Cryptocurrency Exchange: Your Digital Asset Hub

It is an online platform used for buying, selling, and exchanging crypto and also fiat currencies. The products have higher security, speed, and transparency. Developing the cryptocurrency exchange helps to generate more revenues if it’s reliable, fast, and convenient. If you want to build one for yourself, Smackcoders will develop a cryptocurrency exchange for you.

Types of Cryptocurrency Exchanges

Here we have explained some cryptocurrency exchange platform types.

Centralized Cryptocurrency Exchanges

Also known as CEX is the most common crypto exchange type. It uses a centralized operator or third-party organization to process the transactions. Users need to trust this third party or intermediary for security, operations, and assistance in choosing a trading partner. It manages the order books that can record the buying and selling transactions. It has a simple user interface and provides many features for trading, and can do millions of operations per second.​

Decentralized Cryptocurrency Exchange

To create your cryptocurrency app, then it’s best to choose a Decentralized platform. It doesn’t have any third party or intermediary. It lets fund transfers directly between the users’ wallets using blockchain technology. No control over buying and selling cryptocurrencies from the blockchain or other third-party companies. It registers and verifies the users. The funds are not stored on exchange accounts and the user is responsible for all the activities. Need to wait for other traders to close orders and the other traders can revoke the payment done by PayPal or bank cards.

Peer-to-Peer exchanges

The sales and purchases are directly done between the users. If a trader places an offer, other users can respond to the offer and agree to the terms. Software used for transferring cryptocurrency from the seller deposits to the buyer’s wallets is only considered as an intermediary. It protects users by seller rating and blocking the cryptocurrency. This platform is suitable for beginners. Exchanges take more time and the buyer does not need a fee to deposit, exchange or withdraw. There may be issues happen like transferring money to the wrong user and it’s difficult to appeal charges.

Instant Cryptocurrency Exchange

It allows users to instantly transfer cryptocurrencies from one account to another. It combines prices and liquidity from various custodial trading platforms. It is easy to register with simple exchange UX. Instant crypto exchange users can receive and deposit funds directly into other users’ wallets. The transaction speed is high and supports large orders. But the security level is moderate and it’s difficult to get refunds.