With the advent of blockchain technology and powerful GPU’s, Cryptocurrencies and Crypto Exchange Softwares have been in the limelight since last few years. The all-time high relays of Bitcoin, Ethereum and other cryptocurrencies changed the fortune of many investors across the globe. As per the global report, Bitcoin has almost recorded a profit return of 785% in the last year that’s huge! In fact, no other commodity in the market has provided such high dividends and, this has added much hype to the rise of “crypto exchange environment.”

Now, the biggest question arises:

How does Cryptocurrency Trading take place?

All thanks to Crypto Exchange Softwares!

Best cryptocurrency Exchange Software provide a platform that helps in trading, buying and selling of cryptocurrencies. MintPal, BitFinex, BitFlyer, uniDax, etc. are some of the popular Crypto Exchange platforms widely used across the globe. These softwares make it easy for the investors to maintain a database and account for all the transactions. They act as an interface or a medium for the buyers and sellers to directly look after the charts and the transaction history along with the volume of the cryptocurrency available for a trading session.

Nowadays, a large number of investors are keeping an eye on stats and making investments in crypto markets. Consequently, there is a need for more stable Cryptocurrency Exchange Software.

The standard features of Cryptocurrency Exchange Software are:

1) Trading of Digital Assets

Crypto Exchange Software is a one-stop destination for digital assets. It is a multicurrency trading platform that extends support for high frequency and SegWit-enabled trading.

2) Multi-currency Trading Platform

Commonly, most of the softwares support major fiat currencies such as Euro, USD, etc. Some of the Crypto Exchange Softwares also support fork trading.

3) Security

Crypto Exchange Softwares have all the latest bank level defenses to prevent security breach and hacks. They come with multi-signature authentication feature, 3-Point architecture and DB encryption. Thus, ensure the safety of user holdings and data safety.

4) User-Friendly Design

These Exchange softwares come with a user-friendly design. The easy to use architecture ensures the easy addition and deletion of cryptocurrencies as per the demands of the user.

5) Encrypted Wallets

These crypto exchange softwares provide that both cold and hot wallets follow the latest encryption techniques. In addition to encrypted wallets, they come with multi-signature authentication security.

6) Trading of Multiple Cryptocurrencies

Crypto Exchange Software allow trading of multiple cryptocurrencies such as Bitcoin, Litecoin, Bitcoin Cash, Bitcoin Gold, Ripple, Ethereum, DashCoin, HCX, AltCoin and ERC20 tokens at the same platform.

7) Check for Compliance

These softwares enable the user to check for compliance based on geography-specific KYC and AML.

8) Platform Independent

In addition to all the features mentioned above, these softwares are platform-independent. They work on iOS, Android, Windows, and all the other major systems.

Types of Crypto Exchange Softwares:

Based on Working, Crypto Exchange Softwares are of the following types:

1. Traditional/Conventional Cryptocurrency Exchanges

These type of crypto exchanges work like conventional exchanges, where buyers and sellers trade in cryptocurrencies based on the market price. The sole job of a crypto exchange is to act like a mediator facilitating the transaction.

2. Crypto Brokers

Based on the change in currency, brokers help in buying/selling of crypto at prices determined by them. These prices are usually the current market price plus a small premium amount.

3. Direct Trading Exchange Platforms

Direct Trading platforms provide peer-to-peer trading options. There is no intermediary exchange involved, and trade directly takes place between buyers and sellers. Thus, they’re easy to use. GDAX (now Coinbase pro) is an example of direct trading exchange platforms.

Also, based on the trading currency policy used by Crypto Exchange Softwares, they are of the following types:

1. Exchanges with Fiat Currencies

These Crypto Exchange Softwares make use of Fiat Currencies like EUR, Dollars, etc. for buying cryptocurrencies such as Bitcoin, Litecoin, etc. BitFinex and BitFlyer are typical examples of Crypto Exchanges with Fiat Currencies Support.

2. Exchanges with Fork Trading

These Crypto Exchange Softwares permit Fork Trading or making use of one primary cryptocurrency to buy equivalent another cryptocurrency on the basis of buying/selling charts. uniDAX and MintPal are typical examples of Crypto Exchanges with Fork Trading Support.

