If we want to buy and sell stocks, we need to open a portfolio with a stockbroker or a securities company. To trade the new breed of cryptocurrency, we need to open an account with a cryptocurrency exchange.
Anyone interested in owning a cryptocurrency or a digital asset needs to think long and hard about where to buy them safely, securely, and for a fair price.
Cryptocurrency exchanges allow the trading of multiple digital assets such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many others.
These cryptocurrencies can have trading pairs associated with fiat currencies like the US dollar, UK pound sterling, the EU's euro or Japanese yen, or other digital assets.
Many crypto exchanges also support secondary markets for trading security tokens issued under Initial Coin Offerings by private companies (ICOs).
What is Digital Assets Exchange?
A digital asset exchange (DAX), or digital currency exchange (DCE), is an online business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional government-issued fiat money or other digital currencies.
Some digital currencies may be represented and backed by entire classes of real-world commodities, such as valuable metals (like gold and platinum) and real estate shares.
Crypto exchanges usually strive to have diverse financial options for funds depositing and withdrawal - they may accept PayPal and credit card payments, bank wire transfer deposits and withdrawals, or other forms of charge in exchange for cryptocurrencies or digital assets.
A cryptocurrency exchange can also take on a market maker's role that takes the bid-ask spreads as a transaction commission for its service or charges fees for the bid-ask matching services.
What can you do with the Cryptocurrency Exchange Software?
You can operate the next-generation online marketplace to facilitate trading of stocks, digital assets, cryptocurrencies, and security tokens:
- Send and receive any existing cryptocurrencies.
- Plug-in external payment systems and options for deposits and withdrawals of cryptocurrencies and fiat money.
- Perform customer verification (KYC) through the out-of-the-box interface or completely outsource it through API connections.
- Issue and manage new tokens to digitalize assets - create, mint/burn, and freeze/unfreeze.
- Create trading pairs between different cryptocurrencies and fiat money.
- Execute orders to buy and sell represented assets through created trading pairs.
- Watch the market charts to monitor prices and market activity for other market pairs, powered by TradingView, or any other trading chart API.
- Explore the transaction history and blocks on the chain via different interfaces.
- Customize the customer and administrative User Interfaces with React libraries to take any form and shape.
- Design and develop more tools and libraries to improve and enhance your OpenDAX-powered cryptocurrency exchange.
Let's build your Bitcoin and cryptocurrency exchange together!
OpenDAX is a fast, secure, and flexible engine to power up your platform to exchange Bitcoin, cryptocurrencies, and digital assets.
Talk to technical sales for more details on platform architecture and a free cryptocurrency exchange software demo.
You can also have a more detailed read through Openware Blockchain development SDK resources on platform components and modules.