3 Best Features of Crypto Exchange
Centralized and decentralized kind of Crypto Exchange platforms has few advantages and disadvantages. Though Decentralised exchanges mitigate fake trading by peer-to-peer transactions, still centralized exchanges are popular to be more reliable. Common factors of disadvantages for both types of exchanges such as Hacking, liquidity trouble, strong, secure platform with complexity in trading are yet prominent. To build profit-based and user-friendly exchanges, these 3 features are indispensable for crypto exchange software.
1.AUTOMATED HACKING FREE SOFTWARE
This is the most significant feature that can prevent possible fraudulent activity. With the meteoric rise in scams and phishing activities, it is important to place as much safeguard possible to secure users as most users are not too familiar with technologies and associated benefits and threats. They often go loose on security which usually ends up in compromise with their accounts. The platform should have the basic implementation of some security to safeguard the interest of users. Email is a critical factor for users and communication. Most of the time, 2fa authentication is extremely hard to bypass, but at the same time, users forget to enable it. Most platforms don’t force users to use that as most of the users are not familiar with the authenticators. Especially its nature of beings completely independent and untethered to any data source, making it almost impossible to breach but at the same time making it impossible for the account owner to access his/her account in case (s)he loose his/her device where the authentication software was installed and ifs (s)he doesn’t have a backup of the key for the same authenticator. Which may introduce an astronomical number of support requests for the platform. So, keeping that in mind, by default, email/mobile-based OTP may be in place in case a user doesn’t have 2fa enabled. Also, since email is an important factor for user identification and communication, a cooling time of 24 hrs for changing the email should enhance users’ security and save them from possible scams or phishing attacks.
2. AI-ENABLED FRAUD DETECTION
AI can detect fraud in crypto exchange by Behavior analysis. It can also detect the trading pattern to identify an anomaly in the trading of assets. It can detect and analyze the User’s usual trading behavior. In case of an unusual trading pattern of the user, a sudden change in the withdrawal of funds will be detected through sentiment analysis.
3. MULTIPLE BLOCKCHAIN INTEGRATED HIGH-FREQUENCY TRADING
An automated Queue management system will help service providers to manage customers efficiently. The system can ease customer flow management which is useful for the manager of the Exchange provider. An Automated Queue Management System can organize queuing systems that can analyze the queue status and make decisions about which customers to be served first. Hence high-frequency trading generates a high and smooth flow of trading. Hence, traders, investors are attracted to use such a platform of the high trading volume.