Global Crypto Exchange Market 2019-2024

Taking an insight into the Global Crypto Exchange Market 2019-2024, there are speculations that this sector holds a lot of potential in the upcoming years.

(Source: marketsandmarkets.com)

The graph highlights the comparison of expected growth in market size by the year 2024 and the estimated compound annual growth rate between the year 2019-2024 for different countries across the globe.

Crypto Markets v/s Internet Users

Furthermore, while comparing the trajectory of total cryptocurrency traders across the globe to the total number of internet users, the crypto market is still in an early stage, and there’s too much of potential in this sector. The global reports and case studies also add to the fact that there are a fair number of chances for crypto markets to enhance further with the advancements in the blockchain technology and IoT sector. The involvement of people in the crypto sector is somewhat similar to the growth witnessed in the number of internet users during the early days.

The stats further suggest the growth in crypto exchange is directly proportional to the people engaged in using the internet and growth in the number of legit websites as far as the decentralized Applications or Decentralized internet is concerned.

Also, talking about the popularity of some commonly operated crypto exchanges across the globe: Binance tops the table with a rating of 9/10. This Exchange gained a lot of popularity in the last 2-3 years and recently concluded its ICO a few months back.

Popular Crypto Exchanges

Now, let us have an insight into the popular crypto exchanges across the globe:

1. Binance

This Crypto Exchange offers a mobile app, and this fact makes it the fastest growing exchange in the crypto markets. This Crypto Exchange platform tops the chart in the year 2019.

2. KuCoin

KuCoin, the next name on our list is famous for the launch of a dedicated mobile app for both iOS and Android platforms. This exchange is working hard and consistently rolling out updates to make their app one of the best in the industry.

3. Bitmex

Bitmex, the next name on this list is equally popular among the masses for high volume trading sessions.

4. CEX

This exchange is my personal favorite as it comes with state of the art security features and charges a low trading fee. Thus, it ensures more profits. Also, it supports superfast transactions.

5. CoinMama

CoinMama is one of the oldest players in the crypto markets. They allow instant buy and transfer of BTC and ETH.

6. Bittrex

Like all other exchanges in the list, Bittrex is a high-quality exchange that allows transaction of different crypto coins at one place. Thus, it provides with many options at one platform.

7. Changelly

Changelly supports instant conversion from one currency to another as per the user’s choice. Thus, making it a wise choice.

The other Crypto Exchanges with the ratings in the market.

Best Cryptocurrency Exchange Platform in The Market

The best crypto exchange platform in the market is decided based on the factors listed below:

1. Crypto Currencies Supported

The number of supported coins and tokens on the platform play an essential role in deciding the top Crypto Exchange in the market. Among fiat exchanges, Bittrex is famous for supporting trade in over 100 tokens, while Bitfinex allows trading in around 39 tokens/coins. Some of the popular crypto exchanges like Kraken and Kucoin allow trading in 17 and 12 tokens respectively.

While talking about crypto-to-crypto exchanges, Poloniex support around 66 tokens and Changelly allows trading in over 100 coins. Likewise, Binance, a rapidly growing Chinese exchange is known for allowing trade in over 350 cryptocurrencies.

2. Countries Supported

The popular fiat exchanges like Bittrex, Coinmama, and Kraken extend their support in about 200+ countries. They are still inaccessible in few states of U.S. In fact, Coinbase, one of the largest crypto platforms extend the support in only 38 states in the United States. Crypto-to-Crypto exchanges connect the people from several countries across the globe for crypto trading.

3. Lowest Transaction Fees

Various crypto exchange platforms charge different transaction fees. For example, Coinbase charges all the transactions at a set base rate of 4% but waves a part of the conversion fee based on the payment method used. The famous Coinbase pro or GDAX platform charges a 0.10%-0.30% taker fee as well as 0% maker fee. On the other hand, Binance charges around 0.1% trading fee. Another famous name in Crypto market, Kraken’s maker fee varies from 0.0-0.16% based on the volume, and the taker fees range between 0.10-0.26%. No doubt, Coinbase has the upper hand in this feature too.

