Project Description
Our client, already maintaining a high reputation and global
popularity in the financial domain, bounced with an
exceptionally new idea of forex trading with thousands of mini
concepts in a holistic project idea. The initial project idea
was full of convictions, theoretical notions, and abstract
conceptions.
However, while scrutinizing the feasibility and scope of the
innovative idea, sorting the complexities, concentrating the
user preferences, and focusing on the project development, the
project idea was refined at its best, and resultantly, the
digital product development was split into two major and
crucial phases.
The 1st phase sensitively aimed to build a trading application
that inculcates the facility of online currency exchange by
app users and the investment module that aimed to benefit the
users at a great level of earned interest.
The 2nd one included embedding the feature of Deposit and
Withdrawal of currencies at the physical location through the
medium of merchants/money changers who have valid verified
accounts with DCEP.
We proceed with describing and explaining the 1st Phase that
revolves all-around digital currency exchange and the
investment paradigm followed by the elucidation of Phase 2.
But before, let us jot down some terminologies to make the
readers familiar with the app attributes before digging deep
into the actual working:
Account:
Pre-set accounts on the mobile app (up to 3 in the beginning).
Login:
Log in with the pre-set accounts using pre-set passwords.
Matching Engine:
A superlative and complex algorithm that makes the best trade
match of one user with the another, fulfilling their needs at
the best or making the closest deal as per the ‘choose your
own rate.
Exchange:
-Users able to manage the account with and able to trade for
different available currencies
Order Overview:
Monitoring of order status, execution fee, execution rate,
filled date, and other necessary information.
Price Feeds:
Up to date price information on currency prices of only the
currencies provided in the platform.
Order Receipt:
Receipt of orders placed by the user and are relayed to the
matching engine
Deposit:
Users can fund/deposit their account with fiat at a
merchant/money changer location. The currency to be deposited
is the same as that of the local money changer’s location,
say, MYR for Kuala Lumpur.
Withdrawal:
Users can withdraw fiat from their account at a money
changer’s location. The currency to be withdrawn is the same
as that of the local money changer’s location, say, SGD for
Singapore.
Order Matching:
The “best rate available now” orders are executed
automatically through the matching of similar opposite trade
of another user or from the platform as the counterparty if
there is no fulfillment.
Liquidity:
The number of days required to transfer the profit amount to
the wallet once requested after policy maturity.
