Several cryptocurrency exchange platforms are coming into existence as cryptocurrencies continue to transform the financial services industry. Leading exchange platforms like Binance are gaining global acceptance including countries like Singapore, Australia, and Canada. Market reports indicate that they are generating considerable ROI despite volatility issues and dense competition.
The cryptocurrency market is growing steadily with stable volatility and positive equity curves. The market is not exclusively limited to trading digital currencies. Cryptocurrencies have several real-world applications and their popularity as a multi-currency exchange method is rising globally. For instance, projects like Ripple and Corda are serving as platforms for transferring fiat currencies across borders seamlessly and efficiently.
How does it impact a cryptocurrency exchange platform business?
Existing platforms find it challenging to cope up with increasing market requirements such as efficient handling of large transaction volumes, advanced user-experience features, and smooth trading experience.
The need of the hour is to develop simple and minimalistic crypto exchange platforms. They must support fast fiat withdrawals to include a large portion of the world population that deals in fiat money. Most importantly, they need to be safeguarded with high-level security to establish trust in the network.
So, let’s read the basic aspects you should consider while developing a cryptocurrency future-ready exchange platform.
Basic development steps of a cryptocurrency exchange platform
b) Regulatory compliance
c) Partnership with a payment processor
e) Best security implementations
f) User-centric customer support
Cryptocurrency Exchange Platform: Architecture Essentials
The development of a cryptocurrency exchange platform will be incomplete without the following four components.
1) The trading engine should always be at the core of any exchange. It provides access to the order book, matches buy/sell orders, executes transactions and calculates balances.
2) UI (user interface) or the outlook of your exchange website must be excellent, and user-intuitive. It is a window to how users see your exchange. Also, mobile accessibility should be at the top of the list as the majority of users use their smartphones to access the web. Fast and efficient mobile-optimized exchange platforms experience better audience adoption rate.
In a nutshell, the UI of the website should enable your users to;
Register and access their account
Deposit, view and withdraw cryptocurrencies and fiat currencies
View existing order book, past transactions, stats, balances, charts, etc
Place sell and purchase orders
Enable access to the support mechanism
3) An efficient cryptocurrency wallet stores and manages cryptocurrencies on the exchange server with maximum security. For any exchange platform to prevent hacks it must have a hot/cold crypto wallet system to diversify risk. (explain wallets in detail)
4) An advanced admin panel is necessary for exchange platforms. It works like business intelligence and management software.
Why hire an offshore cryptocurrency exchange platform development company?
Employing an in-house team of crypto developers is not sustainable as compared to outsourcing crypto exchange development tasks. The benefits of hiring an offshore cryptocurrency exchange software development company are:
It is cost-effective
A dedicated team can evaluate multiple cryptocurrency development platforms to fulfill your business needs
No need to estimate the cost of hiring employees, software, resources, etc.
No need to estimate the time required for developing, maintaining, and continuously upgrading the platform