The need for multi-lingual support during Crypto Exchange Development

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As the world embraces digitization with open hands, the reach of crypto exchanges has expanded many times. With virtual currencies developing everywhere, it has become one to watch out for the future. As cryptocurrencies enter different markets and eliminate different barriers, it has increased the number of online users necessitating the need for multi-lingual support in crypto exchange development. Regardless of established companies or new users, the industry’s growth has been unprecedented, with a rise in the number of online sign-ups, trading volume, and market capitalization. As different players aim at consolidating their position by reaching out to traders and investors with suitable traders, multilingualism has become the order of the day. Advantages of possessing multiple language support in Crypto Exchange development  Strengthens the customer experience - When users get to hear a customer support representative respond to their queries and complaints in their native langua
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The Most Comprehensive Guide Ever to Starting Your Whitelabel Crypto Exchange Business

Whitelabel Crypto Exchange
In order to develop your own cryptocurrency exchange software, the internal architecture of an exchange platform software should be understood. In addition, the correct exchange software is required. 

 The following steps are to be considered when developing your own crypto software:

  • Identify the location where you desire to operate the business
Regardless of regional focus, appropriate licensing and approvals are required to run a crypto exchange. Laws are variable based on exchange.

  • Identify regulations in that area
Compliance with KYC norms is mandatory.

  • Team up with a bank or payment processor
This is necessary for payments to be made via fiat currency. Banks that offer a wide range of online facilities are a good choice.

  • Utilize transaction history and liquidity on the exchange
Crypto exchanges need liquidity to function smoothly. The following are three methods to fuel liquidity:

 -> Simulate trading activity in your exchange platform by sale/purchase between a couple of artificial accounts
-> Utilize API interface that can connect your exchange with another one
-> Join a network of crypto exchanges like trust deposit

  • Utilize the best security services
Top-of-the-line security must be in place to ensure the security of operators and traders. It should be applicable to your customer’s private data which includes their KYC data and bank information. Security issues are a top priority.

  • Provide customer support
Ultimately, good customer support is essential to ensure the security of operators and traders. 

 The architecture of a crypto exchange platform

 Four critical components are important to the functioning of a white label crypto exchange platform.
  1. A trading engine is the first important component; it accesses the order book, matches buy/sell orders, executes transactions, and calculates balances
  2. The UI (User Interface) is the second factor that matters. The UI is how users view the exchange, it is their point of contact with the exchange. It needs to be user-friendly and intuitive. Dedicated mobile apps, with mobile-optimized software, is a prerequisite.
  3. The cryptocurrency wallet is the third most important fact. It is a daemon to store crypto on the exchange server.
  4. The admin panel is the fourth most important factor. It is comparable to business intelligence and management software. An admin panel should feature the following functions:
-> Alteration of liquidity
-> Options to edit and spread trading
-> User account approval for trading
-> Management of currencies
-> Crediting fiat deposits, debiting fiat withdrawal requests
Hiring a crypto-exchange software development service provider

 Utilizing an in-house team of crypto developers could prove to be very expensive. Hiring an external team would be much more cost-effective. The advantages of an external team are as follows:

 -> Relatively low pricing
-> Experienced developers having subject matter expertise 
-> No necessity to identify programming language, they are aware of which functions best
-> Ensuring that your crypto is compatible with several payment processing providers/banks
-> No necessity to determine the cost of hiring employees, software, resources, etc.
-> No necessity of time estimation of developing, maintaining, and improving software, these are already decided upon

 Blockchain App Factory is a cryptocurrency exchange development company with comprehensive experience within the crypto sphere and in blockchain development.

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