- Now the cryptocurrency business mostly consists of cryptocurrency trading. This is mainly due to the rapid growth of digital currencies that made many investors earn big amounts of money.
- The digital currency is considered as legal payment in many countries, creating hype among entrepreneurs and businesses to develop a cryptocurrency exchange platform.
- Before developing a cryptocurrency exchange platform, ensure that your platform should cope with the increasing market requirements. This includes handling large transaction volumes efficiently, advanced user experience features, and providing a smooth trading experience.
- Now let us analyze the basic aspects that need to be considered while developing a cryptocurrency exchange.
Trade Engine:
The trade engine is the main core of any exchange platform. The purpose of the trade engine is to provide access to the order book. It also matches the buy and sell order, and executes transactions.
User Interface:
The user interface is the first impression of a user that increases the customer base, so it must be excellent and intuitive. If your exchange provides mobile accessibility, it is an added advantage because most users use smartphones to access the Internet.
Your user interface should enable the below-mentioned features.
- Register and access to their account
- Access to deposit, view, and withdrawal of fiat and digital currencies.
- Allows users to view current and past transactions, order books, stats, charts, etc.
- It should enable access to support mechanisms.
Cryptocurrency Wallet:
The cryptocurrency wallet's main objective is to store and manage digital currencies on the exchange with high security. It is totally up to the user whether to choose between a hot or a cold wallet.
Admin Panel:
An admin panel is necessary for any exchange platform. It acts as a business management software.
These are the features that need to be embedded into the admin panel:
- Alteration of liquidity
- Management of multiple cryptocurrencies
- It should provide the option to edit the spread and trading
- Approval of user accounts for trading after the verification of KYC.
Conclusion
To conclude, these are the few aspects that should be considered before initiating the journey for cryptocurrency exchange development, or you can opt for a highly secure white label crypto solution that can help you to launch your exchange in a couple of weeks.
