The modern economy has undergone numerous changes in the last decade. Several businesses are keeping an eye on these cryptocurrency exchange trends. It is crucial to comprehend the key components that make up any effective platform. These features enhance the functionality of the cryptocurrency exchange platform as well as the trading experience of its users. Although adding several necessary features is simple, it is advisable to review the main features. Let’s explore this.
7 Basic and must-have Cryptocurrency Exchange Features
1. Margin Trading And Crypto Lending Features
Margin is the loan your cryptocurrency exchange gives you to place larger trades. The funds in your account serve as collateral for this loan, which you must repay with interest. In Cryptocurrency lending, one party lends to another in exchange for interest payments. This feature is considered the most beneficial feature of the crypto exchange platform.
2. Educational Resources
Cryptocurrency exchange platforms must provide an understanding of the various digital assets, coins, blockchain technology, the crypto trading process, and so on. Many cryptocurrency exchange platforms reward users who take part in their new coin learning program. These methods are most effective while introducing new cryptocurrencies.
It is simple for users to earn a small portion of cryptocurrency, which can then be converted to cash or traded. The detailed courses and articles on cryptocurrency websites assist beginners in learning about the most recent innovations, crypto markets, crypto history, and much more.
3. Trading Fees Structure
Some cryptocurrency exchange platforms charge higher fees than their competitors. This strategy works on the trader’s high profits requiring them to pay additional money to the exchange as fees. The merchants believe the higher prices are justified because they receive better security and insurance.
The leading cryptocurrency exchange platforms may charge traders fixed fees or a percentage of the trade. Some charge fees based on transactions and differentiate between buyers and sellers, whereas others charge fees based on currencies. As a result, users can choose the platform based on its suitability after learning about pricing factors.
4. Staking and Rewards
As an incentive to acquire and hold staking assets, you can earn rewards when you stake cryptocurrencies and fiat for some time. A bonding period is necessary for staking coins. To earn staking rewards, choose the asset you want, and once it has finished bonding, it will be ready to begin earning rewards twice a week through the Proof of Stake process.
5. Customer Support Services
Any cryptocurrency exchange platform must provide round-the-clock customer support to all users. Since many users are novices, they must receive specialized advice. Because consumers don’t have to sift through a lengthy list of FAQs to find the answer to their question, especially when it involves credit or debit, the platform is more adaptable.
A crypto exchange should have a support service that can handle all submitted tickets effectively and on time in addition to the technical features. An excellent support team understands the product inside and out, responds quickly, and is proactive in its assistance.
6. Easy business scalability
The network’s capacity defines the scalability. Most individuals and businesses use crypto wallets to conduct transactions, now is the time to expand your presence among new customers. Crypto exchanges, unlike traditional methods, do not require complex approval to scale the business and provide a competitive advantage.
This development will assist you in moving closer to the futuristic disruptions occurring in the global market, regardless of whether you are in the B2B sector, the e-commerce sector, or a service-selling business.
7. Platform Availability
Application administrators use it to determine an application’s ability to deliver the required functionality. Typically, application availability is measured using application-specific key performance indicators (KPIs). These can include overall or timed application uptime and downtime, the number of transactions completed, application responsiveness, errors, and other availability-related metrics. Workload distribution and increased reliability are all part of these features in your applications.
5 Basic and must-have Security Features for Cryptocurrency Apps
1. Registry Lock
It enables the cryptocurrency exchange platform to restrict domain registration only at the registration level. The platform’s registry lock increases security since it prevents hackers from deleting crucial components of your domain. After the registration lock is enabled, it must undergo a complex process. Three-way security feature checks between the registry, the registrar, and the domain registrant. So, to achieve the highest levels of domain security, the registry lock feature is required.
2. Web Protocol Security
The CSP secures the web protocol. As the most vulnerable component of cryptocurrency exchange platforms, it is critical to protect web protocol security. It is possible to accomplish this using the HTTP Strict Transport Security protocol, which allows all browsing sessions to use HTTP protocols. The X- frame Protection guards against cross-site scripting attacks on the cryptocurrency exchange platform.
3. Multi-signature vaults
This feature secures the vaults on your crypto exchange platform. The user transacts any cryptocurrency or wallet tokens by using several security keys. You cannot remove money from the wallet without a key. Additionally, it produces a new alternative security key for each transaction and withdrawal.
As a result of utilizing this security feature, it guards against cryptocurrency theft in the wallet.
4. DNSSEC
DNSSEC incorporates a set of protocols that authenticate all Domain Name System (DNS) queries. It allows data authentication using public keys and digital signatures and rejects unauthorized DNS entries to the cryptocurrency exchange platform server.
5. Anti-DDoS
DDoS attacks disrupt website traffic, server, network, and so on by overwhelming the website with internet traffic. DDoS attacks have caused significant downtime losses on multiple cryptocurrency exchange platforms. Therefore, to stop DDoS assaults, all the major bitcoin exchanges use load balancers or network firewalls. These anti-DDoS modules support the secure operation of cryptocurrency exchanges.
Conclusion:
As the owner of a crypto exchange, you must make your platform secure by incorporating these features. These features will pique the interest of many cryptocurrency users around the world. Integrate these powerful security features to propel your cryptocurrency exchange to the top ten. Review the main security features of any cryptocurrency exchange platform to make it effective against potential cyber-attacks.
If you are looking for Cryptocurrency Exchange Software Development or Cryptocurrency Exchange Software Solutions for existing blockchain apps, then Opris is the best choice. We have experienced and skillful blockchain experts to develop Cryptocurrency Exchange Development Services for global clients.
Grab a free consultation or demo with our crypto experts to explore more about additional features that bring your crypto products to the next level.
