The volume of the global cryptocurrency market is expected to grow substantially to USD 39.7 billion by 2025, with a CAGR of 67.3%. The opportunities to simplify business processes for seamless transactions of valuable assets around the world are significantly increased. Thus, the development and integration of blockchain technology is the driving force behind the cryptocurrency market. If someone is interested in building a cryptocurrency exchange service, they can easily build it without any obstacles. This is possible since there is no central authority overseeing the cryptocurrency market and its procedures. Let’s dive into a few simple steps to build a cryptocurrency exchange platform to increase ROI in the near future.
It is important to keep this in mind – there are several types of cryptocurrency exchangers that we are developing, they are known as centralized cryptocurrency exchanger, decentralized cryptocurrency exchanger and hybrid cryptocurrency exchanger. The role of a centralized exchanger is like a third party between a seller and a buyer, and approximately 99% of daily cryptocurrency transactions go through this centralized system. A decentralized cryptocurrency exchange allows investors or companies to exchange valuable assets through peer-to-peer transactions without any intervention from third party agents. There are currently several leading cryptocurrency exchange platforms available on the market – Binance, Coinbase, and so on. A hybrid cryptocurrency exchange combines all the advantages of both centralized and decentralized exchanges.
Simple steps to create services for the exchange of cryptocurrencies in Ukraine from iTizzi Custom Software Development
It is very important to design a cryptocurrency exchange platform with factors such as frameworks and prototypes. Wireframes are needed to implement key platform functions, and prototypes are needed to render detailed user interactions with the platform. This also includes the client-side logic of all pages in the website using HTML, CSS, or other programming languages.
Make plans for the future while seeking funding
The cost of developing and launching a crypto-exchanger – Kiev, Lviv includes the cost of technology, hosting, registration, consultation, promotion, and so on. Make sure you have sufficient funding capital to provide a proper runway.
Search for a payment system
Extensive research needs to be done before looking for a PCI compliant payment processor to defend against cyber attacks. There are different transaction speeds around the world, and in order to compete in fierce competition, a partnership with a suitable payment system is required.
The API is not visible to end users, but it is important for the back end to execute the internal logic of the application and effectively manage functions such as user authentication and authorization, back end functions of the admin panel, cryptocurrency betting, and user transactions.
Integration of blockchain technology for a crypto-exchanger
It is important to integrate blockchain technology into the development of a cryptocurrency exchange platform – Kiev, Odessa to ensure high-tech cybersecurity and transparency. The emergence of digital payment platforms has increased the hunger for cybercriminals. The platform should be a reliable base for all types of cryptocurrency transactions through digital wallets. Blockchain technology provides maximum security and transparency by acting like a public ledger that can only display detailed information about transactions to the parties involved, and no third party can access sensitive information.
Organization of the best customer support
Organizing quality customer support is one of the most important steps in creating a successful cryptocurrency exchange platform. There should be several staff members to take care of customer support after their registration. These employees must focus on responding promptly and efficiently to customer requests without any hindrance. This will increase customer engagement and brand loyalty in a fiercely competitive marketplace.
Order the development of a service for the exchange of turnkey cryptocurrencies: is it expensive?
As the name suggests, a cryptocurrency exchanger is a business, online or otherwise, that allows its clients to trade both digital and traditional fiat currencies. This type of company has become increasingly attractive in recent months as, despite market volatility, well-known exchanges such as Binance are publicly benefiting from extraordinary success. However, replicating such an achievement is fraught with difficulties, since important safety issues must always be kept in mind. However, by understanding the right components and developing a detailed game plan, you can successfully create a cryptocurrency exchange both iteratively and inexpensively.
When broken down into main components, a crypto exchanger consists of no more than four main modules: a trading engine, a cryptocurrency wallet, an external user interface, and an admin console.
The trading engine itself, which includes the order book as well as order processing, is critical, as without it, your cryptocurrency exchange would become a useless empty shell. The raison d’être of its existence is the execution of transactions, the calculation of balances and the comparison of each individual purchase / sale operation in the exchanger application. This module will handle multiple transactions at the same time and hence, at iTizzi Custom Software Development, we will make it error-free and technically efficient.
A cryptocurrency wallet has the same meaning. This is where all of the user’s deposits and operating coins should be kept securely. The key term here is “safe” as online assets must be treated like cash for all intents and purposes.
Naturally, the front-end user interface that is the face of your application also needs to be given special attention, and finally an admin console is needed to help companies with various operational tasks. This includes options for editing trading fees, managing lists, adding or removing currencies, credit and debit funds from a user’s wallet, and resolving potential support issues.
Fraud protection and security modules must also effectively protect the system from unwanted criminal activity.
Because crypto exchanges are particularly complex applications, there are key pieces of functionality that simply cannot be eliminated from a minimum viable product or MVP.
The first one is the order book or trade module, which can be delivered in about 9 weeks for a team of 3 developers. Next up is the input and output module (for one currency), which can probably be built in about 14 weeks.
You will also need a module for buying and selling, stopping and restricting orders. This specific requirement can be met in 3 weeks. And finally, the type of trading, which is the external component of the charts. This will be successfully completed in just 3 weeks.
Thus, the total term for the development of services for the exchange of turnkey cryptocurrencies – Kiev, MVP is approximately 32 weeks.
Based on your MVP, additional functions can later be implemented to develop a service for a crypto exchange. This happens on an as-needed basis as agile companies such as iTizzi Custom Software Development can gradually improve their products through highly agile iterations that are prioritized by the customer.
Developing a Crypto Exchanger, Crypto Exchange with iTizzi Custom Software Development?
Overall, the total time for a team of 3 developers to build a crypto exchange like Binance is roughly 32 weeks. But at iTizzi Custom Software Development, we approach each client individually and complete the development of a crypto-exchanger service with a well-thought-out strategy, with high quality and within the time frame you need.
iTizzi Custom Software Development will always be here to provide your company with the expertise it needs to meet your lofty goals.
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