The fad of virtual currencies is swaying individuals as well as financial institutions. Specifically, Cryptocurrency has been alluring to business entities, financial experts and industry giants. The cryptocurrency ecosystem includes popular activities like mining and trading catering to millions of people for financial gains. Consequently, the demand for cryptocurrency web and mobile app development has gained acceleration. Several cryptocurrency exchange software development companies are aiding enterprises with superior digital products to integrate cryptocurrency systems in their businesses. With advancements in technology and the advent of the virtual currency era, businesses can attain higher benefits.
Several software and app development companies are doing wonders in offering cryptocurrency trading platform software to cryptocurrency exchange businesses. That being said, we are here to have a closer look at cryptocurrency exchanges, their types and some famous cryptocurrency exchange software development companies. Have a look!
What is a Cryptocurrency Exchange?
A platform that regulates the buying and selling of bitcoin and other digital assets in lieu of fiat money is a cryptocurrency exchange. This exchange enables the users to fund their accounts via traditional payment methods (debit/credit card) and electronic payment methods. Once the payment is made, users can then buy a cryptocurrency at market price via the deposited money. The cryptocurrency exchange platform is perfect for either long-term investors or those who want to have full control of their currencies. The platform facilitates the users to sell, trade and exchange virtual currencies whenever they wish. However, maintaining a secure cryptocurrency wallet is required to store digital assets. Several companies offering cryptocurrency and blockchain app development services create secure and robust crypto wallet software to aid businesses and customers.
The cryptocurrency exchange empowers cryptocurrency trading by aiding clients by holding their coins despite keeping them to third parties. The costs incurred are the pre-defined commission fees and the cost for the blockchain network. Before that, the user needs to create an account and register themselves. Once the said process is completed entirely, you can enjoy the benefits of owning cryptocurrencies and related activities.
Types of Cryptocurrency Exchanges
Mainly, there are four types of cryptocurrency exchanges:
Centralized Cryptocurrency Exchange:
Centralized cryptocurrency exchange includes handling security, functionality, and updates by a centralized operator. Typically, an exchange handles all sorts of order books that record transactions and store coins. However, one needs to be careful while using the centralized way because there’s a possibility of losing funds in the event of a hack. Nonetheless, some security audit mechanisms can help you do away with the issue.
Decentralized Cryptocurrency Exchange:
Decentralized cryptocurrency exchange transfers funds to the user’s wallets directly. There is less chance of cyberattack as this platform is not storing cryptocurrencies. Nonetheless, the absence of a moderating party in the decentralized exchange shifts all the responsibility for errors to users.
Peer to Peer (P2P):
The P2P exchange system allows the users to trade their cryptocurrency directly or exchange coins in lieu of fiat currency. In P2P, the traders post their offers, and interested participants respond and negotiate. It’s just like a bulletin board system. A full-fledged P2P crypto exchange system developed by a fintech app development company should primarily focus on the security aspect, to avoid the possibility of a phishing attack.
As the name suggests, Instant cryptocurrency exchanges are quick and convenient. One can immediately execute trades in an Instant exchange system as liquidity is offered from other exchanges as well. If you opt for building an Instant cryptocurrency exchange, then make sure that it is robust and ready for high-load days.
Apart from these aforementioned crypto exchanges, several hybrid platforms exist as well. Some of them are Mt.Gox, BitFloor and Poloniex. In these platforms, usability and liquidity are combined from centralized platforms that come from the anonymity and security of decentralized exchanges.
Leading Cryptocurrency Exchange Development Companies
Given that we are in a dynamic and highly competitive market, creating unique, highly functional, and enticing websites and apps have become inevitable. Nonetheless, some cryptocurrency exchange development companies have mastered offering unsurpassable custom software development services to diverse verticals.
Below-listed are some of the best-in-class cryptocurrency software companies:
AppStudio, the premier cryptocurrency wallet development company, is second to none for offering high-quality tailor-made cryptocurrency exchange software development solutions. They offer all-inclusive solutions meticulously woven with creativity, technology and innovation by their highly proficient team. The team of developers at AppStudio is adept at creating splendid cryptocurrency applications embedded with features like wallet backup, multi-layer security, automatic conversion rates, user-friendly interface, two-factor authentication, OTC trading, enhanced privacy and many more.
Zazz is one such leading mobile application development agency that caters to all cryptocurrency and blockchain requirements. Count on the exemplary services offered by Zazz for crypto coin creation or mining app development. They have a very skillful team of developers having extensive experience and technical expertise in delivering high-end applications by harnessing the power of avant-garde tools and tech stacks. In their cryptocurrency and blockchain app development services, they thrive on building crypto wallets with a robust mechanism to keep your private digital keys safe and accessible so that you can smoothly send and receive multiple cryptocurrencies.
Xord is a futuristic blockchain development agency engendering robust products and services for industry giants across the globe. This company offers numerous digital currency exchange software services like creating a token studio and flash staking protocol. This first-rate company builds profound blockchain solutions for government, corporations and organizations. Their expertise belongs in developing smart contract development, private and permissioned blockchain implementation, decentralized applications development, Ethereum smart contract development, and hyper ledger development. Dating back to 2018 and until now, Xord has created a legacy that induces creating ultra-modern digital products in many more years to come.
Being one of the best cryptocurrency exchange software companies, Radindev leads the custom software development market with its multiple platform offerings. Spring, MySQL, Java EE are some of the most common open-source platforms for website development in Radindev. Moreover, they follow a multidisciplinary approach for developing high-quality and custom-built web and mobile applications. Radindev houses an impeccable team consisting of mobile app developers, website developers, test engineers, user documentation writers, web and graphic designers, and maintenance engineers who leave no stone unturned in ensuring a flawless project.
Frequently Asked Questions
Q.1 What are the types of cryptocurrency exchange?
There are four types of cryptocurrency exchange: centralized, decentralized, P2P and Instant cryptocurrency exchange. Each system bestows the users with different features. Choose as per your business needs.
Q.2 Name some of the leading cryptocurrency exchange software companies?
Some of the most sought-after cryptocurrency exchange software companies are Xord, Zazz, Radindev and AppStudio. They build robust and secure crypto and blockchain app solutions for a broad clientele base.
Q.3 Does AppStudio use the latest technology to make cryptocurrency software?
AppStudio is the top-tier web and mobile app development company that creates stellar digital products by harnessing the power of avant-garde technologies, tools and tech stacks.