Cryptocurrency exchanges are a must-have for most organizations today due to increased trading volume demand from people worldwide. A cryptocurrency exchange platform allows buyers and sellers to swap their coins for other coins and sell and buy cryptocurrencies based on market trends. The method functions similar to a financial exchange and is widely regarded as the safest and most commonly recognized.
1. The trading engine is the first component. Any exchange’s trade engine should be at its heart. It consults the order book, compares buy/sell orders, performs trades, and calculates balances. Your Bitcoin exchange software will not be able to function without a trade engine. So, before you do anything else, make sure you have a working trading engine; else, you’ll have a shell.
2. The next component is the user interface (UI) or the front end of the exchange website. Your exchange’s user interface is how your traders see it (e.g., trading platform and the design of your website). Any user interface must be intuitive and straightforward to use.
This may sound sappy, but make it your objective to provide a fantastic trading experience for your customers (Tipp: less is more). Because the use of smartphones is expanding all the time, the user interface must be mobile-friendly. Dedicated software for mobile devices would make the exchange more accessible, potentially boosting the trading activity. The user interface should, in theory, allow the user to –
3. The wallet is the third most crucial component. The bitcoin program operating on the exchange server is the wallet. Because this is where the bitcoins (of the exchange operator and his traders) are kept, they must be kept as secure as possible. To diversify risk, each exchange should adopt a so-called hot/cold wallet mechanism.
The division of bitcoins into hot and cold wallets achieves the ideal balance of security and convenience for quick withdrawals.
4. An admin panel is the fourth component that any exchange should have. An exchange’s admin panel is similar to corporate intelligence and management software. It aids the exchange operator in maintaining and controlling his exchange. The following functions should be included:
A Bitcoin Exchange platform can be developed based on three different approaches:
1. A platform based on Bitcoin Exchange Script:
The bitcoin exchange script enables anyone to launch their bitcoin exchange platform for a low cost and rapid deployment. A white-labeled, ready-to-deploy exchange script is created with a secure back-end and a set of ready-to-use features. An upgraded bitcoin trading script may be easily changed by adding your company’s logo, templates, and themes, as well as your preferred UI/UX design, which saves time and money during development.
Blockchain-based development services can create a feature-rich bitcoin exchange script to help you make an all-in-one bitcoin exchange website with features including an easy-to-use dashboard for managing and trading cryptos, trading pairs, and coin listings as multi-payment and multilingual support.
2. A Platform built on White Label Exchange software:
White label exchange software: White label exchange software is software that has previously been thoroughly tested and proven to work (especially the trading engine! ) but allows you to tweak and alter it to meet your specific needs (e.g., design, brand placement, languages, currencies, charting, etc.).
One of the most significant benefits of employing white label software is that you don’t have to worry about technical requirements, setup, or continuing maintenance. The only thing left is to configure the software to your desire since the fundamental components (trading engine, wallet, UI, and admin panel) have already been designed and tested.
3. A Platform built on blockchain coding from scratch:
A platform can also be developed from scratch, where a highly skilled team would be required to write the code, design the UI/UX, integrate it, and test the platform before finally deploying it.
Each such solution should have the capabilities to help its users in trading, storing, holding, and monetizing the earning in fiat currency. A foolproof solution will run seamlessly, and the users should find it easier to operate.
Crypto exchange development requires compliance with the law of the land where the platform is to be launched, and needs approval from the country’s governing bodies. Hence, one must also take care of legal permissions to operate in the field of cryptocurrency trading.
The Crypto exchange development process is a highly complex procedure due to various factors such as security, usability, and interoperability. Hiring a focused team of blockchain developers can help develop a robust crypto exchange platform which in return can serve as a great business opportunity.
If you are planning to build your crypto exchange, Antier Solutions can help. We provide customized services to build Bitcoin exchange software or multi-currency exchange from the ground up as well as while leveraging the white label solution. Every exchange that we build is fortified with institutional-grade security and market-leading features that contribute to the world-class performance of the exchange.
Schedule a free demo of our white label crypto exchange solution or connect with our subject matter experts to share your needs for a custom exchange.
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