Cryptocurrencies are existing since 2009. While it took time to gain mainstream relevance, millions of people are investing in these new financial assets. Cryptocurrencies are not limited to a “buzzword” anymore. Today, around 300 million people in the world own cryptocurrencies and use multiple crypto exchange platforms for trading activities. Several crypto exchanges are observing robust growth, which is the result of the crypto craze among millennials. Did you know that along with the pool of traders entering the crypto trading industry, there has been a high demand for crypto brokers? In 2020, Deloitte conducted a survey that showed around 10 million Americans opened new brokerage accounts during the covid-19 pandemic.
Crypto exchanges are in demand today. Did you know there are only 500 crypto exchange platforms around the world, against 300 million crypto traders? Institutional investors and fintech enterprises preparing to enter the crypto industry are planning to invest in large and are looking for fast growth. In the digital age of innovation, where the world is preparing to enter the Web 3.0 phase, PayBito a US-based crypto exchange has come up with first ever crypto broker platform with a readymade branded exchange that offers 400+ crypto market, 20+ fiat currencies, and multiple-assets, saving the investors time to bring in liquidity flow, and other banking solutions to kick-start their business.
Also Read: How Are Crypto Brokerage Platforms Key To Resolving The Primary Deterrent To Mass Crypto Adoption: Liquidity?
Crypto Exchange from Scratch Vs. PayBito’s Crypto Broker Platform With Branded Exchange
While developing a crypto exchange platform in today’s market can be fascinating it can take up a lifetime’s fortune. How about developing a crypto broker platform that comes up with a branded exchange? Sounds interesting? Hold on to your screen and read below to know more about what it is to develop a crypto exchange platform from scratch, and availing a white-label crypto broker platform that will instantly kick-start your business. However, before delving deep, it is important to cover the basics and understand what is a crypto exchange and what it takes to develop a crypto exchange from scratch.
Developing a Crypto Exchange From Scratch? Everything You Need to Know!
A crypto exchange is a trading platform where people can buy and sell cryptocurrencies. These platforms allow trading different cryptocurrencies with one another. Suppose you have bitcoins, but you want to exchange them with Litecoins of similar value, exchange platforms will allow you to do it. Similarly, traders can also exchange cryptocurrencies with fiat currencies on these platforms. The current market price of the cryptocurrencies is reflected in the exchange platforms and allows you to leave and withdraw cash from your account. If you are planning to develop an exchange from scratch you need to set up your goals and be patient as it will take a lot of time to develop a user-friendly and updated exchange.
Basic Features Required in Exchange Platforms
Once you decide to go ahead with a crypto exchange platform, it is important to chalk out the basic functions and features required to successfully run the exchange. Some of them are:
- Identification & verification
- Trading engine for the platform
- User Interface
- Exchange admin panel
- Cryptocurrency wallet
- Order book
- Transaction history
- Analytical tools such as Moving Average (MA), Relative Strength Index (RSI), MACD, etc.
- Alerts, and push notifications
- High-end security features
- KYC, AML, and KYT compliance
- Liquidity management
Technology Stack, Architecture, and API
- The exchange architecture on which you will develop the platform. This defines the way your exchange interacts with components of your platform such as the trading engine, security functions, user interface, login screen, databases, API, etc.
- The exchange requires a technology stack in which programming language, frameworks, compilers, libraries, database management systems, etc for the backend and frontend development.
What is the process of developing a crypto exchange platform?
Once you are ready with your structure, and features, you will need to follow different processes to develop a crypto exchange platform, such as:
- Sign a contract with developers
- Prototype the platform
- Creating interface design
- Direct encoding
- Testing the products
- Deployment and support
The cost of developing a user-friendly, highly secured, well-crafted crypto exchange platform with innovative features and advanced trading tools is vast. Keeping the expense aside, the entire platform will take months to get ready and maybe years to get hold of the market.
PayBito’s Crypto Broker Platform: What Can You Expect?
Even in the present crypto bear market, there is a huge potential for fintech companies, and institutional investors to enter the bandwagon. PayBito among its several innovative products has come up with the world’s first platform for crypto brokers offering them an opportunity to explore their expertise in the industry with a readymade branded exchange with over 400 crypto markets, and access to 20+ fiat currencies. If you are new to the term “crypto broker”, here’s what they do.
A crypto broker is an individual person or an agency that works as an intermediary between traders who want to exchange a digital asset or a product for a service. A crypto broker platform like PayBito offers brokers a golden opportunity to utilize the market and act as the intermediary with high liquidity flow and advanced features. If you are planning to invest in PayBito’s crypto broker platform, here’s what you can expect.
Important Components of PayBito’s Crypto Broker Platform
PayBito’s white-label crypto broker platform provides an instant exchange and is ready in no time. Here are some of the key components of the platform that attracts investors and brokers to join the business.
- In-built User Interface: The basic and primary aspect of developing an exchange is to build a user interface. The user interface is what attracts the users and captivates them for long-term use.
- High-functioning matching engine: The matching engine helps to match the buyers and sellers, and is also responsible for the transactions. Any good trading platform must be attached to a good matching engine.
- Liquidity Flow: Any trading platform must have high liquidity flow. This means that your platform must have multiple asset lists, currencies, payment streams, several order access, etc. Trading bots are often used to improve liquidity. PayBito offers 47+ crypto assets, and over 20 fiat currencies, with banking and payment solutions for traders.
- Crypto Wallet: Crypto wallet is used by users to hold their cryptocurrencies, and transfer assets. PayBito offers a multi-asset wallet with multi-signature cold and hot wallets. The platform consists of the world’s popular cryptocurrencies and offers a multi-asset crypto broker platform.
- High-end Security Features: Security is an important aspect of a crypto broker platform. Since hackers have created an open threat in the market, what’s the point of a platform with advanced features if there’s no security? PayBito provides cutting-edge security with features such as Anti-DDos, data encryption, HTTP authentication, data encryption, CSRF protection, and others.
- Legal Compliance: PayBito’s crypto broker platform is legally compliant with different regulations around the world.
- 24/7 Support and Maintenance: For any service, 24/7 support is an important criterion. PayBito offers round-the-clock support in multiple languages.
- KYC, and AML Verification: KYC and AML verification is an effective procedure to authenticate the users and avoid any illegal activities.
- Technical Compatibility: Any high-end crypto broke platform must have SegWit, ERC-20, Firebase, and BIPS compatibility. PayBito offers effective wallet management with customized solutions.
PayBito keeps updating its asset list and has started the world’s first crypto broker platform with new features. The user-friendly interface is available on all devices and has a free desktop version available. The platform offers exclusive features such as crypto trading, crypto loans, crypto banking solutions, and a highly secure crypto payment gateway that allows hassle-free cross-border transactions.
The present global economic recession has led to a rise in crypto adoption all around the world. Even during the crypto winter phase, the market has a capital of $1.06 trillion. The demand for new exchanges and brokers is increasing exponentially, which has led global crypto companies like PayBito to step up and come up with unique solutions such as a white label crypto broker platform with a branded exchange and available crypto market that is advantageous in both ways, that is for the traders and the brokers.