Currency exchange rate - FAQ
- Daniel Beckstein (Unlicensed)
What service are you using to calculate exchange rates?
We use currencylayer.com, they offer reliable Exchange Rates from Forex (FX) currency exchanges.
We consume it via apilayer, with this endpoint: http://apilayer.net/api/live
// "live" - get the most recent exchange rate data
https://api.currencylayer.com/live
from https://currencylayer.com/documentation - Section: API Endpoints
How old is the exchange rate ?
We fetch the data (which can to be up to 1h old) each 12 hours
(eg. we cache it for 43200 seconds = 12h)
Spot exchange rate data is retrieved from several major forex data providers in real-time, validated, processed and delivered hourly, every 10 minutes, or even within the 60-second market window.
from https://currencylayer.com/documentation - Section: currencylayer API (at beginning of page)
Providing the most representative forex market value available ("midpoint" value) for every API request, the currencylayer API powers currency converters, mobile applications, financial software components and back-office systems all around the world.
from https://currencylayer.com/documentation - Section: currencylayer API (at beginning of page)
Do you use BID or ASK FX rates?
We use the midpoint value, it is the average of BID and ASK price.
Exchange rate data is collected from several major forex data vendors in real-time, bid/ask prices are blended algorithmically, validated, and delivered hourly, every 10 minutes, or even within the 60-second market window.
Providing the most representative forex market value available ("midpoint" value).
from https://github.com/apilayer/currencylayer-API/blob/master/README.md
The midpoint value, is provided for the vast majority of all spot exchange rates with a precision of six decimal places.
from https://currencylayer.com/faq - How accurate is currencylayer forex data, and where does it come from?