To date there are more than 500 crypto exchanges on the market, with the numbers increasing rapidly. These exchanges all differ with services, such as normal exchanging, P2P, knowledge-based trading, ICO Launching, etc. Some standing out more than others. So what really matters within an exchange to make it successful?
With the demands and requirements of the market an exchange needs to focus on more than just trading financial mediums such as FIAT and Crypto. There are several other financial instruments that are traded more frequently and the market is rapidly expanding with the movement in the digital economy.
With the soon to be released Ping Exchange, there are some really interesting features and services implemented into the platform. The exchange boasts about being a hybrid exchange based on the liquidity and functionality of a centralised exchange platform however focused on the security and confidentiality of a decentralised exchange. By providing a platform where assets can be digitised/tokenised and act as securities, the exchange opens up a much broader market which is a form of a safeguard for when volatility of the crypto market is at its low ends.
With exchanges such as the Coinbase, Kraken, Poloniex, Bittrex, etc. as competition, who can survive the dips in the market, it is crucially important to plan the features and services along with the approach you take to enter the crypto exchange world. Ping Exchange seems to have done its research with their approach of being a hybrid exchange and offering P2P (peer to peer) trading, along with assets, commodities and metals. They have even added a community barter trading feature, addressing not only the financial sector but also local communities.
However, there is not only features and services which are critical, an exchange needs to provide a secure environment to ensure the safety of the users. With the extremely unfortunate events of several exchanges being hacked and suffered severe losses or ransom demands such as Binance ($40 million), Bitrue ($5 million), GateHub (($10 million), Coincheck ($534 million), MT. Gox ($450 million in 2015), etc. The security needs to be clearly shown for an exchange to gain the trust of the users. As per the aforementioned Ping Exchange, their approach seems quite interesting. Firstly a fully decentralised KYC process from the Core Group's Core Passport has been implemented which, once completed, provides you access to your account that has an offline wallet and once the trade takes place you can withdraw your funds where the transactions are streamed in the blockchain network ensuring the security of your funds.
Additionally the Ping Exchange platform is trading through the Core Coin Blockchain network with a fully integrated smart contract platform Core Token. This ensures the security and ownership of the trades and minimises the possibilities of hacking the trades. The additional advantage of being based on the Core Coin Blockchain is access to a 98% global reach accomplished through a fully decentralised network not needing internet to transact. The trades made through the Core Coin Blockchain are using Edwards curve Cryptography which will secure your funds and transactions. The first coin integrated with the ED448 NIST Standard and IBAN addresses.
Apart from the severe advances in security, what makes Ping Exchange stand out from the rest of the current available exchanges is their trading engine for their users. Designed in particular for retail investors and implemented low latency trading. This gives users the capabilities to utilise algorithmic trading to react faster giving them the competitive advantage and higher profitability of trades. The users additionally have more advanced trading features such as Limit, Market, Stop loss order types to help them customise their trading. The Ping Exchange platform is also integrating with the FIX (Financial Information eXchange) standard which is an open electronic communications protocol standardising the communications in the financial services industry.
For the more technical traders Ping Exchange has a remarkable matching latency of less than 0.5 ms for 98% of incoming orders (measured request-to-response). This decreases the risk of unfavourable price changes between the buy and sell process. Apart from this to ensure the trading prices are correct 10 000 000 matches per second on 100 pairs can be achieved to ensure that you are always trading with the highest accuracy.
To sum it all up, in the crypto exchange environment Ping Exchange is revolutionary with their achievements and will be live during Q3-Q4 of 2019. They are in their final stages of registering the entity and creating the perfect legal environment for the perfect trading environment. Should you want to prepare yourselves for their launch they are currently selling their Cyclone tokens in conjunction with Core Token as a use case which will provide a stable income for all token holders.