Hybrid Cryptocurrency Exchange Developers
Need Hybrid Cryptocurrency exchange? Hire the best Hybrid cryptocurrency exchange development service. Blockchain Coders team is ready to develop your own (Hybrid Exchange). Contact Us!
The increase in the popularity of cryptocurrencies gave rise to their exchange methods as well (and yes, surprisingly, there are more than one) also gave birth to several crypto exchanges to make the buying and selling process of cryptos a whole lot easier than it used to be. There are now so many different kinds of cryptocurrency exchanges, including decentralized cryptocurrency exchange (DEX), centralized cryptocurrency exchanges (CEX), and hybrid cryptocurrency exchange (HEX) among others. The reason for the birth of more than one way of exchange platforms was the issues that investors were facing while exchanging cryptocurrencies since they are digital assets.
Let’s talk about hybrid cryptocurrency exchange because that sounds a lot more interesting than the others!
Hybrid Cryptocurrency Exchange
Hybrid cryptocurrency exchange is like a mix that targets the limitations of both decentralized and centralized exchange platforms and combines their pros while targeting their cons. So, you have got the security and anonymity of the decentralized exchange platforms and the usability and liquidity of centralized platforms, all in one single type of cryptocurrency exchange platform.
The cons or the limitations of both centralized and decentralized exchanges were the reason why hybrid cryptocurrency exchange platforms rose in popularity so much because on one hand, DEX platforms have slow transactions and on the other hand, CEX platforms are famous for their complete control over the investor funds and having high transaction fees.
But Why Do We Need Hybrid Cryptocurrency Exchange?
As discussed above, hybrid platforms are built to deal with the shortcomings and combine the pros of both centralized and decentralized exchange platforms. For instance, in the former kind of exchange, the user gets to have complete autonomy over his or her funds, including whether they want to trade using smart contacts or they want to store their money in a wallet.
Then comes the hybrid crypto exchange platform in the grand scheme of things. HEXs allows its users to enjoy complete access to their private keys. It is designed to resolve the scalability issues that are associated with DEXs Moreover, HEXs also deal with the issue of high trading fees that users have to pay in DEXs. So, the best part about HEXs is that you do not have to pay any sort of gas fees or taker fees.
Features Of A Cryptoexchange Platform Software
Here are some of the essential features that a crypto exchange platform must have, especially if you want to attract customers and retain them. So, this is what you need to build a crowd-pulling cryptoexchange platform. You shouldn’t forget about offering market-leading and institutional-grade features when building your very own crypto exchange platform from scratch.
Liquidity And Fund Control
Liquidity is vital for starting a funds exchange because traders won’t trade with someone with insufficient liquidity. You can create liquidity by having the traders become the Liquidity Providers (LP) and then interest on their deposits just like DEXs.
A trading engine is another essential feature for the successful exchange of cryptocurrencies and it needs to have unique features such as analytical tools, live price charts, and volatility index indicators because these are the tools that professional traders look for. For DEX you need to offer smart contracts to ensure the security of the trades happening in the space.
You need to have a wallet to allow your users to store their assets and currencies, so it comes without saying that a wallet must be secure and highly safe. At the same time, it needs to support more than cryptocurrencies so you can prevent your user base i.e., the traders from downloading different apps or using separate wallets for separate assets.
Since people are not familiar with trading and cryptocurrency, your interface needs to be intuitive and friendly enough that a novice does not face any problem navigating through it. So, an intuitive but simple interface is super important.
Binding It Up
So, to wrap it all up, keep in mind that when you are dealing with a cryptocurrency exchange, whether it is a centralized cryptocurrency exchange platform, decentralized cryptocurrency exchange platform, or a hybrid cryptocurrency platform, it is all about people’s money. So, the best way to enter the market and do it safely and smoothly is by offering people a trustworthy, secure, and reliable way of exchanging their cryptocurrency if you want to beat the competition and make it big in the world of crypto. Hire Blockchain Coders for custom hybrid cryptocurrency exchange development.