Graphical user interface
The user interface is what your users see when they run your crypto
exchange. In most cases, it's a good idea to make the interface clean, simple,
and intuitive. Users should easily find what they're looking for. immediately
understand how the platform works, and navigate seamlessly. Also, consider
customizing certain elements of your exchange. This will allow members to
control their interface and adapt it to their needs.
The basic rule is not to
overload the interface with elements. We recommend creating interfaces with the
minimum number of required elements. Think about colors too. They should not be
too dark and bright. Clients using your application don't need to spend a lot
of time searching for these elements or figuring out where everything is
located.
UI design is the process of
visualizing a prototype that was developed based on user experience and target
audience research. UI design includes work on the graphic part of the interface:
animations, illustrations, buttons, menus, sliders, images and fonts. UI design
is responsible for how the product interface looks and how the user interacts
with its elements. It is important to properly organize the interface elements
and maintain the same style and logic of their interaction. Your main job is to
help the customer understand how to use the product quickly and without stress.
To do this, you must ensure that the interface meets the basic requirements.
Admin Panel
The
admin panel is a must-have tool for your administrators to control system
performance and track key metrics related to transactions, commissions,
revenue, etc. Additionally, an admin panel is critical for performing various
administrative tasks and automating many internal processes.
It
goes without saying that a content management system (CMS) is essential for any
platform and even a website. A private admin system should have a wide range of
features and data so that the owner can see the current status in a few clicks.
Exchange's
admin panel is the equivalent of business intelligence and management software.
It helps the exchange operator to control and manage their exchange.
This
function is designed to track the current status of merchants, wallets,
transactions and content. An automated check system detects unusual user
actions and notifies administrators about them. The admin panel can include
KYC/AML modules and necessary reporting/analytics tools to comply with crypto
exchange legal procedures.
Trading Engine
The trading engine is the
central component of the cryptocurrency exchange platform. It ensures that all
important internal processes run smoothly and provides customers with
verification of their current balance, comparison of orders, transaction
processing and more. In addition, the trading engine provides data reports on
prices, rates and commissions. Typically, this information is displayed on
charts updated in real time.
The trading engine is the
heart of your crypto exchange. It is responsible for the functionality of your
platform. It controls funds in user accounts, creates charts, matches offers
and rates, processes real-time pricing and commissions, etc. So, developing an
engine for a crypto exchange is one of the most difficult tasks.
The trading engine is
responsible for all day-to-day activities and is the hub of any exchange. All
buy and sell transactions on the business must be executed, accounted for,
accessed from the order book, and matched. Setting up a cryptocurrency exchange
trading engine should be a top priority when developing an app. A digital
currency app is nothing more than a hollow shell if it doesn't have a working
engine.
Liquidity
Any exchange needs
liquidity to run successfully. Customers are reluctant to place orders or even
deposit funds until they see a complete order book and trading activity. New
exchanges naturally face liquidity problems. There are three ways to start your
liquidity:
A crypto platform's ability
to transfer funds quickly and easily is critical to its long-term viability
from a consumer perspective. No crypto platform can thrive without a constant
flow of transactions. If you want to manage liquidity on your crypto platform,
your cryptocurrency platform's liquidity position should be integrated with
other crypto exchanges. With the help of a modern API interface, two crypto
exchanges can exchange liquidity and trading volume information. It is also
helpful to become a member of a crypto exchange network.
Liquidity remains an
important factor that affects the tendency of an asset to be sold or bought. If
your exchange has more liquidity, crypto traders are more likely to flock to
your exchange. Different ways you can maximize your liquidity are by listing
different cryptocurrencies on your exchange, adding more payment streams, and
giving your customers access to multiple order books. Another method that is
widely used to achieve high liquidity on exchanges is through trading bots.
Security
If you don't want your
business to be vulnerable to cyber-attacks, think ahead about security systems.
Keep all of your and your company's data in a secure location. Don't leave this
important part for later. After all, if you don't pay attention to the security
of your business, you will most likely lose money, clients, and maybe the
entire business.
Any exchange requires a
high level of security to ensure that the funds of the exchange operator and
its traders are safe. This should also apply to your customers' private data
including their KYC details and bank account information. There have been
incidents of security breaches on various exchanges such as the infamous Mt.
Gox breach where the security breach went unnoticed for years resulting in the
theft of approximately 1% of the total bitcoins in circulation at the time.
According to a Reuters report, a third of all bitcoin exchanges operating
between 2009 and 2015 were hacked. Therefore, security should be a top priority
in your exchange. No cryptocurrency exchange can exist without advanced
security options. It should go beyond enabling bio and two-factor
authentication. As you've probably heard, CoinBase has had serious issues with
their multi-factor authentication, which got hacked for 6,000 users.
You can also look at common
online security measures you may already be familiar with on other platforms,
such as two-factor authentication. This means, in addition to your username and
password, you must verify your identity using an additional method, such as
entering a code you receive via text message each time you log in.
Cryptocurrency exchanges
always involve sensitive information, personal data and financial transactions.
Therefore, modern system security is essential. You must ensure the security
and transparency of your platform so that your users can be sure that no data
and funds can be lost. Do your best to prevent any risk of leakage or breach.
If you want to learn more about this topic, feel free to leave your
valuable comments. We are happy to assist you. All the best for your future.
(All the material
in this article is only the author's opinion, and could not be considered as
"Financial Advice")
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