Features That Make A Complete Exchange Platform

There are more than 1,600 crypto coins circulating in the market nowadays, with a mutual market cap of more than $289 billion, as per the CoinMarketCap data. Stakeholders in each corner of the world are keen to trade in this rapidly rising space. Plenty of digital asset exchange software has developed to come across the requirement for infrastructure to support the exchange of virtual currencies.

What is a Cryptocurrency Exchange?

Crypto exchanges enable:

  • Exchanging of one digital coin for another
  • Buying and selling of digital coins
  • Exchanging fiat money into virtual currency

Crypto exchanges set the amount for different digital coins as well as tokens. This amount mostly reliant on the actions performed by traders and merchants. Although, there are so many other aspects as well that can disturb the price. There are different exchanges available having different options and functions.

Some trading platforms are well suited to less experienced users and some are geared to full-time traders. Trading platforms that are developed for regular trades, enable to purchase crypto coins and trade them with minor commission than on crypto-to-fiat trading platforms. Some crypto exchanges can also charge fees for money withdrawal from the account.

Ultimately, a crypto trading platform works in the same way regular stock exchanges work. The only difference is, on a stock exchange, traders buy and sell assets/shares/derivatives to earn profit from their fluctuating prices, on the other hand with a crypto exchange, traders utilize crypto pairs to earn profit from the highly impulsive coin rates.

Currency trading options

The best exchange platform should support these trading options:

  • Fiat Trading
    A trading platform must work with multiple banks to secure an agreement that would later provide a functionality to facilitate fiat trading solutions.
  • ALT coin
    Crypto exchanges must support Bitcoin and other digital coins (ALT coins) trading option. Altcoins offer opportunities for further investment and are worth considering for their unique individual features and for diversification of a digital currencies portfolio.
  • Forex
    A unique crypto trading platform is that which allows your traders to trade with access to the full depth of forex market, as well as to volume information per instrument.

Components of a Successful Exchange Infrastructure

  • Front-end
    The user interface is all about how your merchants/traders look at the exchange. The UI needs to be user-friendly as well as mobile-friendly, as the smartphones usage is continually booming. A dedicated trading application for mobile devices let the exchange more easily accessible that improve trading activities.
  • Backend
    Traders must have confidence that the fund they keep at the trading platform will be safe. An exchange has to be correctly protected to avoid the potential data leaks and attacks. While the development of backend part, it requires dedication to make the safe way of storing and exchanging the sensitive detail.
  • Integration
    For a success of crypto exchange software, it should provide an opportunity for apps built by a third party to integrate their work with your ecosystem via API. This will enable your traders to connect favorite trading software or to conduct algorithmic trading on your platform.

Front-end Features a Cryptocurrency Exchange must have

A company’s website, application or mobile site are the public appearances of the brand. Furthermore, every business requires an operational, clean as well as eye-catchy interface to create that first impression correct and appeal to its stakeholders. For the Admin’s perspective, a crypto platform should deliver dynamic CMS that aid to manage site content, a user balance & fund management section, as well as a user account and account security modules. A complete trading dashboard should also be there that aid to manage overall trading info.

Front-end development delivers the best of system and function to improve the usability of white-label crypto exchange software. It has an important role to play in generating an immersive user experience that appeals traders to spend more time on trading platform and achieve their intent. The platform that aids with internal system level security attracts business owners. Highly optimized and secure digital asset exchange software for your business should comprises detailed reports to view orders and activities made by users.

  • UI Designing
    Responsive layout implementation and freely-flowing UI design help to get more customers on the board. It will be easy for you to manage dashboard and for your users to buy and sell crypto coins from any of the devices they are utilizing such as smartphones, tablets, laptops, etc.
  • Dynamic CMS
    You can take a full control of the trading platform with Dynamic CMS and manage digital information on crypto exchange website via making and maintaining content. It aid to expand your digital presence and reach new traders by implementing dynamic content.
  • Complete Dashboard
    It helps your customers to get a quick look at what is happening in the currency market globally. Your traders will get to know which currencies are actually moving, clients’ positions, volume and trading details as well as volatility & trades per time on main coin pairs. It also aids you as an admin with the chart view, trade summary, active & recent orders and much more.
  • Detailed Reports
    Detailed reports enables to get the insights of transactions taking place on the crypto trading platform. It aids to view orders and activities made by users, number of registered users, accounting activity, transactional activity and much more. For the admin, different reports should be available like sign-up report, deposition, withdrawal & referral report, wallet report and much more.
  • Internal System Level Security
    It helps to serve your traders with more secure and more efficient crypto trading platform and let you give importance to their privacy. The best exchange platform offers internal system level security for your crypto trading business.

