Key Features That You Must Check Before Entering Into The Exchange

[Malena Sanz]

Crypto is designed to be an alternative to the fiat monetary system and challenges numerous sectors. It is believed that over the next few years, the crypto space will compete with financial services and banking institutions and be poised to capture the growth.

 

It is proven that the best way to make money with crypto is by investing and trading them. This is because the value of Bitcoin and other altcoins has risen by 1000% since its inception. 

 

So, where can you buy or invest in cryptocurrencies? 

 

The direct and easy way to hold crypto is to buy from a reliable cryptocurrency exchange. A Crypto exchange platform offers you a service to buy, sell and exchange the crypto into the currency you desire. 

 

In the platform, the process of transferring the fund is fast and straightforward. Since the crypto market is open 24/7, users can apply for the process at any time. The whole process will be completed in a matter of minutes. 

 

Now, let us discuss the key features that you must check before entering into the exchange. 

 

• User authorization and verification

• Trade engine

• User interface

• Wallet

• Admin panel

 

User Authorization & Verification

 

An Exchange should provide a simple & onboarding experience to users. Also, note that an exchange verification process is very imperative, which minimizes the risk of fraudulent transactions. 

 

In order to provide high security, the exchange should provide two-factor authentication, anti-bot verification and other security features. 

Trade engine

 

The trade engine is one of the vital components that access the order book and matches the buy and sell orders placed by users. It just calculates the current balance and executes the transaction. 

 

Trade engine is considered a core part of any exchange because no exchange can function properly without them. 

 

User interface

The User Interface must be simple yet professional. And since smartphone usage is increasing, the launch of an exchange application for mobile devices also increases. Thus this will create more accessibility and attract more users.

 

Ideally, the user interface should provide some basic features to users, namely,

 

• Register & access an account.

• View current order book, transaction history, Existing balance, statistics, etc..

• Place buy and sell orders.

• View market trends.

• Access the support mechanism.

• Deposit, withdraw and maintain a portfolio.

The wallet

 

Another main feature that you need to look for in exchange is a Wallet. It is the place where tokens are stored, and so it requires maximum security. 

 

In the crypto market, different wallets with different features are available. There are various wallets, such as hot wallets, cold wallets, paper wallets, and desktop wallets. With these wallets, users can instantly withdraw their currencies to external wallets without approval from the exchange operator. 

Admin panel

The admin panel operates the management software and business intelligence. The exchange operator gets the whole control to manage the process. 

 

some of the primary functions of an admin panel include:

 

•  Managing currency like BTC, USD, ETH, etc.

• Altering liquidity

• Admin panel coin exchange software.

• Editing the spread and trading fees.

• Deposit and withdraw process requested by the user.

Conclusion

As we all know, the level of consequence created by cryptocurrency is a monumental milestone. The crypto community has achieved this feat in less than two decades from its inception. So if you are considering developing crypto exchange, then do it today because the potential growth and sheer profit that comes along is very humongous.