Essential Elements of a Well Developed Cryptocurrency Exchange

Before forming a team of developers or finding a partner for cryptocurrency exchange platform development, you must understand the features and qualities all well-developed cryptocurrency platforms share.

Whether you intend to develop a Centralized cryptocurrency exchange where a central authority facilitates the trading process, and the transactions get secured by an administrator. Where the deals aren’t tracked via blockchain., or you intend to develop and run a decentralized peer to peer cryptocurrency exchange that has no middlemen or central authorities, has no single point of failure and are thus virtually hack-proof decentralized trading environment, has digital assets & proxy tokens trading, and are secured by escrow protection mechanisms, it is essential that you take the following standard requirements to heart.

Your Platform is Trustworthy:

Whether your platform is new or old, big or small, ensure that both your platform and your policies must be trustworthy. One of the biggest deterrents or detractors of new clients is if an exchange provides no fee guidelines or if the client's assets being traded suddenly diminishes in value unexpectedly. Clients understand that the price of a crypto asset is volatile, but if it impacts their trade after being processed either in hidden fees or charges can ruin your reputation in seconds. Yes, your clients understand that you need to make money and profit from the trade, but they are there to gain maximum profit, and if it is lost unexpectedly, their mood and trust will sour quickly.

Your Platform is Secure:

With billions of dollars being traded on crypto exchanges, there has been continuous news of crypto exchanges being hacked. Of course, they are attractive to hackers but establishing secure protocols in place to do everything humanly possible is the responsibility of the exchange owner. Any incident of an account being hacked or other information being divulged to a third party is unacceptable. Ensure that your developers or partners in developing your crypto exchange platform understand this intuitively.

Your Platform has Responsive and Top-Notch Technical Support

There are novices on every trading platform. So, no matter how intuitive or user-friendly your platform is, it is imperative that you have technical support to resolve confusions and inquiries of customers post haste. For example, a customer waiting from 10 AM to 4 PM to get their cable installed is one thing, but waiting that long to get a response where the real money is involved is quite another. It is especially true when there is considerable potential of gaining or losing large sums of money because of a highly volatile market.

Good customer service is always essential when it comes to the services sector, especially one that processes financial transactions. However, the case for technical support is entirely different. Additionally, technical support in a crypto exchange provides the trader with other trading professionals to help them with problems that have financial consequences. A large number of crypto trading platforms lack this essential feature. Alternatively, they have customer service people double this role for all types of problems faced. Tech support is an entirely different genre of customer service. It must consist of people with years of knowledge and experience in the crypto industry itself and can resolve related issues and explain the process with it. They must understand how everything works on the platform and provide you solutions within minutes.

Transparency in Fees and Policies:It is no secret that most cryptocurrency trading platforms make a large percentage of their revenue through transaction fees. Every time a customer makes a trade, they are either charged a portion of their transaction or a flat fee to do so. Therefore, your cryptocurrency trading platform must make it crystal clear about the charges on that trade.

One of the primary factors for people migrating away from Ethereum and other legacy blockchains is the unknowns like the transaction fees for those platforms. Therefore, if you wish for the success of your cryptocurrency exchange, you must define the charges and other essential policies in as much detail as possible.
Easy to Integrate Wallets
One of the essential elements in cryptocurrency trading is a wallet. A crypto exchange that does not integrate easily with its platform makes it difficult for traders to trade their cryptocurrency. Many exchanges opt to create their own wallets, but it is important not to reinvent the wheel when needed. You can opt to integrate already existing solutions like Ethereum classic wallet or allow multiple bitcoin wallets to work with your crypto exchange seamlessly.

In conclusion, any cryptocurrency exchange platform development project must think through the above issues and address them thoroughly before deciding on launching into the development and deployment. A crypto exchange is a tool, and traders have over 1000 such choices online to trade with. If you create a transparent, trustworthy, and reasonable platform with fees charged, the clients will automatically flock to you.