There’s a big reason to rejoice for every user involved in cryptocurrency exchanges. The first cryptocurrency exchange bolstered by a bank is operating successfully. The platform is called VCTRADE, based in Japan. On the flip side, there are people who say that these exchanges are hurting the industry. To properly comprehend the prevailing issues, having a basic idea of the same is a must. In a nutshell, cryptocurrency exchanges allow the exchange of crypto-crypto, crypto-fiat and vice versa. The prices of the coins and tokens are set depending on the actions of buyers and sellers.
Understanding the limitations of centralized exchanges:
The cons of centralized exchanges are:
Drainage of monetary resources– To improvise on the coin technology, a coin is required to shell out a large sum of money.
Pay-to-play model- It has hugely impacted the centralized exchanges. It refers to the condition in which money gets exchanged for services. Consequently, one will need t pay to stay in the game.
They need to deal with volume problems- Because of large volumes of transactions, the centralized exchanges fail to cope with it.
Prone to hacks- There are countless instances of hacks and, in most cases, the exchanges did not put any efforts to pay back their customers.
The core of the traders has always been to generate more revenue through these platforms. The major problem is that these cryptocurrency exchanges often become a way of profit-making. Instead, we need to make use of the advancement in technology.
To tackle these obstacles and make it worthwhile for the traders, Oodles’ Blockchain offers uniques development solution of centralized exchanges.
Oodles’ Blockchain: A Leading Blockchain Service Provider
We have been undertaking altcoin exchange script with customizable options and have made a long client portfolio. We are best known for developing reliable, scalable and secure cryptocurrency exchange software that are completely white label solutions. Some of the attributes that help us stand apart are:
Our team of cryptocurrency developers mainly focuses on the wallet security. Therefore, the crypto wallets developed by us consist of a few unique features such as multi-signature, elliptical curve cryptography, and two-factor authentication.
What types of orders our cryptocurrency exchange software offers:
Market order – Enables users to trade at the current market price.
Limit order – Users can place anticipatory orders; that the orders will be by other users’ matching orders.
Stop order – Users can trade the orders after an identified rate.
Buy stop order – It commences when the order is above or below the stop loss order.
Copy order – Users are kept updated on the top cryptocurrency traders.
These types of order matching in a centralized exchange make it secure from the initiation of hacks.
Cross-site request counterfeit security: Safeguard against harmful activities from the user end and more.
HTTP authentication – Most protected tokens
Jail login – For preventing numerous failed login attempts for a limited time
Encrypted data – Safeguard user credentials and other important information
Why People Choose Oodles For Developing Their Cryptocurrency Exchanges:
We develop crypto exchange platform software that supports utility and security token offering, which also brings an array of advantages such as 99.9% uptime, optimum customization and much more.
We strive to ensure that these features eliminate the restrictions of the centralized exchanges. We deploy our best blockchain solution experts to deliver the most effective blockchain solutions and extraordinary results in less time. If you are also looking to join the world of cryptocurrency exchanges, connect with us and we’ll make sure that your business thrives.