Cryptocurrency exchange platform:
The platform used to trade buy/sell cryptocurrency is called a cryptocurrency exchange platform.
Different ways to develop cryptocurrency platform:
- Customized cryptocurrency exchange platform
- Clone script cryptocurrency exchange platform
Customized cryptocurrency exchange platform:
Based on customer requirements, a team of experts analyzes and develops the architecture of the platform. Interface and security features in the customized script implemented based on customer expectation.
Clone script cryptocurrency exchange platform:
Clone script means based on the architecture of a pre-launched cryptocurrency exchange platform, a team of experts will develop the platform. It is also customizable based on customer requirements.
Available clone script in the market:
Types of cryptocurrency exchange:
- Centralized exchange.
- Decentralized exchange.
- Hybrid exchange platform.
Centralized exchange:
In a centralized cryptocurrency exchange platform, there is a middle man who maintains every process or transaction. that middleman has the authority to access every process of the transaction. This type of platform charges 1 or 2 percentage cost as a service charge for each transaction.
Decentralized exchange platform:
There is no middleman or organization to handle every transaction. But every node of the chain acts as a security wall. All transactions stored based on the blockchain process.
Hybrid exchange platform:
The combination of a centralized and decentralized platform is a hybrid exchange platform. By combining features of centralized and decentralized platforms developing hybrid platforms.
The process to develop a cryptocurrency exchange platform:
Step 1: Requirement gathering
Step 2: Software designing
Step 3: Product determination.
Step 4: Blockchain integration.
Step 5: Security features establishment.
Step 6: Testing
Step 7: Deployment and maintenance.
Step 1: Requirement gathering
Gathering and analyzing the customers' needs and determining what type of platform they are expecting and what are all features they are expecting in their platform.
Step 2: Software designing
As per the customer’s expectation UI/UX Interface designing.
Step 3: Product determination.
Making frontend and back end into a script. A set of quality codes to perform each process.
Step 4: Blockchain integration.
integrating the robust and automated Blockchain into available Cryptocurrency Exchange Script Software.
Step 5: Security features establishment.
Implementing security features for the script. some of the most important security features are
- Two Factor Authentication
- Anti-Phishing Code
- KYC Authentication
- Device Management
- Automatic Session Logout
- SMS & Email Verification
Step 6: Testing:
The testing process for each module before deploying the platform.
Step 7: Deployment and maintenance.
Deploying the platform for end-users. After deployment for the end-user in case of a bug you can get customer service by the service provider at any time.
Basic Features of cryptocurrency exchange platform:
- Protected Login.
- Multi-Cryptocurrency Support.
- Liquidity & API Integration.
- Crypto Wallet Integration.
- Fiat & Crypto Quicker Transaction.
- Multi-Currency Pairing.
- Order Book with Trade Match Engine.
Additional features that make scripts more user friendly and secured:
- API Based Current Price Display
- Live Trade Chart
- SMS Verification
- Payment Gateway Integration
- Support Management
Conclusion:
The above article explained the cryptocurrency platform developing process. based on features available in the platform decides a perfect cryptocurrency exchange platform. to get more attention from end-users it must be user-friendly and secured to use. Setting up their own cryptocurrency exchange platform is a trending start-up. Anyone who has basic knowledge about cryptocurrency can handle a cryptocurrency exchange platform. running a cryptocurrency exchange platform is a profitable business. Because of the popularity of cryptocurrency, many traders are expecting a new platform to trade.
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