CoreExchange Feature Checklist

As a vendor of licensable fintech software products we are often asked about our competitors and our USPs. Our customers want to know, what makes our products comparable and where we make a difference and have a special edge. In this article I would like to elaborate on the feature set of our white label cryptocurrency trading platform CoreExchange and compare it to a couple of other well-known and popular exchanges.

The Development of CoreExchange

First of all, let’s have a look at the history of CoreExchange. It’s worth mentioning that CoreExchange is based on the software product that was operated as an FCA regulated (KYC and AML compliant) online exchange back in 2014/2015: Yacuna. Our company trimplement was a partner in the Yacuna joint venture company at that time. We were responsible for software development and live system operations. When the business went down, trimplement kept the rights on the software.

A couple of years later, in 2018 we decided to revive the system. We invested some months to update all libraries, to refactor the code and adapt it to the current needs. We also added some new features like easy listing of any kind of Ethereum tokens that fulfill ERC20 standard requirements.

Now we are proud to have a high-quality white label cryptocurrency exchange offering in our portfolio. CoreExchange is easily adaptable, configurable and extendable. The code is written by fintech professionals with many years of experience in building scalable and performant financial solutions.

The Features and Functions of CoreExchange

Below you will find a table giving you an overview of the most important functionalities and features of our product, compared with the offerings of Coinbase, Binance, Kraken and Bitstamp.

Please note, that for other exchanges listed below we only have an external view on the systems and cannot analyze and compare architecture, code quality, robustness, maintainability, extensibility and implementation details (e.g. private keys handling). We also have no access to the feature sets of their back office UIs which are very important for system operations and reporting.

Please also consider this to be a snapshot. As of now, it’s a status report for May 2019. Every product including our CoreExchange is being developed further and thus values and features may change over time.

General features

White label offer

CoreExchangeYes, clear layer architecture:
– Backend / APIs
– Web Consumer UI
– Web Admin UI
– Easy to build additional UIs (e.g. mobile apps).
CoinbaseNo
BinanceNo
KrakenNo
BitstampNo

Source code copy

CoreExchangeYes
CoinbaseN/a
BinanceN/a
Kraken N/a
BitstampN/a

Multi-client capability (multi-tenancy)

CoreExchangeYes
Coinbase?
Binance?
Kraken ?
Bitstamp?

Supported countries

CoreExchangeConfigurable. Geographical restrictions possible.
Every kind of configuration is country-based, including limits, fees, available payment options and much more.
CoinbaseGeographical restrictions are possible.
BinanceGeographical restrictions are possible.
Kraken Geographical restrictions are possible.
BitstampGeographical restrictions are possible.

High frequency trading support

CoreExchangeYes. Access to APIs. 
Possibility to easily configure special fees for high-frequency traders up to an individual fee per wallet/trader.
CoinbaseYes. 
Access to APIs. 
https://www.coinbase.com/settings/api
BinanceYes. 
Access to APIs.
https://binance.zendesk.com/hc/en-us/articles/360002502072-How-to-create-API
Kraken Yes. Access to APIs.
https://www.kraken.com/features/api
Special fees/rebates for high-frequency traders seem to be possible.
BitstampYes. Access to APIs.
https://www.bitstamp.net/account/security/api/

Backoffice UI
(administration, system configuration, reporting)

CoreExchangeFull blown back office system management UI: users, wallets, payments, currencies, markets, orders, fees, limits, accounting and much more.
Coinbase?
Binance?
Kraken ?
Bitstamp?

KYC/AML features

Supported KYC levels and methods

CoreExchangeDifferent KYC verification levels possible, 3 levels are supported by default (unverified, basic, verified).
Configurable user verification state machine. 
Methods:
Email verification.
Phone number verification.
Document upload.
Integration with external KYC providers (like VideoIdent) is possible as part of the individual development.
Coinbase2 KYC levels (verified 1 and 2). Only verified users can trade.
Binance3 KYC levels (unverified, verified, higher limits).Document upload (passport, identity card, drivers license). Face verification in addition (via smartphone camera).
Kraken 3 KYC verification levels possible (Starter, Intermediate, Pro). Email and phone number verification. Document upload (passport, identity card, drivers license).
BitstampThere seems to be 2 KYC levels unverified and verified). Document upload

Payment instrument verification

CoreExchangeBank account verification (send a small amount and a verification code).
CoinbaseBank account and debit card verification (send or charge 2 amounts).
BinanceN/a
Kraken No
BitstampNo

Special KYC frozen funds accounts

CoreExchangeIn case that customer transfers more funds that is allowed for his KYC level, these funds are frozen and admins can decide what to do with them (e.g. refund or wait for the next KYC level)
Coinbase?
Binance?
Kraken ?
Bitstamp?

