Crypto trading platforms offer many interesting features, ranging from the ability to buy, sell, get trading signals, and leading technical indicators. As a result, these platforms have become extremely popular. Their popularity partly explains why cryptocurrencies have become a common element in financial circles. The use and creation of trading platforms have revolutionized trading, software development, profit generation and trading strategies.
There has never been a better time to create such platforms and choose the right trading platform development company, as you can benefit from the success of your user base. Plus, the reach of your platform will always be global, meaning there will never be a shortage of people to help you invest and grow your wealth.
The commercial aspect of a trading platform
Before launching your trading platform, find out how it works or consult professionals at trading platform development companies such as Inoxoft. Plus, there are several things you need to accomplish on the business side of your platform. Below are the most important points to consider.
Value Proposition
It is very important to know your ideal customer, how they will interact with your product and the problem that your idea solves to create a successful platform.
It’s easy to get to know your ideal customer. All you need to do is define your ideal user base, i.e., the people most likely to use your product on a regular basis. It is essential to be precise. Saying things like “21-54 years old” or “21st century users” is too vague and won’t help you define your users’ needs and wishes.
So it’s essential to have a clear idea of your customers’ age range, education, employment, income, location, motivation, and issues. This will help you create a marketing strategy that will meet the needs and desires of your customers, which will increase your number of active users.
Legal aspects
Depending on the type of trading platform you want to create, you’ll need to make sure your trading platform is properly registered. However, rules and regulations change from country to country. So be sure to familiarize yourself with all the legal bodies that regulate trading venues before you create a trading venue.
Test your hypotheses
This last step is optional and depends on the trust you have in your product. If you need to better understand what to do, it is advisable to test your product on social media or through a landing page.
Using social media is a quick, free, and easy way to understand what you’re missing to optimize your platform. It is enough to encourage as many people as possible to answer a survey. The downside of conducting a social media survey is apathy and lack of honest answers. That said, it’s still possible to get constructive answers that can help you improve your product.
Using a landing page will give you better answers, but you’ll need to run ads to attract potential customers to your site. Based on the number of visitors and the responses you receive, you can get a more realistic idea of who wants to use your platform, why they want to use it, and what options they want to see on it.
If you decide to test your hypothesis, don’t worry too much about which option to use, as both ideas are equally valid and completely optional. After all, if you know your platform has a solid foundation, testing it could be a waste of time. So keep that in mind before you finish this point.
The technical aspect of a trading platform
Now that you have a better idea of what your platform needs, it’s time to talk about the technical aspects of creating a trading platform.
User experience and interface
Designing an effective interface is critical to the success of your platform. User loyalty is fundamental to any platform, as it allows for greater interaction between users and gives them more chances to increase their chances on your platform.
That’s why it’s imperative to remember that your users are there to make money in the easiest and most efficient way. This means focusing on the features, speed, and look of the platform. The important thing is to create an experience focused on user comfort.
The other critical element is whether the interface of your trading platform is hybrid or native. Native interfaces only work on one platform, for example iOS or Android, Apple or Windows. Keep in mind that creating a native platform can be expensive, depending on the software you choose.
Hybrid platforms work on all systems. They are more expensive to manufacture, but will serve a wider audience from the get-go. The best way to select the option that works best for you is to get to know your customers. If your potential user base is spread across multiple platforms, the hybrid option is best. But if the majority is focused on a single system, then the native option is the solution.
Define your minimum viable product (MVP)
Not all software will be ready from day one. There will always be features to add and bugs to fix. However, when launching your platform, you should have a successful product that meets the needs defined in your business plan.
This product is what developers call a minimum viable product (MVP). By having an MVP, you can start building a user base while providing a valuable service and earning the revenue that will allow you to increase the number of options offered or grow your development team.
What is required to have an MVP on a trading platform are the following:
- Registering and connecting to the option;
- KYC;
- A user profile;
- Company Profile;
- Real-time updates of all assets tradable on the platform;
- Analysis charts;
- Deposit and payment gateways;
- Search options;
- Alert and report button.
Conclusion
Building a trading platform is a relatively easy thing that anyone can accomplish today. However, the difference between a successful platform and a failed platform lies in understanding the points mentioned above. So you need to design your platform with user needs in mind.
Finally, be sure to get legal advice before you set up your trading platform. More than one regulator may oversee your project. That is why it is essential to be informed of all the necessary legal issues before assembling a development team and creating your platform, you can also take an example from the best trading platform.
