CryptoCurrency Importance USER INTERFACE (UI)
The site’s user interface must be cryptocurrency importance attractive and quite simple to support the great user experience. Its development can be challenging, taking into account any complex interface. It is important to allow users to create orders, view individual transaction history with filter options, have access to graphics and indicators and discover all activities on the dashboard.
Cryptocurrency Importance API
API is a set of functions and processes that allow external applications to access operating system features or data.
Public and private APIs: Private APIs are used within the system. For example, you can write a bot that will help you trade. Public APIs can be used by third-party developers – for example, to build an analytical tool that shows the current situation on various cryptocurrency exchanges.
Websockets: This is a technology used to send information about transaction changes, market moves, etc.• The FIX protocol is a strict standard for every trading platform; regardless of the asset it trades (coin or fiat). FIX allows external developers to integrate with multiple trading platforms quickly because there is no need to dive into specific API features.
The trading tool is the heart of a trading platform. It matches buy and sell orders, performs transactions and calculates balances. To speed up, they are processed immediately and automatically. Develop your own trading tool requiring deep domain knowledge. If you want to make this task easier, look for open source solutions or hire a company to develop cryptocurrency exchange software.
The market is necessary to provide internal exchange liquidity. Integration with other exchanges via API connection allows drawing external orders into local orders. In addition, there is often a special role – market maker – who controls liquidity.
ADMIN USER INTERFACE
Cryptocurrency exchange administrators are responsible for monitoring transactions and managing users. Depending on their access level, they can see user information such as ID, name, email, etc. and transaction details, such as transaction ID, timestamp, amount, description, etc. Therefore, the admin panel interface should be quite simple but fully functional.
Diary: A complete diary history helps analyze activities on your cryptocurrency trading platform.
Chart: This useful feature allows you to create different charts for a better view.
Generally, there are 2 databases behind a cryptocurrency exchange website. For example SQL and REDIS databases. One is very reliable continuous storage, but quite slow. The other is a storage device that works fast enough, but not for storing confidential data.These are the main elements of the cryptocurrency exchange. The list of valuable features can be done much longer.
Because cryptocurrency exchanges hold personal user data and operate in large amounts, they must meet extremely high-security standards. Let’s look at the security issues you must consider when building a cryptocurrency exchange system.
DDoS Attack Protection
Distributed denial-of-service attacks mean overwhelming a website that has traffic from multiple sources to circumvent its service. Like banks and online shopping platforms, coin trading floors must deal with the threat of DDoS attacks. These DDoS attacks have led to users losing money through unsold margin orders, or by panic selling shares. This is why it is important to automatically detect and minimize attacks.
SECURE PRIVATE KEY
A private key is a secret number that allows cryptocurrency to spend. When a user’s private key is a compromise, one can transfer all the coins to another person’s wallet. Private key security is essential for cryptocurrency exchange and there are several ways to store them.
Hot wallets are store by cryptocurrency exchanges and can access from anywhere in the web portal. Hot wallets are the easiest to hack and are suitable for frequent access.
The cold wallet is offline and safer. We strongly recommend cryptocurrency exchange to provide cold wallet options. When users keep a large part of their coins offline, the risk of hacking will decrease.
The HD-enabled wallet allows creating multiple private keys. This means avoiding backups after each transaction and they provide a high level of security.
A paper wallet is a type of paper with a private key print, usually in QR code. It is store out of anyone’s reach except its owner (i.e. in a safe). This type of wallet is the safest among others.
Multi-level means that many private keys are required to authorize a transaction. For example, one of Bitfinex’s wallets is the multisig 3 address of 6.
Because administrators have privileged access to the system, their account responsibilities and limits need to be clearly defined. You should let people only manage a small part of the system.
There is more than one way to build your own cryptocurrency exchange. White label software needs relatively low initial cost and significantly shortens deployment time, but reduces your profit due to on-going payments and fees.
Open source solutions are free, but may not be reliable and difficult to support. Building your own exchange from scratch with experienced software developers has a higher cost, but allows you to get higher profits and make special features that will attract customers.
Key exchange site elements include user management, databases, commercial tools, market creation systems, administrator dashboards, reports, APIs, WebSockets, FIX, wallets and key webpage.
DDoS protection attacks, cold wallet, multi-level and administrator account limits are necessary to meet basic security requirements.