In recent years, crypto space and its products have flourished to a greater extent. When fiat transactions entered into the world, none of us had dreamt of these many banks for our transactions.
Today, we couldn’t even get the count of our banks and service providers. The same scenario may replicate in the crypto world soon!
Exchanges may be the replica of banks that serve as a trading platform with regulatory norms. Wise crypto investors kick start their exchange platforms with white-label solutions or entirely customized applications! Kick-starting an exchange business is not easy. The world is filled with a competitive market, you can find lots of exchange software, but finding the appropriate one relieves you from stress!
In this post, let’s have a brief chat on the essential features to look while purchasing the crypto exchange software!
Essential Features for a Bitcoin Exchange Software
Not every business person dives in with experience or technical skills. You may find it hard to look for technical aspects of the crypto product if you’re entirely from a different stream.
If an expert purchases the Bitcoin exchange software, he/she looks for certain essential features in the product. Probably this list may help you when you purchase the exchange software from the market!
Architecture
Inspect the structural flow of exchange software through documentation and understand the processes. After analyzing the architectural flow, think like a user and connect the process flow with your request. Everything must be properly routed to the functionalities and outlet. Exchange platforms require an authorization, wallet, admin, trading, and user modules for the primary processes.
Separation of modules
Exchange modules must be separate in terms of hardware and software aspects. It’s a wiser choice to host every module in a different server to avoid downtime. The servers and modules of the exchanges can be programmed in such a way to share information, but not the security threats or downtime.
Maintaining Liquidity
A cryptocurrency exchange requires sustainable liquidity so that users can perform trading. You can either chose to link other exchange accounts or create bots that perform automated crypto trades to maintain liquidity in the exchange platforms. You must inspect the way how your desired bitcoin exchange software works on maintaining liquidity!
User-Verification
The user-verification process entirely depends on the federation you launch your exchange platform. In general, many countries opt for KYC/AML processes to perform fiat and crypto transactions. The best bitcoin exchange software would have automated processes to verify registered users with KYC regulations.
Intuitive UI and Trends
Your exchange platform must be elegant and visually appealing for its users to perform trading. The exchange platform must be intuitive, and the traders must glide with the flow of process without any halts. As an added advantage, you exchange platform may showcase the real-time trends of the crypto market in a graphical representation.
Compatible Crypto Coins
As you’re excited about purchasing the bitcoin exchange software, you require to host only a bitcoin trading platform. So, you can look for the wallet module that supports BTC transactions. In the future, if you wish to expand your user’s trading experience with multiple cryptocurrencies, you can look for the multi-crypto wallet!
User module
Users must be entertained to perform trading with no hindrance to your exchange platform. They must be able to
- Deposit fiat currencies in the exchange wallet,
- Perform crypto trading with compatible coin pairs,
- Withdraw fiat currencies with ease,
- Transform crypto coins into cold storage wallets,
- Visualize transaction and trade history portfolio.
Admin Module
The admin module must be designed in an intuitive manner so that you could scale up the platform based on market trends. You must be able to efficiently perform the below tasks with the features of bitcoin exchange software.
- Setup payment gateways,
- View the monthly trade reports,
- Email exchange users,
- Add exchange administrators.
Final verdict!
Inspect the aspects mentioned above while purchasing a crypto exchange software and pay for the quality product! Dive in crypto business and enjoy a hassle-free life!
To Know More About --> P2P Bitcoin Exchange Software
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