A cryptocurrency exchange is an essential platform for trading crypto assets. Having stated that, simply building an exchange platform will not be enough to survive in today’s market dynamics. It is critical to construct an exchange with complex subsidiary qualities and features. Every cryptocurrency exchange software must ensure fund security, data security, and operational efficiency while increasing user experience.
When developing a cryptocurrency trading platform, you must carefully analyze its desired functionality. While the quantity and list of features vary depending on the type of exchange, certain key functions are shared by all cryptocurrency exchanges.
Let’s take a deeper look at the normal user journey and the attributes required as an example:
User:
Based on the user journey, it’s evident that the following aspects of a cryptocurrency trading platform:
• User authentication and validation — Because user authentication is the initial step in getting customers on the platform, make it as straightforward as possible. Users, on the other hand, expect other trade users to be honest and have clear intent, therefore verification is critical at this point. Proper verification allows for transactional transparency, lowers the danger of deceit, and demonstrates that your bitcoin exchange complies with international standards. It is recommended that users enable two-factor authentication (2FA) and verify their IDs and photographs.
• User interface – The user interface is the identity of a cryptocurrency exchange software, so make it easy, clear, and efficient. An easy-to-use interface guarantees that transactions are completed quickly, decreasing trade time. Order processing, order information, fund transfers and inputs, analytics, and so on should all be accessible from the dashboard.
• Trade engine: The trade engine is the heart of a crypto exchange. Furthermore, the quality of the trading engine has a considerable influence on the performance and effectiveness of the cryptocurrency exchange. The faster it is, the better the solution you can provide to your users. Traders must have direct exposure to their transaction data in order to manage their assets effectively.
So, prioritize the development of your trading engine. The use of blockchain technology might be a solution here, as it not only ensures comprehensive security and transparency, but it also provides a means to speed up your trading engine.
• Wallet — Make e-wallets available to your users so they can store and transact crypto assets.
• Order book and transaction history – An order book is a collection of pending requests that enables customers to discover the current bids. Users may keep track of their transactions using transaction history. It is a summary of completed deals that includes transaction data such as the transfer time and the cost of operation.
• Analytical tools – These are required if you want to create a sophisticated bitcoin app or website. Users should be able to get real-time statistics as well as supplementary information regarding market patterns.
• Push notifications: Push notifications are the most effective way to keep customers informed about price fluctuations, volatility, trends, news, and platform improvements. Notifications can also help customers maintain track of trade listings. Just remember that customers should be allowed to choose which alerts they wish to receive. Push notifications are easy to set up, quick, and affordable. Other automated marketing approaches, such as chatbots, are more expensive than push notifications.
There are three avenues that take you towards crypto exchange development:
1. Developing Cryptocurrency exchange from scratch:
You can hire an expert exchange development service provider that can create a crypto exchange for you from scratch. This option is expensive and time-consuming as you need to keep adding resources to the project till the time you get it launched. A new platform will have to be tested and you may be required to make amendments to make it work.
2. Crypto Exchange script:
A crypto exchange script is a pre-coded exchange script that helps you to develop a crypto exchange platform that will be a replica of an already working exchange. By using this script, you can quickly deploy the crypto exchange which can be amended as per your requirements. This option doesn’t need many technical resources as you can buy the script and any developer can create a crypto exchange solution without developing it from scratch.
3. White Label Exchange Software:
White label cryptocurrency exchange software is a market-ready solution that can be quickly deployed and launched. You can deploy the exchange in a quick fast manner without engaging too many developers or hiring a big team of developers.
Mining, farming, and trading in cryptocurrency are currently more popular than ever. Every day, the value of cryptocurrencies such as bitcoin grows, resulting in massive dividends for investors. You, too, may benefit from the evolving nature of the world’s financial systems. If done correctly, establishing a crypto exchange is a wise business decision.
At Antier Solutions, we help you capitalize on the opportunity to launch your crypto exchange and generate new revenue streams. We provide a range of crypto exchange development services – including a white label solution fortified with market-leading features, script solutions of popular centralized and decentralized exchanges, and building a custom crypto exchange from the ground up.
Schedule a free demo of our white label cryptocurrency exchange platform or connect with our subject matter experts to share your business needs.
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