Cryptocurrency Exchange is the place where people exchange one crypto-currency for another, or for major world currencies (dollar, euro, rubles, yuan). This is the second place where they can be obtained after the mining and at the moment, the first place where they can be spent, perhaps, with the exception of exchange points crypts.
In fact, the crypto exchange is an analog of the usual electronic exchange. With the difference that access to a regular exchange is «ordered» to ordinary individuals and is only available to professional participants in the financial market. Exchange activity in the classical sense is strictly licensed by the state where this exchange is registered. At that time, most cryptocurrency exchanges are not even legal entities and operate in a legal vacuum.
We offer a trading platform development with the highest technological standards. Our experts will not only build an amazing engine but also integrate web sockets, configure the API distribution and include any other features on demand!
Cryptocurrency exchange development: what will you receive?
The software for the peer-to-peer exchange should have the following:
- Secure private system for administrators, moderators, and system owners
- Trading engine
Without these elements, the new exchange will not be able to sustain in the cryptocurrency field. If you miss the admin system, then you cannot have control & clarity, inadequate liquidity restrains advancement of the start, and a weak system can ultimately destroy all business.
Safety and reliability
- Protection of the exchange on SSL level.
- Limiting automatic withdrawals
- Smart anti-fraud system
- The two-factor system of exchange authorization
- Successful long-term experience of real platform use in a respectable European jurisdiction
Trading platform development: GUI (graphical user interface)
For a component, ease of usage is as important as visual attractiveness of the design, and to achieve that some info about the user must be considered: the region they live, social preferences together with local preferences. Some time ago an experiment was performed that aimed to study the time it would take for a new user to grasp Facebook, a major social network. The study revealed that on average a person needs about an hour, 57 minutes to be more exact. This meant that the time it will take for you to teach a relative in another country to use Facebook is about an hour. In contrast, the people who are interested in crypto-exchanges are not newbies in the world of technology. At the minimum level, they have knowledge of development, technology, the banking system, and politics. It is important to consider these factors if you plan to design a crypto-exchange. The level of the user experience must be high and all the things should be as easy as possible. The user of the platform should recognize navigation, structure, actions, and results at first sight. The design step comes after this. Notably, UX. The key features must be straightforward and perceptive. Short notice to the interested parties: too many people are still interested in cryptocurrencies, and this specific technological field has not yet seen its apex point, as most amateur users have yet to trade. Do you get the point?
Development of crypto exchange: a secure private system
Managing content and system is very crucial for a platform or a website. The owner must be able to learn the entire situation with the available wide range of functional and data via a few clicks using a private admin system. A dashboard with key indicators of transactions, registrations, deposits, etc., is one of the mandatory functions. Another important thing is the functionality to withdraw money manually and commissions with flexible settings. There is one feature that most owners lack to see is the interest in different cryptocurrency in the system you have. Analyzing it aids to make sure that your marketing campaign targets point-to-point. Furthermore, to be informed about new cryptocurrency implementation, it will be valuable to integrate the API of Coinmarketcap.
The platform can’t function if it lacks p2p element. What is necessary to consider in this situation? As easy as pie: users must be able to operate with freedom and safety. Everything, including data, transactions, lists of orders, and bookings must be stored and be visible to the user with graphs that are convenient via all devices.
Edward Snowden was the first person who got recognition in this topic and shared it with everybody. Safeness, security, integrity, and data privacy data have become the most intense topic, especially for finance related portals and social networks like Facebook. What does security mean for a cryptocurrency platform? What are the things that should be considered?
First, it should be tested for some hacking types:
- To hack a user of your system.
- To hack or to penetrate via admins, moderators or other people who are granted access to a private system
- Vulnerabilities of the system; Hacking a user or an admin can be credited to social engineering. It is generally recommended not to download and/or install files from unknown sources, specifically those that are shared on the internet. The following important aspects are among the system vulnerabilities. Injection, malicious code, holes in the firewall (firewall) or server, and of course protection against DDoS attacks.
Simplicity and ease of use
A clear and friendly interface of the software for the cryptocurrency exchange allows you easy navigation on the site: it’s easy to manage for the admin, users can easily create requests for the purchase or sale of currencies.
Integration of the required crypto currency: Bitcoin, Litecoin, Dogecoin, PPcoin and others. It is possible to connect various systems and payment methods for input and output for financial currencies, for example, Payer, SEPA and EU / EFTA, SOFORT, SKRILL, SWIFT, bank transfer.
Accepting payments for the exchange
The maximum integration with various payment systems is required for working with fiat money for the efficient operation of the exchange. Without one or several payment gateways, a crypto-currency exchange can manage, but it will be uncompetitive.
In addition, for any exchange, the issue of commissions for the input and withdrawal of funds is acute. It is desirable to have your own universal gateway. The role of such a gateway can effectively be performed by the Digital Bank on the basis of an EMI license or a similar institution capable of opening sub-accounts to its customers and breaking the legal link between incoming and outgoing payments that ordinary banks make with difficulty.
The requirements of legal integration follow that because of the different status of crypto-currencies and tokens from the requirement of technical integration, it is not a trivial task that we have already decided and are ready to update the results of our work for our clients.
Income of the crypto exchange
The main and only «white» income of any exchange is a commission fee. That is, the commission that the exchange takes from its customers for carrying out trade operations. So, as it is not difficult to guess, the profit of the exchange is determined by the simplest formula: the commission percentage multiplied by the turnover of trades.
But, in the case of the crypto exchange, there is still an additional mechanism for the revenue side — almost all exchanges charge an additional commission from their clients for withdrawing funds from the exchange. Payment gateways are earned on the withdrawal of a phiatic part of money.
Crypto exchange services company: flexible approach
We are developing platforms that are easy for you to use: Waterfall + iteration, SCRUM or Agile. We do not have fear of dynamic changes and are prepared to give up-to-date communication and information about the project stages.
Whenever required, we offer access to the Git version control system and the task-tracker.
Each client gets a personal & qualified project manager who is capable to answer most questions. If required, a meeting where specialists and programmers participate can be arranged.