Back-end Features a Cryptocurrency Exchange must have

The introduction of a new paradigm to operate crypto exchanges is intended to liberate the space while removing the entry barriers. It empowers different trading platforms to spread globally, where earlier centralized and decentralized exchanges were not possible because of liquidity, security protocols and backend architects based on Blockchain technology.

The mixture of shared economy model with the innovative governance mechanisms, shared control of liquidity pools, auditability and cross-settlement of orders book increases the possible scale of trading on the platform. Admin Backend features offers the controllers/creators of the trading platforms a modest way to manage configuration variables of the whole exchange to modify the processes as they see fit.

  • Set Global Preferences
    The global preferences aims to make it easier for you to manage URLs, different alerts, log-in and sign-up process. It will make it easy to handle multiple profiles and payment methods utilized to make payment.
  • User Management
    With the user management module it will be the simplest and easiest for you to manage number of users and different roles that manage back office access.
  • Setup fees and commission
    A perfect exchange software development solutions will help the exchange operator/owner to manage different charges and commission configurations such as recurring charges, transaction, withdrawal, deposition charges, affiliate commission, commission sharing and much more.
  • Strategies execution

    Manage Market: A real-time information of all markets’ status makes it easy to run market-making strategies. The best crypto exchange will include fully-automated market-neutral trading strategies, intelligent execution algorithms, and trading signals with manual or semi-automated execution.

    Order routing: Interfacing with crypto trading platforms and utilizes combined market order books tactic to get low-latency quotes from the global market. It should be combined with order routing inform, which is then utilized to implement orders on different trading platforms.

    Liquidity management: It decreases locked‐in capital and offers transparency into sourcing liquidity for assets.
  • Wallet management
    With the best wallet management service offered by crypto exchange software, owner of platform can assure secure fund deposition and withdrawal to the merchants, generate random coin addresses, view transaction history, decentralized address generation with private key and much more.
  • Reporting structure
    It enables to get the insights of transactions performed on the crypto trading platform. For the exchange platform operator, it offers system wide activity and alerts reporting. Multiple reporting comprises sign-up reports, deposition, withdrawal and referral reports as well as wallet reports. Reporting structure should also offer different queues such as email queues, messaging queues, and push notifications queue which stores everything in a queue for the future use.

Third-party services & API Features a Cryptocurrency Exchange must have

A significant moment during the crypto exchange market-type of software development is the way a user crypto storage is planned. How to establish a persistent, fail-proof management over the user wallets generated in the software. The answer is the usage of third-party API.

Third party API Integration is essential as it’s an efficient way to create digital asset trading apps & trading tools. While deciding on API, you can determine all the crypto trading potentials such as you can generate your own trading charts, you can enable a different option for monitoring, can edit your order types & trading positions, tracking of your users trading history and crypto wallets movements can also be possible.

Third party API which needed for configuration

  • Bank APIs
  • Payment Gateway
  • Accounting API
  • KYC API
  • Charting API
  • Cold Wallet Integration
  • Google Authenticator Integration
  • SMTP Mail Integration
  • Charting API Integration
  • SSL Certificate Integration
  • Google Re-captcha Integration
  • SMS API Integration
  • Security Plug In Integration
  • Liquidity Provider API
  • Multi Language API
  • CRM API Integration
  • Hosting Service

Summing Up

There are various sorts of exchanges (CEX, DEX, P2P and more) which suits the needs of different businesses. It depends on the types of business strategies they want to implement and be selective about the bunch of features. List of features described in this post will suit the needs of almost each exchange available in the crypto market. Choose an exchange platform wisely and serve digital asset exchange solutions globally with a complete package of unique features.