Why Cryptocurrency Exchange Platform Development is in high demand?
As the cryptocurrency market has grown matured and in the year 2017, it has seen a series of giant cryptocurrency projects. It is expected that in the future years, they would become a more regulated paving way for the emergence of a good number of exchanges.
These regulations will make the Crypto exchange platforms to have a built-in architecture which supports multi-transactions every day. This can, in turn, offer high scalability and access speeds. Thus, cryptocurrency exchanges are in high demand, especially in the upcoming years.
What makes Cryptocurrency Exchanges so Powerful?
The fantastic features of Cryptocurrency Exchanges have been the reason for their robust behavior. They don’t have any intrusion of third-parties and thus they remain trustworthy among the investors. Cryptocurrency exchange markets have proved themselves to be highly profitable if developed properly.
Moreover, Steve Wozniak, co-founder of Apple believes, Cryptocurrencies are a way safer than Gold and other dollars. The reason is cryptocurrencies are no longer a fad and are an everyday feature in crypto space. Moreover, regulations and compliance are making them even more secured. For now, Bitcoin and Ethereum top the list of the safest cryptocurrency Jeong Ki-Wook, the Co-founder of TrustVerse.
When it comes to cryptocurrency exchanges, there is a huge set of benefits for the investors through which they can make money. Here are a few ways such as:
1. Trading fee
As the buyer and seller perform the transactions, crypto exchange platforms charge a percentage of the fee as commission. This is the primary and most beneficial source of income.
2. Listing Fee
When some currencies or coins are not listed on exchanges, it can be inserted. In turn, exchanges outlay a percentage of the fee as a reimbursement.
3. Dark Pool Trading
As the name suggests, these are private trading forums which completely lack transparency. Unlike, Stock Exchanges, these platforms aren’t open to the public for investment. Huge investors and venture capitals make use of this platform to buy or sell the assets at a reasonable price. In return, exchanges make decent fee on these trades.
What Users will Expect in any Exchange Website?
There are high expectations from the customer base. Surveys were conducted on various social channels to engage the customers with their feedbacks. Here are certain features they require in a Cryptocurrency Exchange Website:
1. High-Level Security
The priority feature which a user expects in an exchange website is the security. The next-stage security features such as Face ID, Near-Field Communication, etc to make it more secure. 32% of users expect this kind of features since the website involves plenty of money. They require a website which is free from hacking and other threats primarily.
2. Ease of Use Website
An Intuitive website with easy navigation and highly interactive interface is all needed. 20% of the customer bases were expecting this feature in upcoming and current exchanges.
3. High- Liquidity
In Centralized Exchanges, users to deposit their funds in the wallet created by the exchange itself. Therefore, exchanges can enhance liquidity flow. The higher the liquidity, the higher will be the cash flow and hence the profits.
4. Upto date Dashboard
The exchanges’ dashboard should remain up to date with the fluctuations and volatility happening every day. Moreover, investors expect a platform with the latest crypto news. This can make them stay updated as wel
5. Easy Withdrawal and Deposits
This is yet another expectation of the users. When users withdraw or deposits, exchanges deduct a piece of money. The rate varies with different exchanges. As an investor, you can set the value in accordance with jurisprudence.
6. Social Trading
There are new investors who are interested to get into the market. Social media channels make this possible. The famous crypto exchanges still haven’t integrated this feature. But this is the most expected feedback everyone recorded.
7. 24*7 Customer Support
Users have said that they are in need of an assistant who could support them at the time of issues. This is the basic expectation every user has. Moreover, having customer support can make the exchange platform highly reliable.
8. Multiple Charts in a Single Window
Professional users expect this feature. Popular Exchanges usually have a single chart facility and users need to switch different tabs to open the other charts. It can be a painstaking process to do so. Therefore, startups and investors who are looking to launch an exchange platform can bring this feature.
Developing an exchange platform which incorporates all these features will always be trustworthy among the customers.
Steps Involved in Building it
Building a Cryptocurrency exchange platform involves the following set of components:
As we have already discussed the expectations of the customer, it is important to design an attractive yet user-friendly website. The design process usually has a couple of steps:
- Wireframes: Wireframes are the foundation of future design. They are the templates where all the key features are implemented.
- Prototypes: Prototypes define the complete visualization of how the platform works with user interaction.
2. Front-End Development
3. Back-End Development
Back-End Development involves API integration. This the most important phase to be handled with care. The server part will be responsible for performing the internal logic of the system.
These are the few functionalities of back-end system:
- User Authentication and Authorization
- Admin Panel
- Cryptocurrency deals of the users
4. Blockchain Integration
This is the most crucial part of the development process. This part is responsible for actual processing and storing of data in compliance of trade between buyer and seller. We people at Zab Technologies, take an additional effort in building the platform to render the users with comfortable trading.
