What Are the Most Reliable Historical Rate APIs in 2024
Acquiring historical exchange rates is essential for businesses, financial consultants, and investors. Correct exchange rate data helps with analysis, reporting, and making informed settlements. Historical foreign exchange data tells us about past exchange rates and trends. They can also predict future changes.
Accurate data is crucial for financial prediction and examination. In 2024, financial data providers offer APIs (Application Programming Interfaces) that can provide the best way to access historical currency rates. APIs give a fast approach to considerable databases of past rates, allowing users to integrate rate information into their applications. For those needing a reliable JSON API, these solutions provide a swift and secure method to acquire data.
This blog post will explain the importance of historical rates and discuss why APIs are the best data-solving procedure. We will also analyze the most valid historical rates APIs in 2024. These include CurrencyFreaks, Fixer API, Exchange Rates API, etc. Additionally, we will explore product management feature requests to improve the user experience. So, let's let'started.
What are the Historical Rates?
Historical rates provide essential information about currency conversion between two currencies at specific dates in the past. These rates are vital for financial consultants as they report and predict what will happen next.
For example, a business may need to examine the historical exchange rate in JSON format to calculate the value of past international transactions. Often, enterprises integrate this data using API requests, making it easier to pull trusted sources currency data for accurate analysis without hidden fees professional level.
When working with historical rates, an easy-to-integrate API can simplify the process, enabling companies to convert currencies effortlessly. Businesses can generate detailed reports based on the priority roadmap input to analyze trends or make decisions about future transactions.
They may also seek more information on custom pricing to better understand how currency fluctuations could impact their financial results. For instance, when reviewing a quarterly briefing call, companies might examine how exchange rates evolved over specific periods, such as USD to EUR from 2020 to 2022.
Uses of Historical Currency Rates
Historical currency rates have many crucial applications.
Businesses rely on them to provide exact and proper financial details. When companies deal with worldwide transactions, they check past exchange rates to calculate the value of previous deals. This is particularly useful when reconciling transaction requests volume. For example, when checking financial statements, businesses use their api key today to convert foreign currency into local currency efficiently.
Organizations also depend on historical rates. They use old data to examine market trends and make informed predictions about future market actions. By studying the rates between currencies like USD/GBP, they gain valuable insights. Whether it's assessing policy impacts or monitoring economic trends, historical currency rates provide a wealth of information that drives strategic decisions.
What is the Most Reliable Method to Get the Historical Currency Rates?
APIs, or Application Programming Interfaces, are the most accurate method for accessing historical currency rates. APIs allow flawless data integration between software systems and provide fast and precise data recapture for historical currency rates, with instant access to crucial data points.
One of the most essential advantages of using APIs is that they properly provide real-time and past exchange rates. These APIs source data from reliable financial organizations and central banks, ensuring the correctness of the data provided.
For example, businesses can use historical rates with a base currency from past financial transactions, allowing for compliance with economic changes and ensuring bank-level security during data retrieval.
APIs (Application Programming Interface) also make automation easy as an alternative to manually searching for historical data.
Developers can use code examples and extensive documentation to quickly implement solutions at the right time, which is convenient for large businesses or financial institutions needing regular updates. The ability to handle error responses efficiently ensures that systems are robust and provide consistent performance.
There are many APIs, such as CurrencyFreaks & Fixer APIs, that offer flexible options, including single currency conversion and handling complex transactions. APIs are the most trustworthy method for historical currency rates, ensuring guaranteed availability for critical financial applications. With API calls, users can change the currency for a specific period, ensuring speed, accuracy, and flexibility---crucial tools for businesses, investors, and analysts.
What Are the Most Reliable Historical Rate APIs in 2024?
Here are the most reliable historical rates APIs in 2024. Let's review them one by one:
CurrencyFreaks
CurrencyFreaks is a currency API developed by JFreaks Software Solutions. This API provides correct and regularly updated currency data. It covers global currencies, including fiat currencies, metals, and cryptocurrencies. It collects data from trusted sources in foreign and crypto exchanges.
CurrencyFreaks is the second developer-oriented API from JFreaks.
Historical rates have been available for most currencies since November 28, 1984. You can get historical rates using the CurrencyFreaks API by including a date in the format YYYY-MM-DD as a URL parameter.
This endpoint is only accessible through all paid subscription plans.
