7 Best Ways To Do Curating The Ideal Cryptocurrency Exchange Software - Tech Travel Hub
With digitization entering the mainstream economy, the game-changing combo of cryptocurrency and blockchain technology is transforming the way businesses operate around the globe.
With the business of cryptocurrency exchanges offering handsome returns to entrepreneurs, it has led to a surge in the virtual trading of assets.
There are certain limitations involved as the market conditions are highly unpredictable and exchanges have been hacked previously where users have failed to recover their funds.
The important features that every Cryptocurrency exchange development company must incorporate in a platform are an accurate trading engine, a comfortable user interface, robust admin panels, multiple user wallets, and reward-oriented referral systems.
An operational license is a must for every cryptocurrency exchange to function smoothly without any hurdles. Since regulations vary from one country to another, be well-versed in the legal aspects of your operational jurisdiction. KYC (Know Your Customer) and AML (Anti Money Laundering) norms would have to be adhered to for ensuring an authentic user base for your exchange. Clearly defined policies and guidelines by authorities will go a long way in preventing any sort of ambiguity.
To facilitate the smooth processing of transactions on the exchange platform, there must be the presence of a reliable bank or a payment solution provider for accepting deposits, authorizing withdrawals, and ensuring quick settlements. It will depend on the operational location of the exchange and regulatory norms. Payment methods help in the easy management of funds. Multiple payment methods such as credit card, debit card, bank transfer, net banking, wire transfer, and PayPal need to be integrated into the platform. Flexibility is needed for processing fiat to fiat, crypto to crypto, and fiat to crypto transactions. The pace of clearance and settlements needs to be quick.
Liquidity refers to the ease at which assets are converted into cash without influencing the market price. It will help in elevating the exchange’s trading volume and profitability in the long run. It will also lead to potential investors being attracted to your exchange increasing their confidence. Liquidity can be boosted by creating artificial accounts on your exchange and initiating trades between them. The exchange platform can be connected to a leading exchange in the market that has a high trading volume via a third-party API.
To gain the loyalty of investors and to avoid unnecessary risks, security should be given utmost priority in your exchange. Steps like two-factor authentication, end-to-end encryption of database, jail login, and password-protected user access are necessary to safeguard traders’ funds and their data.
Test your exchange properly by subjecting it to both internal and external audits. Iron out any bugs and glitches before officially launching it in the market. This will ensure seamless functioning for all users.
Appoint a dedicated team for handling maintenance issues. You can remain ahead of the intense competition only by closely watching the changing market trends, investor preferences, competitor’s various offerings, and other technical aspects and integrate it into the exchange’s operations quickly. A round the clock support team should provide services in multiple languages for dealing swiftly with customers queries and building a strong relationship. Ideally, customer service providers should render their expertise for free for a few months and then levy premium services.
Anything can go wrong concerning a cryptocurrency exchange. It can take various forms in the form of hacking attacks, unauthorized access by third parties, virus or a malware attack, etc. The data of the users must be kept highly confidential by storing it in a location independent from the operational servers. Have a backup of the user data and protect it using a password.
With an increase in the number of white label solutions flooding the market in recent times, the business may have to forego some freedom in its operations due to the outsourcing of software development. It must read the available guidelines before giving the green signal to a service provider. Flexibility in changing the terms and conditions accordingly must be given utmost priority.
- High level of customization –
While the basic features cannot be altered, minor modifications can be done by the company for incorporating its brand name, logo, color theme, UI/UX design, etc from time to time. This helps firms to revamp their presence in the market and come out afresh.
- Non-requirement of any technical expertise –
With the presence of an easy to use interface, any user can easily handle the platform without possessing technical knowledge. Hence, companies would find it easy to handle their basic procedures as integrated solutions have already been in-built in the platform.
- Availability of quick deployment –
There is no need for pre-testing and it can be implemented for full usage in operations directly. This ends up saving enormous time and costs for every business. Proper installation of the software and compatibility with the firm’s production environment would be required. Businesses can focus more on their core operations by outsourcing the process of software development. Development from scratch will involve huge time, costs along with the deployment of skilled manpower. It requires a high level of technical competence as the process of hosting has to be done by the company itself.
Some popular cryptocurrency exchange software available in the market include Cloud Centralized exchanges, Do it Yourself Centralized exchanges and Do it Yourself Decentralized Exchanges.
Further visit: The Phenomenon of Stablecoin Development: Best Guide In 5 Minutes
Every component of the software is open-sourced and completely automated. Hence, every firm aspiring to ambitious cryptocurrency exchange software development must keep in mind the above-mentioned factors with due diligence.
In the end, the performance of the operations would depend on the changing market conditions and the firm’s style of functioning. Hire a reliable Cryptocurrency exchange development company that understands your business requirements and delivers customized solutions to drive the desired results.