Since the exchange platform deals with money and sensitive details, it is important to ensure security. Therefore, during the back-end development, our developers integrate security features to make the platform more powerful.
We usually implement the following set of functionalities in the exchange platform:
- We locate the important components of the exchange platform in multiple servers to ensure security.
- The same is with encryption keys. We make sure these keys are placed in reliable servers which cannot be hacked anyway.
- In addition to these, we restrict unauthorized login attempts by implementing two-factor authentication. Notifications are enabled during the login sessions along with the IP address.
Finally the testing phase. We validate and check the entire components to get rid of bugs if any. All these bugs are rectified at this phase itself.
Noticeable case studies of successful Exchange Platforms
We would have come across popular exchange platforms like Binance, Coinbase, Local Bitcoins, etc. But are we aware of the history behind?
1. Story of Binance
Binance became one of the popular exchanges in a period of 5 months. Changpeng Zhao, the CEO of Binance has crossed the routes of Blockchain and Bitcoin industry initially. He has experienced a rollercoaster ride of success and fall together and now he stands to be the owner of #1 exchange!
In 2017, most of the local cryptocurrency exchanges were affected due to government policies and resulted in a shutdown. Most of the people were looking for a new trading place and then Binance platform emerged.
Apart from being a local exchange, it gained traders globally. It started Multi-language support with 14 such languages. Additionally, Binance launched iOS and Android applications as well as the desktop version providing the users with comfortable and painless. Thus, they made it popular and collected potential traders for their exchange.
2. Story of Coinbase
Coinbase Co-Founder Brian Armstrong said, he got into the field of crypto after reading the Satoshi Nakamoto’s Whitepaper in the year 2010. He went into deep thoughts for the next 6 months.
He got an idea of building a decentralized platform which would create an open financial system for the world. Initially, he started with a wallet built for Android which would send and receive the Bitcoins. Then he named the project to be “BitBank” were the word “Bank” wasn’t allowed. Finally, Coinbase came into existence.
How to Pick the right team to develop Exchange Website?
Though investors find a great way to move with Freelancers, sometimes they aren’t notably good with the team expertise. If you are a tech-savvy investor with brilliant coding skills, you would definitely approach GitHub and other such platforms for optimized code. In both cases, there are chances that you would get a platform which may be ineffectual.
Moreover, there are service providers who can deliver a customizable exchange platform according to their needs. We at Zab Technologies, yield completely customized as well as ready-made exchange platform in compliance with clientele requirements.
There are a huge set of benefits of hiring a team of Crypto exchange developers such as:
- Team Coordination
- Assured quality of work
- Direct Communication with the desired experts
- Will be available to fix bugs and issues anytime
- Fulfills the expected scope of the project
And much more!
Anyhow, before hiring a team, you should look for the following set of factors:
1. Total Expertise & Skills
The initial thing is to look into the desired expertise of the team. Check whether the experts have sound knowledge in the domain such that they can yield you the product which you were expecting for.
2. Real-Time Portfolio
Check for the real-time products which they have developed. Check the functionalities, working, benefits, etc. This can give you an idea of their development process.
3. The Team
Look whether the complete set of the team is available right from business development, designers, developers, marketing experts, testers, etc. This is the greatest benefit of hiring a service provider. In the case of freelancers, you have to look for a person for each phase.
Tips to make your Platform as a Brand
1. Use Perfect Color Combination
When designing your exchange platform, make use of the attractive yet intuitive color combination to bring a fantastic website. This plays a great role in enhancing your platform. However, this can be a tricky part.
Our professional designers bring in best-in-class designs to take your exchange platform to higher stages. We people create qualified designs based on design color theory. We create contrast and variance with a palette and establishing a very good feel of the website.
2. Use Visual contents with Isometric designs
Yet another tip is to make use of Isometric design. These designs are most welcomed among the users. Our designers at Zab don’t just stop with icons and buttons. We make use of Isometric designs to make an eye-catching product.
Therefore, to make your product reach greater levels, it is important to create Isometric icons to bring the target audience to your platform.
3. Make us of perfect tag lines for promotion
While marketing your exchange platform, it is crucial to create great content. Produce the content which can easily engage your customers. Content should be attractive and unique to deliver the required. You can make use of experts quotes which can indeed add trust for your platform.
4. Do Both Paid and Organic Marketing Campaigns
While performing marketing, it is always good to go with both paid and organic marketing strategies. The conversion rate is fair with both these strategies. A well-rounded marketing strategy will generate a great number of leads and would bring large traffic to the website.
Building your cryptocurrency exchange with a solution provider will help you with leveraging a customized platform in accordance to your needs and expectations. Hopefully, the information provided will assist you in understanding the importance of crypto exchange platforms in recent years.