To use this endpoint, follow this URL format.
https://api.currencyfreaks.com/v2.0/rates/historical?apikey=YOUR_APIKEY&date={DATE}
CurrencyFreaks provides code examples to integrate the historical rates using different programming languages. Here is an example in Python. You can explore more at CurrencyFreaks documentation:
import http.client
conn = http.client.HTTPSConnection("api.currencyfreaks.com")
payload = ''
headers = {}
conn.request("GET", "/v2.0/rates/historical?date=2022-03-20&base=gbp&symbols=usd,eur,pkr,cad&apikey=YOUR_APIKEY", payload, headers)
res = conn.getresponse()
data = res.read()
print(data.decode("utf-8"))
The above code gives the following response:
{
"date": "2022-03-20",
"base": "USD",
"rates": {
"FJD": "2.1176",
"MATIC": "0.6832001093120175",
"MXN": "20.385892",
"STD": "21382.190504",
"SCR": "14.408136",
"CDF": "2005.74861",
"BBD": "2.0",
"HNL": "24.411536",
"UGX": "3583.338449",
"ZAR": "14.9602",
"STN": "22.425165",
.
.
.
}
}
The interesting part? CurrencyFreaks also offers a time series endpoint to fetch historical rates. Let's review it:
Time Series Endpoint
The time series endpoint of the CurrencyFreaks API allows you to request daily historical rates between any two dates you select.
This endpoint is available starting from the Professional plan.
To access this endpoint, use the following URL format:
https://api.currencyfreaks.com/v2.0/timeseries?apikey=YOUR_APIKEY&startDate={DATE}&endDate={DATE}&base={CURRENCYCODE}&symbols={CURRENCYCODE},{CURRENCYCODE}.
Here is an example to use it in Python:
import http.client
conn = http.client.HTTPSConnection("api.currencyfreaks.com")
payload = ''
headers = {}
conn.request("GET", "/v2.0/timeseries?startDate=2022-06-01&endDate=2022-06-07&base=eur&symbols=pkr,usd,gbp,cad&apikey=YOUR_APIKEY", payload, headers)
res = conn.getresponse()
data = res.read()
print(data.decode("utf-8"))
The following response can give you an idea of how it works:
{
"startDate": "2022-06-01",
"endDate": "2022-06-07",
"base": "EUR",
"historicalRatesList": [
{
"date": "2022-06-01",
"rates": {
"PKR": "210.58073648790247",
"USD": "1.0651300000000001"
}
},
{
"date": "2022-06-02",
"rates": {
"PKR": "212.41441993262268",
"USD": "1.07504"
}
},
{
"date": "2022-06-03",
"rates": {
"PKR": "211.80743999999882",
"USD": "1.0719"
}
},
{
"date": "2022-06-04",
"rates": {
"PKR": "212.3705498572507",
"USD": "1.0719"
}
},
{
"date": "2022-06-05",
"rates": {
"PKR": "212.49419555477172",
"USD": "1.0725240781655547"
}
},
{
"date": "2022-06-06",
"rates": {
"PKR": "213.19503849443953",
"USD": "1.06928999144568"
}
},
{
"date": "2022-06-07",
"rates": {
"PKR": "215.71624763798502",
"USD": "1.0696700000000001"
}
}
]
}
Fixer API
Fixer is another simple API that provides present and past international exchange rates. It fetches data from over 15 commercial institutions and banks, including the European Central Bank, and refreshes it every 60 seconds.
Fixer offers several endpoints. These include the most recent rates, historical data, and many others. You can quickly get exchange rates for hundreds of currencies.
Here is the endpoint for fetching historical rates using the Fixer API:
https://data.fixer.io/api/2013-12-24
? access_key = API_KEY
& base = GBP
& symbols = USD,CAD,EUR
Here is an example of the response you get through the Fixer historical rates endpoint:
{
"success": true,
"historical": true,
"date": "2013-12-24",
"timestamp": 1387929599,
"base": "GBP",
"rates": {
"USD": 1.636492,
"EUR": 1.196476,
"CAD": 1.739516
}
}
It is important to note that fixer API provides code examples for the following:
-
JavaScript Fetch
-
JavaScript Axios
-
Python Requests
-
Python Http.client
Just like CurrencyFreaks, Fixer API also provides historical rates in time series:
https://data.fixer.io/api/timeseries
? access_key = API_KEY
& start_date = 2012-05-01
& end_date = 2012-05-25
However, the weekend days are not included in the response data. Here is the example response:
{
"success": true,
"timeseries": true,
"start_date": "2012-05-01",
"end_date": "2012-05-03",
"base": "EUR",
"rates": {
"2012-05-01":{
"USD": 1.322891,
"AUD": 1.278047,
"CAD": 1.302303
},
"2012-05-02": {
"USD": 1.315066,
"AUD": 1.274202,
"CAD": 1.299083
},
"2012-05-03": {
"USD": 1.314491,
"AUD": 1.280135,
"CAD": 1.296868
},
[...]
