How accurate is currencylayer forex data?

Our spot exchange rates are sourced from a very broad base of commercial sources and banks around the world, each of varying types and frequencies. The larger weighting particularly for major currencies is towards commercial sources as they more accurately reflect the trading occurring in the markets.

In order to ensure the highest possible level of data coverage and accuracy, the currencylayer system relies on a very distinct “validation and fallback” algorithm, assigning different priorities to each data source and validating each forex rate as it enters our databases. If a source fails to deliver an accurate quote, the next highest provider is queried for this particular currency pair. This enables us to sort out possible inaccuracies and provide the vast majority of all spot exchange rates with a precision of six decimal places.

How often are exchange rates refreshed?

Spot exchange rate data is collected within the 60-second market window. Depending on your Subscription Plan, quotes are refreshed every 60 minutes (Free & Basic Plan), 10 minutes (Professional Plan), or 60 seconds (Business Plan).

Which currency data does the API provide?

Depending on which API endpoint you are using for your query, the currencylayer API will return or calculate with the most representative forex market rate available, which is generally the "midpoint" value. The "mid" value will also be the most useful tool to your company's financial department for accounting & invoicing purposes, for financial estimates or planning, for calculator & converter applications, and for any other applications you power with currencylayer forex data.

All exchange rates are returned as currency pairs. (See API Response)

Which currencies and precious metals are supported by the API?

The currencylayer API provides real-time and historical data for a total of 168 world currencies and precious metals (including Gold "XAU" & Silver "XAG"). See a detailed list of all supported currencies.

What is the difference between free and paid subscriptions?

The Free Plan is set out to be a "trial version" without a time limit, offering some very basic API functionialities, such as making API Requests, getting regular data updates, accessing historical data, and requesting specific currencies.

Paid Subscription Plans feature significantly higher API Request volumes and data updates as often as every 60 seconds, ensure secure datastreams via 256-bit HTTPS Encryption, include unlimited and prioritised technical support, and offer a variety of must-have API functionalities.

Which subscription plan fits my needs?

In order to test the API and to get an idea of the product, you can simply sign up for the Free Plan.

As soon as you or your application requires more than 100 API Requests per month and more professional API functionality (e.g. for powering a currency converter, for accounting & invoicing purposes, for financial planning, estimates, shopping carts, etc.), you would be well-advised to sign up for one of the paid Subscription Plans, starting at Startup-friendly USD 14.99 per month, or at up to 15% Discount - if you decide to pay anually.

Which payment methods are supported?

Payments can be made via credit card (Visa, MasterCard, Discover, Diner's Club, American Express). Enterprise and high-volume customers may request annual bank transfer payments to be enabled. You can change your payment method at any given time in the "Payment" section of your account dashboard.

Can I also pay yearly?

Yes. If you choose annual billing, the total price of your subscription plan will be up to 15% lower than the total amount you would pay with a monthly payment frequency.

How do I cancel/downgrade?

You can initiate a cancellation or downgrade by selecting a new plan and providing at least one reason for your decision. The customer service team will cancel or downgrade your plan. Downgrades are not effective immediately; your premium subscription will remain active until the end of the current billing period.

How do I change between monthly and yearly billing?

To change your subscription from monthly to yearly billing, submit a request on the Contact Us page on the website following these steps:

Step 1: Sign in to your account

Step 2: Go to Contact Us page

Step 3: Fill out the form and choose the “Sales” category for this request.

Step 4: In the text box, include your specific request for example “Change from Monthly to Yearly subscription.”