The highly globalized world, where the cryptocurrency exchange industries are becoming more porous and open, the competition among the cryptocurrency exchange platforms like binance, coinbase, etc… have not at all been steeper until now. The survival and nonstop growth of an exchange platform lie in its capability to attract traders and by using the white label crypto exchange software.
If you want to get succeed in the exchange business and build it more efficient, you surely require developing cryptocurrency exchange software.
We damn sure, this article will help to build the cryptocurrency exchange software.
Before building the exchange software, you want to hire
The best blockchain developers with important skills:
Blockchain Architecture:
The developer should have outstanding knowledge in the blockchain, how it works and know about the architecture. Ideas like cryptographic hash functions, distributed ledger technology should be at the fingertips.
Understanding the protocol of Crypto network:
Cryptographic methods such as hash functions eg SHA256 are used in blockchain aside from asynchronous cryptography for creating digital signatures. Without this knowledge, it is impossible to become a blockchain developer.
Web Development:
The developers can know the fundamentals of both front-end and back-end development which consist of creating interactive GUI for exchange, API handling, etc.
These skills are important while hiring blockchain developers from the cryptocurrency exchange development company. Next, check out the components and features while building the crypto exchange software.
Components of Cryptocurrency Exchange Software:
Seamless Matching Engine:
The traders must make the orders safely and freely. All information, transactions, order listing, and booking should be stored and shown to the user in the convenient charts. It processes several million transactions per second.
Order Book:
This is a list of buy or sell orders arranged by price and timestamp. In the matching engine, there can be numerous types of order which can be accessed by the traders. Some of them are market order, limit order, stop order, Buy stop order, copy order
Wallet Integration:
Building the wallet is more important. Because traders can use to store the cryptocurrencies. Built the wallet with a multi-signature wallet which is used to split private key for each party, and multiple key addresses are recorded with the transaction.
User-friendly Dashboard:
Designing the user-friendly UI dashboards is one the trickiest task, so keeping the dashboard design clean and simple which make it easy for the traders. Some of the important components such as Price chart, Market depth, markets list (coin pair), Wallet, buy and sell order form, buy orders list, sell orders list, Trade History which will create your dashboard for exchange platform.
Liquidity API:
This API permits to realize and outlook current trading activities running on the website. It enhances the new trader base for new exchange platform.
Margin Trading:
It permits the crypto traders to open a position with leverage. Traders can leverage their accessible cryptocurrencies by borrowing funds to increase buying power.
Integrated IEO Module:
Our Bitcoin Exchange Software comes with an embedded IEO module where you can list IEO projects and gain additional income.
Multiple currency exchange pair:
This permits for exchanging the cryptocurrencies with any other digital currency or fiat currency. As most of the users are looking to trade multiple currencies in the trading platform, this can help you with reaping profits.
Enhanced Security:
Build the exchange software with some of the security features such as DDOS Protection, 2FA, CSRF Protection, X-XSS Protection, etc.
Security Token Exchange
As security tokens are latest talk of the town, we make sure you list security tokens in your exchange platform.
Market Making
Our Market Maker in the middle is responsible for performing buy and sell orders even in the absence of users.
Payment Gateway Integration
With our payment gateway integrated module, your users can pay either using fiat or cryptocurrencies instantly.
These are the important components to build the cryptocurrency exchange software. Next, we will see the types of cryptocurrency exchange software.
Types of Cryptocurrency Exchange Software:
Open Source Cryptocurrency Exchange Software
The exchange software with source code that anyone can examine, alter and develop of their own.
Custom made Cryptocurrency Exchange Software
The exchange software has been created by the development team especially based on the exchange business according to the client’s requirement, and the functionalities can be added in the project in order to business demands.
Prebuilt or Readymade Cryptocurrency Exchange Software
The exchange software has been developed for general use according to the cryptocurrency niche. You can buy, install and begin to use immediately.
You can choose the desired type of software based on your unique set of requirements in the industry.
Conclusion
This is the entire list of what you should take into mind if you an idea to develop cryptocurrency exchange software. It is not a trouble-free and fast process, but if your approach is smart, then the final software product will be truly viable and beneficial on the cryptocurrency market. Everything you need is to hire a team of skilled blockchain developers from the best cryptocurrency exchange platform development company like Coinsclone who provides solutions at a reasonable cost.
