Explore the role of Forex API on the Forex Market.

Are you someone new to the Forex market, who is searching for a trusted way to gather all sorts of news and trends going on in corporate sector? Then no worries this article will surely help you somewhere, so keeping reading till the end.

Before discussing the role of Forex API. Let me ask you all a question, that what do you know and understand by the term API? If you don’t know, then I am here to help you. The word API stands for Application program interface. It is basically a set of protocols, procedure and set of tools for developing any software.  In terms of currency feed, it is a programmed data that can be sent from one server to another server directly in a file format. This file contains a code that can be later integrated to the respective website or software. The technology that is used by the provider to extend the API and its secured mode is extremely important as it extends direct to your own server.

In India there are very few companies that offer the service of Forex API, among them one is Eforex India. It is a professional Treasury Consulting company, established in 1994 in New Delhi. The main focus of this organization is to deliver professional amenities to all the Indian Corporate in the Risk Management & Treasury Solutions. Apart from this, they have a skilled full team of experts, who are best in their respective fields of Forex dealers in the Inter-Bank Forex Market and are fully trained and knowledgeable to handle corporate Forex Portfolios. 

Forex API mainly works on the concept of an API token. It is an alphanumeric code, which is unique for every EforexIndia account holder. This can be from any system to verify your API calls. These tokens are designed by including the static IP Address of the respective server. In case of updates (as per the plan), only this server can contact our web services via calls & Emails. If we talk about the Firewalls, the IP Address can modify into the secondary address and it can also be configured on the token. After this, you need to paste this token in your server and it will re-start the calling process.

API which is offered by EforexIndia is available in both JSON and XML formats. When the client sends the request to the server, they will receive an answer in the Query Format. This will clear things and even make it easier to understand in terms of ERP majority, financial and accounting packages, including Oracle E-Business Suite, NetSuite, PeopleSoft, SAP, Agresso, and Microsoft Dynamics.

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