Enkryptoz a white-label exchange solution is designed for rapid deployment, extreme scalability, high performance, and extensive white-label customizations.
Here, I would like to take you a walk-through of what are the hurdles, successes, and progress we met to reach the top position on selling the most leading cryptocurrency exchange platform.
Here We Would like to Share Some Hurdles of this business:
Since the leading cryptocurrencies like Bitcoin and Ethereum keep it up fluctuating, it’s made them a risky investment tool. Characterized by rapid upswings and large downswings, it’s made transacting in cryptocurrencies a difficult task. The volatility is useful only to rich investors who have efficiently spread their holdings across a spread of digital assets. Amateur traders would find that the prices ultimately outweigh the advantages offered by Crypto Exchange development.
Increase within the number of competitors in Crypto Exchange development – With more cryptocurrencies entering the industry offering innovative benefits to investors, it’s made the incumbent cryptocurrencies lose their ground within the market.
Attacks from hackers :
Since cryptocurrency exchanges shovel in many dollars of profits, it’s attracted the attention of hackers who want to siphon the funds and data of users. Whenever such incidents occur, the costs of cryptocurrencies immediately crash. The market conditions are affected depending upon the recognition of the location that was attacked. It can cause an entire system breakdown and affect the distribution of funds. To avoid security issues, exchanges must have multi-factor authentication and suit KYC (Know Your Customer) and AML (Anti-Money Laundering) guidelines. It must also provide timely alerts on suspicious activities that happen on the platform and implement secure transaction methods like Escrow.
Lack of transparency :
Many cryptocurrency companies don’t disclose their offerings transparently to their audience . Many investors are misled by the hype created by firms through their marketing strategies. The absence of professional standards and an ethical framework can ruin the entire industry. a consistent code of standards is required to list only those coins that are reliable by conducting an in-depth analysis.
Though many cryptocurrency exchanges boast of possessing sufficient liquidity, there are incidents where liquidity has not been up to the mark. This has resulted in canceled orders, price manipulation, and consequently higher listing fees to display tokens. Firms can boost their liquidity by token swap facility, low transaction fees, and take away low-performing cryptocurrencies.
Extraordinary Cryptocurrency Exchange Development Process from Enkrytpoz:
Centralized, Decentralized, or Peer to Peer:
Choose either a centralized, decentralized, or a peer to peer platform, which are the main types currently operational . Centralized exchanges operate like an organized marketplace for purchasing and selling cryptocurrencies. Fees are charged for each transaction. Though they provide enhanced liquidity, security remains a serious concern. Decentralized exchanges offer more freedom to traders and eliminate control by an authority. Funds aren’t stored on the server. Though liquidity is a smaller amount , they need robust security mechanisms. P2P exchanges permit direct interaction between buyers and sellers without the interference of intermediaries. It gives a secure and trustful environment for exchanging cryptocurrencies and avoids network congestion that’s common in centralized exchanges. They strike the proper balance between liquidity and security.
Interface refers to the convenience at which traders can handle the essential operations. It should be suitable for both amateurs also as professionals. it’s subjective and varies from one user to another . Only those crypto exchange platforms which possess a superb interface will witness huge growth in their transaction volume. it’ll also help in boosting the market price of the exchange.
While earning high returns is vital , the security of cryptocurrency is important . Hence, the crypto exchange platform should implement top-notch security measures, like two-factor authentication, encrypted database, and password-protected user access. a particular portion of funds must be kept in cold storage.
Our Result-Driven Process:
1: Analysis of the requirement in your country
2: Cryptocurrency exchange architecture
a) Trade engine
c) User Interface (UI)
3: Find out to build a cryptocurrency exchange platform
a) In-house software
b) Free open source exchange platform
c) White label exchange software
4: Find out Technical Solution
5: Altcoins Integration
6: Venture funding
7: Payment gateway processor
8: Implementation of security
9: Marketing and PR strategy
10: Customer support
Most Reliable Services:
A centralized cryptocurrency exchange website requires a neutral third party exchange that permits the transaction process of cryptocurrencies between two parties.
This exchange offers without third-parties like the bitcoin trading platform as binance , the platform on its own serves as a mediator that trades and channelizes the information of coins and information on behalf of the account. this exchange holds no third party or escrow demands for the intermediate.
Peer to Peer Exchange
Enkryptoz, – A leading cryptocurrency exchange solution offers peer to peer bitcoin exchange ,this exchange involves exchange of coins and trade assets between two peer parties which abruptly neglect the involvement of an intermediate or a third party collusion. thereby reducing the risk of third parties.
It provides the options to purchase a crypto asset and holding it until the value increases or using for purchase other altcoins that you believe may rise in value.
An option to borrow digital currency for trading and making a profit and returning the loan at a reasonable rate and its leverage.
OTC and Leverage Exchange
OTC trade can occur into P2P, through a trading desk, or on a decentralized dark pool.
User Attractive Features are,
It matches the buy and sell orders accurately. Apart from processing transactions, it also computes the balance in each user’s wallet. Firms must invest heavily for getting a high-speed trading engine.
User interface :
While an attractive website appearance is needed, it should facilitate easy navigation. The user must be able to select the different options such as trading pairs, charts, order creation window easily. It should ultimately save time for a trader.
Liquidity plays a key role to manage the increased trading activity and volume on the platform. Higher the liquidity, greater would be the turnover of the exchange and faster would be the execution of the orders.
As queries and doubts will keep coming from users, it is critical to have a 24×7 technical support team. Swift response is needed to ensure higher user retention.
Admin panel authentication is implemented using 2FA which sends a confirmation link to client email with a token so it does not allow unauthorized access by the back-end system.
Encrypted partition is allocated to store Client personal data. Client data cannot be accessed even if direct access is provided.
Here, I discussed what are the hurdles, success, and progress we met to succeed in the highest position on selling crypto exchange solutions to the industry.
Team up with us for a reliable and brawny crypto exchange platform that understands your business requirements and delivers the foremost secure way for trading. Thanks to the advancement within the cryptocurrency industry, the time is ripe for crypto enthusiasts and investors to reap rich benefits.
Our cryptocurrency exchange software provides a full-stack solution that permits exchange operators to quickly develop profitable revenue streams.