How do you set up your own crypto exchange?
Do deep market research about the type of crypto exchange and the location where you are going to launch the crypto exchange. Identify the business purpose whether it is for liquidity or some other purpose. After that, complete all the legal formalities and requirements that are needed to build a crypto exchange business.
Make sure you have enough capital to develop the crypto exchange. After setting up the basic things, build the core of the cryptocurrency exchange development services system that includes a trading engine, order book, wallet, and dashboard.
Let’s see how can we build the crypto exchange.
The main thing in collecting technical requirements is selecting a suitable programming language. Java, Python, C & C++ are the common languages used to develop the crypto exchange. Next, identify which server you want to launch the crypto exchange and add appropriate needed tools that fit your needs.
MVP stands for Minimum Viable Product. It is a prototype having limited features that are developed before moving it to the development stage. It is a kind of prototype that solves the problems and validates the model in an earlier stage.
After the MVP, you need to do the design & development where the website is designed and coding is done to build the crypto exchange.
Testing is done after the development stage. In testing, the bugs are identified and rectified. After doing all the essential things, the crypto exchange can be launched.
Core of the cryptocurrency exchange platform
Wallet
The wallet is a built-in feature of crypto exchange that is used to send, store, and receive cryptocurrencies. It helps traders instantly buy and sell cryptos. And it has security features like 2-factor authentication and OTP verification.
Orderbook
Orderbook lists the trader orders which are organized electronically. Orderbook and trading engine are interlinked with each other to show real-time data.
Trading engine
The trading engine is a necessary feature of the crypto exchange that matches the buy order with the sell order. The trading engine should never experience downtime and execute transactions real quick.
User interface
The user interface should be designed in such a way that the platform users should experience smooth navigation from creating their accounts to placing a trade order.
Dashboard
The dashboard lets users observe portfolio changes, the total number of completed & active trades, Profits and Losses, active strategies, and more. The dashboard should also be customizable according to the user's preferences.
Security
The crypto exchange is safe and secure with the inclusion of security features such as Web security protocol, Anti DDoS, Registry lock, etc.
