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What is a Crypto Exchange?

Exchanging, Buying and Selling of Cryptocurrencies with money or other crypto coins comprise Cryptocurrency Trading. A Crypto exchange application is used to trade cryptos. This is similar to Foreign Exchange Trading, where a currency with lower value is bought and currency fetching a higher value is sold. An idea to start a crypto exchange is now a trend among entrepreneurs. As there are hundreds of cryptos in the market, some of them perform good showing good growth prospects. While the rest keeps on surviving with or without prospects.

Most of the cryptos are bought with primary currencies like Ethereum. Currencies are exchanged among themselves. Still, the primary ones are the medium of exchanges. For instance, a trader buys Ethereum ETH or ‘Gas’ first with conventional dollars or currency. Now, the user can buy any crypto-currency with ETH or Ether. Ethereum named its currency Gas, Ether or ETH is the unit of Gas. If the user wants to exchange his currency with another, he will have to exchange it for Ether first, then exchange it for the intended currency.

Clearly, cryptocurrency trading involves a series of operations. These are accomplished in an exclusive platform. Such a platform offers access to users to buy, sell and exchange cryptocurrencies. These platforms charge a small fraction of the exchange value, which is their source of profit. At present more than 1600 cryptocurrencies exist and the number is increasing. Against this backdrop, cryptocurrency exchange platforms are emerging as immensely profitable enterprises. However, this is also the reason for stiff competition in the market.

 

Read: How Exchange Development is Shaping up the Market.

 

The First Step to Start a Crypto Exchange | The Features

The growing competition in cryptos trading market has made earning profit a tough job. Any trading exchange does not ensure success, as it depends on the features and strength of the Cryptocurrency Trading Software. Here are some features of such software or application that can ensure success in this venture.

  • User-friendly: A Cryptocurrency exchange with easy to use features attract more users. There must a plethora of options and services, but they must not be confusing to the user. In a nutshell, simpler the better.
  • Partnerships: To start a crypto exchange, partnerships with maximum or at least the major players in the industry is crucial. As cryptocurrencies are itself managed by enterprises, trading platforms should have strong partnerships. This is also an authentication from the view of a user.
  • Security: Security is among the prime parameters. A bug or a loophole in the platform could lead to a heavy loss. Thus, a trading software must be resistant to any threat or attack.
  • Multiple Payment Method: The trading platform must offer multiple payment options. Higher the number of payment method, better is the user-friendliness.
  • Low Fees: This might be not a lucrative option for enterprises, but lower fees of transactions guarantee better adoption. Transaction fees must be competitive enough to attract consumers.

 

 

What Oodles Blockchain Offers Extra to Start a Crypto Exchange?

Oodles Blockchain offers cost-effective services to start a crypto exchange. Our experience and knowledge of blockchain technology and market dynamics of cryptocurrencies made us experts in the domain. We have been closely following the trends of cryptocurrency trading as well as user behavior in the market. Thus, we know what prospective investors in cryptocurrency expect in a software. Also, our portfolio comprises several cryptocurrency tokens as well as coins. There is an additional benefit in our Trading Software Development Service.

 

Talk to one of our Consultants Now.

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