5 Simple steps to build a crypto exchange on your own

A crypto exchange is a platform where buying and selling of cryptocurrencies take place.

Before developing an exchange, you should consider doing market research, the type of crypto exchange you’re building, and the location where you are going to launch that exchange.

If you want to create a crypto exchange as part of your business, you can rely on a crypto exchange development company or you can build it on your own. If you need to build it on your own, follow the guided steps listed below. 

Step 1 - Collect technical needs 

Step 2 - Prototype

Step 3 - User Interface/User Experience 

Step 4 - Development  

Step 5 - Testing 

Gather technical requirements

The following technical requirements are needed to build the crypto exchange.

• The primary requirement is selecting a suitable programming language. Java, Python, C, & C++ are the most common programming languages.

• The next requirement is on which server you are going to build this crypto exchange.   

• Certain tools like charts, candlestick patterns, and technical indicators are also needed to build the crypto exchange. If you need some additional tools, use that too.

MVP development

In cryptocurrency exchange development company, a Minimum Viable Product (MVP) is a demo product with limited features that is developed and checked before moving it into the development stage. Building this type of prototype can rectify the mistakes and validate the model in the earlier stage. It also creates a scenario through which you can justify whether the product is going to be successful or not.

UI/UX

After the MVP development, you can proceed with designing a website for the exchange that creates a comfortable experience for your users. UI designers work closely with UX designers to give a smooth navigation experience. Parallely, the development process takes place side by side. 

Development

In the development stage, important features are added to the exchange. The features like wallet, order book, trade engine are built. The wallet is a built-in feature used to send, store, and receive crypto coins. The order book is an e-list of trade orders organized by price level or other parameters. The trading engine is used to match the buy orders with the sell orders. You can add on some extra features if you need them. 

Testing

Testing is done after the development process. You have to identify the bugs and fix them. Different tests are done to make sure that the product is reliable and secure. You should do the following types of testing. 

• Unit Testing

• Functional Testing 

• End to end Testing  

Unit testing

It is a type of software testing method to test the individual parts whether the coding is properly working or not. It speeds up the development process.

Functional Testing 

It is a kind of testing to test each part of the exchange software by providing the input and verifying the output against the functional requirements.

End to end testing

This type of testing is done for the entire product from beginning to its end to check whether the expected flow is happening or not.

Conclusion 

If you want to build your own crypto exchange, follow the above-listed simple steps. If you need help from a crypto exchange development company, you can rely on Blockchain Firm, a cryptocurrency exchange development services provider. They have been in this field for 5 years and are providing various blockchain services and solutions globally.