How To Build Cryptocurrency Exchange Platform Like Binance In 2020

With the advent of blockchain technology, many industries across the world are finding lucrative solutions for their businesses. Blockchain gained its popularity after people came to know that it is the technology backing the ‘hot talk of the world,’ the Bitcoin.

Blockchain has impacted different industries, and one such industry is Cryptocurrency Exchanges. With the number of crypto traders increasing every day, many individuals and enterprises found the profits lying in exchange businesses and stepped foot on starting their own. One such dynamic crypto exchange is Binance.

From the day of its launch until this day, Binance is the largest exchange platform and has a significant trading volume.

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What is a Crypto Exchange?

A cryptocurrency exchanges is a digital trading platform that allows a trader to exchange cryptocurrencies and other digital assets with another trader on the same platform. The exchanges rates of the given assets depend entirely on the market value. Crypto exchanges are helpful when you have a crypto wallet that does not allow buying of specific cryptocurrencies.

Now you have understood what a cryptoexchanges is and decided to build one. Before diving directly into the development process, let’s a little more information about Binance and its working structure.

How Binance Became the №1 Cryptocurrency Exchange?

Changpeng Zhao started Binance in July 2017, combined together with blockchain and crypto experts. As of today, Binance is the best and leading crypto exchange platform by trade volume across the globe. Traders from more than 180 countries have accounts on the platform. Besides, Binance is the fastest exchange in the world and has more than two million active users per day. Within a short span of time, Binance became one of the highly profitable companies globally, with more than 100 digital currencies in trade.

What made Binance gain huge popularity?

In addition to the features mentioned above, Binance has also developed a few unique services. One is Gifto, solely created for virtual gifting, and the other is the LaunchPad token sale program. Now, it is clear why every individual wants to build a crypto exchange similar to Binance. So, let’s get into that.

Let’s see the 7 significant features required to Build Your Own Cryptocurrency Exchange

7 Significant Features of Cryptocurrency Exchange

1️⃣ Authorization Page

2️⃣ KYC Verification (AML Method)

“However, KYC is not a mandatory one in all exchanges. Some exchanges allow users to trade without submitting the necessary docs. But those users have certain limitations like ‘Withdrawal Limit’ imposed on them.”

3️⃣ Deposit & Withdraw | Multi-Cryptocurrency Wallet

4️⃣ High TPS (Transactions Per Second)

5️⃣ Trade Analytics

6️⃣ API Integration

7️⃣ Admin Console

Things you need to be sure of before starting an exchange:

A typical crypto exchange has the following features:

Things to Focus While build a cryptocurrency exchange platform

1. Design Phase

• Wireframes — They form the base of the future design. Here, the key features of your platform are implemented.
• Prototype — It is then an elaborated view of the user’s interaction with the app, and it helps to prevent UX-related issues.
• Admin panel
• Newsletter
• Crypto Deals
• Third-party APIs

Your Exchange Should Have the Advantages like Binance

1. A Wider Altcoin List

2. Lower Transaction Charges

3. Reward the Traders

4. Security Layers

The application you develop is bound to record sensitive information of its participants. So it is essential that it has effective security measures in order to prevent unauthorized system intrusion, data leaks, and hacking attacks. A few steps to strengthen the security part of your app:

• Secure Architecture — A safe way is needed to store and exchange confidential information. So it is better you place the critical components of the exchange at different servers with an option to interact through dedicated channels. Also, store the encryption keys in a different location.
• User Authorization — To prevent any unauthorized logins, you should incorporate multi-factor or two-factor authentication. Every time a user signs in to the app, he/she has to enter the one-time passcode received on their registered email or mobile device.

How can Blockchain Firm Help You to create your own cryptocurrency exchange

If you are looking to start your own crypto exchange platform like Binance, then we have a fantastic offer for you. We have cryptocurrency exchange development platform, crafted with perfection, customizable according to your requirements.

Originally published at https://blog.blockchainfirm.io on May 11, 2020.