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Exchanges and wallets

Our team will implement a stable and profitable cryptocurrency exchange, as well as help guide you in choosing a wallet.

Cryptocurrency exchange
Main types of cryptocurrency exchanges
Cryptoexchange development mechanism
Cryptocurrency wallets
Types of wallets

Cryptocurrency exchange

Cryptocurrency exchanges are privately-owned platforms that facilitate the trading of cryptocurrencies for other crypto assets, including digital and fiat currencies and NFTs.

You can use exchanges to trade one crypto for another — converting Bitcoin to Litecoin, for example — or to buy crypto using regular currency, like the U.S. Dollar. Exchanges reflect current market prices of the cryptocurrencies they offer. You can also convert cryptocurrencies back into the U.S. Dollar or another currency on an exchange, to leave as cash within your account (if you want to trade back into crypto later) or withdraw to your regular bank account.

Main types of cryptocurrency exchanges

Altcoin or bitcoin exchanges. On such exchanges, only cryptocurrency is traded. Fiat currencies are not involved.

Cryptocurrency exchanges where exchange for fiat is possible. Such exchanges allow cryptocurrencies to be traded among themselves, as well as paired with any currency that is freely convertible.

Centralized exchanges (CEX). Such exchanges are owned by companies that set the rules for trading. They are usually licensed and therefore required to comply with financial regulators.

Exchanges of a decentralized type (DEX). These exchanges create P2P markets, but do not act as intermediaries; in particular, they do not store user assets, and are not subject to any regulation. On these exchanges, users make transactions anonymously through a distributed ledger.

Hybrid cryptocurrency exchanges. They combine the best qualities of all centralized exchanges – liquidity and functionality, decentralized exchanges – privacy and security.

Cryptocurrency exchanges that provide the opportunity for margin trading, that is, provide their users with a trading leverage.

Cryptoexchange development mechanism

  1. Development of new structure. When creating a cryptocurrency exchange from scratch, you can better study the features of the cryptocurrency market and go through all the stages of development, starting with the development of the concept and ending with the final release of the product. The basic version consists of an administrative panel, a trading engine, a user interface, a database and a wallet, analytics and records management system.
  2. White label solution. This is an adaptation to your brand of a product that has already been developed. A cryptocurrency exchange running on a ready-made engine can serve as a temporary alternative or additional service that you can offer your users. Mostly, the main activity of a buyer purchasing a White label product is not connected with cryptocurrencies; however, it is very similar in terms of subject matter. The crypto platform is necessary due to the increased demand and current trends.

Cryptocurrency wallets

Crypto wallets keep your private keys – the passwords that give you access to your cryptocurrencies – safe and accessible, allowing you to send and receive cryptocurrencies.They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps, which makes using crypto as easy as shopping with a credit card online. Unlike a normal wallet, which can hold actual cash, crypto wallets technically don’t store your crypto. Your holdings live on the blockchain, but can only be accessed using a private key. Your keys prove your ownership of your digital money and allow you to make transactions. If you lose your private keys, you lose access to your money. That’s why it’s important to keep your hardware wallet safe, or use a trusted wallet provider.

Types of wallets

Online wallets. Keys are stored in an app or other software – look for one that is protected by two-step encryption. This makes sending, receiving, and using your crypto as easy as using any online bank account, payment system, or brokerage.

Hardware wallets. Keys are stored in a thumb-drive device that is kept in a safe place and only connected to a computer when you want to use your crypto. The idea is to try to balance security and convenience.

Paper wallets. Keys are written on a physical medium like paper and stored in a safe place. This of course makes using your crypto harder, because as digital money it can only be used on the internet.

For business

Scrump developers create cryptocurrency exchanges that will be stable and profitable, and help guide you in choosing a wallet.

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