}
}
Exchange Rates API
The Exchange Rates API handles two things, such as forex and cryptocurrency rates. The API gathers data from central banks and businesses and provides correct information.
It provides 170 forex currencies and over 6,000 cryptocurrencies. You also get 24 years of historical data. The average uptime is 99.99%.
Here is the historical rates endpoint by exchange rates API:
https://api.exchangeratesapi.io/v1/2013-12-24
? access_key = API_KEY
& base = GBP
& symbols = USD,CAD,EUR
Here is the response example:
{
"success": true,
"historical": true,
"date": "2013-12-24",
"timestamp": 1387929599,
"base": "GBP",
"rates": {
"USD": 1.636492,
"EUR": 1.196476,
"CAD": 1.739516
}
}
Exchange Rates API also provides historical rates between any two dates using the time series endpoint given below:
https://api.exchangeratesapi.io/v1/timeseries
? access_key = API_KEY
& start_date = 2012-05-01
& end_date = 2012-05-25
Here is the response example:
{
"success": true,
"timeseries": true,
"start_date": "2012-05-01",
"end_date": "2012-05-03",
"base": "EUR",
"rates": {
"2012-05-01":{
"USD": 1.322891,
"AUD": 1.278047,
"CAD": 1.302303
},
"2012-05-02": {
"USD": 1.315066,
"AUD": 1.274202,
"CAD": 1.299083
},
"2012-05-03": {
"USD": 1.314491,
"AUD": 1.280135,
"CAD": 1.296868
},
[...]
}
}
Currencylayer API
Currencylayer is a free API that provides forex rates in JSON format. It works with multiple programming languages, such as PHP, JavaScript, and Java. You can quickly request exchange rates for a particular time period.
It supports more than 168 currencies. Currencylayer gathers data from various commercial sources and banks. The data refresh rate depends on the plan. It can update every sixty minutes, twenty minutes, or sixty seconds.
You can use the below endpoint to get historical rates for any specific date:
https://api.currencylayer.com/historical
? access_key = YOUR_ACCESS_KEY
& date = 2005-02-01
Here is the response example you get through the above endpoint:
{
"success": true,
"terms": "https://currencylayer.com/terms",
"privacy": "https://currencylayer.com/privacy",
"historical": true,
"date": "2005-02-01",
"timestamp": 1107302399,
"source": "USD",
"quotes": {
"USDAED": 3.67266,
"USDALL": 96.848753,
"USDAMD": 475.798297,
"USDANG": 1.790403,
"USDARS": 2.918969,
"USDAUD": 1.293878,
[...]
}
}
Currencylayer provides historical rates between any two dates using its Time-Frame Queries endpoint:
https://api.currencylayer.com/timeframe
? access_key = YOUR_ACCESS_KEY
& currencies = USD,GBP,EUR
& start_date = 2010-03-01
& end_date = 2010-04-01
Here is the response example:
{
"success": true,
"terms": "https://currencylayer.com/terms",
"privacy": "https://currencylayer.com/privacy",
"timeframe": true,
"start_date": "2010-03-01",
"end_date": "2010-04-01",
"source": "USD",
"quotes": {
"2010-03-01": {
"USDUSD": 1,
"USDGBP": 0.668525,
"USDEUR": 0.738541
},
"2010-03-02": {
"USDUSD": 1,
"USDGBP": 0.668827,
"USDEUR": 0.736145
},
[...]
}
}
Open Exchange Rates API
Open Exchange Rates is an easy JSON (JavaScript Object Notation) API that provides correct currency rates using dependable data sources. You can access present and past rates. The API is also straightforward to integrate into applications.
Here is the historical rates endpoint by Open Exchange Rates API:
https://openexchangerates.org/api/historical/:date.json
The open Exchange Rates API does not have response examples in the documentation. You can find the response by running the API request at your end.
