How to Use a Finance API?
You would use an API when you want to easily gather data through apps- it is an important aspect of app design. To use one, you will need an API key. An API key is how the program connecting to the API is identified. You will be given one when you sign up for a finance API. When you receive it, the key can be added to your application and used to retrieve information with the API.
It can be as specific as you like, since you can adjust the specs in your code editor. How you use the API from here is up to you. If you are interested in checking out API keys and getting a feel for how they work, you could use Abstract free developer API suite to experiment with them. Abstract API offers free API keys, which are great to use as a learning resource. You will be familiar with using API in no time with a little practice and research!
What are the Best Finance APIs like Yahoo Finance? Gere are the best finance APIs available now:
- Alpha Vantage
- Currencylayer API
- Tradier API
- Investors Exchange (IEX) Trading
- World Trading Data
- Morning Star API
Don’t worry! This guide will explain the listed options and give you the pros and cons of each. You can then decide which finance API fits your project’s needs.
1. Alpha Vantage
Alpha Vantage API is the best for if you need to track securities on FOREX. It also is a simple way to watch stock in real time and check historical stock. Alpha Vantage API is also effective if you need to receive FX, cryptocurrency, sector performance data, or other technical indicators.
Alternatives can get pretty pricey, so this API system gets bonus points for being affordable. If you are on a tight budget for your project, consider looking into this API. They offer a free API key, so you can try out a demo right now, if you wish.
Alpha Vantage also is regularly maintained by developers and very open to solving problems. Plus, it has a ton of data options available for tracking your specific financial needs. It is also reliable and developer-friendly- very accessible software and easy to use. Definitely one of the best alternatives to Yahoo API there is.
However, their data sources are sometimes delayed and they do have a limit on their free version. You can upgrade your account to up to 1200 requests per minute- the free version sits at 5 API requests per minute with a limit of 500 requests a day.
Depending on your project or what you plan to do with this API, that is not enough. That is a small problem if you are willing to pay for premium, but that limit is simply too low for some users. This API also provides use for Ruby, Java, Perl, and Python.
All that considered, Alpha Vantage is a great choice for a Yahoo Finance API alternative. It offers APIs for stock in cryptocurrencies, technician indicators, stock time series data, and sector performances. This API system is used by many developers to create engaging content and is one of the more useful APIs on this list.
Pros:
- Best for tracking securities
- Watch stock in realtime
- Regularly maintained
- Offer a free API key
Cons:
- Limit on daily requests with free version
- Delayed data sources
2. Currencylayer API
This API is best for new users. Their site offers detailed instructions on how to use the API, which is extremely helpful in getting your running. If you are a first-time user or want to become more familiar with using APIs, this is your best bet. Currencylayer is easy to integrate and compatible with any app.
The price of their API key is manageable for businesses, an individual may have a harder time paying. However, the prices are reasonable for the high-quality product that they offer.
The more expensive versions have more to offer, but it depends on what you want. If you feel that you do not need the premium business version, then feel free to stick with the cheaper options.
The free trial is also decent, but only allows 250 requests per month. If 500 requests a day was too low for you with Alpha Vantage, Currencylayer’s free version is probably not even an option for you.
Currencylayer also has real-time updates on your information and offers live, historical, and currency conversion data. The company is trusted by more than 250,000 brands- the most notable being Disney and Pixar.
They also offer integrations with Java, JavaScript, cURL, PHP, and JSON- meaning that this API can easily be molded to however you need to use it.
Pros:
- Best for new users
- Easy to integrate
- Compatible with any app
- Trusted by well-known brands
Cons:
- Free version only allows 250 requests a month
- Can get pricey for individuals
3. Tradier API
This API is best to use if you plan on making a lot of trades. As its name implies, it is heavily focused on trading. You can use it as a solution to trade on the same application that you track your stocks on. This is a free source and the endpoints are between 60 to 120 requests per minute, which is more than you might need- in most cases. They also offer APIs for historical data, ticker info, calendars, and other data sources.
Just like Alpha Vantage, they make integration for Ruby, Java, Perl, and Python- plus, data streaming over HTTP, which is extremely useful for some developers. Tradier API is one of the better options for programmers involved in trading. Although, their endpoints do need to be authorized by a token on top of the API key, this should not be too restrictive for most users. They are pretty user-friendly, overall.
There are commissions and fees per stock, which can add up over time. There are also software platform fees and fees for platforms used within Tradier. It can be a little nerve-wracking trying to prepare and keep track of so many fees, so you will want to be prepared.
Day Trade Review also covered this API extensively, if you are interested in learning more about it.
Pros:
- Best API available for trading
- The free version allows a significant amount of requests a day
- Offer data streaming over HTTP
- User-friendly
Cons:
- Need an authorization token for access
- Plenty of commission and additional fees to pay
4. Investors Exchange (IEX) Trading
The Investors Exchange API is best if you or your users make rapid requests. Their documentation page does not list a limit on API usage, but they say that the free version offers up to 100 requests per second- this is much more than many other free APIs.
IEX’s endpoints are free and available in many forms- Java, Python, Ruby, C, and C++, just to name a few. You can be sure that your application can be integrated with this API, making it a great Yahoo Finance API Alternative.
This API is also able to be put to use quickly, so that you can access data and give your users the information that they need. Plus, their pricing is flexible. You will only ever pay for the data that you use- making it a fair investment for any developer.
