The modern economy is going through a massive shift. The introduction of cryptocurrencies has revolutionized the economy. There are multiple businesses observing trends and feeling proud to promote and earn using a cryptocurrency exchange.
There are cryptocurrency exchange app platforms that promote dedicated trading to buy, sell, and store cryptocurrencies. But their development demands several features that need to be there for appropriate functioning.
Key Features of Crypto Exchange App Development
1: Admin Panel
The admin panel is one of the most important features that ensure different operations on crypto exchange platforms. It regulates all operational aspects of the crypto trading app. It includes editing trading fees, credit or debit funds, addressing support-related issues, crypto listings, adding new currencies, etc.
2: User Authorization and Verification
There is another feature in the crypto exchange app that enables the user’s onboarding experience. It starts by allowing users to fill in their details for a smoother authorization process.
This is an essential user verification process, as fraud transactions are increasing and transparency should be there. Here, cryptocurrency exchange app platforms need anti-bot verification, two-factor authentication, data encryption, features, etc.
3: Easy User Interface/User Panel
It is the first display board for a cryptocurrency exchange platform development. It is important to make the user interface more user-friendly, simple, and clear.
It facilitates trading efficiency by ensuring the right placement and a short trading time. Further, the easy user interface offers detailed statistics on funds, deposits, and order management.
4: Trading Engine
The cryptocurrency exchange platform can’t function well without a dedicated trading engine. It showcases the heart of the application. It allows bid tracking, order opening, new trade generation, etc. Any cryptocurrency exchange platform requires the trading engine to handle order access, calculations, and transactions.
5: Crypto Wallet
Cryptocurrency wallets are important for cryptocurrency exchange walle applications as they enable storage and currency exchange. It’s the choice of the developer whether they want to utilize it as a hot wallet or a cold wallet. Between the two, hot crypto wallets are accessible online, quick in operation, and easy to use. On the other hand, crypto cold wallets are secure, offline wallets.
Any cryptocurrency application is not functional until it has a dedicated analytics tool. It enables traders to track real-time data and make informed decisions aimed at maximizing benefits. Some major key functionalities are new for crypto exchange analytics. It requires live tracking, graphical trading, and stochastic RSI for identifying overbought or oversold zones.
7: Intuitive User Interface
The cryptocurrency exchange platform development needs to be designed for both beginners and professionals. It needs to have a highly intuitive user interface. The complexities of crypto trading should not be there, as they should be immensely helpful to beginners.
The dedicated dashboard needs to have quick access to different trading features, fund deposits, or withdrawals. Cryptocurrency exchange platforms need to reduce their trading times. Their focus should lie on making transactions more efficient and easy.
8: Push Notifications
By enabling seamless communication with crypto exchange application users, push notifications are worthy. Employing it, it’s easy to get alerts and notifications about crypto news, the latest trends, prices, etc. Here, users can select their preferences for specific notifications based on their needs and interests.
9: Transaction history and order book
Cryptocurrency exchange platforms need to enable transaction history to track previous records over time. It allows details about trade rates, operation times, transaction details, etc. The order book is essential as it offers quick navigation to the current bids.
10: Customer Service
Cryptocurrency platforms need to have 24/7 customer support for users. Many users are new to the platform, and they require dedicated guidance. It adds more stability and adaptability, as users prefer customer support if they face trouble with credit or debit.
11: Range of Currencies
Cryptocurrency exchange platforms need to offer multiple ranges of currencies. It offers crucial features for the cryptocurrency exchange platform based on users’ requirements.
Cryptocurrency exchanges need to offer detailed research for users. Several digital platforms offer dedicated learning materials, tutorials, and other tools to provide information about cryptocurrencies. Cryptocurrency app platforms encourage users to conduct research and get rewards in return.
Several cryptocurrency exchange applications offer interest-based earnings. Therefore, users must understand the interest-earning policy. Some cryptocurrency exchanges prefer to pay striking fees, commit their coins, or use other load methods.
Not all cryptocurrency exchange applications are available in different locations. Therefore, it is important to analyze the functional parameters of specific crypto exchange platform development that are allowed in your country.
For cryptocurrency exchange applications, it’s important to understand FIX protocols, web sockets, and types of APIs. Irrespective of the cryptocurrency type, the FIX protocol is essential for the application. The web sockets help different cryptocurrency exchange platforms by allowing market movements and trading changes.
What are the essential security features the CryptoCurrency app must have?
Cryptocurrency exchange applications must have some necessary security features that make the platform more secure from cyberattacks. Here are some essential security features that an application must include:
1: Registry Lock
This feature allows cryptocurrency exchange applications to lock the domain at the registration level. Registry locking improves the security layer so that hackers can’t delete important segments of the domain. The changes to the domain after the registry lock take longer to process. It involves a three-way security check between the domain registrant, the registrar, and the registry.
2: Web Protocol Security
This is another important feature that is essential for web safety protocols. This kind of security falls under vulnerability and needs protection on cryptocurrency exchange platforms. This security feature implements Content Security Policy (CSP), enabling the header to determine dynamic resources and loading permissions.
3: Cold Wallet
These wallets are offline storage for cryptocurrencies. The digital assets that are secure in wallets are safe from theft, even if the platform gets hacked. Pairing a cold wallet with a platform adds an extra security layer to app development. It ensures high-end security features like biometrics and multi-sign authentication.
4: Domain Name System Security Extensions (DNSSEC)
All the Domain Name systems, or DNS, are authorized by set protocols incorporated in DNSSEC. It ensures data authentication, public keys, digital signatures, and illegitimate DNS.
5: Anti-DDoS modules
The Distributed Denial of service disrupts the website’s traffic, server, and networking. The anti-DDoS platform ensures no heavy downtime or losses due to DDoS attacks. All leading cryptocurrency applications prefer load balancers or network firewalls to prevent DDoS attacks.
Dedicated cryptocurrency exchange platforms allow users to sell, exchange, and trade cryptocurrencies. There are more than 112 billion USD being traded daily by businesses or other digital marketplaces.
These platforms allow users to buy and sell various cryptocurrencies across the world. If you are looking for a leading crypto exchange development company, Blocktech Brew has decades of experience.
We are here to make your development worthwhile and add the best user experience to your service.
How much does it cost to build a cryptocurrency exchange? Watch now:
I am the CEO and founder of Blocktech Brew, a team of blockchain and Web 3.0 experts who are helping businesses adopt, implement and integrate blockchain solutions to achieve business excellence. Having successfully delivered 1000+ projects to clients across 150+ countries, our team is dedicated to designing and developing smart solutions to scale your business growth. We are focused on harnessing the power of Web 3.0 technologies to offer world-class blockchain, NFT, Metaverse, Defi, and Crypto development services to businesses to help them achieve their goals.