Cryptocurrencies were once acquired using crypto mining or arranging transactions on various online forums. Then, as cryptocurrency usage grew in popularity, so did the need to trade cryptocurrency. As a result, new crypto exchange platform development has emerged. Trading digital currencies like Bitcoin, Ether, and others are made possible via a cryptocurrency exchange platform. A crypto exchange often accepts various tokens, including cryptocurrencies and NFTs. As a result of these benefits, an increasing number of corporations are entering the cryptocurrency industry. Many crypto exchange services are being released to cash in on this trend. You can also take the help of crypto exchange development company to develop platforms. However, it is essential to make your platform distinctive if you want to get noticed. In this post, we’ll quickly examine several key components of cryptocurrency trading platforms and explain why they matter.
Functions of a Cryptocurrency Trading Platform
The capabilities of a cryptocurrency exchange determine its specific features. The characteristics of your cryptocurrency exchange will largely be determined by the type of exchange you intend to create.
We have discussed the following elements of a cryptocurrency exchange platform, from the most fundamental to the most complex:
User identification, a user interface, a crypto wallet, transaction history, and other features are essential for any cryptocurrency trading platform. Below, we’ve compiled a list of some of these options:
Authorization of Users
A crypto exchange platform’s user identification process must be quick, easy, and secure. To begin, you can provide a form to collect user information. You can increase the platform’s security by enabling additional user verification steps after signup. Many cryptocurrency trading platforms use two-factor authentication, requiring users to submit both a password and another verification form. To further strengthen security, you can opt for additional verification methods like data encryption, anti-bot verification, etc.
Simple-to-Use User Interface
One additional quality of a good cryptocurrency trading platform is an intuitive UI. Users always require a system that provides quick and simple access to a wide range of data. An effective user interface incorporates a visual representation of data, a navigational structure, a command center for information, and controls for user interaction. Users are likelier to stick with a product if its interface needs to be clearer and easier to navigate. Instead of cramming all the intricate information into one screen, you can create unique pages for each function. Similarly important is the selection of an appropriate color scheme. Keep it bright but not blinding so that people can focus on the solution’s features and details.
An advanced cryptocurrency trading platform must have access to analytics tools. Graphs representing on-chain data (daily transaction volume, for example), analytical measures (market capitalization, market share, volatility, and so on), indices, and data streams are all available. Users will find these capabilities useful for real-time analysis and decision-making in the market. To further assist your traders in developing effective tactics, you can implement a wide variety of technical indicators such as Moving Average Convergence Divergence (MACD), Bollinger Bands (BB), and the Relative Strength Index (RSI).
Stable cryptocurrency wallet
A cryptocurrency wallet is a digital wallet where digital currencies such as Ether, BNB, and others can be stored and transacted. The two most common wallets are “hot” and “cold”. The internet-accessible hot wallet is ideal for cryptocurrency trading, while the offline cold wallet is a safety net. Therefore, traders may employ hot wallets for speedy exchanges and cold wallets for safety. You can add either kind of wallet to your cryptocurrency trading platform.
Notifications that Push
Adding push notifications will facilitate consumers’ access to recent developments in the cryptocurrency industry. The push notification also allows users to monitor the exchange listings. Remember, though, that users should have the last say in deciding what kind of information they want to receive. They may be used quickly and easily.
The Control Center
The administrative interface is the hub from which all other functions will be managed. Additionally, this control panel allows you to modify a wide range of features. Developers can implement additional functionality such as managing cryptocurrency listings, introducing support for new cryptocurrencies, adjusting trading costs, crediting or debiting funds, etc.
Matching and Trading Mechanism for Cryptocurrencies
A crypto matching or trading engine is a cryptocurrency exchange platform’s fundamental component. It’s a piece of software that tracks all of the crypto market’s open orders. It also produces and locates potential transactions. You can use a trading engine that manages everything from order books and trade matching to order balancing and cryptocurrency transaction execution. Moreover, incorporating blockchain technology into the crypto-matching engine can improve engine speed, security, and transparency.
To make your platform stand out from the crowd, you can add the following advanced features in addition to the fundamental ones:
You have a lot of room to expand your platform’s resources for users. Many resources are available online to help people learn about cryptocurrency, from dedicated tutorials to study materials and other tools.
Range of Cryptocurrencies
Incorporating 50-150 cryptos into your crypto exchange platform is possible. Traders will be able to spread their risk by investing in multiple different digital currencies. Depending on who your ideal consumers are, you can tailor your choice of cryptocurrency accordingly.
Lending cryptocurrency is a preferred method of earning income for many investors. As a result, your platform can offer more functionality by allowing users to earn interest on various cryptocurrencies. In addition, establish and communicate to your users a policy for earning interest on your platforms.
Your platform can support a variety of payment methods. Constructing a QR code payment system is possible.
When exchanging cryptocurrency, wallets can employ a user’s mobile camera to scan QR codes. In addition, near-field communication enables contactless payments.
Safeguards must be in place to prevent hacking and data breaches on any cryptocurrency trading platform.
Anti-DDoS modules, registration locks, domain name system protection, and web protocol security are all options. These additions will provide a more robust system for checking information and preventing unauthorized access.
Assistance to Clients
The process of buying or selling Bitcoin may require more work for users. Then, they contact the platform’s support staff for assistance. Therefore, implement this function and staff your platform with experts who can respond to users’ questions immediately. It will provide patrons with a satisfying experience that lasts. Eventually, people will trust you, boosting your brand’s worth.
When combined, these elements make for a very exceptional cryptocurrency trading platform. However, it takes more than just understanding these things. You must include these functions in your platform as well. Oodles Blockchain is the group to contact if your cryptocurrency trading platform needs these capabilities. Our team includes blockchain and cryptocurrency developers with experience creating platforms for trading cryptocurrencies. Get in touch with us now.