A cryptocurrency is nothing but a digital currency. Cryptocurrency exchanges are the platforms where you can buy, sell or exchange cryptocurrencies with other digital currency or with other assets such as fiat money. Fiat currency is like paper money for example Rupees, Dollars whose value is decided by the government.
To start with the cryptocurrency exchange, you have to create an account in a cryptocurrency exchange. The exchange will then verify your account. When you want to buy the cryptocurrency, check the asks and when you want to sell the cryptocurrency, check the bids. The ask represents the lowest priced sell order that is currently available in the market or the lowest price that someone is willing to go short. The bids represent the highest-priced buy order that is currently available in the market.
Peatio Cryptocurrency Exchange
Peatio is an open-source cryptocurrency exchange developed in the Ruby On Rails framework. You can easily use the Peatio cryptocurrency exchange code as it is freely available to any user.
Peatio is divided into three applications i.e Peatio, Barong, and Peatio Trading UI.
Its key features:
Register/Login - The user can register and log in to the exchange.
Trading market - the Trading market is the heart of the Peatio exchange.
Bids and Asks - In a trading market, the user can bid and ask the currencies. It gives the best match for bids and asks.
Trade machine-engine – As it has a high-performance machine engine for trading, orders and transactions can take place automatically.
Trading dashboard – It shows the data in real-time for charts, orders, bids, asks, and markets.
Markets – There is a multi-currency market.
Orders – When the user bid or ask, the order will get created in the exchange and once the price is matched for asks and bid order, the transaction takes place in the exchange.
Funds – The user can easily deposit/withdraw coins and fiat amounts in the exchange.
Transaction History – It has a transaction history page that shows the history of the transaction.
Multiple currency support - There are many currencies supported by Peatio for exchange such as BCH, BTC, DASH, ETH, USD
2FA and KYC – For user security purpose, 2FA and KYC is developed
Being open-source, you can easily do the customization of UI. You can also customize the functionality of Peatio Cryptocurrency Exchange. I have seen making use of this exchange in an application created by “Cryptex Technologies” which is a ‘Ruby On Rails’ expert.
In Peatio, they have linked three applications i.e. Peatio, Barong, and Peatio Trading UI together using Nginx reverse proxy setup. They have also customized the UI of Barong, Peatio, and Peatio Trading UI. ‘Cryptex Technologies’ have also implemented the browser and the IP address for phishing from which the security can be improved while exchanging cryptocurrency. They have also set up servers like RabbitMQ Event API server, Redis server, and MySQL database server which is required for exchanging the Bitcoin.
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Cryptex Technologies is a Cryptocurrency Exchange Development Company in India. We hold expertise in all aspects i.e. installation, integration, customization, deployment, and maintenance of code for cryptocurrency Exchange.