Our society has always best evolved based on the impact technology had on it. It has transformed society from the top to the bottom of the pyramid. It has changed our lifestyle, scaled it from level A to Z and took it to new heights. Technology is thus playing a major role in our lives, streamlining our day-to-day activities and making it much more productive.
Cryptocurrency or Digital Currency in the latest era
The latest adoption of technology in our lives is the introduction of cryptocurrency or digital currency. When we speak of cryptocurrency, many of you won’t be much aware of it. But if we say the term bitcoin, it might be quiet common to you guys. Bitcoin is nothing but a form of cryptocurrency. Cryptocurrencies are the virtual currencies that have a parallel platform along with the fiat currencies which is one form of investment also. Working in cryptocurrencies are based on Blockchain technology.
Blockchain Technology and cryptocurrencies
Blockchain is the technology behind the mere existence of cryptocurrencies. Blockchain technology offers the security and transparency of cryptocurrencies. Blockchain is nothing but a chain of blocks having a large number of blocks connected. These blocks consist of secure data. The main advantage of Blockchain technology is that it is decentralized. This makes it a network where the hackers find it hard to tamper or hack the data. The process of generating cryptocurrencies is called mining. Mining is a process where the miners are rewarded with cryptocurrencies as proof of work. The miners need to maintain the ledger of each transaction that happens within a cryptocurrency.
Cryptocurrencies and cryptocurrency exchanges
Cryptocurrency exchanges have a lot more to do with cryptocurrencies. It is with the help of a cryptocurrency exchange that a trader will be able to trade cryptocurrencies. In other words, we can say that cryptocurrency exchanges allow a trader in the process of buying or selling of cryptocurrencies for real cash. Cryptocurrencies get listed on the crypto exchanges to avail monetary value and it’s the same way as trading of equities, commodities, and forex. The price of cryptocurrency gets fluctuations based on the market scenarios and this makes a large number of customers make think that cryptocurrencies are one of the futuristic investment platforms just like gold, real estate, and stocks.
Top features of cryptocurrency exchanges
As we have discussed earlier, cryptocurrency plays an important role in making cryptocurrencies much popular. The main aim of this blog is to make our readers aware of the importance of cryptocurrency exchanges and the role it takes in determining the future of a cryptocurrency. We will also discuss the major aspects of the core features of cryptocurrency exchange should possess to offer a hassle-free experience to the customers. So let’s dive deep into the same.
· Margin Trading
Just as in the stocks and futures trading systems, having a comprehensive margin trading feature in the cryptocurrency exchange lets customers in carrying out trades with high volume. It is one of the main features of a cryptocurrency exchange. What happens in the conventional ways of trading is that whenever a customer takes in a position in the market with their available funds, his position may get affected because of the market fluctuations. In an event where he is given a margin trading option, he can continue his position for a long period making it much profitable than the conventional ways.
· Advanced Content Management System
Content Management System is a must factor to manage the cryptocurrency exchange seamlessly. And having an advanced and perfect version of it can be a great deal. CMS plays an important role in determining the success of a cryptocurrency exchange as it allows a company to manage and updating the content and other details and it is a prime feature of a cryptocurrency exchange. It offers you hassle-free ways of managing digital content in your exchange thereby maintaining uninterrupted client service all around.
· In-built Wallet
Having a wallet that too an inbuilt one can get traction of the potential client to your cryptocurrency exchange. As the regular transfer of funds directly from a bank can cause some inconvenience for the clients, having an inbuilt wallet can offer them a seamless experience and can diminish all the hurdles that existed between their trade and fund transfer. Also, having an in-built wallet lets you in availing more brand value to your cryptocurrency exchange.
· Know Your Customer ( KYC)
One of the prime factors one needs to give utmost priority while coming up with a cryptocurrency exchange is to know your customer or KYC facility. Having a KYC lets you in gaining more customer trust by eliminating the one with no authenticity. KYC is a process that is used to prove the identity of the customer by separating them from the fake ones. This also keeps the exchange free from bots that have been widely used in the exchanges for fraudulent and malware activities. It is the key feature of a cryptocurrency exchange.
· Crypto to Crypto trading
This is one of the latest features that’s been introduced in the domain of cryptocurrency exchange. The concept of crypto to crypto trading is just completely different from the crypto to fiat trading. In the crypto to crypto trading, one can trade crypto while he has any other crypto in his hand. This lets the customers in saving a potential amount of time and saves them from the long process. More customers adopt this because of the facilities it offers.
· Real-time price ticker
A trader needs to stay on top of the market price of cryptocurrencies on a real-time basis as it matters much to him. In an event like this, a cryptocurrency exchange demands to have a real-time price ticker in attracting potential traders.
· Enhanced Security
As it deals more with finance and transactions, security stands prime among the features that a cryptocurrency exchange demand to its fullest. One can attract potential clients if and only if the cryptocurrency exchange possesses the utmost degree of security.
· Interactive User Interface
A customer should feel free to use the cryptocurrency exchange and it should be much appealing to them. In that event, the interface of the cryptocurrency exchange should be attractive.
· Stop Loss
Having a stop loss feature will let the customer in preventing them from much loss. The Stop-loss feature is an option that can be set manually once the market is in a reverse movement against the customer position.
· Data Encryption
Data should be highly secure and encrypted. Customers prefer this and its one of their rights. So as a cryptocurrency exchange it should maintain enough data encryption.
· Over The Counter ( OTC)
Over the counter, OTC trading allows traders in carrying out mutual trade skipping third parties that existed in between them. It helps them is staying away from the supervision of various exchanges thereby making the trade more transparent and reliable.
Advantages of having a Cryptocurrency Exchange
· Decentralized network
· Reduced commissions
· Enhanced network
· Advanced trading possibilities
· Scalable business opportunity
How much does it cost to set up a cryptocurrency exchange with top features on-boarded?
Cryptocurrency exchanges are gaining huge traction as a result of the scalability in the opportunities they offer. Entrepreneurs and enterprises are eagerly looking for the features and possibilities of coming up with a top-notch cryptocurrency exchange. Cryptocurrency exchange development cost is bounded to several factors like technologies used, features and APIs integrated, etc. However, based on the very basic features it possesses, the development cost of the cryptocurrency exchange will fall somewhere around USD 10,000 to USD 10, 0000. The cost of developing a cryptocurrency with top features may vary based on the prerequisite.
DxMinds Innovation Labs– Top Cryptocurrency exchange Development Company
DxMinds Innovation Labs, the leading Blockchain app development company helps enterprises in coming up with top featured cryptocurrency exchanges that can generate huge revenue for entrepreneurs and enterprises out there. DxMinds help develops exchanges that are having top features integrated into it. For more details, drop a mail to info@dxminds.com
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