There was a time when people used to gain cryptocurrencies through crypto mining or arranging transactions in different forums. Then, with the popularity of cryptocurrencies, there came a huge demand for exchanging cryptocurrencies. It led to the emergence of crypto exchange platform development. A crypto exchange platform facilitates buyers and sellers to interchange cryptocurrencies like Bitcoins, Ether, and more. Apart from digital currencies, a crypto exchange offers a range of other tokens, including NFTs. Many businesses are now stepping into the crypto market due to these advantages. They are launching different crypto exchange platforms to tap into this market. But making your platform unique is crucial to stand apart from the crowd. This blog will give a brief about some features of crypto exchange platforms that can make all the difference.
Crypto Exchange Platform Features
Features of a crypto exchange platform vary with its functionalities. So, you must know the type of crypto exchange you want to develop to decide on the features.
Below we have covered a list of basic as well as advanced features of a crypto exchange platform:
Must-Have Features
There are some basic features that a crypto exchange platform must have, including user authentication, user interface, crypto wallet, transaction history, and more. We have curated a list of these features below:
User Authentication
One of the most essential features of a crypto exchange platform is a simple and smooth user authentication process. You can start by giving a form to get the user details. After the user sign-up process, you can enable more stringent user verification to further enhance the security of the platform. Many crypto exchange platforms opt for two-factor identifications wherein users need to provide passwords followed by another form of authentication. You may select other types of verification like data encryption features, anti-bot verification, etc. to ensure more security.
User-Friendly Interface
Another feature of a crypto exchange platform is its user-friendly interface. Users always need a platform with easy access to various information. Data visualization, navigation component, informational control, and input controls come under an efficient user interface. Usually, people prefer a simple user interface without unnecessary elements. You can dedicate separate pages to serve specific purposes instead of giving all the complex information on a single screen. Additionally, choosing the right color palette is crucial. Keep it light and not too bright to avoid distracting users from solution functionality and information.
Analytics Tools
Analytics tools are a must for an advanced crypto exchange platform. You can add a graph of on-chain data (the number of transactions per day), analytical metrics (market value, market share, volatility, and more), indexes, and data stream. These features will help users in market visualization and real-time decision-making. Additionally, you can add many indicators, including Moving Average Convergence Divergence (MACD), Bollinger Bands (BB), and Relative Strength Index (RSI), to aid your traders in making the right strategies.
Secure Crypto Wallet
A crypto wallet is a virtual wallet to store and trade crypto assets like Ether, BNB, and more. Hot and cold wallets are the main wallet types. The hot wallet facilitates crypto trading as it is accessible online while the cold wallet serves as a backup since it is not accessible with the internet. So, traders can use hot wallets for easy transactions and cold wallets for security. You can incorporate both these wallet types into your crypto exchange platform.
Push Notification
Adding push notifications will help users to get the latest updates and news about the crypto world. Additionally, users can keep up with the exchange listings with the push notification. However, you should keep in mind that users should be the ones choosing the type of information they wish to receive. They are simple and quick to employ.
Admin Panel
An admin panel is the core place where users will work and monitor different activities. Moreover, you can customize various functionalities in this panel. Developers can add features like addressing support-related issues, editing trading fees, credit or debit funds, adding new currencies, managing cryptocurrency listings, etc.
Crypto Matching Engine or Trading Engine
A crypto matching engine or a trading engine is the core component of a crypto exchange platform. It is software that keeps a record of all open orders in the crypto market. Additionally, it generates and finds new trades. You can opt for a trading engine that balances calculations, executes crypto transactions, handles order-books access, matches trading transactions, etc. Furthermore, integrating the crypto-matching engine with blockchain technology can enhance engine speed, security, and transparency.
Also, Read | Planning to Develop Crypto Exchange Platform | Things You Must Know
Advanced Features
Apart from the basic features, you can also add the following advanced features to make your platform stand out from the competition:
Robust Information
You can add plenty of information to your platform for new users. Dedicated online tutorials, learning materials, and other tools help users develop an understanding of cryptocurrencies.
Cryptocurrency Range
You can add 50-150 cryptocurrencies to your crypto exchange platform. It will allow traders to diversify their trading portfolio by splitting their investments into a range of cryptocurrencies. You can select the cryptocurrency type in accordance with your user audience or targeted customers.
Interest-Earning
Many investors prefer to earn interest on their crypto assets by lending them. So, you can add the interest-earning feature for different cryptocurrencies to your platform to give additional features to your platform. Furthermore, you must have an interest-earning policy for your platforms and convey it to your users.
Payments
You can incorporate different payment features into your platform. You can create a QR code feature that facilitates transactions.
Wallets can utilize the camera of a user’s device to scan QR codes for trading crypto. Moreover, you can add the touchless payment feature with near-field communication.
Security
A crypto exchange platform should have security features to protect the platform from data breaches and hacking.
You can add features like web protocol security, registry lock, domain name system security, and anti-DDoS modules. These features will enhance the level of verification, data check, and security.
Customer Service
Users may face difficulties when buying or selling their cryptocurrency. Then, they turn to customer service on the platform. So, you have to add this feature to your platform and create a dedicated team of professionals who can solve your users’ queries. It will give a sustainable customer experience. In the long run, you will be able to build trust among people and enhance the value of your brand.
Also, Read | A Guide to Understanding Hybrid Crypto Exchange Model
Conclusion
All the above features can create a unique crypto exchange platform. However, knowing these points is not enough. You also have to incorporate these features into your platform. Oodles Blockchain is the ideal team if you want to add such features to your crypto exchange platform. We have a team of blockchain and crypto developers with expertise in crypto exchange platform development. Connect with us today.