The Must-Have Features for Cryptocurrency Exchange Development

The Must-Have Features for Cryptocurrency Exchange Development

July 22, 2022 0 By wilsonmarry

How do you make a cryptocurrency exchange that people will want to use? That’s right—fill it with the features you need. Here is a list of the things that your cryptocurrency exchange must have in 2022. Let’s look at each one in more depth:

Account for yourself

A crypto exchange starts with your own account. There, users keep all of their personal information and actually start using the platform from there. Don’t make it hard to find your way around your account. A personal account should only have the most important features that help the user do what they need to do quickly and easily.

Getting set up on the platform

Onboarding is needed so that users can quickly learn how to use the platform, where to find the parts of the platform they need, and how to reach their goals. It is a very important part of making the user experience better.

Settings for basic safety

Since your crypto exchange will hold a lot of personal information, money, and cryptocurrency belonging to users, it is important to make the platform safe. You will need to make sure that your platform has a security system that stops data and money from getting out.

Crypto-wallet

For users to be able to do things with their cryptocurrency, they need a place to keep it. So, you will need to add a crypto wallet where users can not only store cryptocurrency but also sort it, for example.

Notification

Add a way for users to get alerts so they don’t miss out on important news on the platform. Also, add the option to turn off alerts. But on most of these platforms, users actively use this feature to keep track of things like the current bitcoin exchange rate.

Support for chatbots

This feature is important so that, for example, if a user has an urgent question or problem, they can solve it quickly.

Using bank cards together

For users to be able to trade money for cryptocurrencies, the platform should be able to connect bank cards. Without this feature, the platform can’t do its job.

A record of deals and interactions

Add a history of transactions and interactions to your cryptocurrency exchange development platform so that users can keep track of their money and cryptocurrencies.

System for ratings and comments

As the owner of a cryptocurrency exchange, you need this feature more than anyone else. Users who use this feature will be able to give feedback and rate the platform. This system will show you where you need to make changes.

Trading engine system

The trading engine of your crypto exchange is its heart and soul. There are all the rules for trading. Most of the time, this feature would involve an order-matching engine that compares buyers’ bids to sellers’ requests.

Dashboard showing what’s going on

Dashboard is the best place to put important information about what users have done recently, especially if it’s in the form of charts and tables.

There are filters and settings.

Allow your users to change the way they search or the way the platform works to suit their needs.

Referral programme

Several FinTech products now have this feature, which is very popular. It lets users get bonuses for doing things like telling their friends about the platform.

The High-Tech Features Your Crypto Exchange Needs in 2022

If you want your cryptocurrency exchange platform to be more high-level, you should look into the advanced features you can add to it:

Crypto wallet is cold

Cold crypto wallets can work even when you’re not online. They only need to be connected to the network when a user wants to make a transaction or withdraw cryptocurrency.

Using biometric information

Biometrics, like scanning the iris, the shape of the face, or the fingerprint, can be used to identify the user on the platform. These kinds of technologies are now used by a lot of people.

Arbitration

Intra-exchange arbitrage of cryptocurrency rates is a way to make money by trading cheap cryptocurrencies for more expensive ones. This is done by comparing the prices of different crypto coins within an exchanger. By the way, this feature is very popular right now.

NFT Integration: Non-fungible tokens, or NFTs, are tokens that can’t be used to buy or sell anything else. They are used to show ownership of digital objects like texts, images, audio recordings, digital works of art, game items or characters, domain names, financial instruments, club cards, and so on.

Each NFT is unique and only exists in one copy. It can’t be split up, and the blockchain stores all of the information about its author, buyer, and transactions. In other words, an NFT is a digital certificate that is attached to an object that is one of a kind.

Also Read Here: A Guide on Cryptocurrency Exchange Platform Development

So, if you make it possible for your platform to work with NFT, you give users even more ways to trade.

Your own reward

Creating your own token is one of the most advanced things you can do on a crypto exchange today. With this feature, you can make your own digital coin and make your project grow. Tokens are often used as coins to buy and sell goods. This is a way to save money.

Training programmes and suggestions for the AI system

This feature will teach users how to exchange money on the platform in the right way. Not only, though. With the help of AI, the system will be able to look at the different exchange options for users and suggest the ones that will make them the most money.

Final Thoughts

When trading cryptocurrencies, you must choose a platform that fits your skills, goals, and fees. Crypto markets are very volatile, and when you trade digital assets, you have to risk your hard-earned money. The platform is the most important part of exchanging cryptocurrency in a safe and reliable way, and each one on this list has a track record of getting the job done. Your decision should be based on the features you want and the cryptocurrencies or transactions you want to use.