This is the first in the series of blog posts which is going to explain the different components of Prandex Trading Platform. Please look at the previous post to get the context. In this part, we are going to go in details about the Exchange aspects of Prandex.
The Prandex regional exchange (Version Beta 1.0.0) went live in India on Feb 2018. Since then we have incorporated new features and spruced up existing ones. In May 2018, we pivoted from a regional exchange to being an International exchange. We no longer support fiat markets and accept registrations from anyone who provides proper KYC. Our KYC is designed to be simple and fast. Following are some of the features of Prandex.
Trading
Prandex will support multiple order types. We will start with Limit orders. Over the time we will add more order types such as Market, Stop limit, etc and their many variants. We have plans to add Margin trading as well to help people borrow from the house and trade.
Liquidity
Liquidity is one of the major challenges in any crypto currency exchange. All the existing exchanges maintain their own liquidity a a silo. This leads to a fragmented market and it is not good for the traders in long run. Prandex combines order book for a given pair from major existing exchanges. Apart from liquidity gains, this method make sure that the trader get the lowest exchange rate for a given pair in the entire market.
Matching Engine
At Prandex, we emphasise on our matching engine and work towards providing the best. Currently, we have a high speed matching engine which can reach up to speeds of about 500,000 trades per second. We strive to make our matching engine throughput to north of 1 million trades per second.
Coins / Tokens supported
Prandex currently has 50 coins and 100 pairs available to trade right now in BTC, ETH and USDT markets. We plan to add 100 more coins and 300+ pairs by the end of the year, with a mix of coins selected by the internal team along with coins chosen by the community.
Fees
Our aim is to make transactions affordable, safe, and secure. We are “Effectively Free” since we charge fees using our freely distributed tokens. Otherwise, we charge a flat fee of 0.1% of the transaction for both buying and selling. The fees is either taken in the market currency (BTC/ ETH/ USDT etc.) or as Prandex tokens.
Multiple Language Support
As an international exchange, we support multiple languages, with English as the default language. We will have bounty to translate several foreign languages. In case of languages that cannot be translated with bounty hunter, we plan to fall back to google translate.
Multiple Device Support
Prandex has a Web App and already supports a fully operational Android client. We plan to have other mobile clients like IOS, and plan to introduce native clients for Windows, Mac OS and Linux.
Customer Support
Our forte is in customer support. We believe in clear and instant communication with customers, so we address concerns as soon as possible. Prandex plans to start customer support using email and chat mediums for maximum reach. In time, we plan to have 24/7 support and with a full-fledged customer support team who can guide and help customers.
