What is cryptocurrency?
Cryptocurrency is a digital currency that is protected by cryptography, which makes it impossible to spend double. The decentralized blockchain-based networks are many cryptocurrencies, a distributed ledger implemented by a different computer network. A cryptocurrency is a new form of digital currency that can also be accessed by computers and is connected to many computers. This decentralized structure enables them to operate beyond the influence of central authorities and governments.
The word cryptocurrency is derived from the encryption techniques which can be used to secure our network. A cryptocurrency is a form of payment for goods and services that can be traded online. Many businesses have provided their own currencies, also referred to as tokens, and these can be exchanged directly for the good or service the business offers.
Top cryptocurrency exchanges
As you can see, the process of cryptocurrency exchange is indeed easy, but there is another important question that everyone meets: what is the best cryptocurrency exchange platform? The choice typically takes place next to the platforms with low and accessible fees. So here are some top cryptocurrency exchanges, which are low fee exchanges than others.
Binance
Binance is a china based cryptocurrency exchange platform with a robust set of trading tools and security features. It is very easy to use and here you can create your account online and also can make any type of deposit for free but here you will be charged for withdrawal of money.
You are paid a 0.1 percent fee on each exchange when trading on Binance. Besides, Binance has its own token, BNB, which you can use to pay exchange fees of any kind. Using the BNB token, transaction fees on transactions are reduced by a defined amount: 50 percent in the first year, 25 percent in the second year, etc.
KuCoin
It is a cryptocurrency exchange with its own KCS (KuCoin Shares) token, and it was launched in September 2017 after an ICO. KuCoin already offers around 80 coins for trade, but it is a brand-new exchange and is still in the process of adding new ones. KuCoin charges for trading and withdrawal purposes but here deposit is free. Don’t worry about its charges because charges are very low, 0.1% charge for one trade.
HitBTC
It was founded In 2013 and it is considered one of the biggest digital currency trading platforms. It is free to get started with general account development and depositing cryptocurrencies on HitBTC. The fee for a fiat currency deposit (USD or EUR) depends on the size of the deposit and the currency used. The platform charges relatively low fees on transactions. Immediate transactions pay a 0.1 percent execution premium, while a 0.01 percent discount is given for non-immediate transactions.
GDAX
It is the transition platform for cryptocurrencies at an incredibly cheaper price. It focuses only on Bitcoin, Ethereum, Litecoin and comes as an analog exchange for Coinbase, so you can easily connect it to GDAXX if you have a Coinbase account already established.
In GDAX charges are very low but vary from one currency to another currency and also vary giving or taking like the exchange charges for maker trades is 0%, for bitcoin trades charges are 0.25%, for litecoin and ethereum taker trades the charges are 0.30%. but there is not any type of charges for a deposit or withdrawal.
Bitfinex
Bitfinex is a full feature crypto currency exchange. It is a very powerful crypto currency exchange platform with a very tight security level. It provides access to the world’s leading altcoins and along with altcoin it also provides access to full-spec wallet services. Deposit is free and withdrawal is also free for some currencies.
How to build a crypto exchange software
The primary objective of such markets is to connect those who sell crypto currencies to those who want to buy them. But due to particular functionalities, each platform is special. Some exchanges trade at the world market price with customers, others share some open data through their order book on the state of trading within the exchange, supply people with features such as deciding their orders’ fixed price.
Cryptocurrency is the most profitable business not only investing in crypto currency is the best business but also having a crypto exchange software or platform also is one of the profitable businesses. It normally takes several months of work for a team of developers and investments above $100K to launch a custom p2p marketplace solution. It is also a painful process of identifying and solving issues that occur during development and could cause an inexperienced team to have serious problems.
If you want to build a successful crypto exchange platform you need to know everything about cryptocurrency like its prices. You need to know it’s prices because crypto currency prices can vary every minute so it is mandatory to know when and why prices change. Also, you should have an experienced team that can help you with your work.
Pre-made marketplace solutions are available on the market to minimize time and expense for growth, but this is often not the case. For instance, you can face code restrictions and problems finding good developers to perform this task if you need to introduce customizations. Fortunately, there is a remedy that addresses most of the issues. It is called the Crypto currency Marketplace, and while this is a prebuilt infrastructure that saves more than 60 percent of marketplace development time, original developers still provide engineering and design services.
Cost to create and launch the crypto currency exchange software
if you want to create a crypto currency exchange software development you need to invest a good amount of money. No even you have to invest your money also you have to invest your precious time otherwise you can launch the cryptocurrency exchange software but you will never get the advantage of it.
Steps to follow before launching
Cryptocurrency exchange license for operating
A large fee for issuing licenses to operate a bitcoin exchange has been imposed by governments around the globe. However, there are some exceptions, such as Kazakhstan, which provides a substantially low fee for the cryptocurrency exchange license. Discuss where you can get the licenses quickly and at a lower fee with your crypto exchange developers.
Verification of KYC Verification
KYC represents know the Client. The single consumer is thoroughly checked. A KYC verification guarantees the form and financial history of the customer who signs up with the crypto currency exchange company and avoids some type of fraud.
Use of appropriate wallet
Cryptocurrency trading platforms give users digital wallets in which their money can be held. This feature can also be used when removing trading assets. The deposition or withdrawal limit is set as the AML validation of the pet.
User friendly
You should have to create software that can be easy to use for everyone. So that no one should get trained to operate your software. It should have a user-friendly interface with all of its features.
Transaction dashboard
The Transaction dashboard is an inseparable forum for applications for cryptocurrency trading. It stores all of each user’s transaction history. This facility is also powered by services for the creation of blockchain apps that ensure that records are end-to-end security and transparency. Users can retrieve all transactions from the transaction dashboard
Processing Charge
You have to deal with other exchanges, so it should be effective for the payment processing service you work with. Until signing a contract, decide all the information regarding prices. Ask them how long it will be taken to process the payments. To protect you from cyber-attacks, their processing device should also comply with PCI DSS.
Ensured about security
Some exchange owners make the mistake of hurrying up on security problems that lead to vulnerabilities in an attempt to minimize costs. You can only circumvent security hurdles such as two-factor authentication and encrypted databases while building the crypto exchange.
Integration of APIs
It is a very fascinating program that enables users to build automated trading systems of their own. Using an integrated API, multiple language support systems can also be developed. This facilitates the imagination of users and protects their thoughts on the exchange of cryptocurrencies. For consumers, personalized and automated trading systems are often more convenient.
Author Bio:
This is Olivia Clark and I’m a software engineer by profession and 3 years ago I’ve passed out at the best university in the USA and also running the best crypto exchange software development services company in the USA as a professional developer, and I’ve also love to take new challenges in the development field and recently started the writing about the digital currency.
