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, the populace was not aware of the bitcoin and Altcoin so there was a lot of ambiguity in people’s minds related to the navigation of digital currencies.
But, it won’t be wrong if we say that cryptocurrency is much larger than the entirety of the Bank of China. The crypto game is completely different now and has become much more legitimate over a period of time. The adoption of 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 the hour and cannot be ignored at any cost.
Initially, Blockchain was itself dedicated to Bitcoin cryptocurrency. However now, the technology has seen many more currencies, to name a few 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 powerful computing power and no cryptocurrency would dare to compromise on it or otherwise it will lose its value.
The area where Blockchain gained the most popularity is the 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 a cryptocurrency exchange as well as a wallet that allows people to store and trade cryptocurrencies. Trading on Binance will get you in the cryptocurrency game and give the power to trade any coin in this market. Unlike some other exchanges, Binance offers a plethora of cryptocurrencies to buy and sell, so you’re most likely to find the coins you are looking for on this 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 offers both basic and advanced exchange interfaces. For beginners, it’s quite easy to implement simple trades and give professional traders 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 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 processes are divided into the aspects that are developed by different teams in tandem with each other. The variations among 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 the web part of the application begins. The programming languages like HTML, CSS, and JS can be used in basic development.
The API can use servers such as 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 Postgresql, 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 depends upon the quality of the testing process it has undergone. Thus, this final step is extremely important as it eliminates most of the bugs within the logic as well as UI 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 know 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
The first thing a user will see is the sign up/login page, however, the main point here is not only to allow a 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 to the users’ account.
The reason behind the credibility of cryptocurrency exchange market is that each and every user available in this sphere 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 ensure the transparency of trades.
This feature allows traders to deposit money into the internal wallet featured by the crypto exchange software and they can also withdraw money from the software as per the limits set by the company.
It is very essential that all the trades take place 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 only functional but also user-friendly and secure.
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 considered to be 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 offers 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 a few exchanges and then, those coins would do very well and get listed on other exchanges as well. 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 only powerful but also a fast platform. Investors trust this exchange more as it has capacity enough to process millions of transactions in every second. Isn’t it just marvellous?
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. 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 indulging 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 create a reliable and scalable 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.