Designing a crypto exchange

A cryptocurrency exchange is an online tool for exchanging digital currency. Unlike the exchange, it will not work to make money on trading – commissions will “eat up” all profits. Yes, in principle, this is not necessary, because the main task of exchangers is to transfer the crypt as quickly and safely as possible.

There are a huge number of exchangers on the market today.

Nevertheless, users perceive new products quite positively, especially if they offer better commissions, fast transactions, a comfortable interface and various innovative ideas. This means that in order to achieve good commercial results, a business needs not only a well-thought-out development strategy, but also an impeccable technical implementation of the exchanger, which cannot be achieved without careful design. In this article, we propose to discuss the latter question in more detail.

Designing is one of the main stages in the development of a cryptocurrency exchange, which helps to save time and release a good product on the first try, ready to be promoted on the market.

Speaking more specifically, design solves several important tasks at once:

• Search for the best ideas. Designing is carried out quickly and does not require large financial investments. Therefore, the team is free to test different ideas, hypotheses and concepts, experiment with features and determine the most successful technical solutions.
• Minimizes risks. When creating a prototype, you can immediately see the main shortcomings and weaknesses of the project, and then quickly eliminate them. This will help to avoid high costs in the future – after all, edits will become much more expensive if the problem is discovered at a later stage.
• Reduces implementation time. This point follows from the previous one – the fewer edits will be in the development process, the faster the exchanger will be able to release.

• Helps to evaluate usability. A good and user-friendly design is a very important component of a crypto exchange. And developing a prototype and testing various user scenarios on it is a great opportunity to determine how user-friendly the product is.
• Development optimization. The prototype is a kind of “framework” of the future cryptocurrency exchange. Once approved, the team will be able to use it as a basis for all future stages: when creating design, functionality, and during testing. That is, the production process will become consistent, predictable and convenient.
• Improves budget planning. A well-thought-out prototype gives the team the opportunity to more accurately estimate the cost of implementing an exchanger.

It should also be added that by studying the prototype, the client can immediately understand how his cryptocurrency exchange will look and work. Accordingly, this makes the development more transparent and understandable for the customer.

Contrary to popular belief, a prototype is more than just sketching a layout on canvas in Photoshop. Often, it includes the following components:

• Schematic visualization of product pages and screens.
• Navigation system between pages.
• Block diagrams of functions and smart contracts.

• A summary table of functionality, in which the text describes the principle of operation of each function.
• Mathematics of the project – a table with formulas that will be included in the functionality of the exchanger. For example, these can be formulas for calculating commissions from each transaction, and so on.

To present the prototype to the client, our team records explanatory videos to help him better understand the technical nuances of the project. This is very important for building effective communication.

Designing a crypto exchange consists of several main steps:

• Definition of goals. The team organizes and conducts meetings with the client’s representatives, where the tasks, goals and priorities of the project are discussed in detail.
• Study. Specialists study the requirements of the client and analyze prospective competitors. This helps to determine what functionality the product will need to be successful in the market.
• Formation of hypotheses. The team generates ideas and hypotheses for the implementation of the visual and functional parts of the project.

• Prototyping. Based on all the previous steps, specialists create a working prototype of the exchanger.
• Testing. During testing, the team checks the viability of ideas on the finished mockup, and also examines it for errors and gaps in logic.
• Presentation. The finished and tested prototype is presented to the client, discussed and, if necessary, finalized.

Our team has extensive experience in developing blockchain solutions of varying complexity – from small crypto exchanges to large cryptocurrency exchanges.

Thanks to careful design, we create the most effective technical solutions and, at the same time, save the client money by optimizing production.