How to Build a Cryptocurrency Exchange: 5 Keys Features

The crypto market is always buzzing with activity. Even though more than half the world is still unaware and unsure of the digital currency, it hasn’t stopped others from showing their love for crypto. This, of course, led to a good number of entrepreneurs turning to the crypto market to try their luck. They want to create a crypto exchange and make their presence felt in the limited market space.

Bitcoin, Ethereum, XRP, Litecoin, Tether, etc. are some well-known cryptocurrencies in the market. Even those who are not aware of the crypto market and trading have heard the term Bitcoin a handful of times. With crypto gaining popularity, entrepreneurs can use it to their advantage. 

The major companies like Binance, Kraken, Coinbase, etc. have a lot of members who are actively trading on the exchanges. So why not create a similar exchange platform to attract traders, existing and new? That’s what entrepreneurs are doing. They are looking to buy crypto exchange software from reputed software developers to build a comprehensive and secure platform for the users. 

This saves them the time and money required to create an exchange from scratch. Be it adhering to the local regulations, making sure that the exchange platform is secure, or getting approvals from the respective authority bodies, taking the assistance of software developers is a safer option. 

But having the basic information is crucial for entrepreneurs to understand how the crypto exchange will work. In this post, we’ve listed five key features every exchange platform should have and provide to the users. 

• Sign up/Sign In Feature 

This is essentially the start point for every user who wants to trade on the exchange. The sign-in feature acts as a security gate that prevents unauthorized access to users’ data. The sign-in has to have the highest security protection (apart from the regular sign-in ID and password) and two-factor authentication so that no one other than the users can log in into their respective accounts. 

• KYC- User Verification 

Know Your Customer (KYC) is a user verification process in which the identity of every user is verified and double-checked. This prevents fraudsters and cybercriminals from impersonating others and using their names for illegitimate activities. This also makes sure that the exchange is transparent and provides the required protection to users’ information. The user accounts that haven’t yet verified can be restricted from performing certain transactions (involving a huge amount of money). 

• Deposit and Withdraw from the Crypto Wallet 

When entrepreneurs buy crypto exchange script, they are buying a lot of features that are already coded in the script. The crypto wallet is one such feature that is essential for every exchange. Users can add money to the wallet, use it for trading cryptocurrency, and withdraw money added to the wallet. This is also known as an e-wallet and is similar to other digital wallets we see in the market. The crypto wallet allows users to deposit and withdraw money/ cryptocurrency outside the exchange as well. 

• Create Transactions 

Trading is the main reason users sign in with a crypto exchange. Considering the volatile nature of the market, users are constantly creating transactions to buy, sell or exchange cryptocurrency on the exchange. The success of the exchange depends on how smooth and stress-free this process is for the users. The backend system has to enable users to complete the transactions in less time and without any glitches or errors. 

• Admin Panel for the Backend 

Till now, we’ve seen features that are essential to attract users. What about providing support to employees who handle the backend? Entrepreneurs need to buy white label crypto exchange that offers an admin panel/dashboard for the employees to monitor the trading, accept or reject access requests, track new user accounts, and make sure that nothing goes wrong on the exchange. The high-level access will be retained with the employees to avoid complications. 

Conclusion 

Apart from what has been mentioned above, many other features complete a crypto exchange. Entrepreneurs can also ask the software developers to include new and improved features that will become the USP of the platform. 

If you are planning to buy crypto exchange software, Antier Solutions can help. We are renowned for providing a white label crypto exchange solution fortified with market-leading features like high TPS (100,000 transactions per second), instant KYC and AML, highly-secure multi-currency wallet, robust admin panel, and more. In addition, we specialize in building a custom crypto exchange from scratch.

Schedule a free demo of our white label crypto exchange or connect with our subject matter experts to share your needs for a custom exchange built from the ground up.