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How to Build a Cryptocurrency Exchange Platform like Coinbase in 2021 ?


Presently, there are more than 2,000 cryptocurrencies, and new ones are coming forth constantly. Blockchain has started up new business opportunities. In this way, it's not unlikely that cryptocurrencies have become another method of investing. Presumably, most market players, inspired by the accomplishment of Binance, Cryto.com, Coinbase, wazirx and many others, have thought at least once about how to make their own cryptocurrency exchange platform. Hence, we decided to form up a detailed guide to assist you with making a quality cryptocurrency exchange platform to facilitate the cryptocurrency exchange in 2021.


   
Key Features & Characteristics for Exchange Platform:

• Trading Engine: It is incorporated in a way that allows you to purchase cryptocurrency at a market rate through integration with GDAX. The list of available coins, payment methods, and charges are contingent upon the region and may vary according to the selected cryptocurrency. 

• User Interface (UI): All components of the platform that connect with the user directly. When developing a platform like Coinbase, you need to focus on a user-friendly interface that is easily comprehensible to the user. Without this, you might limit the understanding and usability of your platform to only technical people. 

• Admin Panel: A set of features and tools with which admins monitor the status of the platform, oversee users and monitor the exchange. Based on different access levels, they should be allowed to see the user ID, email address, phone number, first name with the last name, and so forth, as well as data about the exchanges they make: identifier, time stamps, amounts, description, and so on. 

• Cryptocurrency Wallet: A feature that allows traders to send, store, and receive virtual coins. The more cryptocurrencies a wallet can work with, the better. While developing a wallet like Coinbase, you need to focus on the following factors: 
  • Incorporate a multi-wallet functionality to support various types of transactions.
  • Integration with leading banks (digital or physical) and payment gateways are needed to buy and sell cryptocurrency in real-time.
  • Provide reliability to users by introducing a wallet with a common pool feature where all the funds are stored - both on cryptocurrencies that need liquidity, and in the form of separate wallets for each user.
  • Integration with e-commerce platforms is equally necessary to reach and cater to the maximum audience.
• Application Programming Interface (API): A set of tools and features that allows third-party services to access the information and elements of your platforms. It is through the API that third-party services will connect with your platform, accept payments with cryptocurrency, check wallet balance, and so on.

• Database: Typically, two types of databases are utilized while carrying out crypto trades: REDIS and SQL. REDIS utilizes RAM, which provides fast transactions, yet has security risks. Though SQL utilizes ROM, which is more dependable, yet a bit slower. 

• Mobile Application: This is probably the most important element your platform is going to have. Coinbase would not have been so mainstream if it didn't have a mobile application, so when you build a similar platform, you also need to develop your own application. This will require extra time and money, but the ROI would be extraordinary since 80% of users like accessing the digital services through a mobile application instead of a computer/laptop.

This is our perspective on how to build a cryptocurrency exchange platform from the scratch and some of the aspects to take care of while building it. We believe that our tips will be helpful to you while developing your cryptocurrency exchange platform with valuable features for traders. 


Building a Coinbase-like cryptocurrency exchange platform is an extremely challenging task to attempt, yet with the right team and an ideal belief system, it is of no doubt that you can even outperform the performance and user engagement of leading cryptocurrency platforms.


If you have any questions, feel free to reach out to us – info@taliun.com or visit our Software Product Engineering page

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