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 The currency to be withdrawn is the same as that of the local money changer’s location, say, SGD for Singapore.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.
