How to start Cryptocurrency Exchange Software Development: 5 things you need to know
How to choose an Exchange Software Development Company as a reliable partner?
When it comes to finding suitable software developers its similar to headhunting. Clients need to be sure of a company’s reputation. It’s worth the time to review case studies and testimonials, and even connect and reach out to previous customers. Collect every possible reference you can find, and ask for them if you can’t find any online.
One thing every client should consider carefully is the timeliness of project deliverables. You want to make sure a development partner delivers when they say, otherwise projects will be delayed, causing numerous other problems.
Your Cryptocurrency Exchange Software Development Company should supply you with a strong technical platform
When it comes to developing cryptocurrency exchange softwarehttps://www.magnise.com/custom-software/fin-tech, you have to understand clearly which trading engine to use, and which platform architecture features to develop. In practice this means working with an exchange software development company to create the following:
- Cryptocurrency exchange software; the core place where transactions happen. Focus on this above everything else: this is vital to your business;
- Highly secure user account management systems. When it comes to transactions, safety and security is essential;
- Crystal-clear, fast, and reliable infographics, which should include the digital currency charts in real-time;
- Before going ahead with any project, you need to be sure that your chosen crypto-exchange software development company can create these features securely to the highest standards.
It’s always useful, if not crucial to ensure you are working with a company that has Bitcoin experience. After ten years, it’s the oldest crypto-currency in existence and a clear sign that a team is capable and skilled at working effectively on the software you need.
Cryptocurrency Exchange Software Development Regulations: Are your licensing requirements in place?
It’s always useful, especially in the early days, to work with a legal team to establish the licensing requirements for exchange software development projectshttps://www.magnise.com/portfolio/fintatech. When launching a cryptocurrency exchange product, there are some obligatory legal issues that need to be managed. In most countries in the world, cryptocurrency exchanges are considered alongside money transfer services, which means there are a number of regulatory hurdles to cross.
When deciding where to launch your exchange, make sure to choose a country with a stable economy and government, whose laws you know well. This will also prove helpful for the development of your product and platform, and ultimately, growth of your business.
Also, it would be useful at this stage to check the licenses from your crypto-exchange software development partner. It would be far too high-risk to launch a business which could required half a million euros start-up capital, without checking the legality and security of the development partner.
Security Issues for your Crypto Exchange Software Development
Security is something that every crypto company is always going to take seriously. Hackers and cybercriminals still take a special interest in exchanges, and security issues are constantly evolving, therefore you always need to be one step ahead.
Hackers and cybercriminals are active problems. With crypto-exchanges, there are four types of security risks you need to be aware of:
- User hacking;
- Administrators, moderators or other staff hacking, who have access to a private system;
- System vulnerabilities (bots will always be probing for weaknesses);
- Cyber attacks and proactive attempts to hack in from outside.
The first two types are the user or admin responsibility and general advice is not to download and install unauthorized apps from the net. But the last two is your responsibility, and various threats from injection, malicious code, holes in the firewall or server, DDoS attacks must be provided by your crypto-exchange software development contractor. Make sure this is something they are going to proactively build into the delivery and ongoing support for any new crypto-exchange.
User Friendly Interface
Crypto exchange software development is not very simple to understand. It would make it considerably more difficult to win customers if you had an interface that was difficult to use. This is financial software, which means that usability plays a significant role. We can advise checking previous projects of potential development partners to be sure they can create software that is user-friendly, otherwise this will stop users from signing-up.
Although these tips are not the ultimate guide, we hope they will help you keep in mind the crucial points of the approach to choose a cryptocurrency exchange software developer for your next big project.
Good luck, and contact us for advice at any time. We’ve been developing highly secure and sophisticated software for over 15 years, so can help clients with any kind of project.