How to build your own cryptocurrency exchange using industry-standard technologies

Building a cryptocurrency exchange does not require the knowledge of rocket science, but as stated by a blockchain developer in India, if you are planning to enter the crypto world then you need one in order to trade with cryptocurrencies. There is no doubt about the fact that digital currencies are going to be the future money that will be used for all types of purchases. Moreover, the use of blockchain technology has brought in a revolutionary change in the crypto market as well. However, still, a challenge lurks for the traders in terms of acceptance of the cryptocurrency in the market or if it can be used as an alternative for the fiat currencies.

What is a cryptocurrency exchange?

Developed by some of the top exchange developers such as ITSpectrum, a cryptocurrency exchange is basically a platform that is used to exchange virtual money with other digital currencies or with other assets such as fiat currencies. Moreover, you can even use a crypto exchange platform to buy or sell digital money, track different exchange rates, and cryptos into the digital wallets provided by the exchange itself.

There are several security measures incorporated by the exchanges in order to identify any fraud and to stop money-laundering. However, there are two major types of exchanges such as an offline type which provides you with an efficient way to withdraw your digital asset with traditional currencies. On the other hand, there is an online exchange that allows you to operate online digital commerce for buying or selling cryptos such as Bitcoins, Ethereums, and other Altcoins at particular rates. The cryptocurrency exchange development in India is gaining momentum and to build your own cryptocurrency exchange you need to follow some of the basic tips shared by ITSpectrum –

• Segregate your target audience

Before diving into depths of the crypto world it is important that segregate your target audience interested in crypto trade and check if you are restricted under your country’s jurisdiction. Moreover, you also need to look after the necessary and required licenses or permissions where you are planning to launch your exchange.

• Use the latest software

In recent times there are plenty of aspiring techies to launch a cryptocurrency trade platform or even launch their own exchange start-ups. A blockchain developer in India can offer you with a crypto exchange software package as well. However, it would be best for you to opt for the customized software package helping you create your own brand.

• Concentrate on the crypto architecture

Start a cryptocurrency exchange requires an architecture including a trading engine giving you access to the order book, frontend or UI to be configured for smooth trade and transaction process, digital wallets enabling secure operations such as withdrawal and deposits, and an admin panel or dashboard for running all the trade operations along with dedicated customer support.

Cryptocurrency exchange development in India is a lucrative business now but you need to make sure that your exchange website is a safe place for the traders to complete all the transactions, list ICOs, list coins, or tokens, manage deposits and withdrawals, protect your client's sensitive information successfully.