How to Choose the Best Cryptocurrency Exchange Platform Software?
Articles
The global explosion of the crypto market forces business owners to get their feet wet in this sector; meanwhile, the sphere is fiercely competitive and doesn’t forgive the mistakes of beginners. When you are going to create a crypto exchange from scratch, the profound market analysis is the must-have preliminary step. Otherwise, your money and efforts are about to be spent down the drain.
Start Your Way With the Step-by-Step Plan
A crypto trading platform implies a string of important details; this is why beginner business owners need to understand and schedule every step, facing no hurdles and headaches on that way. While talking about preparatory measures, founders need to understand which jurisdiction matches their expectations the most, run a company and get a crypto exchange license. Centralized platforms turn out to be more trustworthy for newer entrants as the rights of traders and investors are fully protected.
As for initial steps, your crypto exchange has no advantages over competitors, as the vast majority of platforms are licensed and protect their users properly. How to make the jumpstart on the market? It’s high time to take crypto exchange software into account.
What Does the Crypto Exchange Software Category Include?
A crypto exchange is a platform that allows traders and investors to buy, sell, exchange, and hold digital (and sometimes fiat) currencies. Meanwhile, an exchange functionality is based upon several important software components:
- UI widgets;
- backoffice;
- trading API;
- matching engine;
- CRM;
- applications;
- secured wallets.
Furthermore, when a person decides to start cryptocurrency business, several integrations are mandatory, including payment providers, liquidity providers, etc. Every component demands a thorough understanding of what a business owner needs. Let’s dive into the herein given components thoroughly:
UI widgets
The sector is fiercely competitive; this is why traders are waiting for the ultimate functionality. An exchange interface should be straightforward and convenient for end-users, and high-class providers offer a business owner a set of widgets to activate, making the UI customizable. As such, an exchange founder sets up widgets in accordance to his (her) goals and tasks.
Backoffice
An exchange’s back office component is responsible for diverse tasks. Business owners get quick access to users’ activity and their trading statistics, fees paid, and other important data to understand whether changes are required or not. Furthermore, backoffice maintains a matching engine functionality.
Trading API
Trading APIs are integral parts of a crypto exchange software, as application programming interfaces should correspond with some key trading features and allow users to ground their trading on diverse strategies and styles. For instance, your crypto exchange may support REST, WebSocket, and other APIs.
Matching engine
Such a software component is understood as the functional core of every crypto trading platform. In the process of crypto exchange development, most business owners pay special attention to which matching engine they should select. The speed of request processing is the key characteristic, and business owners are highly recommended to choose engines that process at least 10 000 requests per second.
CRM
A Customer Relationship Management system is responsible for your interaction with clients and leads. On the one hand, the system increases the efficiency of your sales process, and on the other hand, a high-quality CRM provides business owners with real-time reports concerning stats, trading behavior, and more. Reports are used to improve the given services and increase the loyalty of traders and investors.
Mobile apps
Today’s world cannot be imagined without smartphones, and this important factor should be taken into account while looking for the best crypto exchange software. More than 50% of the Internet traffic originates from mobile devices, and fully functional, convenient, and user-friendly applications are the must-have component on the way towards a functional and in-demand crypto trading platform.
Wallets
A crypto exchange implies the system of cold and hot wallets. Users get access to hot wallets where they keep crypto funds, receive cryptocurrencies, etc. Wallets should be secured enough, offering crypto holders diverse optional protective measures (e.g., 2FA-authentication, white list of crypto addresses).
White Label Solutions: Get All-in-One Software
Newer crypto business owners should understand the highest importance of every component to come up with the right decision. White Label crypto exchange solutions gain popularity, as a founder gets a platform ready to bring profits. Experienced and qualified specialists may follow every step from scratch, including the legal aspects. Furthermore, WL solutions cut your expenses at every stage. The only question arises – where to find the best provider of crypto exchange solutions?
B2Broker: the Guardian of the Progress
Tens of companies offer their services while talking about WL and turnkey crypto exchange solutions; meanwhile, B2Broker is a company where ideas never set. Such a provider of crypto business solutions aims to push your exchange to newer peaks. B2Broker constantly works on high-end inventive solutions; this is why order a turnkey crypto exchange there to experience success. The turnkey solution includes a crypto exchange engine that processes 30 000 requests per second, high-class back-office and CRM, integration of REST and WebSocket APIs, fully functional mobile applications, and more components to make your crypto exchange the best platform for traders.
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