What is Exchange Platform?

What is Exchange Platform?

In simplified terms, a cryptocurrency exchange is a platform that allows crypto traders to conduct their trades. This platform allows you to buy or sell your cryptocurrencies conveniently when you want to. Exchange Platform allows customers to trade conventional government-issued fiat money and also allows traders to convert one cryptocurrency for another. For example, you can convert your Bitcoin to Ethereum.

Some cryptocurrencies 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 bank wire transfer deposits and withdrawals, or other forms of charge in exchange for cryptocurrencies.

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.

Why is the Exchange Platform Needed?

Buying and selling stocks, we need to open a portfolio with a stockbroker or a securities company. To trade the cryptocurrency, we need to open an account with a cryptocurrency exchange. That is the more easier and faster way than other tradational investments.

Exchange Platform allows 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.

What is Tokenization?
Key Features of Findev Exchange Platform

Key Features of Findev Exchange Platform

Findev Exchange Platform is developed to meet the ever-increasing demands of the Fintech industry and online marketplaces.

  • 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.
  • 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.
  • Dedicated blockchain wallet nodes
  • Compliant through Cryptocurrency Security Standard (CCSS)
  • Website data transmitted via encrypted Transport Layer Security (TLS)
  • Protections against Denial of Service and Distributed Denial of Service Attacks

Technical Difficulties of Exchange Platforms

Security

Security

The level of security is most important unlike regular banks, crypto exchanges don’t have a central institution holding currencies. The protection system isn’t the same as ordinary banks. Without a doubt, the safety of a user’s assets is the number one priority as this is the lifeline of all crypto exchanges. Of course, besides the security of assets, the security of user information is also very important.

High Availability

High Availability

Availability refers to the proportion of time that the operating system of the platform is in working order. Cryptocurrencies are being traded 24/7, so if a system were to malfunction, be it an abnormal exit of a process, a server breakdown or a broken network, these occurrences may prevent successful trading and the direct result is the customers’ loss.

High Reliability

High Reliability

This refers to the reliability of the data, the guarantee that user data will not be lost or corrupted even in the extreme cases of program abnormalities, server downtime, hardware failures, computer room power outages, and even earthquakes. In order to maintain reliability in case of anomalies and failures, programs and data are stored in multiple copies. How to make multiple copies of data consistent, especially strong consistency, meaning the multiple data remains consistent at any time, can be difficult to achieve.

High Concurrency / High Throughput

High Concurrency / High Throughput

The core indicator here is the Transactions Per Second (TPS). Once the concurrent order number exceeds the system load capacity, the overload will occur and orders cannot be placed, which will result in missed trading opportunities or losses, or even unjustifiable liquidations. So, high concurrency is the ability that every crypto exchange is competing on.

Minimal Delays

Minimal Delays

Delay refers to the time from when the order is placed until the order status is received. If the order is executed immediately as a market order, then the time taken to receive each step of the transaction push is observed is called delay. Day traders, especially high-frequency traders, are very concerned about the delay problem, as even a 1 millisecond or even 1 microsecond delay may result in the loss of trading opportunities.

Coins Offered

Coins Offered

Not all cryptocurrencies are offered on most exchange platforms. Every new cryptocurrency that is added to the platforms comes with new responsibilities to the software, operations, and finance departments.

Advantages of Findev Exchange Platforms

Security

Security

Wallet-wise, Findev Exchanges use the layered deterministic cold wallet and offline signature technology. The machine that stores the private key never connects to the network, making it impossible for hackers to hack. In addition, the internal process is also strictly controlled. It requires multiple signatures of multiple people to transfer coins. Each coin withdrawal is double-confirmed through automatic plus manual review.

Findev Exchanges also has quasi-real-time automatic reconciliation, taking snapshots of data every minute to reconcile, and in case of special circumstances, our technical team can also locate the problems on a timely basis.

High Availability

High Availability

Most exchanges require downtime for system maintenance and upgrades, resulting in the inability to trade and a poor user experience. Findev Exchanges does all maintenance and upgrades while staying online, and will never actively stop its servers. This necessitates high requirements for the technical architecture, program development, and operation and maintenance support. All data migration, service restart, operation and maintenance changes, etc. must be smoothed out to the stage where users do not notice it. Although it takes a high cost to do so, in order not to affect the user’s trading experience, these costs are very worthwhile, as we must prioritize the user’s experience and appraisal above everything else. In fact, we do 3-5 system iteration upgrades or changes every week, which users can hardly notice unless we upgrade the user experience or release new features.

High Reliability

High Reliability

This refers to the high reliability of data, and the fact that user data must be guaranteed to be correct under any circumstances and cannot be lost. All data must have redundant multiple copies, and can be recovered in the event of these failures.

High Concurrency / High Throughput

High Concurrency / High Throughput

Findev’s matching service adopts C++ language, full memory design, adopts epoll network access, and can achieve single-threaded 100,000+ TPS per second (in fact, when the debug log removed the pressure measurement will reach 300,000+ TPS), and can be tuned to a million TPS per second based on future needs.

Minimal Delay

Minimal Delay

Matching single-threaded single coin with 100,000 TPS per second means that a single order matching is completed in 20 microseconds. Of course, these statistic from the perspective of the client interface, the time of the entire transaction will also include the network transmission time, which depends on the user’s network.

Coins Offered

Coins Offered

Findev Exchange Infrastructure is suitable for the integration of an unlimited number of new coins and listing various pairs.

Have Any Questions About Exchange Platform?

Findev has a variety of active channels where you can find the latest announcements, discover helpful technical resources, and connect with other members of our rapidly growing community.

Below is a list of official Findev channels. As a security best practice, always double-check the URL that you are visiting to ensure you are accessing official Findev properties. Findev will never ask for your passwords, seed phrases, private keys, or other confidential information.

Blog: https://findev.com/blog
Twitter: https://twitter.com/Findev_XFD
Instagram: https://instagram.com/Findev_XFD
For inquiries related to security and support, please reach out to the admins of official Findev channels or email [email protected]

Always practice a security mindset and ensure that users you are interacting with on community channels have verifiable trusted identities.