A crypto exchange is a program on which an individual can buy as well as sell cryptocurrency. In other words, cryptocurrency exchange acts as an intermediary between the buyer and the seller and therefore, makes money with the help of commissions as well as transaction fees.
Types of Cryptocurrencies
Here is the list of types of cryptocurrencies.
- Bitcoin
- Ethereum
- Litecoin
- Ripple
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Top 4 Crypto Exchanges in India
- Unocoin
It is one the most popular crypto exchange as it is the oldest of all.
- CoinDCX
CoinDCX can be contemplated as one of the top crypto exchanges in India.
- Zebpay
Zebpay crypto exchange is effortless as well as user-friendly in nature.
- WazirX
It is surely an unfamiliar platform as it has created its cryptocurrency named as WRX.
What to Look for in a Crypto Exchange
The factors or the things that an individual should look for in a crypto exchange are as follows:
- Accessibility
- Security
- Liquidity
- Fees
- Coins Offered
- Educational Tools
Features of Cryptocurrency Exchange
Here are some of the features which include in cryptocurrency exchange:
1- Easy Sign-Up
It not only assembles the work of a user easily but also guarantees that there are zero unauthorized users or traders that are trying to enter for trading.
2. Through Verification
This helps in keeping spammers as well as non-verified people away from the platform and ensures maximum transparency along with security.
3. Easy Deposits and Withdrawals
The more the process gets complicated the more users tend to leave the platform.
4. Secure Transactions
Cryptocurrency is neither controlled by any rule nor by any law. Moreover, it is forbidden in some countries to trade in these digitals. In addition to this, it is important to ensure the total safety and security of each transaction made.
Ways To Develop an Exchange Platform
There are some steps that tell how to develop an exchange platform. These steps are as follows:
(a.) Front-end Development
It plays a crucial role as it tells what the users observe; therefore, the front-end development is mainly for the users. If the front-end development is not attractive or appealing to the eyes of the users then the user might lose interest and leave.
(b.) Back-end Development
The backend development is mainly for the servers. It includes the overall functioning of the platform.
(c.) Integrating APIs
It is mainly or we can say highly responsible for deciding the internal functioning of the crypto exchange website.
(d.) Blockchain Integration
Blockchain integration is important for both smooth processing as well as data storage. In addition to this, cryptocurrencies are part of a blockchain.
(e.) Testing and Security
Testing the working of the platform is very important after the work is done or developed.
How to Start Crypto Exchange in India?
Here are some of the steps taken to start a crypto exchange in India. The steps are as follows:
- Startup India Network.
- Connect with Incubators.
- Connect with the Government.
Costs to start Crypto Exchange
The startup cost of crypto exchange are listed below:
- The minimum startup cost for a cryptocurrency exchange service is $ 12.
- The maximum startup cost for a cryptocurrency exchange service is $33,558
- The average startup cost for a cryptocurrency exchange is $17,491
Costs to build Crypto Exchange
Nowadays, crypto exchanges are at their highest peak. The usage of these currencies is increasing day by day.
Cryptocurrencies and crypto exchanges are at their highest peak. The usage of virtual digital currencies is increasing day by day. Thus, there is vast user traffic in reputed exchanges. So the demand for crypto exchange platforms is also increasing in the crypto industry.
Factors that Rule
Some crucial factors regulate the cryptocurrency exchange development cost. The factors include:
1. Budget and Time Constraints.
2. License for Running a Crypto Exchange.
3. Networking with other Exchanges.
4. Payment Process.
Types of Crypto Exchange
The two main kinds of crypto exchanges are listed below :
(a.) Centralized crypto exchange
It acts as a third party in front of the buyer as well as the seller. Examples of centralized crypto exchanges are Coinbase, GDAX, etc.
The advantages of Centralized crypto exchange are as follows :
- User-friendly
- Reliable
(b.) Decentralized crypto exchange
It allows users to implement transactions without any third party. Some of the examples of decentralized cryptocurrencies are AirSwap, Barterdex, etc.
Advantages of Decentralized Crypto Exchange are as follows :
- Mitigating Hacking Risk
- Preventing Market Manipulation.
Features that Impact Crypto Exchange Development Cost
Various features impact crypto exchange development costs. Some of them are listed below:
- Staking
- Margin Trading
- IDO Launchpad
- Crypto Derivatives
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Moreover, its professional developers are highly skilled in creating competing Artificial Intelligence as well as Digital Marketing based on future trends and customer needs. In addition to this, the technical team works 24×7 to help the customers with their doubts and provides easy customization in terms to make their business growth much better. If you are interested in Crypto Exchange Development or any other query then contact our team you will get an instant response. SDLC Corp is always ready to serve and help you.
Conclusion
Crypto exchange is a platform that helps an individual in buying and selling cryptocurrencies. Furthermore, it offers robust securities. Moreover, one of the best crypto exchanges is Coinbase. Apart from this, some analysts have observed that cryptocurrencies will rise more than triple by the year 2030. Additionally, the number of cryptocurrency investors has been steadily increasing all over the world.
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