Ever since its inception, the prominence of Cryptocurrency has always been too overwhelming. The world was a witness when the first Cryptocurrency, Bitcoin came to existence in the year 2009.
Ever since then, there has been an increase in the number of individual cryptocurrencies. And the number has now gone up to more than 1000. The current total market hold of these cryptocurrencies is about $236 billion and it is nowhere near stopping.
In fact, Cryptocurrency exchange has currently become one of the most lucrative opportunities to make a profit for the industries.
In order to invest in crypto, people need a reliable platform for buying and selling them. This procedure can result in some of the best profits for the industry. This is where the cryptocurrency trading script would come in.
But what exactly is a cryptocurrency exchange platform? The clear definition would state that it is a platform where altcoins and bitcoins along with other cryptocurrencies can be bought and sold. And exchange would take communions on the transactions made or charge some flat fees.
Market Overview of Cryptocurrency Trading
The country has a population of over a billion people. They are currently looking out for an economic form of a renaissance for the last for years.
Nowadays, more than 40% of people have internet and telecom connections. When it comes to technological advancement, India doesn’t hold back. So, Bitcoin and other cryptocurrencies have been operating in the country for a very long time now.
The recent move by the government towards demonetization has supposedly sent shockwaves around the whole subcontinent. About 86% of the paper currency in India has been demonetized.
So, people who have large cash holdings need a new source for holding such huge amounts of money. That too, without the tax burdens and government scrutiny.
So, it is now a common practice to indulge in buying bitcoins and other forms of cryptocurrency in India. This certainly proves that a bitcoin trading platform software would make it big in the current situation for sure.
Future of Cryptocurrency Exchange Scripts and Platforms
It is now a common prediction that the government is going to regulate the use of cryptocurrencies in different sectors. The industry certainly welcomes these changes.
That is because the acceptance by the government will provide cryptocurrencies with the backing that they need.
It is also a true fact that the cryptocurrency industry in India is trying to boost the use of cryptocurrency exchange. There are some new means that have come to effect due to these changes.
There are security checks that are being conducted. Also, the users have to provide identification in order to avail services of the bitcoin trading platform software.
There are government accessed documentations and other checks that are being carried out in the industry.
All of these changes mark a great future for the cryptocurrency exchange development company businesses. They will now have more authentic customers who will depend on cashless transactions more than paper ones.
Top Examples of Cryptocurrency Exchange Scripts
Since the growth of cryptocurrency exchange trading is increasing at a fast pace, it is important for people to be aware of.
Here are some of the best cryptocurrency exchange scripts to take an example from.
- Binance
There is no need for an introduction to this crypto trading script. The website has been ruling the market for quite some time now.
What is even better is that this site is perfect for the beginners as well as the advanced level users. There is an inbuilt UI option for switching between modes.
So, the UI of the website is pretty simple and user-friendly as well.
- KuCoin
KuCoin is another one of the brilliant names that come to mind while speaking of cryptocurrency trading script. The website has been receiving a lot of traction for quite some time. The teams built a user-friendly and navigate UI for the comfort of the people.
This platform currently ranks amongst the top 25 names of cryptocurrency exchanges. There is also an addition of a new program which adds new token and coins in the exchange daily.
Features To Look For In A Cryptocurrency Exchange Script
It is essential for a cryptocurrency exchange development company to know all about the features of the script. There are some factors that govern the success of a particular cryptocurrency trading platform.
Hence, here are some of the important factors that the company needs to keep in mind. These factors will help in the creation and development of a proper cryptocurrency exchange script.
- Architecture
Perhaps a starting point and the foundation of a website would be the architecture. Same is the case with the cryptocurrency script. The architecture depends on the load of the projects.
In the world of cryptocurrency exchanges, there are different sizes when it comes to the projects. There are small, mid-range, and larger projects to handle. However, that also applies to the development of a marketplace website.
In the present market, the mid-range projects are taking the lead. In order to create an exchange script, one has to have a modular connection along with some isolated components.
There is a requirement for high-end administrations in order to have better results. Also, synchronizing in operations is essential. There needs to be a perfect balance of the components.
These components include the user interface, trading engine, wallets, administrative system and so much more.
KYC and AML Modules
There is an increase in the requirements for different exchanges in the country. One of the most important requirements would have to be the KIT for KYC ones.
In most countries, just having user data is enough. Users need to provide details of their identification. These include the ID cards, driver’s license, international passports, and other documentation.
There is the next level of identification as well. This would be the information regarding the residence of the user. Utility bills, bank statements, mobile bills, and others come into the category. In order to launch the ICO, KYC is also pretty essential.
So, this is an important thing that companies have to remember if they want to create a bitcoin clone script.
- Liquidity Providers
This is another one of the requirements for building cryptocurrency exchange platforms. Without having liquidity, the exchange will not have its name on the listing.
Also, the users will be unhappy due to the outflow of the customers. Local market makers can help in such cases to ensure liquidity.
These market makers carry out the tasks on behalf of these platform owners.
- Cryptocurrencies and Fiat Currencies
What are the currencies that would support the exchange? Are there any thoughts about Fiat Money? It is quite simple to figure out the answers to these questions.
A little research about target companies and the people will have all the information about currencies to use. They will be able to see the cryptocurrencies that are losing value and gaining it to make the decision.
- Trading and Exchange Services
The services of trading and exchange are some of the other important things to focus on. There should be a particular trading system included in the script.
Also, the properties of the script play an important role in the selection process as well.
- User Features
Apart from the standard data profile and fields, there are some other features to include as well.
Their features are receiving live notifications, withdrawal and depositing money, authentication, and others. Some other important features would be trading history, logs, security, and functionality.
Easy login and registration, profile information, and user ID and password generation are also some of the other factors. These features are clearly very important to increase the user experience of the bitcoin trading platform software.
Cost of Developing A Cryptocurrency Exchange Script
With so many companies attempting to clone the bitcoin exchange scripts, it is essential to get the cost estimation.
Such estimation would help the exchange owners in determining their budget for the creation of the cryptocurrency trading script.
In order to create a proper cryptocurrency exchange script, one needs to consider the factors that come in the process. Having a proper backend and front end development is crucial.
Also, the owner needs to pay attention to the UX and UI of the script.
There is also a requirement for a graphics design team in order to look into the matter of design of the script. Apart from that, the logo design is an important factor as well. There might also be a need for a tester in order to test the website.
Since there are so many factors which assist in creating the exchange script, it is essential to factor in the rates of all these features and factors.
So, the total cost of developing a cryptocurrency exchange platform would come in between $144,000 to $278,000 in total. This is an approx. representation and the rates may differ depending on the company.
Conclusion
Confirming the aforementioned prices, it can be easily determined that cryptocurrency exchange script development is not that difficult.
Also, the future for the cryptocurrency exchange trend certainly seems promising. So, companies should focus more on the creation of a website and scripts that could make cryptocurrency trading easy for people.
