In this article I will be referencing a standard workflow you will need to consider while building a cryptocurrency exchange service (a crypto to fiat mainly).
The most demanding concern of such a kind of service is usually as always about security and safety features. So it must be very important to give tight features to safeguard your service. There should be pre-loaded coins like Bitcoin, BitcoinCash, Litecoin, Ethereum etc and fiat currencies 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 Extra Wallet : Moving on to to the core area of the service : the wallet. There should be a very secure primary wallet.
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The primary wallet could be either connecting on 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 offers an API to achieve this firmly.
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 linked to 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 disengagement amount.
Revenue Generating Techniques : Such as all exchange platforms revenue flows in the form of commission you can think of getting make the most of commission while any transaction. The scope transaction includes : while adding, while extracting, while a sell/buy happens.
Complete Log of Activities : User activities should be all logged proper so that any time exactly what need to be checked a provision is always present. It is good to provide a hard copy substitute for exactly what whenever needed.
Statistics : Statistics to your transactions, current number of coins, fiat currencies all should be present.
Powerful Admin Dashboard and Interactive Public Pages : Admin panel should be powerful enough so that admin can never miss any activities to be done. There should be substitute for 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 candlepower unit representation is best for cryptocurrency exchange markets. You can depend on any 3rd party service like TradingView for this (they provide a free service currently for the purpose). All these points will be kept in mind while preparing a workflow for building a cryptocurrency exchange service.
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