The crypto transactions of Bitcoin prices were steady and were changing hands around $55,000 on Tuesday. “The outflow was split into multiple wallets, which could be their hot wallets, representing an internal transfer or custodian wallets for institutions”, Ki-Young Ju, CEO of CryptoQuant.
The exchange of cryptocurrency is trending worldwide in recent years and has become the town’s talk among millions of people. Bitcoin, Ethereum, and Litecoin are commonly used as fiat money in various digital places. All these transactions to be made via a cryptocurrency wallet.
Despite fiat money’s wide usage, there are chances of replacing fiat money and making changes to the traditional banking system, just like fiat currency being replaced by the gold standard. Even though there is a slight fluctuation in cryptocurrency’s value and prices being dropped, digital currencies like Bitcoin and Ethereum still hold the ground firm in a marketplace with high value. If thinking about how to develop your own cryptocurrency exchange platform? – Keep reading this blog!
What does a cryptocurrency exchange mean?
The crypto transactions are recorded in the blockchain platform for decentralized exchange value. It is a business that permits users to trade cryptocurrency or digital currencies for other assets; it can either be fiat money or other digital currencies. The cryptocurrency exchange is done in three types :
- The usual exchange process enables traders to exchange cryptocurrencies with transaction fees being charged.
- Peer-to-peer (P2P) exchange allows users to transact without any intermediaries. The seller fixes the price for interested buyers to respond.
- The cryptocurrency brokerage firm ensures to manages all complicated processes and charges commission fees for non-interested users getting involved in trading.
Efficient ways to Develop your own cryptocurrency exchange software :
Investors’ main reasons to build their own cryptocurrency exchange platform business involve high security, 24/7 trading, efficiency, and privacy. Trade Engine, User Interface, crypto HeatMap, and admin console are essential for developing a cryptocurrency exchange platform.
- Gather an order list of all transactions made by crypto traders in the marketplace.
- Generate the trading details for investors to compare and select the desired trading pairs.
- Ensure to have a wallet facility for storing transaction details for better accuracy.
- Work within the time frame to develop the cryptocurrency exchange platform.
- Develop safe and secure login, withdrawal, and deposit options for customers.
- Integrate with the price aggregator into the exchange.
- Enable a customized mobile application for hassle-free access.
Features of the user interface in exchange platform :
- Quick registration and on-boarding process.
- Sturdy multi-cryptocurrency and fiat currency deposit and withdrawal functions.
- Complete access to the trading account.
- Traceable transaction history for review.
- Statistical monitoring
- Dynamic charts and analytic process.
Creation of Crypto-Wallet :
The wallet creation has been the backbone of the entire cryptocurrency exchange platform. Crypto-wallets need to be divided into two groups for lowering all types of risk, like hot wallets and cold wallets. The hot wallets allow the users to transfer the cryptocurrency to an external wallet. The money withdrawn doesn’t require any permission from the exchange administrator. Cold wallets possess slightly different functionality.
The wallet will have remaining coins and tokens being used. There is no possibility to access a cold wallet if the hot wallet has been hacked since it is completely disconnected from the network. It is the main reason for users preferring cold wallets to secure their assets. The cost of developing and launching the cryptocurrency exchange software depends on various factors like essential features and functionalities to be integrated.
Efficient solution for crypto exchange software :
Building a cryptocurrency exchange platform from scratch is challenging for users since it requires technical skills, resources, and time to develop a competitive platform for competing with other existing businesses in the market. The solution for crypto software comes ready to launch with cost-effective for easy customization.
The crypto exchange is integrated with all features, technical and security programs. Also, it offers additional benefits, from eliminating technical expertise to saving time and money. The crypto software offers the vast opportunity of scope and deployment. The white-label cryptocurrency software provides :
- It comes with a highly built functionality platform for competitiveness.
- The crypto software benefits in standing top in the marketplace with trading software.
- The risk of failures is less in the software exchange platform.
- It is built on micro-service architecture to adapt to new users’ needs and provide a fast and efficient trading platform.
The development process of White-label cryptocurrency exchange software :
- Crypto Market Analysis :
The crypto market analysis is the initial step for the development of any crypto exchange platform. The crypto exchange platform developed will be efficient only based on the requirement of market satisfaction.
- Module Creation Process :
Once the tracking and identifying market requirements are researched, the next step for creating module sheets will provide the development strategy of crypto exchange platforms.
- Design Process :
The module sheet will have a design process for allowing the developers to attain a live design of the interface for it to be developed and delivered. The design needs to be in such a way it appears promotional in the marketplace for grabbing users’ attention.
- Development Process :
The crypto exchange platform has base architecture supporting every audience from beginners level to advanced level for leading the reputation of the platform developed.
- Testing Process :
The crypto exchange platform’s testing process has various test series to overcome the attacks of hack and intruders during the transaction. Also, voluntary tests are done for improving the user experience.
- Deployment Process :
The crypto exchange software is already tested under the test net and ready to be deployed in the mainnet.
Benefits of White-label Crypto Exchange :
- Easy Deployment of Products.
- Customizable UI/UX
- Reliable Crypto Exchange Process
- No Technical Expertise Needed
- Cost-effective solution
- Crypto Market Analysis
- Improved Accuracy and Efficiency
Attractive features of crypto-exchange software :
- Encrypted Database
- Multi-tier Architecture
- Cross-Platform Compliance
- Military Grade Security
- Error Free Source Code
- Wallet Management
- Automated Liquidity Process
- Fast and Efficient Trade Engine
Summing Up :
The cryptocurrency exchange software is trending. Efficient features being integrated with the white-label software exchange solution lure millions of users to access hassle-free transactions. Crypto exchange platform enables safe and secured processes with high-end performance for traders to get benefitted. The exchange software solution for crypto wallets allows multiple transactions to be performed instantly without traffic congestion. Investors can use this fantastic opportunity to step forward and get in touch with any blockchain company for future growth with better assistance.