Build your own Cryptocurrency Exchange Software

April 15, 2020 leave a comment

The process to build your own Cryptocurrency Exchange Software involves certain tricks. As a business person, it is not always necessary to have enough technical knowledge to create your own Cryptocurrency Exchange Software.

But knowing the basics will definitely help you to build a more efficient Cryptocurrency Exchange Software.

Read below for more.

What is Cryptocurrency Exchange?

Cryptocurrencies are a huge opportunity for those who are planning to make some financial benefits from them. They are options like mining Cryptocurrencies like Bitcoin, Ethereum, etc. But mining has now become very competitive, and almost impossible for the common public. Another option is to create a Cryptocurrency Exchange Trading Platform.

CryptoSoftwares provides the best Cryptocurrency Exchange Software Development Services

Cryptocurrency Exchanges thus allows to trade various cryptocurrencies in exchange for some other digital assets.

Different Types of Cryptocurrency Exchanges

There are mainly three types of Cryptocurrency exchanges. They are discussed in detail below:

Regular Exchanges: Regular exchanges operate in the same format as that of the conventional methods used in trading. Regular exchanges allow all types of users just to sign up and buy coins. It follows a centralized structure.

Peer to Peer Exchanges: It allows the transfer of Cryptocurrencies between peers. Such Cryptocurrency Exchange Softwares makes use of smart contracts and other related technologies so that it becomes more trustworthy.

Cryptocurrency Brokerage Firms: Cryptocurrency Brokerage firms allows users to invest in Bitcoins or altcoins using fiat currencies like US Dollars, Euros, etc. The buyers can wait until the invested funds gain higher value and sell them if needed.

Get the list of top cryptocurrency trading websites

How to Build Your Own Cryptocurrency Exchange?

There are mainly three ways through which you can create your own Cryptocurrency exchange platform.

The first one is using a white label software. The second one is developing one with the various open-source platforms out there. The third and final option is building a Cryptocurrency from scratch.

Let’s see those three methods in a little brief.

White Label Solutions

A lot of companies are there which provide the services of Cryptocurrency Exchange Software development and other Blockchain related softwares. White-Label Solutions allow you to use an already made product by making some minor customizations according to your business needs. This product is an already proven one and will be mostly free from technical errors or other bugs.

Open Source Solutions

There are a lot of open source codes available on the internet. Someone who has sound technical knowledge can try to build a Cryptocurrency Exchange Software from scratch. But there are a lot of issues attached to this type. They are not very reliable, secure, and also do not provide a proper support team.

Custom Software Development

This step involves developing the software from utter scratch. It takes a huge effort, time, and money to develop a Cryptocurrency Exchange Software through this method.

Read the step by step guide on how to start a cryptocurrency trading platform

Steps to Be Taken For Making A Cryptocurrency Exchange Software

Choose your business location
Make sure you complete all the Legal formalities with care
Generate the funds for your venture
Consult a leading Cryptocurrency Exchange Software Development Firm
Make a connection Between Your Exchange with other service providers for higher liquidity rate
Opt a suitable Bank Payment Processor
Do all the things necessary for a safe and secure platform
Roll out a live Beta Version of the software
Execute perfect marketing strategies
Provide 24*7 customer support services
Maintain a professional and expert team for ongoing compliance

Know how much does it cost to build cryptocurrency exchange software

Essential Features of Your Cryptocurrency Exchange Software

There are certain features that every Cryptocurrency Exchange Software must possess. We will discuss those below.

Quick, Secure and Easy Transactions
Quick processing of KYC norms and withdrawal
2-Factor Authentication Procedures
Higher Usability
Transparency
Secured Wallet
Higher Efficiency
Easily Customizable and Scalability Factor
Quick Response Time

Approximate Time Required For Building a Cryptocurrency Exchange Software

The time required to develop a Cryptocurrency exchange software is depending upon the requirements. To make it perfect and precise. Also, it should stand apart from competitors. So it takes some time to give it a special and unique look.

Choose a leading Blockchain application service provider, so the output you receive will be the best!

CryptoSoftwares is one of the best service providers for all your Blockchain related needs. They are known for delivering their services with utmost quality and their final product includes all the exclusive features mentioned above.

Final Thoughts

As the final thoughts of this blog, we have tried to bring out the different aspects you should know before you build your own Cryptocurrency Exchange Platform.

Well, now you can consult a leading technology service provider who has enough experience in dealing with the same. They can guide you in the right direction!