Since from a long while, cryptocurrency concepts have been booming the entire business world. Being the perfect alternatives for the fiat currency types, cryptocurrencies are now become the future of the payment sector; Of course, cryptocurrencies are about to disrupt the way that the users transact. Yes! They are the potential currency types meant for digital transactions in the world of payments.
Well; a cryptocurrency exchange is a digitized platform for making transactions and trades with cryptocurrencies like bitcoin, litecoin and ethereum and so on. It accounts for the easy and instant currency buying or selling options, thus ensuring the users’ comfort.
With the dramatic rise in the cryptocurrency coin volume over the years, the concerned market is getting widened and so that the worth of cryptocurrencies have also been skyrocketing. This is where the cryptocurrency exchange development services come in with a greater profit generating potential.
Nowadays, anyone can develop his own cryptocurrency exchange marketplace with ease. This has been made possible with the readymade cryptocurrency exchange software available in the market.
As a leading cryptocurrency exchange development firm in the industry right now, we at shamla tech are offering white label cryptocurrency exchange software that suits the best for your fluctuating business requirements. Are you eager to launch a reliable cryptocurrency exchange of your own and wanna take it to its very next level of development in no time? Why not? Who doesn’t? Yes! Nowadays every entrepreneur wants to become a billionaire like the owners of the brands ‘Apple’ and ‘Toyota’.
Then what is the big deal for you in desiring to become an owner of a million dollar revenue generating exchange like binance or coinbase? Of course! It is certainly possible these days if you take a right start….Check out our white label cryptocurrency exchange software solutions that are available with a robust technology stack but at the affordable cost.
If you choose us for the development of your crypto exchange, we can be able to provide you with a top-notch cryptocurrency exchange of your choice, which would be likely to have the features such as asset security, powerful trading engine, multi-currency and language support. Moreover, the exchanges we develop are always high in liquidity, so that you would easily be able to attain your business funding targets in a shorter span.
Essential features of a crypto exchange:UI: ‘’Design a friendly UI to provide the users with the level of comfort they deserve’’. When it comes to any business like the cryptocurrency exchange, creating an intuitive interface (UI) is of utmost importance, as it is the gateway (platform) for the users to get navigated to their trading processes. The UI should have all the tools necessary for the users to initiate trades as per their wish and convenience.
Dashboard: ‘’Come up with attractive dashboards to ensure proper user roles and to make your exchange management strategy easy and efficient ever!’’ Having a separate dashboard is a perfect way to manage all the exchange operations like customer and application management in a simplest cum easiest way. The dashboard should be incorporated with all the functionalities needed for the traders to perform efficient trades. Also, here is where the traders will get accesses to application signups or logins and transactional asset deposits or withdrawals.
Security prompts: ‘’Fortify the exchange with some layers of security for protecting the users’ funds’’. The cryptocurrency exchanges are more prone to hacks as they deal a huge amount of users’ funds in their points of operations. Hence, a multi-layered security implementation is a must here to avoid unethical attacks that are highly possible within an exchange system. You may either use any one of the following security enhancements:
The above said securities can help leverage your crypto exchange business for tight security ever.
Verification checks: ‘Validate the user logins with 2FA) to ensure authorization’’. An ultimate security option called two-factor authentication (2FA) needs to be included in the signup or login in an exchange so as to prevent it from unauthorized system hacks or account logins.
Wallets: ‘’Furnish an ultimate level of security to the users’ funds via wallet setup’’. A wallet is what that facilitates the safe storage of funds within a user’s account. A majority of the exchange users today prefer to choose internal system wallets to ensure safety of their funds. Hence wallet integration is a vital step in the launch of any crypto exchange.
Multi-currency support: ‘’Make your exchange offers extensive support for multiple currencies to ensure success at the earliest’’. If we look back at some of the successful cryptocurrency exchanges like binance, we can come to know that they all have provided support for the utilization of multiple types of currencies within the system. This is a valid feature that contributes to the success of these exchanges to some extent. But I understand that your exchange may not support such a wide range of currencies as a newly launched one. Yet, it is possible to extend the support for at least some of the popular currency types like BTC (bitcoin), ETH (Ethereum), and LTC (Litecoin) and so on.
KYC: ‘’Authenticate customer on-boarding for your exchange with KYC’’ KYC (Know your customer) is a proficient type of verification that can help you in on-boarding valid customers for your exchange, thus eliminating unauthenticated users out of the system.
AML: ‘’Enforce AML strategies to protect your exchange from anti-money launderers’’. Fixing the right AML strategies for your exchange could make your exchange escape from the anti-money laundering threats available as of now with the anonymous nature of cryptocurrencies.
API: ‘’ Define the right set of rules for your exchange with API’’. API abbreviated as ‘Application Programming Interface’ is a network of protocols that work right away in linking two applications for interactions. Let us take the situation for instance that you wanna have a link to an exchange platform via a mobile device, it is certainly possible with API. Yes! APIs can let you have access to the real-time market information at any sort of time with no constraints.
Factors to be considered while selecting a white label cryptocurrency exchange software: Architecture: It is a vital factor that decides the overall functioning of the exchange platform. Hence it should be built in a robust manner ensuring strong utility, speed and security.
Here, you need to figure out the components that are to be included in the architectural design to ensure the process through which the trading requests get routed. Liquidity enhancement: Liquidity is the most significant factor that needs to be considered for the launch of a crypto exchange. Because, the absence of liquidity with the empty trade order books may end up with no customers for the exchange. Hence it should be taken care of to avoid unnecessary disputes that are about to rise in the system. One efficient method of generating and enhancing liquidity for a crypto exchange is the integration of bots.
Separation of concerns: The exchange needs to have separate module for each and every functionality, so that it would be extremely difficult for the hackers to make attacks. Here, the structuring of hardware and software components has to be considered.
Regulatory compliances: When it comes to the launch of a crypto exchange, certain laws have been defined from the governmental side to ensure its smooth operation in the market. Those laws or jurisdictions collectively form the regulatory compliances which are to be met properly by the exchanges to become legalized and regulatory authorities in the exchange business space. Thus the compliances are meant for legalization and they are location-specific.
They differ from one location to the other. As an exchange owner, you need to make sure that whether your exchange meets the compliance standards appropriate your business location.
Digital currency support: The exchange should extensively give support for a variety of digital currencies as much as possible to ensure the convenience of users in making transactions. At the start, it is okay to provide support for limited types of currencies. But as time progresses, it is essential to make sure that your exchange supports the integration of some new coins or currencies continuously upon the user requests.
Features: It is always good to have some demanding features in your exchange for both the users and the admin. From an admin’s perspective, the exchange has to facilitate proper user management via valid payment gateway setups.
Similarly from a user’s perspective, the exchange needs to support the trading of famous cryptocurrency pairs. Other than these, all the necessary features are to be integrated to the exchange for better profit.
Final thoughts: As a crypto entrepreneur, you could possibly make up a viable exchange by successfully passing the necessary stages of development like business requirement analysis, UI/UX design, web app development, custom features integration, and so on with us. Being the forefront of blockchain development, Shamla tech assists you with excellent white label crypto exchange solutions perfectly at a reasonable budget.