You must be hearing a lot about Cryptocurrency these days, Aren’t you? Well, Crypto trading has indeed come a long way in a surprisingly shorter period of time. A few years back, populace was not aware of the bitcoin and Altcoin so there was a lot of ambiguity in people’s minds as to the navigation of digital currencies.
But, it won’t be wrong if we say that cryptocurrency is much larger than the entirety of Bank of China. The crypto game is completely different now and has become much more legitimate over a period of time. Binance crypto exchange has helped change the game in a better way so that everyone can make the most of this digital currency phenomenon.
Since the creation of Blockchain technology in 2008, lots of companies all over the world gearing towards incorporating Blockchain into their business as it is the need of an hour and cannot be ignored at any cost.
Initially, Blockchain was itself a dedicated Bitcoin cryptocurrency. However now, the technology has seen many more currencies, to name a few Bitcoin, Ethereum, Litecoin, Bytecoin, Swiftcoin, Titcoin, Ripple and there are 700 more.
How does the Blockchain work?
Blockchain is a publically available database that allows anyone in the world to add information to it. In fact, it makes this information incorruptible by spreading it all over the network. The data is not stored on a server; it is distributed all over which makes it more secure and unalterable as compared to any other technologies existing prior to Blockchain.
As it is an Open Source Software, you can even create your own Blockchain. The decentralized system cannot be controlled by any single party in the world. Also, the editing of the data submitted earlier is unlikely to happen. Why? Because it requires a powerful computing power and no crypto currency would dare to compromise on it or otherwise it will lose its value.
The area where Blockchain gained the most popularity is cryptocurrency exchange market. With the advent of Binance coin exchange, many people started thinking how to start a Bitcoin business or how to trade cryptocurrency on Binance. In order to manage such a big number of currencies, the need is felt for exchange resources.
No doubt, there is no dearth of exchanges and they all differ on the number of trades they allow, commissions, limitations, benefits to users etc. But, one of the massive booms that challenged the crypto industry with its presence is Binance and it is still continuing to be the best cryptocurrency exchange platform for the users spread worldwide.
More about Binance
Binance is an online platform that allows people to buy cryptocurrencies using Bitcoin. Binance is a cryptocurrency exchange and wallet. Trading on Binance crypto exchange will get you in the cryptocurrency game and give the power to trade any coin in the crypto market. Unlike some other exchanges, Binance offers a huge number of cryptocurrencies to buy and sell so you’re most likely to find the coins you are looking for on the Binance platform.
Binance.com is a Chinese based company and that’s the reason it supports multiple languages. Initially proving information via the whitepaper, they managed to reach their fundraising goal.
According to Craft, Binance has received more than 10 million dollars in funding from several Chinese venture capital groups. Following a successful Initial Coin Offering (ICO), Binance began live trading in July 2017 and since then they have not looked back.
Binance offer both basic and advanced exchange interfaces. For beginners, it’s quite easy to implement simple trades and give professional traders with an access to more intricate options.
Binance coin exchange is available on Web, iOS, Android, HTML5, WeChat and PC client platforms.
In just a short tenure of just 6 months, Binance has managed to become a highly profitable company with more than 3 million users globally and 100 digital currencies in trade. Due to the number of trades made on the platform, the value of BNB has been rising consistently. In addition to crypto exchange, Binance has also created some innovative services such as: Gifto for virtual gifting and a Launchpad token sales programme.
Important Elements to Build the Crypto Application
As you know that many of the applications development process is divided into aspects that are developed by different teams in tandem with each other. The variations of them depend upon the difficulty of the application.
An exchange trading system like Binance would require the below mentioned components to be taken into consideration:
The designing phase includes the creation of mock-ups (UX) of the app’s every single page.
Based upon the previously developed design, the creation of web part of the application begins. The programming languages like HTML, CSS, and JS can be used in the basic development.
The API can use servers such Apache, Passenger, uWSGI, Puma, Nginx, Supervisor etc. The application can be developed using Ruby or Python programming languages. In order to store data accurately, it can use databases like Postgreql, MySQL, MongoDB or Redis. Certainly, this component of Binance app was fully responsible for brainstorming the app’s business logic.
