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This is achieved due to the fact that in order to customize any information, enormously powerful computing power is required, and if Bitcoin is compromised it will lose its value. So, what does the blockchain do for us and how can one benefit from it? However, there is an area where this technology gained the most popularity. At the moment, there are about digital currencies existing all over the net, though not all of them are super popular. A lot of people started thinking about how to start a bitcoin business or something similar since in some countries Bitcoin is illegal.
To deal with such a huge number of currencies the exchange resources started to appear. While there are dozens of the exchanges already available on the market, they differ by the number of currencies they allow to trade, their commissions, limitations, etc. One of the biggest recent booms on the cryptocurrency exchange market was Binance. Binance is an initially Chinese-based company which was launched in summer by a group of highly experienced specialists.
Zhao had previously worked with Bloomberg, as well as with Blockchain. The company has pitched the ICO and their own token launch to kick things off with the cryptocurrency trading software. Initially providing information via the whitepaper, they managed to reach their fundraising goal by mid-September, just in time before China has issued a ban on the token fundraising. Millions of dollars were raised from venture capitalists VC in the financing round.
The launched Binance Coin BNB was announced to be issued with a limit of MM and to feature a possibility to be used later on within the company for internal service purchases. Binance has also stated that they will eventually be buying half of the issued tokens back and destroying them. At the moment, the ICO has almost finished its course demonstrating an impressive number of more than 40, token holders. Impressive, right? What was it about Binance that attracted so many people to start working with them?
In the first place, a clear and transparent idea generated by an extremely skilled team with an experience in exchange trading. Secondly, the big number of Initial Coin Listings, as well as very low trading fees compared to other companies in the industry. A user is only charged 0. In less than 6 months, Binance had managed to become a highly profitable company with almost 3 million users globally and around digital currencies in trade.
The value of BNB has been steadily rising due to the number of trades made on the platform. But this is not all that makes Binance different from other exchange companies. They also provide support and guidance for new startups, which includes but not limited by listing and even cryptocurrency funding. Cryptocurrency exchange market has proven itself to be highly profitable if approached correctly.
Given that cryptocurrency exchange rates are not governed, they have boosted to unthinkably high levels with, however, no guarantees of them staying there. But the more the market develops, the more trust it gains from users, and the more benefits it brings to those who know how to work with it. That is why creating a high-quality cryptocurrency trading app is an amazing idea.
The signup or login page is the first thing a user will see, but the main point of it is not just to let people in after registration but to also protect the system from any unauthorized logins, hack attacks, or any other kind of manipulations. For this reason, this functionality should be very well developed and correspond to the highest standards. One of the reasons the crypto exchange market is so trusted among the users is that every user is thoroughly verified.
Depending on the type of verification, the verified users generally have more possibilities. For example, the limits for withdrawal for the verified users are higher than for the non-verified. The verification is important to ensure the transparency of trades and to minimize the possibility of a scam. This feature allows traders to deposit money into the internal wallet featured by the cryptocurrency exchange software , as well as to withdraw money to the wallets outside of the software according to the limits set by the company.
Every user should have the possibility to buy or sell currency to other users in the system. The system should have several possibilities for orders creation in order to allow the user to choose the one which is convenient for them at the moment. A very useful feature which allows creating various graphs and stats for better visibility. With the help of the admin panel, the employees of the exchange company will be able to monitor trades and to manage the actions made on the exchange based on their access level.
These are only the main features required by any application of such type. There is much more to be implemented in the app to make it not only usable but also secure and user-friendly. Various aspects are generally developed by different teams in collaboration with each other.
Such moments can include an API, web interface, etc. The number and variations of them depend on the complexity of the application. An exchange trading system like Binance would require the following app-building aspects to be taken care of:. This is the first thing for the client to see before starting to use the application. In order to develop a harmonic design combining both beauty and usability, we advise you to follow the trending best practices and take into account the product equireents.
The design creation includes the following stages. Wireframes — the base of the future design where its key features are implemented. The web part of the application contains the client-side logics of all the pages of the website and is based on the previously created design. Recommended: The Guide to the Cryptomarket. API is the back-end part of the application that is not visible to the end-user. User authentication and authorization. Server-side function of admin panel.
Cryptocurrency bets and deals of the users. API that can be used by third-party organizations. The part which is responsible for the actual processing and storing of data concerning trades between users in a secure environment any alteration by any party is impossible thanks to the blockchain. An obligatory part of modern application development. It is extremely important as it allows distinguishing and eliminating most of the bugs within the logic, as well as within the UI before actually launching the application.
Since the application is storing the sensitive information of its users, it has to be properly secured in order to prevent possible data leaks and hacking attacks. We advise securing the user information in the following way:. The key components of the exchange are located at the different servers and interact through dedicated channels.
