Features of Decentralized Crypto-Exchange Software Development
Decentralized Crypto-Exchange Decentralized crypto-exchange refers to a cryptocurrency exchange that permits direct P2P digital transactions to take place online securely and without the requirement of an intermediary. These transactions are easily utilized through the use of self-executing agreements which are written in code known as Smart Contracts. DEXs were created to eliminate the need for any authority to overseas and authorize trades executed within a specific exchange. Decentralized crypto exchanges allow for the P2P trading of cryptocurrencies. Peer-to-peer refers to a marketplace that connects buyers and sellers of cryptocurrencies.
Some features of DEX software development User Features New User Registration
This is the first stage in registering new users to your platform. After landing on your decentralized crypto-exchange website, the new users should be able to easily create their accounts and log in to exchange cryptocurrencies. It should have security features such as captcha or user verification to avoid unauthorized logins.
Two-factor Authentication
For additional security, you should also provide a two-factor authentication feature for accessing the account. For instance, you can send an OTP to facilitate secure access.
Digital Wallet The role of digital wallet apps in the decentralized crypto exchange is to allow users to store their digital currency. They can add their preferred local currency to their wallet and use it for cryptocurrency trading.
Order Book An order book on the DEX website is used to show the transaction history of users. Whenever the users add money to their wallet, buys or sells cryptocurrency, withdraws some accounts, a list of all transactions can appear in the order book.
Payment Gateway Integration The DEX development services should have many different gateways so that the users can pay with their preferred currency to trade in cryptocurrency. For trading and withdrawal also, make sure that users can make transactions easily.
Admin Features
Secure Dashboard The dashboard serves administrators as a uniform way to display and manage the decentralized crypto exchange from the backend. It must be very safe and protected against all kinds of cyber threats.
Transactions Admin should see the transactions during certain intervals and the cryptocurrencies preferred by many of the users. The DEX should also show the commission charged during a day, week or month.
Widgets There should be multiple widgets which can be used by the administrator to check the user activities, new registration, etc. The admin can also approve new user requests, manage listings, and perform other essential functions.
Adjust Trading Fees You can keep the trading fees low initially to onboard more users and help them to make a profit. As the user base grows and your platform gains popularity, you can adjust the trading fee accordingly. However, it should not overwhelm users. This can cause people to leave your platform.
Digital Currency Listings There are different types of cryptocurrencies available to trade today. You have to decide which cryptocurrencies you want to select and list on your DEX. You can start with the most preferred digital currencies and add more as the platform grows. It is important that you ask about scalability when looking for decentralized financing.
Wrap Up In the above paragraph, we discuss the Top 5 key features of custom decentralized crypto-exchange software development in which we have learned about DEX crypto exchange and its features. We acknowledge that Decentralized cryptoexchange software development is in trend today because of the demand of users to have a platform that doesn’t handle it. As most countries have legalized the use of cryptocurrency, its usage is tremendously growing.
If you have an idea to build a DEX platform, then take the next step today by choosing our best mobile app development company for your decentralized exchange. At Awapal, our skilled developers build a robust, secure and userfriendly
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Reference Url: https://medium.com/@awapalsolution/features-ofdecentralized-crypto-exchange-software-development-25bb751422b8