If you’re planning on starting a cryptocurrency exchange, you could have a look at BitExchange Cryptocurrency exchange script. Once you install, configure, its ready to go.
In any exchange script/software, the two most important core functions are buying and selling. Here we guide you through the step by step instructions on how to test each of the flows on the cryptocurrency exchange script.
Let’s test the “SELL” flow of the BitExchange cryptocurrency exchange script.
STEP 1: Register on BitExchange demo site
STEP 2: Once registered and logged in, you land on the Dashboard.
STEP 3: The demo version Bitexchange script is connected to a test block-chain network, that lets users/developers to get free bitcoins that have no value.
For testing, you would have to get some of these coins from a faucet. But first, you will have to generate a wallet address to receive them. On the left navigation tab click on “Crypto Addresses”
Once you are on the Crypto Addresses page, from the drop-down, select the type of cryptocurrency you would want to have the address generated (example: BTC, LTC) and then click “Get New Address”
Step 4: Copy the latest address generated and go to the BTC faucet site HERE or LTC faucet site HERE respectively to receive the cryptocurrencies, paste the address into the appropriate field and hit send.
It could take a few minutes for the transaction confirmations to happen. (Use the transaction ID generated after the transaction to check their completion status on a test-net block explorer site. (for BTC check HERE and LTC Check HERE )
Step 5: Click on the “Buy/Sell” button, it will take you to the trade page.
Step 4: Assuming you have received the bitcoins by now, On the right column, which says “SELL”, choose the coin you would like to sell. By default, at the time of writing this article, there were two coins BTC and LTC. The process for selling both of these are the same.
The “Sell” box shows the available BTC that you have in your account, you can enter the amount of the cryptocurrency you want to sell in the amount to sell field. In the Currency to sell, you will have to choose the fiat currency you want to sell the BTC / LTC in. The exchange admin can later transfer the money in the mentioned fiat currency specified.
Below the “Currency to use” box, we have the three types of order that a seller can create. Sell at market price, limit order, stop order.
Sell at market price, is when the cryptocurrencies are sold at the current market rate.
Limit order, when the trading price matches the amount specified the order is executed.
Stop order, when the price goes above the amount specified, the order gets executed.
Once you select the order type limit order or stop order, you would be able to specify the amount. The limit price you specify is for 1 bitcoin.
The subtotal along with the fees and the commissions are shown here for the number of coins you entered earlier.
Tip: The buying and the selling limit price shouldn’t be the same, the selling limit price per cryptocurrency should be higher than the buying price. You can’t sell more than the number of coins present in your wallet.
Step 5: Click on the Sell BTC button and you will be taken to the confirmation box as shown below.
Step 6: After you click the “confirm sale” button, your order will be created successfully and you will be redirected to the ORDER Book page.
Step 7: Here you can view the orders that are still pending and the completed transactions.