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A Short and Quick Guide to Cryptocurrency Exchange Software Development

Cryptocurrency Exchange Development Company

In recent years, cryptocurrency exchanges witnessed a steady increase in the trading volume, and the scenario continues.. There are different types of crypto exchanges in the market: some provide advanced trading & coin exchanges while others are good for margin trading.

“With the number of digital assets increasing, many tech-savvy people have already engaged themselves in developing cryptocurrency exchange software with varying features.”

Crypto Exchange Platform Business

People involved in cryptocurrency exchange software development business should keep in mind a set of protocols (listed below):

  1. Choosing the Locality to Run the Business

* You can start a crypto exchange, either targeting the local regions or the entire world. However, for both the operations, you need to get approvals and licenses from the respective authorities.

* It’s better to consult a professional who is an expert in providing legal advice that helps your business comply with the local/international rules and regulations.

2. Following the KYC Norms

* All governments across the globe now require crypto-based business owners to stick with the KYC norms. This is a big step towards anti-money laundering. So, you must set up a legal KYC verification for your exchange.

3. Partner with a Payment Processor

* To accept fiat payments on your exchange, you have to partner with a bank or a reliable payment processor. Make sure the partnering agent is capable of processing transactions instantly.

4. Dashboard View

* Liquidity is the crucial factor that helps a crypto exchange to run smoothly. Customers tend to invest funds or place orders when they find an order book on the homepage.

* Here are some tips to include liquidity: trade validation, boost your trading activities with self-made accounts, deploy an API interface, and join crypto exchange communities.

5. Never Compromise on the Security

* Your exchange should have safety measures enabled for both exchange operators and the participants.

* Also, the exchange should shield the KYC, bank, and other personal information of your customers.

6. Customer Support

* Employ a 24*7 customer support service to handle users’ queries, KYC requests, deposit & withdrawal processes, and authorization-related issues.

What does a Crypto Exchange Software look like?

  1. A reliable crypto exchange platform usually possesses the following features.
  2. A Trade Engine
  3. User Interface
  4. Cryptocurrency Wallet
  5. A reliable Admin Panel

Published by lillian jones

“Cryptocurrencies is everything you don’t understand about money combined about everything you don’t understand about computers,” said John Oliver. A tech geek like me would say it is easy to decipher; it all depends on how open you are to changes. Smitten by Blockchain, cursed with Intelligence! Hence the profession as a blockchain consultant. Have consulted for numerous projects and guided with the right solutions — not a nap queen. I am super hyper for Blockchain and cryptos and go around reading almost anything if it is about cryptos.

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