Cryptocurrencies have proven to be a great source of income over the past few years and hence probably, this is the ideal time for initiating a crypto business venture. Seemingly, launching a crypto exchange in the crypto space would bring profitability, in which you will get a massive sum of money through various revenue streams.
Creating a crypto exchange from scratch could be a hassle, which will considerably consume more time as well as money. However, a crypto exchange script comes in handy with the perks of devoting time for development/customization is less and eventually the investment. Let’s see in detail the crypto exchange script in this blog.
Start From Basics, Know What A Cryptocurrency Is
Cryptocurrency is typically digital money, which could be traded globally on the medium. This has become one of the predominant reasons for the emergence of the concept of decentralization, not requiring any middlemen or intermediaries for the transaction of cryptocurrencies without hassle-free, unlike banking.
And yes, cryptocurrencies are not issued by central authorities like a government, though the secured transaction is assured. Bitcoin emerged first, which was in the year 2009. Later, many other cryptocurrencies were introduced. Even so, some have become active and others are in a state of dormant.
Some of the cryptocurrencies that are well-known for their market capitalization are listed below for your reference.
- USD Coin
- Cardano etc.
What Is A Cryptocurrency Platform, Aka, Crypto Exchange?
Ever heard of a crypto exchange or cryptocurrency platform? It is a stage where crypto enthusiasts will be able to exchange a cryptocurrency for another cryptocurrency and/or even for a fiat currency. That is, the cryptocurrency platform could support both crypto-to-crypto trading and fiat-to-crypto trading. Moreover, supporting different cryptocurrencies for exchange. This platform itself will act as an intermediary between crypto enthusiasts and users/traders to exchange their cryptocurrencies among their counterparties in a hassle-free manner.
Understanding The Types Of Cryptocurrency Exchanges
There are three major types of crypto exchanges, namely CEX (Centralized Cryptocurrency Exchange), DEX (Decentralized Cryptocurrency Exchange), and Hybrid Cryptocurrency Exchange. Among these, CEX and DEX are so common.
- Centralized Cryptocurrency Exchange (CEX)
The name itself says it all. The centralized crypto exchange brings buyers and sellers together with the involvement of middlemen or central authorities. Vulnerability to hacks is one of the drawbacks, which seemingly makes users go for DEX.
Examples of a Centralized Cryptocurrency Exchange are Coinbase, Kraken, Binance, KuCoin, and Bitterex.
- Decentralized Cryptocurrency Exchange (DEX)
DEX facilitates peer-to-peer trading of cryptocurrencies. The decentralization concept makes certain users exchange cryptos without intermediaries and there will be no vulnerability to hacks. However, low liquidity and volume are the drawbacks. Whereas, it has overcome the shortcomings of the CEX.
Examples of a Decentralized Cryptocurrency exchange are Stellar DEX, IDEX, Binance DEX, and Waves DEX.
- Hybrid Cryptocurrency Exchange
It is the combination of centralized and decentralized cryptocurrency exchanges, holding the benefits of no vulnerability to hacks and better liquidity. This seems to be a next-generation crypto exchanging platform.
Examples of a Hybrid Cryptocurrency Exchange are Qurrex, Legolas, and Eidoo.
Let’s Dig Deeper Into What Is A Crypto Exchange Script
As mentioned earlier, the crypto exchange script is a ready-to-deploy solution which is pre-made equipping core features which will seamlessly execute the functionality of the cryptocurrency exchange platform. It is customizable for the users’ end to make the platform more suitable for individual business requirements.
Some popular crypto exchange scripts available include the following. Check this list.
- Binance Script
- DDEX Script
- LocalBitcoins Script
- Kraken Script
- Poloniex Script
- WazirX Script
- Coinbase Script, and many more.
For instance, Coinbase Clone Script is a functional replica of the crypto exchange – Coinbase. Its features will be similar and could be tweaked with the infusion of additional features. This solution gives the perk of branding, quick launch, and cost-effectiveness.
Entrepreneurs could make use of any of the crypto exchange scripts and launch their crypto exchanges within the shortest possible time.
Important Features Of The Crypto Exchange Script
- A real-time price tracker in the crypto exchange script allows users to know the current price of the cryptocurrency in the market, which will help them to make informed decisions.
- The matching algorithm automatically matches the buy & sell orders, which will pave the way for swift trading without any hassles.
- The peer-to-peer exchange option entitles the user to exchange a cryptocurrency in a decentralized environment.
- The KYC/AML verification helps to eliminate money laundering and make the crypto exchange platform more and more secure.
- Multi-currency support in the cryptocurrency exchange script allows users or traders to access and exchange various cryptocurrencies.
Where To Get The Crypto Exchange Script?
Employing the best crypto exchange script is requisite to launch a successful crypto exchange and make a predominant place in the crypto space. Out there in the town, many providers and companies are offering the crypto exchange script. Start with the background verification of the company to know their previous offerings and clients’ reviews & feedback. The best cryptocurrency exchange ideally denotes that the solution is end-to-end customized, equipped with important features, and instant launch. Find and approach a reliable company for crypto exchange development.
The Concluding Thought
I hope this blog helps you to gain insights into a crypto exchange script. If you aspire to join the crypto journey as soon as you can, take advantage of a crypto exchange script to launch the cryptocurrency exchange platform.