About the client
CEX.IO is a multi-functional crypto exchange that was established in 2013. It was originally known as the first cloud mining provider and has since evolved to offer cross-platform trading services via website, mobile app, WebSocket, and REST API. With over a million users, CEX.IO has gained a reputation for being a trusted exchange with a high liquidity order-book for top currency pairs on the market.
One of the unique features of CEX.IO is the availability of instant Bitcoin buying and selling via a simplified bundle interface. Additionally, the exchange has developed a multi-level account system that caters to the needs of individual customers, from beginners to institutional traders.
CEX.IO has a global presence and offers multiple payment options to users. The exchange is also known for providing 24/7 support to its customers. The platform has a time-proven stability, ensuring the safety of assets and data for its users.
Business challenge
Having already established a cryptocurrency exchange, CEX.IO went on to introduce margin cryptocurrency trading. The solution CEX.IO was targeting had to be a complex product combining back-end components, an admin interface, and trading terminals to be run in web browsers and on mobile devices of all sorts. As they already gained recognition as a trusted crypto exchange with stable volatility, they wanted to keep the leadership in the FinTech competition and exploit the revenue from cryptocurrency trading. They wanted to add margin trading and be among the firsts to provide end-users with crypto trading functionality. Creating such a product from scratch would have required a lot of resources so CEX.IO’s decision was to reach out to Devexperts, the veterans of conventional trading software.
Solution
After CEX.IO approached Devexperts and explained their needs, the viable option was to customize DXtrade Enterprise, a flagship platform of Devexperts, so that it complies with specifics of crypto trading and the CEX.IO exchange. DXtrade Enterprise is a multi-asset trading solution that can be adapted to a client’s existing infrastructure.
Devexperts backend integrated with CEX.IO’s environment is responsible for order execution, including sending out offset orders, receiving quotes via the FIX gate, and facilitating deposit/withdrawal. User on-boarding and settings management are done via REST API integration.
The dealing interface was based on an existing desktop dealing solution developed by Devexperts. The web-based admin interface includes specific settings management: commission calculation and crypto-specific rollover in every 4 hours.
The end users of the product are provided with trading terminals based on Devexperts DXtrade Enterprise solution. The terminals allow for Web and mobile trading on both Android and iOS. The original solution fit the specifications almost completely, requiring subtle customization in terms of visuals.
We’ve done quite a lot of heavy lifting to blend these two heterogeneous system designs – a crypto exchange and an FX platform. We succeeded in stitching these two distinct worlds together seamlessly despite the challenge to achieve zero performance degradation while handling all the corner cases. We found further complications related to the crypto specifics, such as fractional order size requirements or the price precision of 12 decimal places. This level of accuracy required changes in many parts of the software, from the back end and databases to the UI. The project’s completion was a fantastic springboard to many other crypto projects for our team.
Eugene, Solution Architect at Devexperts
The entire process of developing the product has taken both companies about 5 months. It is a complex solution, where most of the components were adapted from the DXtrade Enterprise platform and effectively applied to cryptocurrency trading.
Result
CEX.IO received a margin trading crypto exchange platform with the following specifics:
- currently offers trading of five cryptocurrency-based pairs: BTC/USD, BTC/EUR, ETH/USD, ETH/EUR, and ETH/BTC
- the basic configuration can support up to 10000 users
- the solution is scalable and capable of supporting an unlimited number of users in real-time
- allows for trading with any leverage, the first version of the platform was released with 1:2 and 1:3 leverages