How to distinguish the best crypto platform software?
The massive attention to cryptocurrencies forces business founders to roll up their sleeves and enter the industry. In addition, this sector is intensely competitive and leaves no margin for error for newcomers. When you decide to create a crypto exchange, the detailed market study must be your initial step. Otherwise, you will face a string of pitfalls and hurdles, leading your business to fail.
Create a step-by-step plan
A cryptocurrency platform implies an array of essential features so that newcomers need to think through every step and schedule all levels of the work. Careful planning is required for having no hurdles on the way to establishing an exchange. There are also a string of preparations, such as choosing the best-matching jurisdiction, company registration, and getting a crypto exchange license. As for the type of exchange, a centralized one will be more reliable for newcomer business founders because it provides top-notch rights protection to the traders/investors.
Your competitors may pass the same levels of preparation as you, so the exchange company has no unique benefits concerning the initial steps. Indeed, most platforms have a license from a reliable regulatory body and protect their traders. How to overtake other market players and take your business to the next level? This is where the cryptocurrency exchange software comes into play.
The core structure of the crypto exchange software
A cryptocurrency exchange allows traders/investors to buy, sell, exchange, and place digital (or fiat) assets. At the same time, this platform needs to have the following string of components:
- user interface widgets;
- trading API;
- matching engine;
- CRM (Customer Relationship Management) system;
- mobile applications;
- wallets for every type of crypto or fiat currencies.
Further, when the business owner becomes familiar with the crypto, it’s mandatory to integrate some essential elements (e.g., payment providers, liquidity providers, and so on). Business founders need to think about how every element matches their needs. This is essential to start cryptocurrency business smoothly. Let’s dive deeper into every component of the crypto software.
User interface widgets
There is ferocious competition in the crypto sphere, and traders expect to leverage top-notch features. An exchange interface should be user-friendly and straightforward for traders/investors. First-class companies provide a custom widget set to business owners, which helps create a unique UI. Therefore, a business owner integrates widgets that suit his (her) demands and requirements.
The back office is an essential element for several tasks. Business founders can get access to some valuable information here. For example, the activity of users, trading data, fees paid, and many other important numbers. Further, you can manage matching engine features via the back office.
Trading API is an essential component of the crypto payment solution. They need to comply with some core features and allow traders to test their custom strategies. There are different types of application programming interfaces (e.g., REST, WebSocket, etc.).
This element is the heart of every cryptocurrency trading platform. During the crypto exchange development, the vast majority of business founders pay great attention to the type of matching engine. The main feature is transaction processing speed, while the engine needs to perform a minimum of 10,000 operations per second.
Customer Relationship Management system
A CRM system is responsible for your communication with potential and actual clients. It has two essential pros, increasing the efficiency of sales and providing detailed real-time reports. With their help, business owners can improve the quality of services and increase the loyalty and retention of traders/investors.
Smartphones have become an integral part of today’s world. Newcomer crypto companies need to give due attention to this factor while selecting the best crypto exchange software. According to statistics, more than half of Internet users browse pages on their mobile devices. This is why any cryptocurrency platform must have a full-fledged, convenient, and user-friendly mobile app. It allows traders to make successful deals and test trading strategies any time they want.
A cryptocurrency exchange platform requires a system of cold and hot storage. The first type is used for holding traders’ assets. Meanwhile, users interact with the second type, getting access to crypto coins, receiving crypto transfers, and so on. At the same time, cryptocurrency wallets may support the top-notch protective mechanisms for crypto investors (for example, two-factor authentication, white list of addresses, etc.).
White Label solutions: how to get a turnkey software
Newcomer business founders should realize the value of every crypto software element to choose the best option. At the same time, White Label crypto exchange solutions are gaining momentum now, as business owners get a ready-made platform. Newer companies may apply to the successful company that provides top-notch products. Experienced specialists help pass all levels of setting up an exchange from scratch, including the legal side. Further, WL solutions reduce the launching and maintaining costs. However, there is another question: where to look for the best crypto solutions provider to partner with?
B2Broker as the Engine of Progress
Tens of global companies provide White Label cryptocurrency exchange software and other ready-made products. B2Broker is a successful company that constantly looks for innovative ideas. Qualified specialists provide turnkey products that help your business to reach new heights. This is why business founders can order a top-notch solution for gaining profit. It includes the high-end matching engine that processes 30,000 operations per second, first-class back office and CRM system, integration of world-class APIs, full-fledged mobile apps, and many more elements that will meet traders’ demands.