CurrencyFreaks that includes this endpoint on the Growth plan.
How Often Does Exchange Rates API Update Its Data On The Free Plan?
Once a day. Hourly updates require the $10/month Pro plan, and 5-minute updates require the $30/month Business plan.
How Many Currencies Does Exchange Rates API Support?
165 currencies, covering the vast majority of fiat use cases. It doesn't cover crypto or precious metals, which CurrencyFreaks does.
What Does Exchange Rates API Cost Compared To CurrencyFreaks?
Exchange Rates API's Pro plan starts at $10/month; CurrencyFreaks' Starter plan starts at $9.99/month, roughly the same entry price, with the difference coming down to which gaps (IP-to-currency, crypto/metals coverage, or free-plan base currency choice) matter more for your app.
