Cryptocurrency exchange software is a trading platform that allows buyers and sellers to trade crypto assets at their market value. Some crypto exchanges allow fiat-to-crypto trading and some offer crypto-to-crypto trading. According to CoinMarketCap, there are over 5,000 cryptocurrencies that are active in the ecosystem. With the availability of multiple cryptocurrencies in the market, crypto users regularly indulge in deriving profits by trading cryptocurrency. With a favorable government and business environment, it is advantageous to start with the cryptocurrency exchange software developmentjourney.
How do cryptocurrency exchanges function?
The operations of crypto exchanges are very similar to the traditional stock exchanges and the difference lies only in the backend technology. Crypto exchanges are backed by blockchain technology that regularizes its functionality. The distributed ledger technology helps in maintaining secure and verifiable transactions. The transactions of buyers and sellers are encrypted with a cryptographic algorithm that controls the overall mechanism of dealings. A crypto exchange offers cryptocurrency pairs for trading, enabling traders to profit from frequent fluctuations in crypto pricing.
So, you must be wondering what does cryptocurrency pairing means. Let us explore them in detail.
What does cryptocurrency pair mean?
Cryptocurrency pairs are “trading pairs” that define the trading relationship of one cryptocurrency with another. For instance, the trading pair of BTC/ XRP signifies that you can trade BTC against XRP. Furthermore, you can buy XRP with bitcoin and also sell XRP for bitcoin. Binance has listed more than 590 crypto trading pairs to facilitate an easy transfer facility to traders.
In other words, providing more crypto trading pairs to users means gaining more users on your cryptocurrency exchange software.
Cost of building a crypto exchange
The cost of building an exchange varies from one crypto exchange to another. There are several factors that need to be considered while finalizing the actual price for building a crypto exchange. To list a few, the architecture of the exchange, the features you need to integrate into an exchange, customization preferences, and more. However, the development of a white label cryptocurrency exchange platform is indeed a time-saving and cost-effective venture.
How to launch your own cryptocurrency exchange platform?
To begin with, firstly you need to decide upon the location where you wish to start the operations of the crypto exchange and later focus on obtaining the regulatory license for the same. In simpler terms, make sure to choose the location that has minimum legal restrictions. Collaborate with essential technological partners, payment partners, banks, and other channel partners. Finally, when you are all set with the development, start implementing marketing strategies, and provide efficient online customer support.
Antier Solutions is the best cryptocurrency exchange development company with real-world experience in delivering customized solutions to globalized clients. Our blockchain engineers deliver mission-driven services to roll out exchange platforms that are highly-secure, scalable and deliver quick and authenticated transactions. We also make sure to integrate the crypto exchange with all the necessary attributes such as high TPS, powerful trade engine, multi-layer security, KYC/ AML verification, multi-language support, bot trading, and more.
Contact our domain experts to share your business requirements.