A currency converter is a tool that’s used to convert currencies. There are many different reasons why someone would need to use a currency converter. The two most obvious being if you are going traveling and need to check prices for products and services or when you want to trade currency on the forex market and you need to review the rates of two currencies. Using an independent currency converter is also practical if you want to compare different banks exchange rates in order to find the best deals.
Currency converters exist in so many different shapes and forms, both physically and on the internet. Traditionally you had to use a bank or another economy institution to get information about currency exchange rates. Using a bank is not the best way to convert currency since the bank you use might offer bad rates with hefty fees. It’s also limiting to only be able to use one source.
Thanks to the internet and all the new tools that let you handle all your investments online, there are now several hundred currency converters to choose from. As you probably already understand it’s more practical to use a currency converter online than in person. Just don’t forget to check where the converter gets its information from and how often that information is updated.
Currency Converters in General
A currency converter should be easy to use and it should offer extensive information about the currencies. For example, if you want to compare the Euro (EUR) with the American Dollar (USD), all you should have to do is submit the amount you’re interested in (let’s say 100 EUR) and push a button to convert it. You should now be presented with how much 100 EUR is worth in 100 USD.
It’s a bonus if the money converter also gives you details about the exchange rates history so that you can get a better idea of how the two currencies function together over time. This is extra important if you’re planning to invest in the currency pair since it can give you a heads up about what’s going to happen.
Most currency calculators today use different charts and tables to show how the currencies move on the markets.
Exchange Rate Softwares
Currency converters are always based on a software that collects information from central banks, such as the European Central Bank (ECB) or the American Federal Reserve (The Fed). The more often this information is updated the better and the more exact the numbers are which helps you to more accurately convert currency. That is why we recommend that you always use an updated and modern currency converter.
A lot of people and especially international companies rely on currency converters on a daily basis. To better explain what we mean we have divided the need for a currency converter into three different categories – business, traveling, and forex trading.
- Companies that do business with international clients need to always have the latest price information so that they always know how much they spend and make. If you own an American company that wants to import products from Europe you must use a currency converter to convert your USD to EUR in order to complete the transaction. Without a currency converter you would have no idea how much money you’ve spent.
- It doesn’t matter if you travel for business or pleasure, whenever you are abroad you need access to a currency calculator to know the exchange rate between your currency and the local currency you’re using. Otherwise you won’t know how much money to take out from the ATM, how much those souvenirs you want cost, and if the restaurant you’re planning to eat at actually offers fair prices. That is why you always want quick access to a money changer whenever you are traveling internationally.
- It is of course essential that anyone who invests in currencies uses a reliable currency converter but it can also come in handy when you invest in other markets. Sometimes the brokers we use to buy stocks, options and currency pairs from don’t offer trading in smaller currencies. So, if you are from a county that has its own currency you might have to use a converter to make sure you know how much you’re investing.
Forex trading, also called currency trading, is the biggest investment market in the world with an average 2 billion dollar daily turnover. In forex trading you buy and sell currency pairs, and in order for you to take well informed decisions you need access to the latest currency exchange rates. Usually, you also want quick access to prior rates (price history) since that too can help with your decisions. Learn more about forex trading here. Read our Plus500 Review here or set up a free demo account with IQ Option
Different Currency Converters
There are hundreds of different currency converters to choose between on the internet. In fact, there are so many different converters that it makes it hard to know which one is the best to use. There are currency converters that are run by companies that sell currencies and they tend to have rates that insures that the company always makes a profit from you. Therefore you can’t always trust the converters online.
To make things easier for you we have listed a couple of well known currency converters below:
XE Currency Converter
XE is probably the most well known converter there is. They have been around since the middle of the 1990s, offer rates for all currencies in the world, and have been used by millions of people over the years.
Unfortunately, their long history doesn’t necessarily mean that they are the best. The issue that we see with XE is that instead of trying to offer a service that is as good as possible, they only focus on profit. Their website feels and looks cheap and it is so cluttered with ads that it makes it hard to use. XE has also developed apps that have a reputation of being slow and full of glitches.
Oanda is another big currency converter online. The design is simple and even though the website is full of ads just like XE’s, it feels much easier to use. Oanda also offers the possibility to trade currencies as well as an international money transfer service. That means they offer rates that insures that Oanda always gets the better deal.
Another drawback with Oanda’s money changer is that the historical rates they offer are limited and only go back a few weeks.
Why BullMarketz.com is better
BullMarketz.com gets its rate from TradingView who guarantees its customers the most accurate and updated exchange rates. That means that you can get the latest rates in real time through our currency converter at any time of the day.
The converter itself has been designed to be as modern, slick, and easy to use as possible. We have also made sure to avoid unnecessary features and buttons without sacrificing the quality of information. We understand our customer’s need to get quick and exact exchange rates. No one has time to scroll through pages of information while being bombarded by pop-ups just to get the price of EUR in USD which is the reason to why our converter is so simple and easyto use.
Our goal is not to make huge amounts of money from ads or through our visitors but instead to offer our potential customers the help they need. We want everyone to have access to the information they need to make well informed decisions on the market and to feel comfortable with their investments. No person should have to worry about their invested money thanks to scammers offering untrustworthy services.
Another practical detail with our currency converter is that it doesn’t require a download. All you need to do is open the homepage, on a computer or a phone, and check the money exchange rates right there in the converter. We recommend that you bookmark this page if you are a person that often needs to use a converter for personal and professional reasons. By doing so you will ensure that you always have quick access to our tool.
A currency converter is a tool that everyone has or will use at some point in their lives. Everyday millions of people exchange money for different reasons. Some use them in their private life while they go traveling or when they order products from abroad, while some use these tools as part of work while ordering products and services from other international companies. Many people also use money converters as a tool while investing, trading, and speculating on the forex market.
The truth is that without currency conversion we couldn’t live in the globalized world we call home. Without tools like these it would be impossible for anyone to export or import and it would be not be possible to trade on the international market. You could say that currency converters are essential for our existence.
If you are looking for a currency converter you’ve come to the right place. BullMarketz.com offers unrivaled conversions for all currencies in the world with the most up to date and correct prices. Whether you are going traveling, want to invest in forex, or are buying from abroad, you can always be sure that you will get the right information when you use our converter.