August 26, 2016
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If you have tried to search for currency exchange rate APIs, chances are that it has not been a smooth experience. While there are plenty of currency conversion websites, getting access to up-to date exchange rates to power your financial applications has usually gotten stalled due to high usage fees. Some services charge in the hundreds of dollars per year to get access to these rates. If CurrencyBot and the Open Source Exchange Rates API project has its way, this could be a problem of the past.
As a consumer of APIs, one thing you encounter every day are API rate limits. Just about every API has limits on the number of calls you can make against their API. As developers, we accept the limits because in many cases we are getting the API for free. And in some cases, even the rates aren't enough for a provider to get what it needs, as when Google put the kibosh on Translate. Are limits simply a sign that a provider needs to find a strategy that scales?
Traders have the opportunity to leverage the value of big data with their trading strategies. Most traders are accustomed to looking at price data to generate signals, however non-traditional sources of data can also be used to identify opportunities and eliminate inefficiencies.