Cryptocurrencies have grown in popularity over the last few decades and are on their way to becoming the prominent mode of financial transactions. Cryptocurrency investing is similar to stock market investing. As a result, you can assume exceptional returns on your investment.
Investors and entrepreneurs have been inspired by the rise of bitcoin to invest in or start a crypto exchange platform. The availability of cryptocurrency exchange software development services is assisting entrepreneurs in a big manner these days by giving them a lot of possibilities. The need of the moment is for solutions that can distinguish between safe and vulnerable trading. Because crypto exchanges are the most popular way to convert cash for cryptocurrency and vice versa, this is critical.
What is Crypto Exchange Software and How Does It Function?
Bitcoin, ether, litecoin, Polkadot, dogecoin, and other cryptocurrencies can all be traded using crypto exchange software. You can buy crypto using fiat currency such as the US dollar or trade one kind of crypto for another, depending on the exchange.
Cryptocurrency exchanges are open 24 hours a day, seven days a week, unlike traditional exchanges that have scheduled trading hours.
What are the various techniques for developing a crypto exchange?
There are three ways to get functioning Crypto exchange software:
1. Non-Propreitory Software (Open Source Software):
The term “open-source” refers to publicly available code. Anyone can change, download or share the code because it is publicly accessible. However, using open-source code would sabotage and eliminate the project, resulting in a slew of faults. The main disadvantage of this technique is that there is no guarantee of security, which makes it accessible to hacking by unknown users.
2. Creating a Solution from the Ground Up:
Large companies typically choose this technique since they either have a large development staff or have large finances to outsource the project to contractors. This strategy is without flaws. Enterprises receive a smart and personalized solution for launching a crypto exchange. However, it may be a time-consuming procedure that is dependent on development teams. Although the development cost and work required in this process are significant, the end result is incomparable, making your exchange stand out in the global crypto business.
3. White label exchange solution
A ready-to-deploy crypto white label exchange contains all of an exchange’s essential trading capabilities and security elements. Using the white-label software/clone script you may design and implement a feature-rich crypto trading platform in a couple of days for a low cost. It allows you to customize the visuals, functionality, and more.
Key Features of a Crypto Exchange Software
• Push notifications
Push notifications are the most effective way to keep consumers informed about volatility, trends, news, price changes, and platform updates. Notifications can also be used to keep track of exchange listings. Always remember that consumers have control over the alerts they receive. Push notifications are simple, quick, and affordable to set up. Push notifications are more expensive than other automated marketing methods, such as chatbots.
• Analytical tools
These are required to create a complex cryptocurrency app or website. They provide users with real-time market data as well as additional market information. Traders can use indicators like Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), Bollinger Bands (BB), and others to help them develop trading strategies.
Your users can store and transfer their crypto assets using a wallet. It’s a smart idea to provide two types of wallets (cold and hot). Hot wallets allow users to deposit and withdraw money from their accounts. Because they are not connected to the internet, they operate as a backup and are thus safe against fraud.
• Order book and transaction history
Users can move through the current bids using an order book embedded into crypto exchange software. Transaction history allows users to keep track of their transactions. It’s a list of completed deals that includes transaction details such as the trade rate and the transaction time.
• Trade Engine –
Have you considered putting a trading engine at the heart of your platform that finds and connects traders? In addition, the trade engine’s efficiency has a substantial impact on the crypto exchange’s system performance. It is faster to deliver better service to clients. Users must have real-time access to their trading data to efficiently manage their investments.
• User Interface (UI/UX) –
Make sure your user interface is basic, straightforward, and user-friendly because it is the face of your exchange platform. Transactions are performed swiftly because to an easy-to-use interface, which reduces trading time. The dashboard should provide access to order management, order history, fund withdrawals and deposits, statistics, and other features.
Launch your own Crypto Exchange Software
Reasons to Invest in a white label crypto exchange
• Quick development
You may quickly build a crypto exchange trading platform using a crypto white label exchange since it is ready to deploy and can be quickly launched after easy customization of the front-end.
• Reduces the cost of labour:
A white label solution has a cheaper development cost because it is a market-ready solution that can be used by other businesses trying to create their own crypto exchange.
• Achieve more without technical knowledge:
If you don’t have a lot of technical knowledge, this will come in handy. Setting up your own white label bitcoin trading platform will be simple even if you have no technological experience.
• Branding with customization
Your branding will be enhanced as your clone script is integrated into a smart solution. Because the product includes your name, design, and logo, your brand will be visible to your target demographic.
Many medium and small companies are concerned about getting their hands on a crypto exchange. However, not everyone can afford to hire an in-house team to create crypto exchange software. The solution requires resources, manpower, and time to build. If you need to deploy quickly and have few resources, a white label crypto exchange is the perfect option.
Hashstudioz can help you in setting up a crypto exchange. We provide a white-label exchange solution with market-leading features to help you get your exchange up to and running quickly. We also provide clone scripts for popular centralized and decentralized exchanges, such as Binance, Pancake Swap, UniSwap, and others. Our experienced blockchain developers are also experts in building specialized exchange platforms from the bottom up.
Schedule a free demo of our white label exchange solution or get in touch with one of our subject matter experts to discuss your crypto-exchange software development requirements.