4. Services Offered

The offered services play a vital role in deciding the top player. More the number of secondary features, more people find the platform easy-to-use. Hence, digital wallets, insurance protection, instant money transfer, offline storage, etc. are some of the standard services offered on almost every platform to attract investors. Coinbase, a pioneer exchange bags the top spot among all other crypto exchanges as it comes with the latest security and encryption practices. Moreover, it provides insurance security against loss in holdings due to theft for up to a maximum amount of $250,000.

5. Latest Technology

Coinbase beats all other crypto exchange platforms when it comes to the use of state-of-art technology while Bitfinex lies second in this list. Coinbase comes with a better interface and technology. The latest Coinbase Pro platform provides an entirely user-friendly environment. While coming to Bitfinex, it has an advanced charting option and a host of indicators depicting every transaction. It also allows traditional orders like market, limit, stop and algorithmic trades like OCO, Iceberg, and Post Only.

Considering all the above points, when it comes to the Best Cryptocurrency Exchange Software in the Market, no doubt Coinbase is the top contender. It comes with the support for GDAX platform (known as Coinbase Pro). In addition to that, the app provides a user-friendly interface for every kind of investor. The whole process of joining and linking bank accounts is relatively simple. All the coins and tokens can be traded quickly by scanning the unique QR code.

The exchange comes with the latest security protection. Moreover, the best part of using Coinbase is that the FDIC covers under insurance the holdings of every U.S. citizen up to a maximum limit of $250,000. Apart from that, the transaction fee is also very less and legit.

Working of Crypto Exchange Software

People often confuse blockchain technology with crypto trading and crypto marketing. But in simple terms, cryptocurrency and cryptomarkets are one of the many applications of blockchain technology. Also, blockchain technology has revolutionized the concept of data transfer. Every individual block comprises of three things: a cryptographic hash of the existing block, a timestamp, and data involved in the current transaction.

Blockchain: All You Need To Know

1. The term “blockchain” refers to a publicly available worldwide database that is encrypted and loaded with many security features.

2. The working of blockchain is simple to understand. It allows users across the globe to add information to a database and data is spread over a network. Thus, it ensures that no data gets corrupted.

3. The data is continuously flowing over a network, and no copy of data gets stored at a particular location or server.

4. The continuous flow of data over a network ensures that data is not altered from time to time.

5. Blockchain technology has revolutionized the concept of data security as no other technology permitted the free flow of data over a network without storing them on the servers.

6. Besides, this technology is an open-source software which allows everyone to create their blockchain.

7. The complete blockchain model is decentralized, and a single party doesn’t have control over it.

8. Therefore, the data once submitted can’t be manipulated again by the third-party users.

With the invention of Bitcoin in the year 2008 along with blockchain sector, people started to develop their cryptocurrencies across the globe with the help of cryptocurrency exchange developer. Thus, a broad crypto market flourished over the years and investors began to make investments in this field.

Currently, around 700 digital currencies are existing all over the World Wide Web. Though most of these cryptocurrencies are not-so-popular, nobody can suspect what comes next! Each Crypto Exchange has its own set of features like the commission cost, limitation, currencies they allow to trade, etc.

WORKING:

The following image depicts the in-depth view of a simple Crypto Exchange Software:

1. The Crypto Exchange Software allows multiple users across the globe to connect to a secure network.

2. When someone requests a transaction, the request for a peer-to-peer connection is set up.

3. The individual computer involved in p-2-p connection is known as a node.

4. Multiple nodes validate the user’s requested transaction based on the known set algorithm. A valid cryptocurrency transaction involves transfer, record, buying or selling of cryptocurrencies.

5. Multiple transactions are combined to form a new block of data.

6. The next step consists of the addition of the new block to the existing blockchain.

7. Once, the block gets added to the existing blockchain; the data is permanent and unalterable.

8. Finally, the transaction is complete.

Characteristics of Crypto Exchange Software:

While developing a stable crypto exchange software, it is necessary to incorporate the following characteristics:

1. Security:

It is essential for any exchange to come with state-of-art security and encryption practices. It wasn’t a long time ago, the news of hacking of South Korean Exchange Bithumb shocked every crypto trader. The total loss was estimated to be somewhere around $31.6 billion. Also, security is essential to protect the identity of the user and prevent data loss.

