Till date by considering the stats from Statista there are currently 48 million active blockchain wallets in the world and keep adding more wallets every day, then why not grab an opportunity of business.
If you are willing to have a centralized cryptocurrency exchanges and planning to build a white label exchange software, then here are the most important features you should ask to exchange development company.
Just having a centralized cryptocurrency exchange does not lead you to the path of success it has many factors to consider which all in together can get your exchange to more exposure.
I have been searching the same from different sources and found the best information and that is what altogether I shared in this guide.
This guide is more focused to share the best features, such as what existing cryptocurrency exchanges are offering and what enhancement you need to do to get more exposure to your exchange.
What is White Label Exchange software and development company?
You may be asking this at first point and if you already knew then can escape this section and more focus on features.
If you are planning to build an exchange then the very first need is to have knowledge about the programming language which you may or may not have.
But in all cases, it will take time to build code from scratch so why not take help from the exchange development company.
These companies are providing an easily customizable and re-brandable software which we also called as white label exchange software.
Just buy from these companies and get it live on your site with small changes, it will save your time and money and you can start as soon as possible.
I recommend having a detailed guide which has exclusive ideas on the inevitable feature you should demand from an exchange development company
But here let me highlight a couple of points and most important feature an exchange should have to get benefit to the trader and you as an exchange owner.
Best feature of Centralized Cryptocurrency Exchanges?
The very first will focus on the key component which every exchange has and you should default demand it from exchange development company such as
- Trading Engine
- Admin Panel
- UI Interface
All these features in combination make any exchange perfect and complete, without any of these four-components, it will be hard to run any exchange.
Hence we are not discussing here more about those primary components but will focus on features and here is the key point to learn on all.
If you are the traditional trader who is buying or selling commodities on Forex or Share market then definitely aware of the spot trading.
Spot trading will allow placing buy-sell orders or in another term, Bid-Ask orders immediately and settle them instantly.
Which means you can buy or sell any cryptocurrency listed on exchange instantly if it matches with your expected price.
Having a system in place to fulfill orders immediately will not gonna make your exchange different. It has much more things in place to help trader how better he can spot trade.
If you ask exchange development company to have a user-friendly UI then I don’t think it is going to work with your exchange as they may apply the default UI which is no different or even worse than others.
UI is the first point where your trader will land first, so it should be simple an easier and not that much hard to interact with, but yes you have two modules of UI.
- Basic – Which perfect for a new trader
- Advance – Which allow experience trader to do technical analysis.
The color should be eye catchy and should have a day and night view to get better experience in trading.
Trading Market and Pairs
Exchange just bring traders all together and allow them to trade or exchange their cryptocurrencies but how they are able to trade will totally depend on the trading markets.
Within an exchange you can have different trading markets out of which the very famous are BTC, ETH market where almost 70-80% trading happens in real-time scenarios.
So every cryptocurrency should be listed at least in these two markets, so anyone can place buy-sell order for that cryptocurrency with the primary holding of BTC, ETH.
Price movement and History Chart
It is a key area for spot trader as it explains what was the price of the cryptocurrency in the past few minutes to month and according to that, a trader can place a future trade order.
- Exchange should have a price movement history chart, graph or bar.
- Should have live Bid-Ask orders, price, and quantity.
- Exchange should also display the trading fees, while placing an order.
What do you think, is this good enough to have an exchange? I don’t think so.
There are much more to expose and if you have gone through the suggested detailed guide then probably you got all your answers.
Never miss incentivizing your traders to maintain the liquidity on the exchange which ensures smooth funding on the exchange and make your trading fees lower as compared to other crypto exchanges.