The Blockchain ledger acts as an intermediary between the exchange of cryptocurrency and user. So, this is considered as the most significant aspect on which actual processing and storing of data concerning trades between users in a secure environment happens.
The performance of the application fully depend upon how well the testing is performed in the app. Thus, this final step is extremely important as it enables eliminating most of the bugs within the logic and UI too before the app launches.
Why You Should Build An Exchange App?
We cannot ignore the fact that the more the crypto market develops, the more trust it gains from users and the more benefits it brings to those who knows how to operate it. That’s the reason why it makes sense investing in building a cryptocurrency exchange app. Let us take you on a tour how Binance made it so big in the crypto world so ensure to keep in mind these important pointers as to how to start a cryptocurrency app exchange service:
Sign up/Sign in
First thing a user will see is the sign up/login page, however the main point here is not just to allow user to let in after the registration ends but to also protect the system from any unauthorized logins, hacks or any sort of manipulations. This functionality should be developed very well and comply with the higher standards.
Besides the login/password combination, there is a 2FA (Two-Factor Authentication) to give extra security for users.
Why cryptocurrency exchange market is so trusted among users is that each and every user is thoroughly verified. For instance, the limits for withdrawal for the verified users are higher as compared to the non-verified ones. Certainly, the verification is extremely important to lessen the scam possibilities and to ensure the transparency of trades.
This feature allow traders to deposit money into the internal wallet featured by the crypto exchange software as well as trader can also withdraw money to the wallet outside of the software as per the limits set by the company.
It is very essential that all the trades are happening quickly and that too without any system errors. Besides this, the system should have varied possibilities for orders creation to enable the user to select the one which is convenient to them at that point of time.
Internal API and Analytics
In order to allow users to create their own automated trading systems, the crypto exchange’s own API is required. In fact, for better visibility analytics is a very helpful feature that helps in creating stats and graphs wherever required.
The employees of the exchange company will be in a better position to monitor trades and manage the actions based on their access level with the help of the admin panel.
The above mentioned are the most important features required by any application of Binance crypto exchange type. There is much more to be executed in the application to make it not just functional but user-friendly and secure too.
There are plenty of platforms to trade cryptocurrency on and some of the most popular ones are: Bittrex, Bitfinex, Kraken and Poloniex. Binance exchange is amongst the most trusted and well-regarded exchanges.
Easy Access to Hundreds of Cryptocurrencies
There are many exchanges that don’t offer more than 20 coins but Binance coin exchange offer hundreds of them. The cheapest place to buy cryptocurrencies online is on Binance. This can give you an edge over other investors if you choose coins that are only listed in few exchanges and those coins then would do very well and get listed more on other places. Thereby, it will increase the price and you will derive a killing earning out of it.
Capable Of Processing 1.4 Million Transactions per Second
The number is enough to tell that Binance is not just powerful but fast as well. Investors trust this exchange more as it has enough capacity to process millions of transactions in every second. Isn’t it just marvelous?
Brilliant Reputation in the Market
The team behind the success of Binance has a proven track record in both cryptocurrency and finance. The reviews for Binance have been extraordinary phenomenal as it is simple to use and fully secure too.
Apart from these amazing advantages, Binance also has some great rewards and affiliate programs too. You can use your own account to invite your friends and family and earn a commission for yourself. Plus, it’s awesome for newbies and professionals too. Happy trading
Considering the immense popularity of the crypto exchange globally, it is easily understood why more and more people are involving themselves in this new well renowned technology. Creating a high-quality cryptocurrency exchange application would definitely give you the upper edge and you can expect stupendous revenue figures being credited into your accounts in a very short term.
If you are keen to build an application like Binance crypto exchange, our team will be happy to help you make the cryptocurrency exchange software. If you have questions related to the cryptocurrency exchange development part, feel free to contact us. It will be our pleasure to make a unique app that cannot be built anywhere but here.