As we progress towards digital transformation, decentralization, and the freedom to customize transactions, the demand for a bespoke cryptocurrency exchange is booming. Regardless of industry, customers need a personalized cryptocurrency exchange to trade or park their surplus crypto asset to earn passive income from them.
This surge in demand for cryptocurrency exchange brings massive opportunities for companies to cater to those audiences and grow profitability. With a bespoke-made crypto exchange for customers, a company will gain higher trust and have a leading edge over the competitors.
If you plan to go for cryptocurrency exchange development services, here is the list of the essential features that you need to have. These features are inevitable to gain a customer base and retain them over the long term.
On a custom-made crypto exchange, not all individuals are there to trade their assets actively and make active profits. Many individuals need a stable exchange where they can deposit their crypto assets and earn some interest. It's similar to receiving interest over the capital kept in a bank.
With the staking feature, users can hold their cryptos safely and generate a passive income. Based on customers' demand, the exchange owners can have personalized offers for them and retain the customer for a long time.
Several prominent and established crypto exchanges offer this feature to their customers, and both the companies and the asset holders make good profits. As crypto exchange owners, you can also invite crypto holders to park their assets, and you can also earn benefits from it.
Like traditional currency lending through banks and financial institutes, crypto lending is also booming for a couple of years. Be it Bitcoin, Ethereum, Ripple, or any other altcoin, individuals are pretty active in lending activities.
Companies can take advantage of this massive demand for cryptocurrency lending and add this feature to their exchange. As we move towards a more digitized economy, the trend of the democratized lending market will grow in the future. With a crypto lending platform, registered users can become lenders, and other users can borrow their crypto assets.
The lender will earn a certain interest from the borrower, and the cryptocurrency exchange owner can charge the lender a fixed or a variable fee for using the platform. If you already have a crypto exchange, you can integrate this feature and grow your customer base.
Peer-to-peer trading is a fundamental feature that you need to have while building a crypto exchange clone for your company. It's among the oldest features which is getting more advanced using modern cutting-edge technologies. Today, the P2P trades have become faster and more stable.
A majority of the cryptocurrency asset holders prefer to opt for P2P trading because of the higher profitability rates. When you launch your crypto exchange, this fundamental feature will bring substantial benefits and growth opportunities.
Trading bot development is among the hottest crypto trends that businesses are opting to grow their audience base. With a trading bot, you can automate certain trading operations for your users, and you can earn more in the form of recurring charges. These are the advanced computer scripts that automatically generate and submit buy and sell orders on traders' behalf.
Similar to conventional trading, crypto trading is also time-consuming and demands constant attention from the traders. However, companies can streamline complex operations by integrating a crypto trading bot in their exchange. As the trend for owning and trading cryptocurrencies will grow in the future, more individuals will seek a high-performance trading bot.
Security is a critical concern that you need to keep in mind while building your custom cryptocurrency exchange. Along with basic Know Your Customer (KYC) and Anti Money Laundering (AML) protocols, you need to protect your customers and system using more advanced security features.
You need to have advanced security features like 2FA authentication, multi-sig wallet integration, and protection against DDoS attacks to secure your platform.
These were the key features you need to have in your custom cryptocurrency exchange clone to thrive online and gain more traction. We at Seven Bits can help you develop a robust crypto exchange to get you going with the upcoming crypto growth.
Why Seven Bits for your cryptocurrency exchange development
Seven Bits is a leading blockchain development company that caters to all your development requirements. Our experience blockchain Center of Excellence (CoE) team understands your business goals and offers you the best-fit solutions to grow the company's revenue and customers.
Be it developing a cryptocurrency exchange from scratch or migrating your old exchange to a newer version, we have got you covered. With the support of more than seven public and private blockchain frameworks, we bring performance-driven solutions to accelerate your business goals. Contact us at firstname.lastname@example.org to explore more.