2. Supported Cryptocurrencies:

It is vital that Exchange provides users with a one-place destination for trading in all cryptocurrencies and tokens. Since investors don’t have time to switch from one platform to another.

3. Fees and Commissions:

Every trader wants to book the maximum profit. So, it is necessary that an exchange doesn’t charge high fees and commission as transaction charges can cost a fortune in high-volume trades.

4. Mode of Payment:

Adding multiple payment options ensure more flexibility for traders. Some of the standard modes of payment are cash, credit cards, wire transfer, pay through PayPal, etc.

5. Geographic Location:

Since the laws and the legislature policies differ from place-to-place. The geographic location and laws governing the area also plays a vital role in setting up crypto exchange markets.

6. Ease of Use:

Since the crypto traders can’t spend their valuable time learning a sophisticated financial instrument. It’s essential that the website or application comes with an easy-to-use interface.

Cost of Launching Cryptocurrency Exchange:

The report suggests that the cost of launching Coinbase, one of the pioneer cryptocurrency exchange website is somewhere around in the range of USD 57,000 to USD 98,000.

The total cost of launching both website and application for a cryptocurrency exchange platform will cost between USD 1,32,000 to USD 1,45,000.

The costs mentioned above are approximate figures. However, the figures can vary depending upon the needs of the user and scope of work. Therefore, one can tell the exact estimate only after the complete analysis of the project based on the feasibility and requirements.

Once, you’re done with the cost estimation almost 80% prepared to launch your very own Crypto Exchange platform. Now, there are only two things left for you to look at –

A. How to ensure the security of your Cryptocurrency Exchange Software.

B. Type of Crypto Exchange Software you want to set up.

Conclusion:

The blockchain technology and Crypto markets hold a lot of potential in the coming years. The high returns and volatility of crypto markets have been a hot talk since last decade. No wonder why there’s a demand for stable and secure Cryptocurrency trading Software across the globe. As more people are following crypto markets keenly, we hope that this article gives you a better vision for setting up your very own Crypto Exchange.
That’s all from the story. Stay connected to read more!

If any query persists, do notify us in comments. “We’re happy to help you.”

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The future of money is digital currency.

-Bill Gates, World’s richest man, Co-founder of Microsoft

Based on the ideals of renowned experts who tried answering the above question, this article will discuss the future of cryptocurrencies. Let’s start by understanding the basics.

About Cryptocurrency

Cryptocurrency became popular after the inception of Bitcoin. The first-ever cryptocurrency, as we all know is Bitcoin. Its launch took place publicly through an ano NYmous creator, Satoshi Nakamoto. Later, cryptocurrency and blockchain gained a prominence. Bitcoin is the most popular blockchain technology. Its global value reached 10.1 trillion USD in 2014. Today its price index has reached 3,799.68 USD. This marked the beginning of cryptocurrency exchange development companies.

The blockchain is a public ledger under which cryptocurrencies work. Cryptocurrency is the exchange of electronic money. It is decentralized or is independent of a central authority. This is an open-source code that gets shared on the ledger. It has a definite value and is sent from one user to another. Exchange of cryptocurrency is called cryptocurrency mining. This completes the verification process and adds transaction data into the ledger.

So the future of cryptocurrency is an important topic to discuss. As this will aid developers in blockchain app development.

The future of cryptocurrency through experts perspective

Blockchain for cryptocurrencies is based on electronic currency and e-payments. Other applications can also use this technology. A lot of institutions around the world including hotels, airlines accept the digital currency. This has created a situation that excludes the intermediation of central authority which, in turn, raises questions about the global economy and financial markets. All these topics are added here along with expert guidance.

·Based on the political state:

The political organizational state anywhere is dynamic. This is mainly due to uncertain occurrences like deflation or inflation. This definitely makes the use of digital currency essential. In such cases, it becomes a source of monetary fund. People are financially stable even in such conditions. They bring price stability and sustains the country without crashing economy. This is a modern way of dealing with problems within the country. Although its institutional structure is new, blockchain app development can help. Plenty of developers are working hard to achieve excellence in creating these apps.