The encryption keys are also located at the dedicated secured servers. The exchanging of the encrypted data is performed with the help of the newest algorithm SHA that is currently impossible to hack. It generates a hash — a unique signature of the text that is changed each time the initial message is edited.
It allows checking if the sent hash matches the received one, and to find out if the data was edited. Since a hash is not an encryption, the original message cannot be decoded. Considering the popularity of the crypto exchange all over the world right now, it is understandable why more and more people are involving themselves in these systems. Digital currency exchange provides great opportunities for both those who are just getting familiar with the market and those who already have quite a good experience in it.
But the market still has quite a few limitations depending on the country or the currency provided and this always means growth potential. Creating a high-quality application for your own cryptocurrency exchange company can bring you a great profit in very short terms. The strategy answers the questions:. A strategy is the kind of analytical work that makes all your advertising activities such as Facebook ads super-targeted.
You should not start developing a product if you do not clearly understand what you want to create. Without a strong idea, it will be difficult for you and your team to solve how to create cryptocurrency exchange questions. First, think over your product to the smallest detail, write down all your thoughts, collect them into an idea, and after that, start turning this idea into a real working product.
It is crucial that you initially build a product development cycle. That is, you should not only determine the starting and ending points of development, but also take into account that the process of creating a product always goes in a circle.
The processes are repeated until the product starts to function as you and your users want. Usually, the product development cycle includes:. Always try to improve your project, namely, make it more usable, sound, and diverse. If you want to make money from your business and we are sure you do , you need to think about a monetization strategy.
There can be a large number of options. Thus, with each new operation made by users, you will receive money. Or, for example, you can make different types of accounts with different privileges. Those users who want to switch from a regular account to a more advanced one, for example, will have to pay a certain amount per month. Here are some legal aspects to remember when developing a crypto exchange:.
Prepare all necessary agreements and policies in advance. Without this, users will not be able to get started with your platform. Your biggest advantage will be showing users of your platform your own market analytics. Of course, they can read all the news and trends on the Internet, but it is almost impossible to find high-quality and personalized analytics.
Today, most modern users choose products that they can use both on their phones, PCs, and tablets. Therefore, we recommend that you think in advance about what kind of platform you want to create. If you want your product to be available to people with different preferences, make a universal exchanger that will work on all devices. How to create a cryptocurrency exchange that will be in demand?
We have compiled a list of must-have features for your crypto exchange in A personal account is the basis of a crypto exchange. There, users store all personal information and, in fact, start working with the platform from it.
A personal account should contain only the most necessary elements that will help users perform the necessary actions quickly and effortlessly. Onboarding is necessary for users to quickly understand how to use the platform, where the platform sections they need are located, and how to achieve their goals.
It is an essential element for improving the quality of the user experience. You will need to provide your platform with a security system that can prevent the leakage of data and money. For users to be able to operate with their cryptocurrency, they need to store this cryptocurrency somewhere. Therefore, you will need to add a crypto wallet where users can not only store cryptocurrency but also sort it, for example.
Add a notifications feature so that users do not miss important news on the platform. Also, add the ability to turn off notifications. But usually, on such platforms, users, on the contrary, actively use this function to follow, for example, the current bitcoin exchange rate. This feature is needed so that, for example, if users have urgent questions or difficulties, they can quickly solve them. For users to be able to exchange money for cryptocurrencies, the platform should be able to connect bank cards.
Without this feature, the work of the platform is impossible. Add a history of transactions and interactions to your crypto exchange platform so that users can control the movement of their money and cryptocurrencies. This feature is more needed for you as the owner of a crypto exchange. Users using this feature will be able to rate the platform and leave feedback.
This system will help you understand what needs to be improved. That is where all trading logic is stored. Let your users customize the search or the platform itself to suit their needs. This feature is now very popular among various Fintech products. It allows users to receive certain bonuses for, for example, inviting their friends to use the platform. If you want your crypto exchange platform to be more high level, then we suggest you explore the advanced features that you can add to your platform:.
Cold crypto wallets can work offline. They require connection to the network only at the moment when the user needs to make an operation to withdraw cryptocurrency. To identify the user on the platform, you can use biometrics — for example, scanners of the iris, facial geometry, or a fingerprint.
The use of such technologies is now very popular. We wrote about these things in more detail above. This functionality will help make your platform more secure. Intra-exchange arbitrage of cryptocurrency rates is a comparison of the rates of various crypto coins within an exchanger to exchange cheap cryptocurrencies for expensive ones and make a profit. By the way, this feature is now at the peak of popularity! NFTs non-fungible tokens are non-fungible tokens that represent ownership titles to various digital objects: texts, images, audio recordings, digital works of art, game items or characters, domain names, financial instruments, club cards, etc.
