With the passage of years, cryptocurrencies have gained worldwide acceptance and the price of Bitcoin, Ethereum, Litecoin, and other altcoins have seen a considerable rise when compared to previous years. This urges the investors to foray as they could have a significant benefit. As well, cryptoprenuers would expect the same when deploying their cryptocurrency exchange with the support of trading different digital currencies on the go.
Cryptocurrency Exchange Script – A Brief Introduction
Those who are concerned about stepping their foot in the crypto space immediately could choose a cryptocurrency exchange script. This is a readily available, end-to-end customizable solution with the capability of providing users the ease and convenience of trading digital currencies.
This is well-crafted on the blockchain network with the inclusion of significant features. Opting for the pre-made solution presents you with several perks instead of choosing a crypto trading development from scratch.
There are numerous cryptocurrency exchanges in prevalence, and some of them are the most prominent ones among users. These are Binance, Coinbase, Bitstamp, Poloniex, WazirX, etc.
“Statista shows that Binance is ranked the at the top as of January 2022.” Though many crypto trading platforms are in existence, the crypto space would give wider opportunities for entrepreneurs to deploy their own platforms.
Various Types Of Cryptocurrency Exchanges
There are four different approaches on how to buy as well as trade cryptocurrencies. These are, namely, Classic/Conventional Exchange, Peer-To-Peer Exchange, Brokerage or CFD Trading, and Derivative Exchanges. In spite of these, the following three are the types of Cryptocurrency Exchanges predominant in the market.
- Centralized Cryptocurrency Exchange
It is customary and well-known, which enables the users to trade cryptocurrencies under the control of an authority. The authority is the one managing the entire operations, acting as an intermediary between sellers and buyers.
This type of exchange supports both crypto-to-crypto trading and fiat-to-crypto trading options. Binance and Coinbase are the perfect examples of centralized cryptocurrency exchanges.
- Decentralized Cryptocurrency Exchange
Unlike the conventional centralized type, the trades and transactions in the decentralized cryptocurrency exchange are automated with the integration of smart contracts. This type of exchange ensures secure transactions in an instant manner. UniSwap is a good example of this type.
- Hybrid Cryptocurrency Exchange
It is simply the combination of centralized and decentralized cryptocurrency exchanges, ensuring the quick transactions are safer and secure. The security attributes will make this type of software to hold the private keys more secure. Nash, Qurrex, Eidoo, and Legolas are examples of hybrid cryptocurrency exchanges.
Imperative Features Of A Cryptocurrency Exchange Script
Convenient & Faster Transactions It is an important attribute of the crypto trading platform, allowing the users to trade various cryptocurrencies instantly in their comfort & convenience.
Crypto staking – This is a quite impressive feature that will facilitate the users to hold cryptocurrencies in their wallets. And, they could have a passive income from these. The reason behind this is the “Consensus” mechanism, termed as a Proof Of Stake.
Multi-crypto support – The support of multiple cryptocurrencies lets the platform users to trade any kind of digital currencies, including Bitcoin and several other altcoins.
Session timeout – In the case of a page being idle for such a long time, the session will be timed out. Henceforth, the users have to log in to their account again with valid credentials. This ensures secureness.
Escrow wallet – With the prime functionality of the escrow wallet, the platform owner could store, send, and receive cryptocurrencies. This system would definitely make the transactions much easier and faster in a highly reliable way.
Vital Steps To Be Carried Out During Crypto Trading Platform Development
The following steps are to be carried out when moving forward with a crypto trading platform development. Have a look at these to gain insights.
- Gathering Your Business Requirements
The foremost thing to be started with is our team of developers would get your business requirements and analyze these for validation. We ensure to note down the key points of additional features you want to include. In short, the entire information regarding how you want the platform to be would be gathered in order to implement the same.
- Designing The Exchange Software
The very next step would be designing the exchange. We ensure to proffer the exchange with eye-catching UI/UX as this would be so predominant for users to navigate to various options to enable seamless trading. Eventually, this would suit your requirements.
- Go With A Front-End & Back-End Development
Our experts’ team of developers would use up-to-date technologies for front-end development as well as back-end development. This is for the efficient performance of the cryptocurrency exchange platform.
- Integration Of Robust Blockchain
The most crucial thing is the choice of a blockchain network that could be suitable for your business requirements and be reliable & robust. We integrate the blockchain network into a pre-made crypto trading script.
- Matching Engine Integration For Trading
A matching engine is a core part of this platform, to be given much importance during development. The concept behind this is that it will match the bid with the offers for the flawless execution of trading. We could make the exchange personalized with the relevant features alongside integrating a suitable matching engine. This seemingly makes crypto transactions at a faster rate.
- Quality Testing Stage
Though a pre-made crypto trading script is tested for glitches, we ensure to make the platform undergo various levels of testing upon required customization. This needs to be given utmost importance for making sure the platform is free of any bugs.
- Launch, Deployment, and Maintenance
When the platform is ready to be live, we deploy it with your concern and will be available for users to access. Post-launch, we are available for you to make any customization if needed, along with maintenance support.
Determine The Cost Of Developing A Crypto Trading Platform
The cost of creating a crypto trading platform is a varying element that would be dependent on the individual requirements & demands of how the platform functions.
It isn’t an expensive thing in this digital world as you could make a smart choice of creating the platform within your budget. This can be attained by choosing a white-label cryptocurrency exchange script instead of opting for the development right from the beginning. For layman understanding, the cost is influenced by several factors. It includes the following.
1. The infusion of features for determining the platform’s capabilities
2. The level of modifications needed by the entrepreneur
3. Frameworks & other tech stacks used for the development
4. The choice of which type of blockchain network have been used
5. Compatible with different platforms
6. Experience/skillsets of the development team/company
However, to know the accurate pricing structure for the development of the cryptocurrency Exchange Clone script, get in touch with us. Get a free quote!
Why Choose INORU For Cryptocurrency Exchange Script Development?
INORU is a cryptocurrency exchange script development company that excelled in delivering personalized solutions, which will be suitable for your business requirements & demands. We present you with ready-made crypto trading solutions such as Localbitcoins Clone, Binance Clone, Coinbase Clone, Poloniex Clone, DDEX Clone, Remitano Clone, WazirX Clone, etc.
Ensuring the solution provided by our expert developers would be built using up-to-date tech, suitable for the recent trends in blockchain technology. Furthermore, the solution you availed from us would be end-to-end customized, and at the same time, the quality won’t be compromised upon getting the solution at a reasonable price. Post-maintenance support for 24*7 when needed.
To conclude this blog, we have mentioned what cryptocurrency exchange script is about and the instant way to step into the crypto space alongside the perks of availing solutions from INORU. With a wide range of opportunities available, leverage it and mark your remarkable presence in this sector.