Cryptocurrency Exchange Trading Platform
Preparing and planning are indeed important web development phases before launching almost anything – whether it is as complex as the exchange platform, the SaaS platform, or the website for your business. Let’s take a look at what features have to be in cryptocurrency exchange to satisfy their customer and owners.
1. Flexibility to customization and scaling
3. Easy management
4. The incredibly low delay time for the user
Moreover, each platform consists of separate modules, the so-called layers. Either of which functions independently relying on received data and the exchange interface. For example, the cash flow engine, the service of user processes, the server side, and integration with the UI (user interface). APIs and requests between layers organize connections. Usually, each of them is located on a separate machine/server.
The most important thing is obviously the platform itself, the server side. With this you can easily scale your business to web applications, desktop apps, mobile apps and so on. However, what to choose first - a mobile app or website?
Security and Protection
First, let’s find out what common issues, holes, and problems you might be faced with in the security of the system.
1. Unauthorized access to the administrator account (hacking)
2. Access violation to the server
3. The rogue process due to privileges
4. Security issues in external platforms
Users’ accommodations. Personal data security is in the first place, moreover, access to the system must be strictly regulated. Popular tools to protect this layer are:
1. Using secure and protected libraries and frameworks.
2. Two-factor authentication using Google passcode.
3. Request documents from users (KYC and AML). This item mostly related to exchanges with cryptocurrency to FIAT pairs and vice versa. It doesn’t necessary right now to upload documents for cryptocurrency to cryptocurrency pairs. In most cases you need only international passport, driver license or ID; also bank statement or utility bills for level 2 verification.
4. Manual confirmation from the administrator of high volume transactions and/or their large amounts. A cold wallet is optional and highly recommended to be used.
Administrator’s privileges, whether the cryptocurrency exchange built with blockchain technology, which is among other things in mobile apps development trends. Any trading platform requires admins. To secure yourself and the system check the following list:
1. Distinguish responsibilities and privileges of administrators; create additional groups, and roles. Every person manages only his small part and does not have access to more.
2. Team solution. Administrators from different groups must confirm especially important features.
3. Development and production are at least two separate areas. Limited access to each group. Manual database transfer, which is controlled by executives, CTO for example.
Malicious processes. Caused by malicious software either due to an intruder.
1. DDoS attacks. Requests must pass through certain servers and be cleaned for the end project.
2. Firewall vulnerability. They are solved quite easy – by professional system administrator, or an awesome hosting. AWS is probably the best solution at least if your Government allows hosting platform in the cloud. Otherwise, you have to take a closer look at the dedicated servers with load-balancing.
3. Authorized and protected access. 2FA is mandatory, whatever you choose Google Authenticator or SMS or even both options. If you decide to build decentralized cryptocurrency exchange you can forgot about this item.
4. Notification of administrators about suspicious activity. Well, you and your team have to be informed and up-to-date with current stage.
Technical issues. Sometimes things break down. Software issues or damaged hardware. Everything should be monitored and have Plan B, as well as a backup in a safe place.
1. Changes, exchange, and trading transactions are calculated, and if something is wrong – there is a return of operations.
2. Validation of sum.
3. Regular backups.
4. Available user log files.
5. Administrative notifications in case of inadequate activity.
Most importantly, in the event of a malfunction respond as quickly as possible; and be generally notified about it. Therefore, the cost of supporting of such projects monthly ranges from $200 to $2000, subject to working with East European Company. If you work with a company from central Europe, the UK or the US – you can safely multiply this cost by 3-5 times, depending on the company. In any case, it is important to know how to choose a web design agency. If you considering a quick launch you might be interested in our white label cryptocurrency exchange.
How much does it cost to build cryptocurrency exchange platform?
Trading currency exchange is a complex project, unlike a personal website. The team should consist of the following persons: