Top 5 Free Exchange Rate APIs for Financial Apps in 2024

1. Exchangerate-API

Exchangerate-API has made a name for itself as one of the most popular options in the world of currency data. The platform offers an easy-to-use API currency exchange service with access to accurate and real-time currency data from over 170 countries. This API provides exchange rate data for multiple currencies, making it ideal for international financial apps.

The free exchange rates API plan gives developers access to essential features such as real-time exchange rate data, daily updates, and historical data spanning over 10 years. The API also supports multiple formats, such as JSON and CSV, making it easy to integrate into different systems. While there is a paid version for advanced features, the free tier is generous and perfect for startups and small-scale applications.

2. Open Exchange Rates

Open Exchange Rates is another highly reliable and trusted API that offers accurate, up-to-the-minute exchange rates. It’s especially appealing to developers who need a currency rates API free of charge for small or personal projects. The platform covers over 200 currencies and supports a variety of advanced features, such as historical data, time-series queries, and exchange rate fluctuation tracking.

For developers seeking flexibility, Open Exchange Rates offers multiple pricing plans, with the free version providing hourly updates and a broad currency list API free for use. The JSON format makes it easy to incorporate into different applications, providing a strong foundation for currency conversion in financial apps.

3. Currencylayer

Currencylayer offers a highly secure and scalable currency API for those in need of real-time exchange rate data. The platform pulls information from several trusted sources, ensuring that users always receive accurate and reliable currency data. It provides exchange rates for over 168 currencies and allows access to both real-time and historical data.

While the paid version comes with enhanced features like customizable rate conversions and real-time currency notifications, the free currency converter API version offers access to live currency rates, daily updates, and a wide range of currencies. Developers appreciate the flexibility Currencylayer provides, as well as its ease of integration with various types of financial apps.

4. Forex API by 1Forge

For those seeking a powerful and fast API exchange rates tool, the Forex API by 1Forge is a top contender. This platform is particularly known for its speed and reliability, offering real-time Forex data that can be easily integrated into a financial app. 1Forge covers major and minor currency pairs, making it an excellent choice for financial apps that require both Forex and general currency conversion.

The free plan comes with access to real-time Forex rates, with a limit of 1000 requests per day—sufficient for small applications or initial testing. Forex API also provides developers with several advanced features in its paid plans, including more extensive historical data and access to premium customer support.

5. CurrencyConverterAPI

CurrencyConverterAPI stands out for its simplicity and reliability, making it a go-to currency exchange free API for developers who need basic currency conversion functions. The API supports over 150 currencies, providing real-time and historical exchange rate data that is ideal for fintech applications, e-commerce platforms, and even personal finance apps.

With the currency list API free option, CurrencyConverterAPI allows up to 1,000 API requests per month. It’s also highly flexible, offering compatibility with JSON, CSV, and XML formats, which makes it easy to use across a variety of programming environments. The free version is a solid option for developers who need a no-frills currency converter without sacrificing accuracy.

Key Considerations When Choosing a Free Exchange Rate API

While all of the APIs listed above offer currency rates API free of charge, it’s important to consider a few factors when choosing the right one for your app:

Data Accuracy: Not all APIs pull data from the same sources. Make sure to choose an API that is trusted for its reliability and real-time accuracy, especially if your app requires up-to-the-minute currency data.
API Limits: Free plans often come with usage restrictions, such as limited API calls per month. Consider the scale of your app and whether you may need to upgrade to a paid plan for more frequent updates.
Integration Ease: Look for an API that supports the programming languages and platforms you're using. Most free exchange rate APIs offer support in multiple formats like JSON, XML, or CSV, making integration smoother.
Features: Depending on your needs, you may want additional features like access to historical data, time-series queries, or support for multiple currencies. Ensure that the API you choose offers the right mix of features for your financial app.

Conclusion

In 2024, developers have access to a wide range of free exchange rates API options that offer reliable, real-time currency conversion data. Whether you're working on a small fintech project, a currency conversion tool, or a large-scale e-commerce app, these five APIs—Exchangerate-API, Open Exchange Rates, Currencylayer, Forex API by 1Forge, and CurrencyConverterAPI—provide solid foundations for building robust financial applications.