Developing a Fast, Secure, and Efficient Crypto Exchange Solution

Posted by : Mudit Kumar | 14-Nov-2020

  • Crypto exchange solution

    It is not an easy feat to launch a cryptocurrency exchange

    It’s pricey, time-consuming, and has multiple hard-to-predict roadblocks. Here’s a short rundown on all that a full-fledged exchange needs:

    The funding

    It needs substantial financing to construct and sustain an exchange, both internal (for liquidity) and external (for operations). 

    Infrastructure for trade

    When you don’t have the software to power it, running an exchange is difficult. To create this infrastructure, you can either build it from scratch or collaborate with a third-party vendor.

    Technical squad

    Constructing the exchange is just the beginning. To manage it and provide updates for your customers, you do need a team of engineers. 

    Lawyers/Officers for compliance

    Cryptocurrency is still in many jurisdictions in a legal grey field. Therefore you must meet with a lawyer to secure the required licenses to ensure that you follow the correct protocols for Know-Your-Customer (KYC)/Anti-Money Laundering (AML).

    Team of support

    Sure, you may overlook the need for support staff. But without one, you’ll lose a massive number of clients. 

    Advertising

    Few people would visit your exchange without ads. To give your website a chance at sustainability, you need to have a substantial marketing budget.

    These expenses add up, as you would expect. It usually takes about two years to open a cryptocurrency exchange, which can cost up to hundreds of thousands of euros. 

    Also, Read | Cryptocurrency Exchange Development | Crucial Aspects to Consider

    Oodles Offers an Easy Crypto Exchange Solution

    We are excited to announce the introduction of a crypto exchange solution rendered by our crypto exchange services that will offer you less overhead, fewer costs, and importantly, a condensed timetable to launch your exchange. 

    Our services essentially provide out-of-the-box trading of cryptocurrencies. With the look and feel of the exchange, you have complete customization capabilities.

    Also, Read | Crypto Exchange Software Development | A Complete Step-by-Step Guide

    Cryptocurrency exchange software 

    Quicker Development 

    Our specifically defined exchange development processes make sure you don’t meet any crucial deadlines. It helps us to effectively provide cryptocurrency exchange production services without sacrificing efficiency. Furthermore, our patented module blockchain saves time and resources.

    Save Time and Expenses 

    There is a single blockchain module in our crypto exchange solution that includes all the fundamental functionality and functionalities of a crypto trading exchange network. It facilitates the requisite customizations to satisfy the specifications of your company’s crypto exchange application while saving time and costs. 

    Provision for Scalability  

    It incorporates the architecture of microservices to serve a quickly expanding user base, making it conveniently scalable. In accelerating transaction throughput, it plays a critical role.

    Deployment over Cloud 

    It can be installed on any network for cloud providers, such as AWS and Microsoft Azure. This guarantees accelerated development, scalability, and minimal maintenance efforts.

    Also, Read | Advancing into the Crypto World with P2P Crypto Exchange Development

    Support for Numerous Cryptocurrencies

    The creation of our trading network has the versatility to help many blockchains and cryptocurrencies with the potential to be hosted on your servers. The solution can be combined by our blockchain specialists with blockchain APIs such as Bitcoin, Bitcoin Cash, Bitcoin Gold, Stellar Lumens, Ethereum, Ethereum Classic, Litecoin, NEM, Monero, Ripple, Dash, and NEO.

    Help for Various Tokens 

    Several Ethereum tokens, such as ERC20, ERC223, ERC777, Waves-based tokens, EOS, NEM, and NEO, can support the solution. 

    Business Setup Ease 

    The crypto/fiat or crypto/crypto sector can be conveniently configured directly from the admin module. Also, different business settings are available in the admin module, such as exchange fees and minimum tradable numbers. It offers to trade with a high degree of versatility.

    Administrative Database  

    It is a module of the admin panel that provides a consolidated view of all the transactions taking place in the system. In addition to this, filters make it easy to track and check for compatible transactions for admin. 

