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Over the years, we have come to know about how fiat currency is managed by central financial institutions like banks. As the world is now using digital currencies that are protected through cryptographic techniques, we need an entirely different setup to deposit, save, and trade cryptocurrencies. In the blockchain world, crypto money can be managed with the help of Cryptocurrency Exchange Software that may be installed on a smartphone. There are many businesses that are directly involved in Cryptocurrency Exchange Software Development and are making it easier for crypto users to trade or exchange their digital assets with ease. The more the number of active users on a crypto exchange the higher would be its profit margins, as it would charge fees for each transaction.
Have You Ever Thought That Even You Can Launch A Crypto Exchange Software?
You can do it by using white label solutions for Cryptocurrency Trading Software Development with the help of a trusted blockchain company. Using a white label solution would mean that your developer would customize a pre-written script to add or remove certain features and functionalities. It is a fast and cost-effective means of Exchange Software Development as compared to starting the development process from scratch.
What Are The Different Types of Crypto Exchanges Prevalent In The Crypto Sphere?
According to Coinmarketcap, the top crypto exchanges are Binance with a market volume of $40,375,878,971, Coinbase Exchange with a market volume of $5,949,391,984, and Kraken with a market volume of $2,118,540,926. The immense success of these exchanges has inspired many to create Cryptocurrency Exchange Software that can do well. However, before we start discussing all about the Cryptocurrency Exchange Software Development processes, we must know how many types of crypto exchanges are there. Here we go:
- Centralized Exchanges: These types of exchanges are controlled by a single entity. While proceeding with Cryptocurrency Trading Software Development, you must know who is going to have the complete power of viewing and managing transaction details.
- Decentralized Exchanges: These types of exchanges are also known as peer-to-peer exchanges in which there is no need of involving any intermediary for making transactions. Anyone can install the Crypto Exchange Software to use escrow-based services for simplifying business processes.
Get the Best White Label Cryptocurrency Exchange Software
Schedule Free DemoWhat’s The Easiest Way of Creating A Cryptocurrency Exchange Software?
You might have heard of white label crypto exchanges. People use clone scripts for Exchange Software Development to build an exchange that is similar to a highly successful brand in many ways. However, they can find innovative ways to modify the precoded script to match the specific needs and requirements. Thus, using a readymade solution for Cryptocurrency Trading Software Development can save a lot of time and effort. However, one still needs to be technically sound to make changes in the script or create a crypto wallet. Furthermore, it would be necessary to ensure that the crypto exchange software is cross-platform compatible.
Significant Features A Cryptocurrency Exchange Must Include
While you proceed with Exchange Software Development, you must know what kind of features a crypto exchange must have to become highly popular. Here are some of them:
- Wallet Support
A cryptocurrency exchange software must allow the users to create or integrate a wallet that supports different types of digital currencies. - Escrow System
Nowadays, businesses are largely adopting escrow facilities. Therefore, you must include this feature while carrying out Cryptocurrency Exchange Software Development as it helps in building trust between two parties involved in the business. - Payment Gateway
Unless you integrate multiple payment gateways, your efforts for Cryptocurrency Trading Software Development would remain incomplete. It won’t be possible for the users to process their transactions in the absence of payment gateways. - SEO Friendly
An experienced crypto specialist won’t overlook the aspect of making the exchange SEO-friendly. It’s one of the most crucial aspects of Exchange Software Development.
Using Advanced APIs For The Development of Cryptocurrency Exchange Software
If you are ready to dive into Cryptocurrency Exchange Software Development, you must know what kind of APIs would help build a feature-packed platform. API stands for Application Programming Interface, and it defines how the application would interact with others. It also helps to ensure better control, security, and authentication. Therefore, it would be necessary to choose the best APIs for ensuring the seamless performance of your crypto exchange.
Here are some of the best APIs you can use:
- REST APIs
Representational State Transfer API (REST API) or RESTful API helps the crypto exchange to interact with the other RESTful web services and obey their architectural style. REST API is widely used for making Cryptocurrency Exchange Software Development more worthwhile and making the crypto exchange stand out as a prominent game player in the crypto world. - Price Index APIs
It helps to track change in exchange rates, relevant data and price changes of different types of digital currencies. You may integrate a Price Index API in your Crypto Exchange Software, as it would help the traders to know the exchange rate of each cryptocurrency owned by them. - Trading Bot APIs
In a cryptocurrency exchange, the Trading Bot APIs are helpful for users as they can buy and sell their digital currencies at the right time after checking the market price automatically, without any need for the trader to be involved in the decision-making and execution of sale and purchase activities. Thus, Trading APIs are helpful in automated trading, reducing the risks of losses and increasing revenues. Renowned Cryptocurrency Trading Software Development can help create an exchange similar to Binance and Kraken that offers the facilities of automated trading. - Merchant APIs
The traders and inestors would be pleased to join a cryptocurrency exchange that helps them to track their orders, checkouts, and transaction history with ease. All such features can be enabled with Merchant API. - Liquidity APIs
Liquidity is a significant aspect that cannot be overlooked, as it helps to know the how much the traders can gain by convering their cryptocurrencies into fiat currencies. It helps in removing trading complexities. When you hire a professional for Exchange Software Development, you must ensure that your crypto exchange is capable of maintaining high liquidity.
Get Obligation Free Quote
Schedule Free DemoFinal Thoughts
In recent times, people are showing a great interest in using Cryptocurrency Exchange Software that simplifies the investment and trading processes. If we speak of the benefits of Cryptocurrency Exchange Software Development from trader’s perspective, it helps them to earn profits through automated trading, and they even don’t have to use a desktop computer for accessing their account activity. On the other hand, the owner of Crypto Exchange Software would be able to immense benefits as they would receive the part of each transaction as platform fees.
If you want are not a technologies, you don’t have to try your hands in Cryptocurrency Trading Software Development because an exchange should have tight security and appealing features and functionalities that can attract and retain the users successfully.
Antier has deep knowledge and experience in Exchange Software Development, and it would help ensuring a hacking free exchange, according to the prevalent trends.