While this API is one of the easiest ways to build your financial applications, the code can have issues. Their customer service team is on top of it, however, and work to fix user issues efficiently. The company is great to work with and there are hardly any downsides to this API.
Pros:
- Flexible pricing
- Friendly and helpful company
- Quick access to data
- Barely a usage limit on the free version
Cons:
- Some reported user issues with code
5. MarketStack
This is another API that offers real-time stock data and accurate historical market data. Their database has prices listed from all over the world, plus they are very reliable and accurate.
They have a free version offering basic functions, but also a paid version that has more to it. Some reviewers say that this API was even better than Yahoo Finance API and did not mind the switch.
For some reason, World Trading Data does not have any contact information on their website. If you do need to reach them, you might need to do some digging on the internet to find out how to reach them.
They are also reasonably priced. The free plan can be used on 5 stocks, but plans range from $8 to $31 per month, depending on what you choose. That is not bad.
Plus, the free API allows you to access up to 1,000 monthly requests. There were some better options on this list for requests, but it depends on the type of project you are making for how useful this feature is.
They are also trustworthy and used by many famous companies- Uber, Amazon, and Microsoft to name a few. It is also easy to find the free API key, just scroll to the bottom of their website.
For some reason, their website is now called marketstack.com, instead of using the World Trade Data name. This can be confusing when you open the site for the first time.
Pros:
- Reliable and trusted by many famous brands
- Useful free version and API key
- Better than Yahoo Finance
Cons:
- Contact information not readily available
6. Morning Star API
Morning Star API is good for viewing your data simply, without much clutter. It covers market data, forex and cryptocurrency as well. The company offers a blog with information on how to improve your portfolio if you are interested in learning about it. Morning Star can also be quickly implemented in your applications and is flexible for many different projects. Despite the developer’s blog, the information and user reviews for this API are hard to come by. This is a good resource, however, you will want to contact the company and research prices thoroughly before making any purchases.
Pros:
- Easily view your data
- Learn from the dev blog
- Easily implemented in your apps
Cons:
- Little information available or difficult to find
What to Look for in a Finance API?
Finance APIs have many different functions and each brand offers something a little different than the rest. When looking for a Yahoo Finance Alternative, consider the needs of your project and your users.
You will want to consider the following:
What Functions Can it Perform?
This simple question needs to be answered before you can choose a finance API. Think about what you need the API to do. Any finance API will deliver your application information, but the specifics are up to the individual API.
Do you want to see real-time or historical market data? Do you need to work with cryptocurrency or stream over HTTP? If you need an IP locator, this IP Geolocation API is great to work with.
All of the little functions you want will determine what API you choose at the end of the day.
Is it Easy to Use?
You will also want to consider the compatibility of the API with your current program, or the project that you intend to make. Any API service will list their compatibility and other specs on their websites.
If the API is easy to use or offers to teach you how to use it efficiently, that is a huge bonus. You can Google reviews or search for other users on forums to gain more information.
If the API is too hard to use, you will get frustrated and take a lot longer to design your app. If you are completely new to the world of APIs, consider checking out Currencylayer API. They made this list because they offer detailed instructions for new users and offer helpful learning information.
If you want to experiment in using APIs for free, Abstract API offers unique and easy to use services. For example, their Email Verification API and Phone Validation API are essential to any application!
How Fast is it?
Finance APIs need to be fast, so that you can quickly check any stock or trade information. Speed is different in any API, so you can only check based on reviews or using the API for yourself.
A slow finance API is not worth using, so do your best to judge the speed while testing it during the free trial phase. You will be able to tell during the free trial, so do not be afraid to use it.
How Much is it?
You also need to think about the cost of the API. Of course, this all depends on your budget and what you can spend. Some finance APIs are much more expensive than others, so this will be something you need to plan out on your own.
Finance API FAQ
Q: What is a finance API?
A: Financial firms designed this software to be used in applications. They offer financial services and data retrieval. In short, they link your application to third-parties for data retrieval. This mostly consists of real-time stock data or trading- but many have additional features included too.
Q: Where can I find more options?
A: There are plenty of lists online that offer insight into financial APIs. If you are looking for other useful APIs, click here to visit Abstract API and view their data automation.
Q: What happened to Yahoo Finance?
A: Yahoo Finance API was removed in 2017 following potential cost cutting by the Yahoo team. This made the API become discontinued.
Q: What happened to Google Finance?
A: Google Finance API was also removed, but in 2012. You will need to use one of the alternatives on this list or find another replacement if you were using either one of these discontinued APIs.
Q: How do I know I’m using a good API?
A: You will know the API you are using is good when you find that the resources are reliable, the API is fast, and it is also easy to use. It will be obvious if the finance API you are using just is not running how it should. Any API on this list is a good alternative to Yahoo Finance.
Conclusion
In conclusion, there are plenty of Yahoo Finance APIs to choose from. APIs work as a go-between with your request and the data source. There are many different APIs each with specific functions, so what you need will determine which one that you choose to use based on the project you are planning.
With Yahoo’s API feature gone, many people are looking for different finance APIs to replace it. Any of the alternatives to this would be a good option for you. When deciding on an API you will want to consider the pros and cons of the program- such as pricing, requests allowed, and other service factors.
If you are a developer interested in stocks or other financial aspects, using one of these APIs would be to your benefit. They can track data in real-time, offer historical information about the market, and help track cryptocurrency- or provide you with other information. No matter what finance API you choose, you want to be sure that it works well with your project. You can be sure that you will be using the API all the time- so you want to find one that is your perfect match!
