The modern economy is going through a huge shift. The introduction of cryptocurrencies has revolutionized the economy. There are multiple companies that observe trends and are proud to advertise and make money using a cryptocurrency exchange.
There are cryptocurrency exchange app platforms that promote dedicated trading to buy, sell and store cryptocurrencies. But their development requires several characteristics that must be present in order to function properly.
Key Features of Crypto Exchange App Development
1: admin panel
The admin panel is one of the main features that enable various operations crypto exchange platforms. It controls 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 authentication
There is another feature in the crypto exchange app that facilitates user 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 on the rise and there needs to be transparency. Here, cryptocurrency exchange app platforms have anti-bot verification, two-factor authentication, data encryption, features, etc.
3: Simple UI/User Panel
It is the first display board for one development of cryptocurrency exchange platform. It is important to make the user interface more user-friendly, simpler and clearer.
It facilitates trading efficiency by ensuring proper placement and short trading time. Furthermore, the simple user interface provides detailed statistics on funds, deposits and order management.
4: Trading Engine
The cryptocurrency exchange platform cannot function properly without a dedicated trading engine. It shows the heart of the application. It allows tracking bids, opening orders, generating new trades, etc. Every 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 because they allow storage and currency exchange. It is the developer’s choice whether they want to use it as a hot wallet or a cold wallet. Between the two, hot crypto wallets are accessible online, fast to use and easy to use. On the other hand, crypto cold wallets are secure, offline wallets.
6: Analysis
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 to maximize benefits. Some important key functionalities are new to crypto exchange analytics. It requires live tracking, graphical trading and stochastic RSI to identify overbought or oversold zones.
7: Intuitive user interface
The development of cryptocurrency exchange platform should be designed for both beginners and professionals. It should have a very intuitive user interface. The complexities of crypto trading shouldn’t be there as they should be immensely helpful for beginners.
The dedicated dashboard should have quick access to various trading functions, money deposits or withdrawals. Cryptocurrency exchange platforms need to reduce their trading times. Their focus should be on making transactions more efficient and convenient.
8: Push Notifications
Enabling seamless communication with users of crypto exchange applications makes push notifications worthwhile. By using it, it is easy to receive alerts and notifications about crypto news, latest trends, prices, etc. Here, users can select their preferences for specific notifications according to their needs and interests.
9: Transaction history and order book
Cryptocurrency exchange platforms should enable transaction history to track previous records over time. It provides details on trade rates, operation times, transaction details, etc. The order book is essential as it provides quick navigation to the current bids.
10: Customer Service
Cryptocurrency platforms must have 24/7 customer support for users. Many users are new to the platform and need special guidance. It adds more stability and adaptability as users prefer customer support if they have any credit or debit issues.
11: Range of Currencies
Cryptocurrency exchange platforms must offer multiple currency ranges. It provides crucial features to the cryptocurrency exchange platform based on the demands of users.
12: Research
Cryptocurrency exchanges must provide users with detailed research. Various digital platforms offer special learning materials, tutorials and other resources to provide information about cryptocurrencies. Cryptocurrency App Platforms encourage users to do research and get rewards in return.
13: Interest Income
Multiple cryptocurrency exchange applications provide interest-based income. Therefore, users must understand the interest income policy. Some cryptocurrency exchanges prefer to pay staking fees, allocate their coins, or use other loading methods.
14: Location
Not all cryptocurrency exchange applications are available in different locations. Therefore, it is important to analyze the functional parameters of specific development of crypto exchange platform that are allowed in your country.
15:API
For cryptocurrency exchange applications, it is important to understand FIX protocols, web sockets, and types of APIs. Regardless of the type of cryptocurrency, the FIX protocol is essential for the application. The web sockets help various cryptocurrency exchange platforms by facilitating market movements and trading changes.
What are the essential security features that the CryptoCurrency app must have?
Cryptocurrency exchange applications should have some necessary security features that make the platform more secure against cyber-attacks. Here are some essential security features that an application should include:
1: registry lock
This feature makes it possible cryptocurrency exchange applications to lock the domain at registration level. Registry locking improves the security layer so that hackers cannot delete important segments of the domain. The changes to the domain after the registry lock take longer to process. It includes a triple 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), which allows the header to determine dynamic resources and load permissions.
3: Cold wallet
These wallets are offline storage for cryptocurrencies. The digital assets that are safe in wallets are safe from theft even if the platform is hacked. Linking a cold wallet to a platform adds an extra layer of security to app development. It provides high-level security features such as biometrics and multi-sign authentication.
4: Domain Name System Security Extensions (DNSSEC)
All Domain Name systems, or DNS, are authorized by fixed protocols included in DNSSEC. It takes care of 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 network. 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.
Final thoughts
Dedicated cryptocurrency exchange platforms allow users to sell, exchange and trade cryptocurrencies. There are more than 112 billion dollars traded daily by companies or other digital marketplaces.
These platforms allow users to buy and sell various cryptocurrencies around the world. If you are looking for a leader crypto exchange development companyBlocktech Brew has decades of experience.
We are here to make your development worthwhile and add the best user experience to your service.