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Cryptocurrency Exchange Software: Everything You Need to Know About it
Published : Jan 17, 2019
The Mechanics of Cryptocurrency Exchange Software Platform
Getting started with crypto trading business without a cryptocurrency exchange platform is unthinkable. A cryptocurrency exchange platform is a digital marketplace where you allow users from the globe to buy, sell or trade in multiple cryptocurrencies as well as fiat currency. Providing users with a Crypto Exchange platform is a rapidly growing business idea. It bolsters them in setting off their crypto wheels in motion without friction. As per the Coinmarketcap, 208 Crypto Exchanges are operating online currently that support active trading. Surprisingly, the combined 24-hour trade volume of the top ten is over $6.5 billion.
Types of Crypto Exchange Software Platforms
Centralized Exchanges (CEX)
- Improved liquidity rates than other exchanges
- Enough capital for updating and developing the trading platform to match clients requirements
- Compliant with government laws than other exchange models
- Already implementing the government’s anti-money laundry acts (AML), as well as Know Your Customer (KYC) user requirements.
- Faster transactions due to their optimized trading platform
Decentralized Exchanges (DEX)
- No need of a middleman to use the platform
- Reduced transaction costs and trading fees
- Execute trades on a peer-to-peer basis
- Provide the user with the autonomy to control their funds.
- Transactions are secure, private, anonymous, and transparent.
Hybrid Exchanges
- Next generation cryptocurrency exchange
- Combines the startling aspects of both centralized and decentralized exchanges
- Aims to provide the liquidity of CEX along with the anonymity of DEX
- Probably the cryptocurrency exchange of the future
- An excellent example of a centralized and decentralized blend
Cryptocurrency Exchange Software Platform Development For Different Business Sizes
As per the organization size and their business processes, our crypto exchange developers help us provide cryptocurrency exchange development services customizable according to the specific business needs.
Also Read: The Most Comprehensive Guide Ever to Starting Your Crypto Exchange Business
Following the complexities that come associated with the client organization we work with, we allocate utilization of different advancements for respective cryptocurrency exchange software platform.
- SMEs > Angular & NodeJS
- Startups (New Businesses)> Ruby on Rails
- Enterprises> C++
Cryptocurrency Exchange Software Development – Taking a Gander at Different Order Types
For launching a successful cryptocurrency exchange platform, it is imperative for you to understand the order types.
Market Order
Allows your users to trade digital currencies at current market prices. They can set a market buy or sell to keep safe themselves in today’s highly volatile market.Limit Order
Enable users to trade cryptocurrencies by ordering on the expectation that someone else’s market order would fulfill it. The user gets to set a ‘limit buy’ or ‘limit sell’ option.Stop Order
It's a conditional market order in which users sell their order after reaching a listed price. Users can set a Stop Buy or Stop Sell/Loss while assuring prudent actions.Copy Order
It's an order in which users get updates on the leading crypto-traders and copy their trades. It assists newbies in trading cryptos efficiently. Also, the top order would get incentivized as per the earnings of the copied trader.P2P Trading
The Peer to Peer trading provides buyers and sellers with the negotiation options before they transfer the coins. Here, escrow service ensures coin safety. Upon the agreement between the seller and buyer, the transaction gets completed.Buy Stop Order
When the stop price is around or lesser than the market price, buy stop order or stop-loss order can get placed. It protects the profit on a cryptocurrency in the cryptocurrency exchange or limits a loss.Security Vulnerabilities that must be covered under Cryptocurrency Exchange Platform Development
Google Two-Factor Authentication
Google 2 Factor Authentication implemented on every login and withdrawal to ensure that a valid user is accessing the account.Demand Encryption and Authorization
For checking the activities of a user, the activity request gets encrypted at the client-side. Then, it goes for authorization on the server-side. Both encryption and authorization are musts for a cryptocurrency exchange development.Hot Wallet Protections
To prevent wallet attacks, we integrate multiple private keys rather than a single private key that might be vulnerable to hacks.Software Vulnerabilities
We execute a method, using which, the request by a user from anywhere gets encrypted with salt and body. Further, when the request gets decrypted at the exchange, both salt and body get a match. If it matches, the system proceeds with the request, otherwise not.Cryptocurrency Exchange Software with Robust Features
KYC/AML Verification
Get thorough KYC verification authority over the traders’ registration timing. AML supportive system, customer documents management, and document verification.Accurate Security
We possess an exchange software solution that reduces the website development time, adheres to blockchain security protocols, and improves the quality and accuracy of data.API and Liquidity Integration
It provides irregular estimates of the activities of the trading on the crypto market. And enables you to comprehend current trading activities executed on the website.Order Book with Matching Engine
It consists of the dashboard for order payments, matched order and relevance, balance monitoring, withdrawal request, and unfinished transaction details.Multi-Sig Wallet Configuration
Enables your cryptocurrency exchange to manage traders KYC and AML checks for regulatory adherence. Also, it allows integrating multi-signature and encrypted hot wallet, cold wallet and frozen wallet.Trade Chart and Market Data
Get a comprehensive view of every cryptocurrency from an overall level on rational chart visual presentation, as well as, a thorough grasp of the market provided with the volume of trades at that specific point of time.Added Attributes of a Cryptocurrency Exchange Software Developed by Oodles Blockchain
Extensibility
- High-level scalable platforms
- API Layer for 3rd party services integrations
- Modular Designing
- Custom-tailored platform for specific features
Utility
- Unique User Experience as a result of our Intuitive Dashboards, Trade Chart, Market Depth Chart, etc.
- Intuitive signup and trading process
- Custom Themes by Oodles Blockchain UX/UI specialists
Security & Assurance
- Comprehensive vulnerability evaluation
- Decentralized ledger technologies for improved security
- Two-Factor Authentication and Alerts
- A dedicated in-house team of security professionals
Decentralized Exchange/Cryptocurrency Exchange Software
- Smart Contracts deployment for business process automation
- Highly Customizable platform
- Granulated User Access Controls
- User-friendly platform settings access from Admin console
Get Your Hands on Next-Gen Cryptocurrency Exchange Software Developed by Oodles Blockchain for a Unified Trading Experience Globally
Oodles Blockchain is one of the early adopters of Cryptocurrency and Blockchain. Exploring and embracing cutting-edge technologies is part of our DNA. We help businesses grow with cutting-edge Blockchain and AI/ML technologies.
Launch your own Cryptocurrency Exchange in no time using Oodles Blockchain' Crypto Exchange Development Services. Also, get a turnkey solution for instantly getting started with your Exchange Platform. Make the most of a wide array of listings of cryptocurrency available under our software platform.
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