·Based on consumers and government policies:

A big challenge for digital currency is government policies. They are an alternative to traditional currencies. This is possible when flexible policies are formed. This is difficult as the government earns revenue through paper money printing. Also, they have the authority to control the economy. This increases the chances of the government trying to oppose its use. It also depends upon the consumers. Today, a large population of the world is shifting towards digital currency. A number of retailers, companies, and services accept digital wallet currency today. So this certainly determines the future of cryptocurrency.

·Based on value:

Digital currency can surely replace the existing forms of payments. But experts say that this is highly dependent upon its value. Consumers expect the value to be relative to traditional currencies. So that people become aware of it. If a large population is investing in successful cryptocurrencies, that will attract people. The central authority will automatically allow its use when demand is high. So Bitcoin trading software and companies should focus on increasing value. This will sustain the blockchain network. Indeed, it will replace traditional currencies soon if the value increases.

·Based on ease of   GAge:

Blockchain and digital currencies have a major advantage of ano NYmity. Along with this, it provides a record of every transaction. This reduces the use of credit/debit cards worldwide. Also, it brings down the overall costs of transaction fees. This is a big plus point for consumers. On the other hand, there is a chance of developing deep negative interest rates. Experts believe that cryptocurrency can lessen the cost of fiat money. So there will be no need to make any modifications with them. This poses a restriction for the government to earn revenue.

·Based on current   GAge:

Today a number of products and services are using the electronic currency. Small-scale fund transactions, selling of digital media products are examples. They make good revenue. Most cryptocurrencies like Bitcoin comes with a fixed limit. This engages a lot of people to invest in it. Also, cryptocurrency makes the establishment of global supply chains easier. This has a lot of scope in the future. It can encourage companies to transact with digital money. Again they think cryptocurrency is advantageous due to ano NYmity. However, some experts think that limiting the use of digital currency is bad. This aspect is determined only on how people see it in the future.

·Based on security:

It is easy to develop a cryptocurrency clone script based on Bitcoin exchange software. Thus, the security of developing applications is questionable. As the script is available, the security of the entire blockchain network reduces. This is a challenge for cryptocurrency exchange development companies. Hence, this becomes a strong reason for the government to oppose cryptocurrency.

·Based on the new development:

After Bitcoin, other digital currencies like Litecoin, Ripple developed. This means that there is constant development in blockchain technology. Applications are built with the motto of being an alternative to others. So new currencies developed in the future can outwit existing digital systems. They may be quicker and have more security. Hence, this will increase competition. The government will also try to implement policies for competition. This is both an advantage and a disadvantage. It may be advantageous for the government but pressurizes developers and companies at the same time.

Related Article: How To Setup A Cryptocurrency Exchange Software?

Limitations of Cryptocurrency

There are few limitations or challenges faced by blockchain technology. Therefore, understanding them gives the right direction to cryptocurrency exchange software companies. Thus, helps them in developing a cryptocurrency clone script.

Cryptocurrency needs a large group of consumers. As of today, the companies accepting digital currency is minimum. This is because cryptocurrency involves a large number of complexities. This is the major reason for the denial of digital currency on a massive scale.

There is a limitation for using the electronic currency. That is the deletion of digital money due to a system crash. In the future, developers may bring new technological advances to overcome this aspect. Hence, this will surely multiply the number of consumers.

If the features of digital currency become acceptable, then they raise a number of issues like hacking. There are chances of the central authority to involve and regulate its rules. Hence this eventually vanishes the purpose of creating a cryptocurrency.

Conclusion

Now how do developers deal with limitations and challenges? Definitely, there are methods that help the Blockchain app development. This is achieved through following a successful cryptocurrency clone script.

Blockchain development has to be complex. But it should give ease to the customers who use it. As complexity in development restricts unauthorized access.
They must provide user ano NYmity. On the other hand, security is essential. This is done so that tax evasion is not promoted. With expert advice, one can achieve this.
These apps must maintain a decentralized system. Therefore, preventive measures to stop central authorities is essential.
Hence, get started with blockchain app development with these tips. As experts believe, there are limitations in this system. Yet they are worth a try as the chances for succeeding is high.

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