    Financial Configurations 

    Our cryptocurrency trading site makes it an effortless task to incorporate a new fiat/cryptocurrency. It requires settings such as processing costs, the number of confirmations, and many more to be updated.

    Also, Read | An In-Depth Guide to Understanding Hybrid Crypto Exchange Model

    All ideal features of a crypto exchange platform solution

    Regulatory Compliance with KYC 

    The KYC module of our exchange solution will provide a concise and secure medium for user identification and confidence management. It prohibits any trading operations from being conducted by non-KYC compliant consumers. Also, by integrating with third-party screening APIs, we can build an integrated KYC process that works efficiently. 

    • Control of User Identities and Trust 
    • Automation of KYC

    Client-Side Admin Portal 

    For managing all activities relevant to management, an admin portal is open. The exchange can make it easy to handle tasks such as listing members, profile records, wallets, trading, reports, commission setups, spreads, and commission accounts. The admin panel will even have fine-tuning settings to fit various rates, currencies, tariffs, exchange costs, and other functionality for liquidity suppliers. 

    • Task Administration of Sophisticated Personalizations 
    • Responsiveness to changing circumstances in the market

    Multi-instruments 

    In the admin panel, multi-instrument trading facilities are available to allow multi-instrument order bookings. To set up several markets or instruments, administrators may use trading facilities. They will allow users to access their trade history and cancel open orders to meet their needs

    • Orders for multi-instruments 
    • Trade Past and cancellation of orders

    Authentication at multi-level 

    To guarantee top-tier confidentiality, logins, withdrawals, and profile updates are subject to multi-level authentication. With our sharing network, the account becomes a super-secure asset with additional OTP, email, and Google authentication layers. 

    • Top-tier protection with 2-factor authentication 
    • OTP, Email, and Google Authentication Layers

    Also, Read | Planning to Develop Crypto Exchange Platform | Things You Must Know

    Wallet for Multi-Currency Usage

    Our introduction with multi-currency wallets helps consumers of the same wallet to handle different currencies. As part of our base kit, it supports payment methods like ETH, BTC, LTC, BCH, and several fiat currencies. It comprises all functionality, such as deposits, transfers, regeneration of addresses, account history, and balance investigation. 

    • One Multiple Currency Management Wallet 
    • ETH, BTC, LTC, BCH, and Several Fiat Currencies Support 
    • Token service

    Reporting  

    Downloadable CSV files relating to the user list, customer balance, order book, company ledger, and exchange are available. We will add additional reports to meet your unique business needs. 

    • CSV Reports in Downloadable Format
    • Further Reports on Demand

    Order Types

    Limit orders and business orders remain included in our base bundle of cryptocurrency exchange creation services. In our advanced kit, trades like a stop order, cap order, conditional order, and margin order are available to achieve your trading goals. 

    • Maximum and Market Order Service Package 
    • Advanced Different Order Types package

    Help for different countries/languages 

    Flexibility with various language support. It encourages you to launch your exchange in different countries. Flexibility also offers the opportunity to open an exchange platform in numerous countries with varying configurations.

    Also, Read | Cryptocurrency Exchange Development | Assessing Liquidity Factors

    liquidity Management  

    Insufficient liquidity poses problems for activities. By having the flexibility to integrate with external markets and liquidity suppliers, we prevent those scenarios. 

    Integration by APIs with external trade 

    Configurable liquidity settings in the admin module, such as spread percentage accessible.

    Connect with our crypto exchange development experts for a more detailed discussion.


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Mudit Kumar (Writer)

Mudit has been working with Oodles since 2017. He writes about technologies that not only disrupt the digital space but also influence the physical world. Initially, he explored revolutionary technologies like ERP (Enterprise Resource Planning) and AI (Artificial Intelligence). Now, he focuses on unfolding the elements of blockchain technology, given its potential and edge over others.

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