Hello! Investing in cryptocurrencies has been in vogue for a few years. People invest in cryptocurrencies with the speculation that they will pay for them in the long term. A few years ago or probably a decade ago, people were not confident in shelling out money in cryptocurrencies. Whereas now (as of 2021), the user index shows that the confidence level of people who invest in cryptocurrencies is 97%.
And first of all, the size of the cryptocurrency market will reach $ 1087.7 โโmillion in 2026. Are you willing to turn the table to yourself by
Launching cryptocurrency exchange software? So, it's time to update your plan by taking advantage of the white label cryptocurrency exchange development solution.
Cryptocurrency exchange software: what is it?
An online medium that makes cryptocurrency trading easier is called cryptocurrency exchange software. It can be a centralized exchange software or a decentralized exchange software. Additionally, the exchange software will have built-in security features, a trading engine, and employs a matching algorithm.
Detailing how cryptocurrency exchange software works
The operation of the cryptocurrency exchange software is more like a stock exchange software. However, unlike traditional trading platforms, cryptocurrency exchanges operate 24 hours a day, 7 days a week and therefore traders can exchange their cryptocurrencies on any day of the week or any time. .
Step 1: Before starting trading, all users must register (if the user is new to the platform) or log in (for existing users).
Step 2: Adding cryptocurrencies after creating a crypto wallet is the second necessary step to complete. Users can choose and buy cryptocurrencies on the platform by paying for them through fiat currencies (of their choice).
Step 3: The buyers will then submit the purchase request and the platform sellers will submit the sale request. All these requests from buyers and sellers will be added to the order book.
Stage 4: Once the buyers and sellers agree to exchange the cryptocurrencies, the buyer transfers the amount of the chosen crypto and, upon receipt, the seller will transfer the cryptocurrency.
The functionality of the cryptocurrency exchange is as simple as other traditional exchange platforms. In particular, if it is a centralized exchange platform, the platform owners will be in charge of controlling the entire operation of the platform.
And different exchange platforms will have different types of security features and different trading fees.
Various features of cryptocurrency exchange software
meMany cryptocurrencies are subject to price fluctuations. The purpose of a live tracker is to show the price of the cryptocurrency at the given moment. Therefore, based on that price, buyers / sellers will decide to trade cryptocurrencies.
Cryptocurrencies can only be stored in a hot or cold wallet. Buyers can transfer cryptocurrencies to sellers' wallets.
Invest in cryptocurrency trading software that supports fast cryptocurrency trading, which will appeal to your platform users.
Traders can get wagering rewards if they bet their cryptocurrencies on the platform for a specified time. And the participation rewards provided to buyers / sellers will be absolutely based on the amount of cryptocurrencies they bet and the span.
The platform administrator is responsible for processing KYC procedures and other user-related management activities.
Users and administrator can view the transaction summary to obtain information on the total number of transactions and associated details.
The analysis tab helps the administrator to get an idea of โโthe general activities that occurred on the platform. For example, the number of new users that have signed up, the number of transactions, the most commonly traded cryptocurrencies, etc.
Maintaining user credentials is important, and for that, all data must be encrypted.
The software will deny any massive number of commercial requests on the platform as it may be hacking or malicious activity. The integration of anti-distributed denial of service will be helpful in keeping such activities at bay.
Final thoughts
The features discussed above are vital. While heading to develop cryptocurrency exchange software, choose Appdupe's white label software, which is a pre-developed one. Therefore, you can add the necessary customizations to the software and start the platform quickly.
