Cryptocurrency Exchange is not a new concept in the technological world. It functions similarly to traditional exchange in that cryptocurrency and fiat currency are exchanged between sellers and buyers via intermediaries. This intermediary will manage the exchange platform and provide this wonderful service.
The software, like other businesses, accounts for a large portion of the crypto trading business. Because crypto users prefer to trade on an exchange, trendy features with user-friendly UI/UX and a high response rate are available.
As a result, many startups are more interested in starting a trading business.
Once you've made the important decision to choose a cryptocurrency exchange business, you'll need to learn all about the major components of cryptocurrency exchange. Don't be confused about the components of crypto exchange, this blog explains you the complete details about components of crypto exchange,
- Trading Engine
- Front- End user Interface
- Cryptocurrency Wallet
- Admin Console
A trading engine acts as the hub of any exchange and drives operations. That helps to execute transactions, calculate balances, access the order book, and match all buy/sell transactions in the exchange. Setting up a trading engine should be a priority when building a cryptocurrency app.
Without a functional engine, a cryptocurrency application is nothing more than an empty shell with no value.
Front-end user interface
This component is specifically the face of your exchange, i.e. how users see the exchange. Make sure to create a user-friendly and intuitive interface with a minimalist approach to provide an amazing trading experience. Keeping out the clutter will make it easier for users to execute trade orders, improving the level of simplicity.
When creating this component make sure it has the following functionality,
- User registration and login
- Fund deposit/withdrawal
- View order book
- Buy/sell orders
- Support features
Embedding consent for a cryptocurrency wallet is important for crypto exchange. All crypto tokens/coins are stored in the user's wallet. Building a wallet solution with enhanced security will help build trust between users and your cryptocurrency exchange.
The admin console helps the exchange operator/owner manage different operational aspects of a cryptocurrency exchange. A console's features can be customized to suit specific business needs but in general, every admin console should have options to edit trade fees, manage cryptocurrency listings, add new coins, credit/debit funds to wallets, and resolve support issues.
I hope the this article is helpful to start your own cryptocurrency exchange business. If you are want to know more details about the cryptocurrency exchange you can Bitdeal which is leading a cryptocurrency exchange development company, Bitdeal also offers top-notch cryptocurrency exchange script with which anyone can launch their own cryptocurrency trading platform instantly.