Ever since Bitcoin started operations in 2009, the way we perceive money has changed drastically. While the incorporation of digital banking solutions is one reason, the evolution of cryptocurrencies has played a vital role in doing so. We should also consider the growth of cryptocurrency exchanges during this time, as these redefined how cryptos had real-world use cases. Despite all the technological upgrades these platforms have had over the years, being user-friendly was not concentrated on until recently. At Blockchain App Factory, we work hard to perform user-friendly crypto exchange development, resulting in featureful applications with enough insights for users.
Where Do Cryptocurrency Exchanges Stand Today?
As of February 2023, there are over 550 cryptocurrency exchanges, according to the popular crypto stat provider Coinmarketcap.com. The overall crypto market has also been recovering, with a market cap of nearly US$1.7 trillion, showing significant growth in the last few months.
The top 10 crypto exchanges, according to Coinmarketcap.com, include the following:
- Binance
- Coinbase Exchange
- Kraken
- KuCoin
- Bitstamp
- Bybit
- Bitfinex
- OKX
- Binance US
- Gate.io
You might note that all the above exchanges are centralized. Where are all the decentralized exchanges (DEXs)? They are further down the rankings as the website ranks exchanges based on various parameters including traffic, liquidity, and trading volumes. Yet, these centralized exchanges (CEXs) can work fine during the transition period from Web2 to Web3. Decentralized exchanges could work in full flow once cryptos become commonplace.
What Should a User-friendly crypto exchange development Include?
For a cryptocurrency exchange to be friendly to users, there are numerous features that should be considered and implemented accordingly. The major factors are presented in the sub-sections below.
Intuitive User Interface
Any crypto exchange development campaign should concentrate on providing user interfaces that are easy to navigate and understand. Making users feel at ease during their time spent in the application is a huge standout point.
Heightened Security
A cryptocurrency exchange should provide high security to protect the platform and user funds from hacking and malicious actions. Doing so raises the platform’s trust among users.
Multiple Cryptos
A crypto exchange, irrespective of its nature (CEX/DEX), should enable users to trade in multiple cryptocurrencies. Apart from network-native currencies, support for platform-native tokens and stablecoins can be enabled for better patronage.
Sufficient Liquidity
Possessing enough liquidity for various crypto tokens is paramount to a crypto exchange. Such provisions allow users to trade crypto pairs at all times at reasonable costs quickly.
Low Fees
Cryptocurrency-exchanging applications offering their services at lower costs are generally popular among users. Even by setting low fees, these ventures can yield profits as they attract a lot of regular traders.
Extensive Customer Support
A crypto exchange company should have a dedicated customer service team in place to cater to users’ queries and offer them insights. This can either be done through manual or automated chatbots based on the exchange’s working nature in multiple languages.
Mobile App
With smartphone usage being widespread, a cryptocurrency exchange venture should provide a mobile app friendly to users. This enables them to access the platform at any time, increasing trading volumes.
Educational Resources
The exchange should offer users additional resources for learning the concepts behind crypto trading. The content present in those materials should be easily understandable and available in multiple languages for better reach.
Regulatory Compliance
As cryptocurrencies are a new asset class, it is essential for a crypto exchange to be compliant with regulatory requirements in its operating jurisdictions. The future presents brighter prospects for these applications as cryptos have started seeing official adoption.
Fast Functioning
For a crypto exchange to become people’s favourite, it is necessary for the application to have high functioning speeds. Transactions should be processed quickly, irrespective of trader volume, using relevant scalable solutions.
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More Features to Enhance User-friendliness
Apart from the features we have seen above, there are more features that can make a crypto exchange application even more user-friendly. The below sub-sections talk about them in detail.
Trading Tools
Trading tools are a feature required for more seasoned crypto traders. Elements such as charts, market analysis, and other relevant statistics should be present in the application to appeal to such users. Even bots assisting users with trading decisions can be incorporated for a better appeal to the investor community.
Reviews and Ratings
Reviews and ratings in a cryptocurrency exchange allow new users to know how good a particular crypto coin or a trading pair is and allow existing users to share their thoughts. This can be especially useful for platform-native cryptocurrencies.
Fiat Gateway
Having a fiat gateway for processing payments and cashouts can help crypto exchanges appeal to the mainstream public. Such provisions can make an exchange serve users an entry path to the crypto world.
Quick Verification
Offering a quicker KYC (Know Your Customer) process through a combination of manual and automated verification protocols can enhance the initial user experience. A crypto exchange with fast verification processes can become popular in no time.
Higher Transaction Limits
Crypto exchanges with higher transaction limits can attract a lot of users, including institutional investment players and high-net-worth individuals. Having such users under the platform’s user base can increase the venture’s profile in the long run.
Rewarding Mechanism
A cryptocurrency exchange should have a mechanism to reward users for trading a predefined amount of cryptocurrency and for referring new users to the platform. Such incentives can enable users to become passive marketers, creating buzz around the platform.
Transparent Operations
Providing transparency all around is necessary for a crypto exchange business to gain credibility among users. Details should be provided on regulatory compliance, fee mechanisms, and safety measures that can appeal to the users.
Multiple Payment Options
To make a cryptocurrency exchange user-friendly, it is necessary to integrate payments through multiple options. These can include digital wallets, credit/debit cards, and wire transfers while allowing payments in major fiat currencies for better reach.
Multi-language Support
A crypto exchange development campaign should focus on going international, and languages should not be a barrier. Offering the platform and customer service in major global languages can attract more users toward the exchange.
Regular Updates
For a crypto exchange to cater to the community in the long run, it is important to release regular software upgrades. These can be performed for scaling the application to increase user traffic and new crypto trends.
Final Thoughts: How can Blockchain App Factory Help You?
We have seen what a cryptocurrency exchange requires for it to maintain user-friendliness at all times. You might have realized that working on being user-friendly starts from the first day of the crypto exchange development campaign. That necessitates opting for Blockchain App Factory that excels in launching these platforms. Our experts can create your crypto exchange platforms from scratch and Whitelabel solutions.
More Reasons to choose our services to include the following:
- Proficient Blockchain Developers
- Creative Consultants
- Experienced End-to-End Development Teams
- Advanced Technological Stacks
- Multi-chain Solutions
- 24 x 7 x 365 Technical and Non-technical Support
- On-time Delivery
- Competitive Pricing
Fill out the form below to schedule a meeting with one of our experts to frame the action plan to launch your cryptocurrency exchange.
