In this article I am referencing an overall workflow you need to consider while developing a cryptocurrency exchange service (a crypto to fiat mainly).
The most demanding concern of such a kind of service can be as always about security features. So it ought to be very important to give tight features to shield your service. There should be pre-loaded coins like Bitcoin, BitcoinCash, Litecoin, Ethereum etc and fiat stock markets to pair with, for creating a market.
Email Confirmation -- For more risky activities you can ask for a email confirmation to proceed.
Primary Wallet and Supplementary Wallet -- Shifting to to the core the main service -- the wallet. There should be a very secure primary wallet apestake
. The primary wallet could be either connecting right to a node or rely on any secure 3rd party service like CoinBase. But in either cases it would be always good to give users an automatic wallet address generated from the service itself and not out of the service. The CoinBase has an API to accomplish this safely.
Now think to further secure coins to a hardware wallet/cold wallet concept to secure even further from your primary wallet. This cold storage could be associated with your service (the exchange platform) to move coins out of the service to secure them.
Know Your Customer -- Now this point is also very important, you can adopt strict KYC method to protect your exchange platform. You can ask for docs to be submitted while registration itself. Now it would be good if you accept these docs out of the service to any secure email address so that user identity is preserved. You can think to classify users on basis of revulsion amount.
Revenue Generating Techniques -- As with all exchange platforms revenue flows in the form of commission you can think of getting cash in on commission while any transaction. The scope transaction includes -- while lodging, while pulling out, while a sell/buy happens.
Complete Log of Activities -- User activities should be all logged proper so that any time those things need to be scrutinized a provision is always present. It is good to provide a difficult copy choice to those things whenever needed.
Statistics -- Statistics to your transactions, current number of coins, fiat stock markets all should be present.
Powerful Administrator Dashboard and Interactive Public Pages -- Administrator panel should be powerful enough so that administrator can never miss any activities to be done. There should be choice to manage users, manage coins, manage transaction, basic settings, security settings, statistics etc.
And public side should be kept interactive giving quick access to the current market value of a coin. Can choose any chart representation, mostly a candlestick representation is best for cryptocurrency exchange markets. You can depend on any 3rd party service like TradingView for this (they provide a free service nowadays for the purpose). All these points have to be kept in mind while preparing a workflow for developing a cryptocurrency exchange service.
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