How to build an efficient cryptocurrency exchange software?
Cryptocurrencies are on the way to becoming the most feasible and widely used payment method in the future. With over 300 million users around the world, crypto is now a trillion-dollar industry. Users have to convert their crypto earnings into fiat currencies and use them.
But, how could we do it?
There comes the need for a multi-cryptocurrency exchange platform.
Crypto exchange platforms have a significant role to play in the crypto market. These platforms help to convert fiat into digital currency and vice versa.
If you are interested in creating a flexible exchange platform, get our professional cryptocurrency exchange development services.
An efficient crypto exchange platform should have these key features given below.
- Sign Up- Initially, a user has to create an account or login (if already registered) into the exchange platform. Using 2-step authentication and setting up a strong password will help in securing the account.
- Verification- After signing up, the user profile will be thoroughly verified to ensure authenticity and eliminate scams.
- Withdrawal/Deposit- This enables a user to perform either withdrawal or deposit of money in the internal wallet of the exchange software.
- Internal API- This interface software facilitates the exchange of information between two or more applications. Generally, crypto wallets are integrated with exchanges through internal APIs.
- Analytics and Admin panel- With the graphs and stats, the user can analyze the exchange performance, whereas the admin panel helps monitor the exchange process.
App Building Aspects A Profitable Cryptocurrency Exchange Must Include
Building the best crypto exchange software involves various development processes carried out by different teams joining with each other. Let us have a look at the diverse aspects an exchange platform must contain.
User Profile Verification and Authentication
User verification is the first stage of onboarding, so it has to be uncomplicated and easy to use. By authenticating the user profiles, we can cut out scams. This will help in increasing the trustworthiness of the exchange software. So, the resultant exchange will have increased transparency and reduced risks.
User Interface (UI/UX)
The interface should be simple, easy to use, and clear to the user. An intuitive user interface will assure an increased user base. The dashboard has to be easily accessible to manage orders, withdrawals, deposits, profile stats, and more.
The performance and speed of a crypto exchange highly depend on the trading engine. The goal of the trade matching engine is to match the best trade orders with each other. In general, users will expect a real-time trading experience to manage their investments efficiently.
By incorporating blockchain technology, we can guarantee a secure and transparent system. Also, it helps in improving the speed of the exchange and thereby increasing customer satisfaction.
Order Book and Transaction History
An order book is a list of available orders that allows users to navigate the existing bids and place orders accordingly. On the other hand, transaction history enables the user to view overall details about the completed transactions with operation time and trade rate.
Providing the users with in-built wallets that help to store crypto assets and execute transactions easily. These internal wallets can benefit the users to secure their digital currency from hack or theft.
It is a must for developing an efficient crypto exchange software. The platform has to provide real-time data to the users in addition to market trends information. Bollinger Bands and Relative Strength Index are a few indicators that help users to improve their investment strategy.
This is the most suitable way to keep the customers updated with information about market prices, trends, news, volatility, etc. Push notifications are simple, quick, and easy to adopt in exchange software. When compared to other automated tools, push notification is a much cheaper option. However, the user should have the freedom to enable or disable the notifications based on their preferences.
We have a great opportunity to shine in the upcoming digital world through the early adoption of these crypto technologies. If you want to develop a customized, secure exchange software, consult the best-dedicated cryptocurrency exchange development services company. Blockchain Firm is a leading crypto exchange development service provider with more than 5+ years of experience in this domain.