Why Cryptocurrency Exchange Platform Development is in high demand?
As the cryptocurrency market has grown and matured, it has seen a series of giant cryptocurrency projects. It is expected that in the future years, they would become more regulated paving way for the emergence of a good number of exchanges.
These regulations will make the Crypto exchange platforms have a built-in architecture that 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 behaviour. 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 way safer than Gold and other dollars. The reason is cryptocurrencies are no longer a fad and are an everyday feature in the crypto space. Moreover, regulations and compliance are making them even more secure.
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 a 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 that completely lack transparency. Unlike, Stock Exchanges, these platforms aren’t open to the public for investment. Huge investors and venture capitalists make use of this platform to buy or sell assets at a reasonable price. In return, exchanges make decent fees on these trades.
What Users Will Expect in any Cryptocurrency Exchange Website?
There are high expectations from the customer base. Surveys were conducted on various social channels to engage the customers with their feedback. Here are certain features they require in a Cryptocurrency Exchange Platform:
1. High-Level Security
The priority feature which a user expects in an exchange website is security. The next-stage security features such as Face ID, Near-Field Communication, etc make it more secure. 32% of users expect this kind of feature since the website involves plenty of money. They require a website that is free from hacking and other threats primarily.
2. Ease of Use Website
An Intuitive website with easy navigation and a highly interactive interface is all needed. 20% of the customer base was 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 well
5. Easy Withdrawal and Deposits
This is yet another expectation of the users. When users withdraw or deposit, 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 a cryptocurrency exchange platform that incorporates all these features will always be trustworthy among customers.
Steps Involved in developing a Cryptocurrency Exchange Platform
Building a Cryptocurrency exchange platform involves the following set of components:
1. Design
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
Front-End Development involves the client-side languages HTML, CSS, along with Javascript frameworks such as Angular JS, Node JS, Vue JS, etc. They are developed on the basis of previously created designs.
3. Back-End Development
Back-End Development involves API integration. This is 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 the actual processing and storing of data in compliance of the trade between buyer and seller. We people at ZAB Technologies, take an additional effort in building the platform to render the users comfortable trading.
5. Security
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 that 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.
6. Testing
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.
Notable case studies of successful Cryptocurrency Exchange Platform
We would have come across popular exchange platforms like Binance, Coinbase, Local Bitcoins, etc. But are we aware of the history behind it?
1. Story of Binance
Binance became one of the most popular exchanges in recent years. Changpeng Zhao, the CEO of Binance has crossed the routes of the Blockchain and Bitcoin industry initially. He has experienced a rollercoaster ride of success and falls 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 which resulted in a shutdown. Most of the people were looking for a new trading place and then the 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 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 Satoshi Nakamoto’s Whitepaper in the year 2010. He went into deep thought for the next 6 months.
He got the idea of building a decentralized platform that would create an open financial system for the world. Initially, he started with a wallet built for Android that would send and receive Bitcoins. Then he named the project to be “BitBank” where the word “Bank” wasn’t allowed. Finally, Coinbase came into existence.
How to Pick the right team to Develop a Crypto 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 that may be ineffectual.
Moreover, there are service providers who can deliver a customizable cryptocurrency exchange platform according to their needs. We at ZAB Technologies, yield completely customized as well as ready-made exchange platforms 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
- Fulfils 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 a Brand
1. Use the Perfect Color Combination
When designing your exchange platform, make use of the attractive yet intuitive colour combination to bring a fantastic website. This plays a great role in enhancing your platform. However, this can be a tricky part. We, people, create qualified designs based on design colour theory. We create contrast and variance with a palette and establishing a very good feel of the website.
2. Use Visual content with Isometric designs
Yet another tip is to make use of Isometric design. These designs are most welcomed among users. Our designers at ZAB Technologies don’t just stop with icons and buttons. We make use of Isometric designs to make an eye-catching product.
3. Make us perfect tag lines for promotion
While marketing your exchange platform, it is crucial to create great content. Produce content that can easily engage your customers. Content should be attractive and unique to deliver the required. You can make use of expert quotes which can indeed add trust to 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 of these strategies. A well-rounded marketing strategy will generate a great number of leads and would bring large traffic to the website.
Concluding Thoughts…
Build your cryptocurrency exchange with a leading cryptocurrency exchange development company, who 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.
