Bitcoin’s market value hit an all-time high in November 2021, but it plummeted during 2022 and shows no signs of fully recovering yet, especially when you factor in the Terra and FTX crashes. That being said, there are plenty of new and thriving blockchain projects emerging, which draw in new users and require cryptocurrencies to operate. Therefore, despite the crypto market crash, user numbers are on the rise and waiting to be tapped into. A great way to achieve this is by opening an exchange, but you need to understand the different components first.
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Your exchange needs a native wallet because it allows users to trade crypto assets. The more crypto supported by your wallet, the healthier your exchange will be. For example, the wallet connected to the OKX crypto converter supports up to 300 cryptocurrencies and it was the first to list TAMA.
You also need to consider the type of wallet you support, hot or cold. Hot wallets are connected to the internet and cold wallets are stored offline. Many cryptos exchanges combine cold and hot wallets, allowing secure prolonged storage and internet-enabled trading within the same platform.
At the heart of a crypto exchange app is a trading engine, which processes commission and price information, pair offers and bids, portrays transactional possibilities, and generates schedules. The trading engine will be the most challenging part of the development process, which is why you may need to onboard a team of crypto professionals.
Users should have smooth initial access to your app. However, you need to verify user identities to eliminate fraud. To make users feel like their data is safe, you should install anti-bot and two-factor authentication (2FA) features.
Crypto traders come in different shapes and sizes, and your aim is to bring in experts. If you can provide a wealth of analytical tools, you’re more likely to succeed. These are the analytic provisions expert traders look for:
Having a frictionless verification and authorization system leads straight into the user interface (UI). When creating your app, you need to envision user interaction with the app and decide if you’re implementing the best features. For example, your crypto exchange charts need to be simple to read – the majority of exchanges use candlestick charts.
Exchange operators and owners need a way of controlling the app, which is achieved with an admin console. By having this feature, new cryptocurrencies can be added, funds can be paid either way, and all crypto listings can be accessed. Although not as important as the user interface, a friendly admin console will make your life much easier.
Now that you know what the primary components of a cryptocurrency exchange app are, it’s time to write a solid business plan, raise funds, and onboard developer support.
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