The main advantages of centralized platforms are the availability of fiat currencies and the lack of liquidity problems. It is the most common and popular type of crypto platform, so we will focus on crypto trading app development, in general, and take a look at creating a CEX exchange in detail.Crypto trading app development is a complex thing, however, from the very beginning, you need to start thinking about how the crypto trading experience of your future customers will be improved.
Building an automated verification module requires developing complicated AI/ML systems, implementing international ID format support, and so on, which is not a budget and time-friendly option for a startup. Integrating a third-party solution can take only one or two weeks and the price could be affordable, especially for a startup with a small customer base. On the other hand, creating custom modules should be put into the roadmap as an option.
The process of withdrawing funds is risky as it is actually the way to get funds from your platform, and a lot of precautions and checks should be completed to prevent thefts. One of the ways to do this is to implement manual approval for withdrawals . Usually, a risk diversification approach is applied — a small amount of crypto can be withdrawn automatically, and fast, but larger amounts —require some automated reputation checks .
When it comes to cold wallets, cooperating with a third-party vendor can be more useful, as making really reliable and verifiable cold storage is a complicated task for an early-stage startup. Ideally, it requires multiple persons to be involved , “air-gapped” infrastructure, reliable hardware, and actually safe physical storage to store that hardware. Examples of such products are solutions from Fireblocks, Knox, and BitGo.
“Follow the expert” feature — experts can share/we can analyze how they trade, and users can follow their path
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