How are things going with the bitcoin rate? It is likely to grow for many reasons. Some invest in bitcoin, while others use blockchain as the basis for creating unique business models. Many people just love it because of the sheer idea of a decentralized economy designed to overthrow the financial dominance of banks. For those looking to make a fair and huge profit, there are 2 daring ways to do it. One of them is to create your own cryptocurrency with unique financial capabilities. Another is to create your own cryptocurrency trading platform for buying / selling currencies based on blockchain, which of course includes bitcoin exchange, but goes far beyond it. This article discusses option number 2, which paves the way for creating a full-fledged platform for a cryptocurrency exchanger and solving the design problems associated with it.
The product you are about to create is a marketplace that connects people who buy cryptocurrency with those who sell it using fiat currencies. How your platform will trade may differ. Some cryptocurrency exchanges simply trade with their users at the world market price. Others partially provide some public data on the state of trading on the exchange through their order book. They provide users with some advanced features such as determining the set price of their orders. As a person intending to develop a platform for a cryptocurrency exchanger, you should know the main features of creating this software product.
Key features of the development of a crypto-exchanger platform
When you create a cryptocurrency exchange platform, you need to think carefully about its intended functionality. While the number and list of features vary depending on the type of exchange you create, a few core features form the backbone of all cryptocurrency exchanges.
As an example, let’s take a closer look at the standard user-side process and the required functions:
- Registers in the cryptocurrency exchange system and indicates the selected cryptocurrency.
- Verifies account in accordance with anti-money laundering (AML) and Know Your Customer (KYC) standards.
- Replenishes the account.
- Enters the value and volume of the exchanged cryptocurrency.
- Enters into a deal if the site already has a counter offer.
- Withdraw funds to your credit card or cryptocurrency wallet in the app.
Looking at the user experience, it becomes clear that the functions of the cryptocurrency exchange service should cover:
- User authorization and verification. User authorization is the first step, so keep the process simple and easy. However, users expect other bidders to be trustworthy and have good intentions, which means that verification is very important at this stage. Correct verification ensures transparency of transactions, reduces the risk of fraud, and shows that your cryptocurrency exchange meets international standards. Based on the experience of iTizzi Custom Software Development, we recommend enabling two-factor authentication (2FA) for users and verifying their IDs and photos.
- The user interface is the face of your exchange, so make sure its design is simple, straightforward and user-friendly. The intuitive interface ensures efficient execution of transactions, reducing trading time. The dashboard should provide quick access to functions such as order management, order history, withdrawals and deposits, statistics, and so on.
- Trading Engine – The heart of your platform, the trading engine finds and connects traders. In addition, the quality of the trading engine greatly affects the speed and performance of a crypto exchange. The faster it is, the better you will serve your customers. Remember, users need real-time access to their trading data in order to effectively manage their investments. So pay special attention to the development of your trading engine. The solution here may be the integration of blockchain technology, which not only guarantees complete security and transparency, but also offers a way to speed up your trading engine. Just make sure you hire an experienced SaaS and blockchain development team like iTizzi Custom Software Development to do the job.
- Development of a wallet for cryptocurrency, Kiev – provide your users with electronic wallets for storing and transferring digital money. It is a good idea to provide two types of wallets (cold and hot). Hot wallets allow users to transfer money to and from their balances. The cold ones serve as a backup because they are not connected to the Internet and are therefore protected from fraud.
- Transaction history and order book. An order book is a list of open orders that allows users to navigate through the current rates. Transaction history allows users to track their actions. This is an overview of completed trades with transaction information such as transaction speed and transaction time.
- Analytical tools – a must if you want to create a cutting-edge cryptocurrency exchange application or website. Provides users with real-time data and additional information on market trends.
- Push notifications are the best way to keep users informed of price changes, volatility, trends, news and platform updates. Notifications can also help users keep track of trade lists. Just remember that users should be able to choose which notifications they want to receive.
How much does it cost to create a crypto-exchange, a crypto-exchanger from scratch in Ukraine?
The cost of developing a cryptocurrency exchanger depends on the list of features that need to be enabled, the number of coins and tokens that need to be integrated, the level of security, and so on. Thus, you will be able to calculate the estimated cost by sharing your idea and vision with our experts.
To compete in the cryptocurrency exchange market, it is best to develop a full-featured software solution with connected cryptocurrency exchange applications, high security and good scalability. Developing a platform for a crypto exchange of this level is more expensive because you need a team of real professionals.
Build and run a cryptocurrency exchange platform with iTizzi Custom Software Development. We have excellent technical skills and extensive experience in the development of complex platforms. We will take care of the coding, design and testing of the MVP product of the crypto exchange platform.
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