Best Approaches to Develop Your Own Crypto Exchange Software in 2022

Cryptocurrencies have grown in popularity over the last few decades and are on their way to becoming the prominent mode of financial transactions. Investing in cryptos is similar to stock market investing. As a result, you can expect exceptional returns on your investment.

The rise of bitcoin has enticed investors and entrepreneurs to invest in or launch a crypto exchange platform. The availability of cryptocurrency exchange software development services is aiding in a significant way by providing many options to entrepreneurs these days. Solutions that can distinguish between safe and vulnerable trades are the need of the hour. This is crucial since crypto exchanges are the most popular way to swap fiat currency for cryptocurrencies and vice versa.

What is Crypto Exchange Software, and How Does It Work?

Crypto exchange software allows you to trade cryptocurrencies such as bitcoin, ether, litecoin, Polkadot, dogecoin, and others. Depending on the exchange, you can buy crypto with a fiat currency like the US dollar or trade one kind of crypto for another.

Unlike traditional exchanges, which have set trading hours, cryptocurrency exchanges are open 24 hours a day, seven days a week.

What are various approaches to Crypto Exchange Development?

Three approaches can deliver a working Crypto exchange Software:

1 Non-Propreitory Software (Open Source Software):

The word “open-source” refers to freely available code to all in the public domain. Because the code is publicly accessible, anyone can alter, download, or distribute it as they see a wish. However, using open-source code would sabotage and eliminate the entire project, resulting in numerous flaws. The main disadvantage of this strategy is that there is no guarantee of security, which leads to being hacked by anonymous hackers.

2. Developing a Solution from scratch:

Large enterprises generally adopt this approach that either own a vast team of developers or have big budgets to outsource the project to vendors. There is no flaw in this approach. Enterprises get their hands over a sophisticated and customized solution to set up crypto exchange. However, one may find it a lengthy process and dependent on development teams. Although the development cost and effort involved in this process are significant, the result is incomparable, making your exchange stand out in the global crypto industry.

3. White label exchange solution

A crypto white label exchange is a ready-to-deploy solution that contains all of an exchange’s core trading functions and security aspects. You may design and implement a feature-rich crypto trading platform in a matter of days for a low cost by using the white-label software/clone script. It comes with various customization options, including the ability to change the graphics, functionality, and more.

Key Features of a Crypto Exchange Software

• Push notifications

Push notifications are the most effective way to keep consumers informed about price changes, volatility, trends, news, and platform updates. Users can also use notifications to keep track of exchange listings. Always keep in mind that consumers should select which alerts they receive. Setting up push alerts is simple, quick, and inexpensive. Push notifications are less expensive than other automated marketing methods, such as chatbots.

• Analytical tools

These are required to create a sophisticated cryptocurrency app or website. They provide users with real-time market data and extra market information. Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), Bollinger Bands (BB), and other indicators can assist traders in creating their trading tactics.

• Wallet

A wallet allows your users to store and transfer their crypto assets. It’s a good idea to provide two types of wallets (cold and hot). Hot wallets allow users to deposit and withdraw money from their accounts. Because they are not connected to the internet, they act as a backup and are thus safe against fraud.

• Order book and transaction history

An order book integrated into crypto exchange software provides a list of open orders that users can use to move through the current bids. Users can keep track of their transactions using transaction history. It’s a summary of completed trades that includes transaction details, including the trade rate and the time of the transaction.

• Trade Engine –

Ever thought of a trading engine, which searches and connects traders at the heart of your platform. Furthermore, the efficiency of the trade engine has a significant impact on the crypto exchange’s system performance. The better service you provide to customers, the faster it is. Remember that users require real-time access to their trade data to manage their investments effectively.

• User Interface (UI/UX) –

Make sure your user interface is basic, straightforward, and user-friendly because it is the face of your exchange platform. An easy-to-use interface guarantees that transactions are completed quickly, cutting down trading time. Order management, order history, fund withdrawals and deposits, statistics, and other elements should be accessible from the dashboard.

Reasons to Invest in a white label crypto exchange

• Quick development

You may quickly build a crypto exchange trading platform using a crypto white label exchange since it is ready-to-deploy and can be quickly launched after easy customization of the front-end.

• Reduces the cost of labor:

Given that a white label solution is a market-ready solution that can be leveraged by different brands planning to launch their crypto exchange, it comes with a lower development cost.

• Achieve more without technical knowledge:

If you don’t have a lot of technical knowledge, this will come in handy. Setting up your white label bitcoin exchange platform will be easier, even if you have no technical understanding in this area.

• Branding with customization

Because you already have a clone script in hand, your branding will be enhanced as it will be integrated into a sophisticated solution. Your brand will be visible to your target demographic because the product will have your name, design, and logo.

Conclusion:

Getting a hand on a crypto exchange remains a primary concern for many medium and small entrepreneurs. However, it is not feasible for all to deploy an in-house team to develop crypto exchange software. It requires resources and manpower and time to develop the solution. A white label crypto exchange is the best solution if anyone is looking for a quicker deployment under restricted resources.

If you are planning to set up crypto exchange, Antier Solutions can help. We offer a white label exchange solution fortified with market-leading features to accelerate the deployment of your exchange. In addition, we offer clone scripts of popular centralized and decentralized exchanges like Binance, PancakeSwap, UniSwap, and more. Our seasoned blockchain engineers also specialize in the development of custom exchange platforms from the ground up.

Schedule a free demo of our white label exchange solution or connect with our subject matter experts to share your needs for crypto exchange software development.