A cryptocurrency exchange software development project would be incomplete without these four different components working together:
1) First is the Trade Engine. The center of every exchange should be this. Her task is to access the order book, match purchase / sell orders, conduct transactions and measure balances. So, start with making sure you have a functioning trading engine in place before anything else.
2) The second most important thing is the UI (user interface) or the outlook of your exchange website. The UI is something how your users will see your exchange. The UI of the website needs to be user-friendly and intuitive. It needs to be mobile-friendly as most of your users will be accessing your website through their smartphones.
A dedicated, user-friendly mobile app will make the exchange more productive and could also strengthen trade commitments. To put it briefly, the website’s UI should allow your users to;
Registration and account access.
Cryptocurrencies and fiat currencies deposit, view and withdraw.
View book of orders, past transactions, stats, balances, charts, etc.
Place orders to sell and to purchase.
Allow access to system of help.
3) The third is the wallet of the cryptocurrency. A crypto wallet serves as a daemon for the exchange server to store cryptocurrencies.
It requires maximum security, as it stores all the cryptocurrencies.
To be safe from hackers every exchange must have a hot / cold wallet program that diversifies risk.
The hot wallet is exchange platform’s crypto-gateway. It allows the users to withdraw their digital coins and send them to the outside wallets without requiring the exchange owner ‘s approval.
A cold wallet is where the rest of your coins are kept. It’s absolutely offline, so even in the event of hacks, let nobody access your remaining coins.
4) Having an Admin Panel is the fourth and most critical part. It is equivalent to enterprise intelligence and software management.
The functions which must have an admin panel are;
- Altering liquidity
- Change the spread and exchange alternative
- User approval accounts for trading, after KYC and other regulatory requirements have been verified.
- Currency management such as BTC, USD, ETH and so on and exchange pairs such as USD / BTC, BTC / ETH, etc.
- Crediting fiat deposits, debiting users’ requests for withdrawal by fiat.
To conclude, those four components should be at the core of any exchange software for cryptocurrency.