Each NFT is unique and exists in a single copy, it cannot be divided, and all information about its author, buyer, and transactions is securely stored in the blockchain. In other words, an NFT is a digital certificate attached to a unique object. Therefore, by adding the ability to integrate your platform with NFT, you open up even more opportunities for users to exchange.
One of the most advanced features of crypto exchanges today is the creation of your own token. This feature allows you to create your own digital coin and further develop your project. Tokens are often used as transactional coins for exchange. This helps save money. This feature will help users learn how to correctly exchange currency on the platform.
But not only. Thanks to AI, the system will be able to analyze the possible exchange options for users and recommend the most profitable options for them. Here is what we recommend to use for crypto exchange creation for the IOS system:. For the Android system, we advise your team to use the following for crypto exchange development:. If you are planning to develop a web crypto exchange, then we recommend using the following tech stacks:. In the case of blockchain development, everything depends on what coins and platforms you will have to work with.
If you want to know more specifically, you can contact us. What components are required to construct your own crypto exchange? It is a place where all trading logic is stored. Remember that every client gets a wallet. In reality, each client receives numerous wallets for various coins that work in tandem with your internal wallets to ensure the most efficient money transfer.
It is often role-based and secured with hardware security keys. APIs are used to link building blocks. They also help in the integration of your exchange with third-party solutions. There are several things to connect to, including liquidity providers, payment gateways, multiple blockchain explorers, trading bots, analytics, logging, and so on.
How to create a cryptocurrency exchange? As we said earlier, you need to be clear about what you want to develop. Therefore, describing your idea at the first stages of creating a product is very important. The more details you describe, the better for you and your future team. This is the kind of plan for which you will go. Next, you need to register your project at the legal level. Your product must fully comply with the rules and laws followed in your country.
Take this step very seriously. One mistake can cost you dearly. When we work on projects, we usually get involved at this stage. At this step, it is necessary to conduct marketing analysis, namely, an analysis of the market, competitors and existing products. It is also necessary to conduct a product discovery.
The key way to achieve this is to consistently reduce risks by validating customer behavior hypotheses, value propositions, product solutions, business models, and acquisition channels. The UX design of a crypto exchange is the process of creating a product that provides users with a meaningful and relevant experience. It involves researching and analyzing all information related to customers, organizing content, and arranging it so that the user can quickly and easily find what they are looking for.
The goal of UX design is to create a digital product that the user will feel comfortable with. This includes how the product functions and the user manages it: content hierarchy, clear navigation, and the functionality of visual elements.
In addition, the design should be created in accordance with technical and business specifications. Here are the steps that the UX design process usually consists of:. After the UX design is ready, you will need to test it. At this stage, you should understand whether you have built the product logic correctly, whether it is clear to users where everything is located in the product, whether everything suits them, etc. After receiving the test results, you will know whether you need to change something in the UX design or not.
We use UX Eye Tracker, which allows exploring user behavior during interaction with the product. To know more about our UX Lab, click here. UI design is the process of visualizing a prototype that was developed based on user experience and target audience research. UI design includes work on the graphic part of the interface: animation, illustrations, buttons, menus, sliders, photos and fonts.
UI design is responsible for how the product interface looks and how the user interacts with its elements. It is necessary to correctly organize the interface elements and maintain a single style and logic of their interaction. Your main task is to help the user understand how to use the product quickly and without stress. To do this, you should ensure that the interface meets the basic requirements. Now you need to translate the design into a working product. We divided the entire development life cycle process into several steps.
During this stage, all the relevant information from the client is collected to develop a product as per expectations and requirements. The team should write technical documentation and choose technical stacks. At this stage, the team should also define the requirements for functionality requirements for the admin panel and user roles admin and super admin.
The team should complete the estimate and scope of work. Developers use the documentation and architecture from previous steps to write code for all the platform components. Here are the main tech staks to use during crypto exchange front-end development: Angular, Vue. Server-side development is another name for backend development. It is everything that users do not see and includes all of the actions behind the scenes when they do any operation on a platform.
It largely focuses on databases, backend logic, APIs, and servers. Here are the main tech stack to use during crypto exchange back-end development: Node. At this stage, blockchain developers are actively working on creating a blockchain network or a decentralized application for that network.
Blockchain development includes:. QA engineers test all delivered code and carry out manual testing for developed components. After the development and regression testing from the QA team, the team switched to production deployment and integration. The tested version of the product is delivered to the users for beta testing.
The team collects user feedback, fixes all the bugs, and implements some improvements.
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How to build your own cryptocurrency exchange website · Define your target audience · Establish a partnership with a reliable bank · Pay attention to the software. 5 Steps to Build a Cryptocurrency Exchange · 1. User authentication and authorization · 2. Server-side function of admin panel · 3. Newsletter · 4. Build a Crypto Exchange in less than 1 hour. Earn crypto, whenever someone trades from your exchange. source. Crypto trading volume reached $ trillion.