We have our reason for choosing a cryptocurrency exchange script. To the budding firms reading this…..
What is Cryptocurrency Exchange Script?
Crypto exchange script is off-the-rack exchange software where new entrepreneurs could effectively launch popular trading platforms like a crypto exchange. This cryptocurrency exchange script includes all security functions and cutting-edge features to run an exchange platform.
By using this crypto trading platform, you can build a feature-rich crypto exchange in 7 business days which is the most beneficial factor. The script has the ability to support all trustworthy cryptos for trading like Dogecoin, Matic, BNB, Bitcoin, Ethereum, etc.
Additionally, the crypto exchange script facilitates customization. Where the client can alter the script according to their business needs. This type of script is entirely well-designed, pre-developed, multi-tested, examined by experts, and ready for deployment.
How Does a Crypto Exchange Script Work?
The cryptocurrency exchange trading platform script works the same as reputed cryptocurrency exchanges. For better knowledge, let me detail the working process of the exchange script briefly.
- The users are instructed to register with their email id in the user dashboard of the crypto exchange script. Once the registered verification link is forwarded to the user’s registered mail id. So that user could simply click and activate the trading account.
- After account activation, the user has to provide a government-authorized ID or license for KYC verification.
- After KYC verification, users are allowed to access the account and are facilitated to trade a broad range of crypto assets according to their preferences. So, your user could buy and sell cryptos without issue.
- Before beginning to trade, the user has to provide bank details where they had deposited Fiat funds.
- After fiat deposition, the user has to select crypto with a trading pair and the number of crypto coins that have to be traded.
- After performing the above process, the user gets ready to place an order for the exchange process.
- Once the trade is finished, the purchased crypto coins will transfer automatically to the crypto wallet of the user in a fraction of a second.
As an owner of the exchange, you could collect deposit fees, withdrawal fees, maker fees, and taker fees for all the transactions which are completed and transferred to the user’s wallet. In this way, the platform owner will earn revenue for all transactions that take place through your exchange.
Reasons for Scratch Costing Around 1 Lakh USD
There are several reasons why developing a crypto exchange from scratch is highly expensive. Here let me discuss a few reasons from my own experience,
Developing a cryptocurrency exchange platform is not quite an easy task. Because it needs resources like skilled developers having programming knowledge for the development of the exchange. Moreover, blockchain is the base for the development of the exchange. so it needs blockchain experts. Additionally, you also need designers and testers to successfully complete your crypto exchange platform. Engaging all these resources will definitely cost a lot and this will ultimately increase the price of the exchange.
Recently, numerous crypto exchange platforms have evolved in the market. To complete them, you have to develop a crypto exchange with enhanced features to attract your investors. But the integration of enhanced features in your exchange will require more time and cost. This will ultimately increase the development cost of the exchange.
Other Disadvantages of the Scratch Method
Apart from the huge investment, developing an exchange platform includes some other factors which are lagged in this method, and they are
- The process of building your crypto exchange platform would consume more time some time it may take a year or more than one year to complete the entire development process.
- Once the development is completed, you cannot simply modify it as preferred by your interest. Because the modification requires more cost and time.
- Integrating security within the development process is a challenging task in the creation of a crypto exchange.
All the above points highlight the difficulties of developing a crypto exchange platform from scratch. Now in the upcoming section let’s see how these difficulties are overcome by the cryptocurrency exchange script.
How Does The Crypto Exchange Clone Script Be Cost-efficient?
The cryptocurrency exchange clone script is a ready-made software that includes all the mandatory features of the crypto exchange platform. These clone scripts are built by well-trained developers and blockchain experts to provide a bug-free product. With clone script, the clients are not required to pay any extra amount to integrate basic features. Only an ample amount is charged for customization but it won’t be too costly. As it is a pre-built software, the cost to start a cryptocurrency exchange script will start from $5k, which would be 10 times lesser than building an exchange from scratch. Apart from cost, the crypto exchange clone script has numerous benefits.
Security Features of Crypto Exchange Script
When we talk about the crypto exchange business, you must concentrate on security features. Even a small loophole would cause heavy losses as the hackers are ready to corrupt the cryptocurrencies. So, facilitating tamper-proof security functionalities in the crypto exchange clone script would support you to launch a secure and safe crypto trading platform.
Here I am going to discuss some high-level security features to protect the cryptocurrency exchange script.
- HTTPs authentication
- Jail login
- Data encryption
- Two-factor authentication
- SQL injection prevention
- Anti Denial of Service(DoS)
- Cross-Site Request Forgery(CSRF) protection
- Server-Side Request Forgery(SSRF) protection
- Anti-Distributed Denial of Service
In addition to the above-mentioned security features, you can also add some more security features according to your wish, as the exchange script is highly optimizable.
Zodeak Offers Budget-Friendly Crypto Exchange Clone Scripts
In Zodeak, we deliver feature-pack crypto exchange scripts at an affordable price compared to existing companies in the market. The exchange script is customizable according to your business needs. The cost to start a cryptocurrency exchange script ranges from 5k USD, which is comparatively less than creating from scratch.
Generally, we build clone scripts with a team of blockchain experts, developers, designers, and testers. If your goal is to kick-start your crypto exchange business with minimum investment, then check out a free demo from us and kick-start your crypto exchange business rapidly.