Exchange platform is nothing but a business that allows customers to trade cryptocurrencies in a platform. In the world of cryptocurrencies the trading has been intimidating at first due to scams and hacking. But the latest technology has made it difficult for scamming and hacking. This blooming technology and the increasing value of cryptocurrency helps the business people to startup their own trading business platform.
Shall we see the brief discussion about the basic features of a trading platform?
Design User-friendly Interface
You have to provide the trading platform with a simple and user friendly service which does not have any server issues and connection problems, that helps you to attract more users. Eg, Automatically generated wallet addresses, Real time balance updates, Order, trade and quote management like more.
Co operative with Volatile Nature
Cryptos are volatile in nature (Volatility explains the price change in the market) which make Traders have to keep a constant check on exchanges to take advantage of the price difference. So this unified interface “Stop Function” or “Stop Limit” feature is needed to minimise losses automatically. Which make advantage performed in all your crypto trading activities from one platform to another. You should build an exchange with large trading volume. Thereby, high-volume exchanges have a lower risk of being manipulated.
Share Marketing update
You have to share some marketing updates to engage your trading platform by delivering trading tutorial content, Market Knowledge sharing, Tips, resources reachability with regular basis which will automatically help your site to present in the search engines. Like all above, Build your trading platform with a brand unique view and Make a quick reach with the marketing updates mentioned above.
Include Large Selection of Trading Pairs
There are many types of digital currency, not every exchange has the same number of tokens. Some are small, while others are large and complete, this is the platform’s strategy. There must be a large variety of cryptocurrency and trading pairs displayed, which helps you to boost your business and trading platforms and not need to lose people because of lagging in alt coins pairs unavailability.
Enable Multiple Payments Access
This feature is useful for executing orders and involves the possibility to monitor and manage flow-of-funds that makes the site easier for the user to use. You should provide the ability to offer multiple pricing methods, ability to provide various payment input channels like cards, wallets, net banking etc.,. The site should contain many modern currencies such as dollar, fiat currency, etc. Fiat currency will allow the government to have greater financial flexibility and have more options at its disposal to help a country navigate through times of great financial difficulty.
Increase Liquidity with APIs
The traders stable engagements is completely depends on Speed of exchange, to manage liquidity we have to integrate the exchange to other existing exchanges like Binance, Kraken, Bitstamp etc. Using some modern API interface which makes shares liquidity and trade volume data between two exchanges.
The primary criteria for selecting an exchange is to ensure the safety of your funds. Your assets are stored in exchanges and there is a risk of a platform absconding with money. Therefore build the best trading platform with strong strength and Fully licensed. Also, Reliability is the highest attracting factor for traders to come and trade on your platform. so you have to develop your trading platform with high level security and more safety.
Overall, the final step is the security of your platform. As money matters, security is the key feature of an exchange platform.
A large sum of trading money on exchange platforms have made targets for attackers. Nearly 50% of exchanges have security holes and have been stolen by the hackers. Now the focus should be on right security to minimize attacks.
Highest level of domain security. It provides an additional layer of security by locking the domain at the registry level. The use of this registry lock prevents hackers from making unauthorized changes or deleting elements of your domain name including the registration details. The three-way security passphrase check is performed between the domain registrant, registrar and the registry.
2.Domain Name system security extensions(DNSSEC)
This authenticates all domain name queries. The validation is done by authenticating the data by the combination of public keys and digital signatures.
3.Anti-DDoS(Distributed Denial of Service) modules
This involves overflow of targeted servers or networks by fake internet traffic. DDoS attacks can be prevented by configuring the exchange website’s firewall to drop incoming ICMP(Internet Control Message Protocol) packets or block DNS responses from outside of the network. We can use load balancers and network firewalls
Web Protocol Security
They implement security headers to make your exchange secure than other platforms. The headers are HTTP Strict Transport Security(HSTS)-Browsing sessions should have HTTPS protocols. X-Frame-Options-Prevention of content to be embedded into other websites Content Security. Policy(CSP)-Risk of XSS attacks by determining the permission to load X-XXX-Protection-Prevention of cross-site scripting attacks.
This is an offline, safe storage for assets. Cold wallet integration into exchange provides security. The Biometric-enabled authentication and multi-signature authentication for high level security which also provides multi-layer security to accomplish your platform users.
We think the above furnished information will be more helpful and knowledgeable for new traders and also for the business people who have an idea to build their own trading platform with tokens. But even if you need more information and advice about trading and exchanges, please do contact our experts who are always ready to help you at any time.