Here is the time-series endpoint:
https://openexchangerates.org/api/time-series.json
XE Currency API
XE's currency data API has been a dependable resource for developers for years. It integrates easily with various applications, including Microsoft Dynamics, SAGE (Scientific Advisory Group for Emergencies), and SAP (System Applications and Products). It supports over 170 currencies and collects data from more than 100 international resources.
Here is the historical rates endpoint by XE Currency API:
https://xecdapi.xe.com/v1/historic_rate.csv/?from=USD&date=2011-03-05&to=CAD,EUR
You may check the response by entering all parameters required at the XE currency API documentation.
Here is the historical rates time series endpoint:
https://xecdapi.xe.com/v1/historic_rate/period.csv/?from=USD&to=CAD&start_timestamp=2017-09-01&end_timestamp=2017-11-30&per_page=500
Currency API
Currency API provides present and past foreign exchange rates. It supports over 170 currencies. It offers cryptocurrency conversion. The tool uses a JSON REST API to deliver real-time foreign exchange rates. It updates the data every 60 seconds. Gives you proper data on time.
Currency API offers the historical rates through the following endpoint:
curl -G https://api.currencyapi.com/v3/historical?date=2022-01-01
-H "apikey: YOUR-API-KEY"
Here is the response example:
{
"meta": {
"last_updated_at": "2022-01-01T23:59:59Z"
},
"data": {
"AED": {
"code": "AED",
"value": 3.67306
},
"AFN": {
"code": "AFN",
"value": 91.80254
},
"ALL": {
"code": "ALL",
"value": 108.22904
},
"AMD": {
"code": "AMD",
"value": 480.41659
},
"...": "170+ more currencies"
}
}
Currency API offers historical rates between two dates using the Range Historical Rates endpoint:
curl -G https://api.currencyapi.com/v3/range?datetime_start=2021-11-30T23:59:59Z&datetime_end=2021-12-31T23:59:59Z&accuracy=day
-H "apikey: YOUR-API-KEY"
Here is the response example:
{
"data": [
{
"datetime": "2022-01-01T23:59:59Z",
"currencies": {
"AED": {
"code": "AED",
"value": 3.67306
},
"AFN": {
"code": "AFN",
"value": 91.80254
},
"ALL": {
"code": "ALL",
"value": 108.22904
},
"AMD": {
"code": "AMD",
"value": 480.41659
},
"...": "150+ more currencies"
}
},
{
"datetime": "2022-01-02T23:59:59Z",
"currencies": {
"AED": {
"code": "AED",
"value": 3.67306
},
"AFN": {
"code": "AFN",
"value": 91.80254
},
"ALL": {
"code": "ALL",
"value": 108.22904
},
"AMD": {
"code": "AMD",
"value": 480.41659
},
"...": "150+ more currencies"
}
},
{
"datetime": "2022-01-03T23:59:59Z",
"currencies": {
"AED": {
"code": "AED",
"value": 3.67306
},
"AFN": {
"code": "AFN",
"value": 91.80254
},
"ALL": {
"code": "ALL",
"value": 108.22904
},
"AMD": {
"code": "AMD",
"value": 480.41659
},
"...": "150+ more currencies"
}
}
]
}
Conclusion
Accessing reliable historical currency rates is very important for businesses, researchers, and developers in 2024. Correct data aids in analysis, reporting, and decision-making. It tells us about what will happen in the future. Historical Rate APIs provide the most authentic way to retrieve this data. They offer quick access to past records.
This blog highlighted the importance of historical rates. Next, it highlighted several top APIs such as CurrencyFreaks, Fixer API, and Exchange Rates API. Each tool ensures accurate, real-time data and enables users to integrate currency information into their applications. Choosing a suitable API can significantly increase financial analysis and reporting capabilities.
FAQs
How Do Historical Rate APIs Help Developers?
Developers can create currency applications using the trustable sources used by Historical Rate APIs.
How Do You Integrate the Historical Currency Rates API?
You should get an API. Next, test it and build an application using your preferred technologies.
What Factors to Consider When Choosing the Right Historical Rates API?
Consider your project requirements, pricing, features, documentation, and learning resources available.
How Much CurrencyFreaks Cost to Fetch the Historical Rates?
CurrencyFreaks offers different plans. However, the basic plan starts at $9.99, which is more affordable than most Historical Rate APIs available on the market.
Sign Up at CurrencyFreaks for free today - Get the most accurate historical rates.
