The future of the global financial system undoubtedly lies in the hands of cryptocurrencies. The virtual currency revolution started with Bitcoin in January 2009. Now, there are 9730 different cryptos in the world with a $2.50 trillion market cap according to data provided by CoinMarketCap.
The top 5 cryptocurrencies with the largest trading volume are Bitcoin (BTC), Ethereum (Ether), Binance Coin (BNB), Dogecoin (DOGE), and Cardano (ADA). The impressive growth in the crypto world has offered more returns for investors than other traditional financial assets like bonds, debentures, equity shares, mutual funds, and stocks.
Behind the record-breaking trading of cryptocurrencies lies world-class Cryptocurrency exchanges that match the requests of buyers and sellers and process transactions quickly. The leading Crypto trading platforms in the industry in terms of liquidity and trading volume are Binance, Coinbase, Huobi, Kraken, and KuCoin. There are 377 crypto exchanges in the world.
Entrepreneurs need to have adequate knowledge of the changing market conditions and possess the right tech stack to establish a top-notch Cryptocurrency Exchange. An affordable and viable alternative than developing from scratch would be to reach out to a competent app development company for building the feature-rich and tailor-made Cryptocurrency exchange software.
The white-label Cryptocurrency exchange script includes modern Android and iOS apps for seamless trading of assets, a web panel to process buy and sell orders, and an advanced admin dashboard to control the day-to-day business activities.
What is the detailed process to follow for building a Bitcoin Exchange PHP Script?
The business requirements and operational scope of the entrepreneur are understood thoroughly. Detailed research is conducted about the current cryptocurrency market. Concrete efforts are made to set up the Cryptocurrency exchange software in a highly investor-friendly location that has flexible guidelines and regulations.
The needed team members like blockchain developers, cryptocurrency creators, finance managers, marketing specialists, smart contract developers, QA analysts, and technical support staff are hired. An advanced set of frameworks, technologies, and tools are assembled for the various stages of development.
All the needed features such as order processing, payment execution, and customer support are added to the front-end of the Cryptocurrency exchange script. The back-end of the ready-made crypto trading solution is made strong enough to handle a huge volume of trades and transactions.
The trained QA testers remove all technical bugs and operational glitches from the final version of the Bitcoin exchange PHP script. The Cryptocurrency exchange software is officially launched in the market at the right time. It starts receiving millions of orders from interested traders.
Additional post-deployment services like maintenance, issuing software upgrades, and technical support are provided.
Various factors to consider while creating a Cryptocurrency Exchange Script
KYC/AML verification of the investors
Know Your Customer (KYC) verification is mandatory and all the important details of investors have to be collected by the entrepreneur before permitting them to trade their digital assets. Anti-Money Laundering (AML) checks must also be conducted to prevent frauds and misuse of funds.
Vital information like bank account details, email address, ID proof, name, and phone number must be collected from each crypto investor beforehand. This ensures a high level of transparency and more trust.
Liquidity is the backbone of every Cryptocurrency exchange software. It refers to the pace at which crypto assets are converted into cash (fiat currencies) and vice-versa.
The entrepreneur can boost liquidity by tying up with the famous Cryptocurrency trading platforms in the market through APIs and sharing details like the value of assets and prices with them. Local market-makers can be hired for creating buy and sell orders based on advanced mathematical algorithms.
Complying with the changing government regulations
Bitcoin has been banned in countries like Bolivia and Turkey and mining of cryptos is restricted in China. Hence, entrepreneurs cannot establish their cryptocurrency trading business in the above-mentioned nations. Some of the most crypto-friendly locations are Estonia, European Union (EU), Malta, Singapore, Switzerland, and the USA.
Attractive features present in the Cryptocurrency Exchange Software
Numerous trading options – The investors can increase their returns through multiple trading options like (copy, futures, spot, margin, and over the counter trading).
Integrated digital wallets – The traders can safely deposit their valuable crypto holdings in digital wallets (hot and cold). The wallets are secured with a private key or a password.
Acceptance of several payment methods – A variety of payment options like credit cards, debit cards, net banking, and wire transfers can be utilized by crypto buyers and sellers. This ensures lightning-fast fund settlement for the processed orders.
A reward-oriented referral program – The existing traders can refer new investors to the Bitcoin exchange PHP script and get benefits like a cashback, discount on trading fees, exclusive prizes, and decreased transaction processing charges.
Access to order history – The investors can view their previous trading activity and past transactions by viewing the “Order History” section on the Cryptocurrency exchange script.
Provision of multilingual technical support – The investors can resolve all issues related to the trading of assets, payment processing, and other disputes by reaching out to the dedicated Help Centre. Instant action will be taken to solve complaints and grievances via email, live chat, and phone.
How a Cryptocurrency Exchange Software ensures a high level of security for investors?
The safety of the data and funds of the crypto traders is assured with the implementation of numerous security measures. It includes anti-DDoS protection, cross-site request forgery protection (CSRF), end-to-end encryption, fingerprint authentication, firewall implementation, HTTP authentication, HTTP Parameter Pollution Protection, jail login, multi-factor authentication, password protection, and server-side request forgery protection (SSRF).
What are the different services provided?
Peer-to-Peer cryptocurrency exchanges are created in two types (Order Books and Ad-based). Centralized and Decentralized cryptocurrency exchange scripts can also be developed quickly. White-label clone solutions of popular Crypto trading platforms like Binance, Bitstamp, Coinbase, IDEX, KuCoin, Paxful, Poloniex, Remitano, and WazirX are also provided at affordable prices.
Cryptocurrencies will make a big entry into the mainstream economy of the world when more regulatory authorities recognize their massive potential. It also brings a lot of advantages like the absence of intermediaries, decentralization, immutability, and transparency.
The future of Bitcoin (BTC) which is the largest cryptocurrency will depend on factors like the changes in taxation laws, the launching of new Exchange Traded Funds (ETFs), support from institutional investors, and trading of assets in micro contracts.
Entrepreneurs can earn hefty revenue from the Cryptocurrency exchange software in the form of a commission from each executed trade, deposit and withdrawal fees, initial registration charges from investors, listing fees, and transaction processing charges.
Hence, progressive entrepreneurs can transform the entire financial world quickly by getting hold of a technologically agnostic Cryptocurrency exchange script from an accomplished app development company in the market.
Read more: Crypto Currency Trading: Top Advantages