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Live Forex Rates – Where to Get Them?

February 15, 2011 2 comments

Live forex rates are so important. I can’t stress just how much these critical finance tools are paramount for my success. This is why I will tell you where to get them and why they are so important for my forex rates theory.

Where to get the best Live Forex Rates?

I have searched high and low for accurate and live forex rates but couldn’t find any. The truth of the matter is that they are not that easy to come by. Sure you will find a website that gives you a chart listing the major currencies rate every second or so, but are these charts accurate? I don’t know.

These live forex rate currency charts usually have the name of the currency pair listed, the last, open, high and low rates of the currency in question per second of the relevant day. However, although we know that these charts are collected from a number of authoritative banks, who are we to know that the streaming forex rates which are shown to us on another website are one hundred percent accurate and from the bank itself.

The answer to that is – we can never know. And while there is some reliability in the information which is collected by the banks, another website might show us different rates as collected by other banks. It’s frustrating to know how this information is collected, calculated and returned back to us. If you want to read more about it check out my post on bank forex rates and what I intend to do about it.

But What can we do about it? What can we do about it?

Free Live Forex Rates

There are many free live forex rates out there. Still, the important question that arises is which one can you trust completely?

Many forex sites will give you the following live foreign exchange rate chart free:

live forex rates

live forex rates

This chart is nice but sometimes I’ve noticed that it’s the same chart as used by the forex site’s trading system.

So here’s another question for you – If these free live foreign exchange rate charts are the same ones used by forex brokers on their sites, are they the same rate charts provided by the banks?

Again, the answer isn’t clear there. For my sake, and for that of other forex trading beginners, I hope that they are one and the same.

Streaming Forex Rates and my Theory

My theory depends on real time live forex rates. That is why I’m so meticulous about getting accurate information. Without knowing which currency pair is traded at what price at the exact time of the trade my whole theory is worthless.

Take a look at the following example:

Name Last Open High Low Net chg. Chg. % Last Time
EUR/USD 1.3531 1.3489 1.3553 1.3461 +0.0041 +0.30% 13:38:21
GBP/USD 1.6133 1.6036 1.6145 1.6007 +0.0095 +0.59% 13:38:21
USD/JPY 83.7150 83.3250 83.7600 83.1950 +0.3750 +0.45% 13:38:22
USD/CAD 0.9855 0.9891 0.9901 0.9848 -0.0036 -0.36% 13:38:21
USD/CHF 0.9699 0.9700 0.9730 0.9681 -0.0002 -0.02% 13:38:22
AUD/USD 1.0009 1.0029 1.0060 0.9999 -0.0021 -0.21% 13:38:22
EUR/GBP 0.8387 0.8410 0.8451 0.8383 -0.0022 -0.27% 13:38:22
EUR/CHF 1.3130 1.3083 1.3139 1.3062 +0.0046 +0.35% 13:38:22
EUR/JPY 113.2750 112.4050 113.4250 112.3050 +0.8750 +0.77% 13:38:21
GBP/JPY 135.0500 133.6400 135.0850 133.4750 +1.4050 +1.05% 13:38:22
GBP/CHF 1.5654 1.5555 1.5666 1.5513 +0.0097 +0.62% 13:38:22
GBP/CAD 1.5903 1.5863 1.5922 1.5783 +0.0040 +0.24% 13:38:21

Now, if the above lets say EUR/USD was traded in 1.3535 instead of 1.3531 which is listed my theory would not work. A 4 pips difference is bad enough for me when tracking foreign exchange rates, but if the information provided is not accurate from the get go then it is useless all the same.

Bottom line is I have yet to find a really good solution for getting accurate and reliable live forex rates.

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