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Building up a bitcoin exchange website will be the dream of many bitcoin enthusiasts, but what they are struggling is they are trying to be a unique from their competitors. Because uniqueness is very important for a bitcoin exchange website to succeed.
In recent time the count of bitcoin startups are growing rapidly, So it would be an unbearable pressure for bitcoin exchange websites to save their market from freshers and they have to keep on update with trending business features. While existing players are updating themselves, it will be a hard move for fresh bitcoin exchange startups to overcome them.
Whether you are a leading player or a start-up, as a business man you have to reduce the risk !!! how? Wanna know it? This guide gonna explain to you how a bitcoin exchange website should be and what it should be integrated with?
A bitcoin exchange should have a technological edge and should capable of providing secured transactions. Why need security here? because your business is for people who trust virtual currencies. Your business should increase their trust, and sure it will result in your business growth.
And another important thing is a bitcoin exchange website, it must offer a most liquid order book which should allow users to trade with any type of virtual currencies ( bitcoin, eth, Litecoin, Bitcoin cash, Etherum classic. Monero, Dash, zcash, and ripple ).
Use of Advanced chart tools, It will help the people to Visualize their orders, positions, Modify order properties, and to get price alert.
Liquidity and volume
Liquidity and volume are playing the vital role in order to help an exchange marketplace to function efficiently. So the funds in your exchange system should be highly liquid and can be withdrawn at any time. Some times your competitors will require weeks to process withdrawals, but if you initiate all withdrawals within 24 hours you will be unique from them.
Volume indicates how large your business is, Based on the volume people will identify you as a fastest growing exchange business. Volume increases only if your exchange becomes easy to buy or sell Bitcoins at the best rate.
Use of cold storage :
The main use of cold storage is to keep secure the digital assets. Many hot wallets are now Becomes easy to hack, so it may end up with losing your crypto coins, So if you are ready to use cold storage to keep secure the cryptocurrencies, your audience can find you as the most secured exchange platform.
Maintaining the strong throughput:
With the help of advance matching engine, you should maintain a strong throughput of billion transactions per second.
The exchange should be capable of trading any digital asset :
Cryptocurrency network is improving day by day with the arrival of a new set of cryptocoins, so many traders and investors are investing in new cyrptocoins to provide support for those ICO projects. As the network develops your business should start integrating the new cryptocoins to make trade with them.
Advanced financial integrations- with the help of banking system your exchange should accept at least 100+ international currencies. And should be available for make trade at any time(Round the clock trading) with 24X7 Support
It Support the Bitcoin derivatives Like Leverage trading, margin trading and should support - variety of contract types
Bitcoin wallet integration :
Many bitcoin exchange website are using third party wallets with their exchange but it is not fair. If you are maintaining the same process, better avoid it, and try to integrate your own bitcoin wallet on your exchange.
How should a Bitcoin wallet be?
1. Easy to use
2. Multisig protection
3. Must prevent fraud
4. Transparency -> the user can directly verify their holding on the blockchain.
If you are planning to start a bitcoin exchange or having an existing website better check whether all the above-discussed features are integrated with it!
Greetings! This is Dheivanai! My love for writing transformed me as a blogger and the Passion for Crypto industry turned me as a business advisor at bitdeal. Crazy towards digging deep and analyze the new trends in the Cryptocurrency and Blockchain Industry. Follow us to read interesting and existing blogs! Stay tuned, Stay updated!
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