HomeTechnologyConsider These 10 Factors When Choosing a Cryptocurrency Exchange Development Firm

Consider These 10 Factors When Choosing a Cryptocurrency Exchange Development Firm

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Future of Cryptocurrency 

Advancement and rapid evolution!

That’s what the world has seen over the past two decades. Who knows what’s next in store for us. Like in every sector and industry, the cryptocurrency sector has also earned a significant boost and become a popular name in the modern world. Cryptocurrency is a virtual digital asset and an alternative form for all financial transactions which is highly secure and based on blockchain technology. In the current market, the words you will likely to hear in the cryptocurrency sectors are bitcoin (BTC), Ethereum, Cardano (ADA), tether, Polkadot, dogecoin, Ripple (XRP), Chainlink, stellar USD coin, Litecoin (LTC) and Bitcoin Cash (BCH), etc. 

Why has Cryptocurrency become popular?

  • Cryptocurrency offers transactions at a very low cost, and international cryptocurrency transactions are faster than wire transfers. Cryptocurrency offers transactions in just a couple of minutes and seconds.
  • Crypto supporters consider bitcoin as the future currency, and many supporters are buying it currently as it is likely to become even more valuable in the future.
  • The peer-to-peer network offers high security to individuals, providing transparency, protecting you from potential fraud.
  • Cryptocurrency provides the potential for higher returns as the value for cryptocurrency will even increase in the coming years.
  • It provides security towards your personal information like credit card pin code for the payment.
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In the current era, wide-ranging organizations and enterprises are focused on establishing crypto wallets to enter the domain of cryptocurrency. Find out more about the CryptoKit framework in iPhone.

You should consider some factors while choosing a white label crypto exchange development service. Let’s discuss them:

  1. High Security

Keep every customized or white label bitcoin wallet’s security at priority. The wallet should have essential security features like two-factor authentication, biometrics authentication, password-protected access, support for multiple signatures, and properly logging off of a session. In addition, you should consider looking for which exchange has been around for the longest time, have a broad customers base, and least record of past problems while choosing the best cryptocurrency exchange.  

  1. Customer Support

Investors should look into the prominence of an exchange’s customer support service to know how much time they take to respond to you? Know their record in previous customer support? Because sometimes, urgent customer support is required, and a late response or no response at all could do significant damage.  To that end, make sure you choose an efficient customer support service.

  1. Cross-platform Compatibility

You need to make your crypto wallet compatible with various devices that should be compatible with iOS, Windows, Android, and Linux. When it comes to cryptocurrency, your wallet solution should be able to tackle the broad user base across the globe in order to get versatility. Because people worldwide use different operating systems, it would be more beneficial to get recognized by an extensive user base as much as possible.

  1. Features that should be Integrated

Include leveraging features for an effective cryptocurrency wallet. Cold Storage keeps your cryptocurrency offline, eliminating the chances of hacking or attack. There’s also a multi-signature wallet that offers security through multiple forms of verifications. However, there are other essential features you need to implement, and those are:

  • Biometric authentications.
  • Support for many currencies.
  • The conversion rate on autopilot
  • Easy and simple UI.
  • Personalized home screen
  • NFC (Near Field Communication) support.
  • Uncomplicated portfolio management.
  1. Market Reputation of a Wallet Development Company 

Choose your wallet development company wisely. It should be the one to confide and rely on. Hire the best and trustworthy company to develop your wallet solution seamlessly. Check their reviews, their portfolio, and their reputation in the market. Determine their development and client support process, sign an NDA with them for fearless development as this will help you release the pain of exposing your confidential information. 

  1. Deposit and Withdrawal Limits

It’s essential to understand and put in your knowledge that most exchanges don’t have a minimum deposit need. However, exchanges have set limits on how much a user can withdraw or deposit in a given period. For say, the user can only withdraw the amount of $25,000, equal to crypto per day. Therefore, those people who want to withdraw large amounts of money may have to face such limits. Moreover, cryptocurrency exchange apps might apply restrictions on the number of funds users can move within a given period.

  1. Play Safe

Always keep a backup plan to recover without any delay so that if you ever have to face any kind of failure or digital attack, you can get back your digital assets. Since bitcoin is set to play higher and the crypto community is excited to set more records in the future, it has become essential to look in-depth for the safety of crypto. It can only happen if you have a powerful and robust system that securely saves your bitcoins and stores them efficiently. Therefore, there are several ways to keep your crypto safe.

  • Never share your private keys.
  • Ensure the recipient wallet is accurate.
  • Don’t pay attention to giveaway scams.
  • Carry out small transactions.
  • Use different exchanges.
  • Ensure your 2FA verification is on.

While software wallets are often free and straightforward to use, the chances of security breaches and hacking attacks get high because software wallets become vulnerable to third-party access quickly. Saying that, you need to keep your apps up-to-date to reduce the risk factors.  

  1. Utilize QR Codes

Keep yourself safe from data breaches with the help of QR codes while transmitting and receiving bitcoins. This procedure is error-free and highly secure, showing that the crypto wallet is safe.

A paper crypto wallet is a piece of paper containing a printed crypto address, and its private key is in the form of QR codes generated through paper wallet websites. So, transfer cryptocurrencies or tokens quickly with a safe mode via QR code.

  1. Tech Infrastructure

Order matching engines for a crypto exchange play a vital role in containing all the user-created orders. An engine helps you match bid orders, allowing the holder to buy and sell assets according to the market’s competitive price. It automatically executes the deal when an engine finds the similarity between ask and bid orders. Such algorithms permit a trader to create the market, stop limit-order and limit-order.   

An Engine’s Algorithm defines an order’s priority by its time; hence it works on the LIFO principle that says First in First out. For instance, if there are two similar orders, an engine will consider the order that was created earlier to execute it first. The best matching engine assists in exchanging and creating new trading pairs and order types easily and swiftly.  

  1. Understand Liquidity 

When it comes to cryptocurrency, it’s essential to understand the concept of liquidity. Liquidity refers to the convenience of converting an asset into cash without difficulty. So, in cryptocurrency, liquidity is the ability of coins to be easily converted into money or other coins. Traders utilize liquidity to make trades hassle-freely. An exchange should have a high volume of orders that would be enough to sell higher-order each day. Saying that exchange either should have a wide user-base or must hold many assets. High liquidity is significant because it confirms the stability of prices and prevents a giant swing in prices.

Future of Cryptocurrency

There is no denying that 2021 has been a big year for cryptocurrency, and there’s more in store in the coming years. People showed a great interest in crypto, and it seems like it’s even projected to a higher rate. According to Dave Abner, head of global development at Gemini, a well-known cryptocurrency exchange, “There’s tremendous focus and attention being paid to the cryptocurrency industry.”  However, the cost of an app for development could range from around $50,000 – $300,000+ depending on the implemented features and other aspects.

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