Cryptocurrency Exchange Script Development

In this article, we'll tell you what does that means to Cryptocurrency Exchange Script Development, and how does it work.

What Is Cryptocurrency Exchange?

A crypto exchange is a trading platform that allows you to buy, sell, exchange various cryptocurrencies. Similar to forex, a crypto exchange brings buyers and sellers of a currency (in this case, cryptographic) together, ensuring the reliability of transactions. Like any exchange in general, it works on a trading engine, the correctness, and speed of operations depend on the optimization of the code which depends on the correctness and speed of operations. The engine checks placed orders for backing with assets, i.e. funds on the balance sheet, keeps records of orders in the database, prepares data for display in a web/mobile application or trading terminal.

There are many additional facilities offered by cryptocurrency exchange platforms and blockchain app development companies that promote user security and prevent theft or any kind of tampering with user data or digital assets.

Some of Them Are as Follows

Sign Up / Sign Up Facility

No user can exchange cryptocurrencies without creating his/her account on the platform, i.e., application. The login options are well developed and meet the highest level of security. This feature prevents unauthorized logins, hacking attacks, or other types of manipulation and tampering with the application.

Many platforms also offer the two-step verification process which provides additional protection for users. Just like a mobile app development company, cryptocurrency exchange applications can provide OTP, mobile verification, email verification, etc. as their parameters for secure login or account creation.

Verification of KYC

KYC stands for Know Your Customer. Every user is thoroughly verified. A KYC verification ensures the type and financial background of the user who signs up for the cryptocurrency exchange business and prevents any kind of scams.

Validation of AML

AML is abbreviated as anti-money laundering. After KYC verification, AML validation takes place, which ensures the protection of digital assets on the server. It also ensures the transparency of transactions using money laundering. AML validation helps to complete the user's profile, which benefits him/her at the time of trading.

Deposit / Withdraw Wallet

Cryptocurrency exchange platforms provide users with digital wallets in which to store their assets. This feature can also be used when withdrawing assets for trading. The limit of deposit or withdrawal is set as pets of the AML validation.

Transaction Dashboard

The transaction dashboard is an inseparable platform of cryptocurrency exchange applications. It stores all the transaction history of each user. This facility is often powered by blockchain app development services that ensure end-to-end protection and accountability of records. Users can retrieve all transactions from the transaction dashboard.

Trade Analytics

The executed trade can be analyzed and checked with the trade analysis feature, which creates graphs and charts of various executed trades and gives the profit margins and progress reporting. It also helps in the future prediction of trades and exchanges.

API Integration

It is a very interesting feature that allows users to create their own automated trading systems. Multi-language support systems can also be created using an integrated API. This promotes the creativity of users and preserves its ideas about the cryptocurrency exchange. Custom and automated trading systems are also more convenient for users.

Administrator's Panel

With one-handed access, the admin panel helps the administrator (in most cases, the founder, or CEO of the company) to track each trader's trades and transactions. Admin panel provides the ability to modify the site and add additional features that can help the users.

Secure Architecture

The cryptocurrency exchange platform is end-to-end encrypted. The important components of trading are stored on different servers and only communicate through different channels. The encryption keys are also located on special servers which are very safe and secure.

Developing and launching such an application requires an enormous amount of time and investment. According to sources and experience, the time it takes to develop is about, 3500 hours, and it takes almost 16 weeks to launch the same to the public. Aside from the hardware and software requirements and the reduction in developers, more time automatically means more investment. But the costs of starting and developing these apps are slightly different from the development costs for mobile apps.

They may vary from country to country, depending on the customization work, business requirements, and the number and skills of people involved in the process. On average, costs range from $15,000 to $60,000. There are a few free cryptocurrency APIs available that can be used. There are plenty of Blockchain development companies that can help with this.

How Much Does a Cryptocurrency Exchange Cost?

Developers are not accustomed to specifying the exact cost of work, the scope of which is unknown. Without preliminary negotiations with the customer, it is difficult to make calculations, because customers have different requirements. Nevertheless, everyone wants to know in advance how much it costs to create a cryptocurrency exchange. To do this, companies conduct market research and provide a range of prices so that customers can navigate when planning a budget. We did that too and found out that prices have come down a bit this year (they just adjusted after the 2017 hype). In 2022, the development market is dominated by, depending on the macro-regions.

About Cryptocurrency Exchange Development Company

Radindev is a Cryptocurrency Exchange Development Company, that guarantees the high quality of our services, because we use the latest technologies and tools.

The development of reliable and scalable software solutions for any OS, browser, and device. We bring together deep industry expertise and the latest IT advancements to deliver custom solutions and products that perfectly fit the needs and behavior of their users.

We architect and engineer scalable and high-performing software solutions to meet the business challenges of our clients.

Furthermore, we help create your brand identity and make sure your visitors get the best user experience of the brand. Our experts collaborate throughout the development process to ensure whether you are receiving the expected design and functionality from the process. The time you let us handle the entire technical part covering web and mobile app development, we ensure perfection on every step we execute. Radindev offers bespoke website cloning services in order to let our customers experience the rapid growth of online platforms.