P2P transactions inside the platform

CoreExchangeP2P transactions inside the platform
Vouchers (Codes), for any kind of currency. KYC level dependent configurable limits.
Account to account (wallet to wallet transactions prohibited) for security reasons.
Coinbase?
Binance?
Kraken No.
Account to account (wallet to wallet transactions prohibited).
Bitstamp?

Currencies, payment methods, order types

Supported cryptocurrencies

CoreExchangeXBT
ETH
any kind of Ethereum token based on the ERC20 standard
DOGE
LTC
Further blockchains/coins can be integrated on demand.
CoinbaseXBT
XRP
ETH
BCH
LTC
XLM
ETC
BAT
ZEC
USDC
REP
ZRX
BinanceBinance currently supports 152 coins:
https://www.coingecko.com/en/exchanges/binance
Kraken Kraken currently supports 21 coins:
https://www.coingecko.com/en/exchanges/kraken
BitstampXBT
ETH
LTC
BCH
XRP

Supported FIAT currencies

CoreExchangeEUR and GBP are pre-configured and possible with the pre-integrated payment methods.
Further currencies can be supported depending on the available PSPs, which can be integrated as part of individual development.
CoinbaseEUR
GBP
USD
BinanceCryptocurrency only.

EUR and USD for “buy with a credit card” functionality, no deposit for trading
Kraken EUR
USD
CAD
JPY
BitstampEUR
USD

Supported payment methods

CoreExchangeBank transfer:
SEPA and
MT940 file processing.
Specific payment methods / PSPs can be easily integrated.
CoinbaseBank transfer: SEPA, ACH (direct debit in US), wire bank transfer.
Credit and debit cards.
PayPal for withdrawals. Country depending.
BinanceNo FIAT payment methods for deposit or withdrawal.
Credit card for crypto currency purchase.
Kraken Bank transfer:
SEPA (EUR), fedwire/SWIFT (USD),
Canadian wire transfer (CAD).
BitstampDebit/ Credit Card (for purchase only)
SEPA
International Wire Transfer

Supported order types

CoreExchangeMarket
Limit
Other order types can be implemented
CoinbaseMarket
Limit
Stop
BinanceMarket
Limit
Stop-Limit
Kraken Market
Limit
Stop loss
Take profit
Settle Position
BitstampInstant
Market
Limit
Stop

Security

Private keys handling

CoreExchangePrivate keys are being generated from master keys using BIP32 HD key derivation. Master keys are stored in the offline storage.
CoinbaseWallets (and private keys) are stored using AES-256 encryption.
BinanceNothing explicit stated about the handling of private keys on the homepage.
Kraken Nothing explicit stated about the handling of private keys on the homepage. Only the following info is available:
“All sensitive account information is encrypted at rest at both the system and data level.”
BitstampNothing explicit stated about the handling of private keys on the homepage.

Cold storage

CoreExchangeSupport is possible.
It’s a manual process, that needs to be set up for moving hot wallet funds to a cold storage.
CoinbaseYes (98% of funds).
Unknown algorithm, highly probable manual process.
BinanceYes. Unknown algorithm, highly probable manual process.
Kraken Yes (95% of funds). Unknown algorithm, highly probable manual process.
BitstampYes (98% of funds). Unknown algorithm, highly probable manual process.

2-Factor-Authentication

CoreExchangeYes. Google Authenticator
(login, withdrawal)
CoinbaseYes.
SMS or Authenticator app (Google Authenticator,
Duo Mobile,
Microsoft Authenticator).
BinanceYes.
SMS or Google Authenticator.
Kraken Google Authenticator and Yubikey
(login, funding).
BitstampYes. Google Authenticator and DUO.

Additional FIAT withdrawals security options

CoreExchangeIn addition to the 2FA on the consumer side and email notifications, we offer configurable withdrawal limits for amounts that require one or more approvals by admins.
CoinbaseDelayed suspicious withdrawals (executes automatically in 72 h when the user does nothing).
BinanceN/a
Kraken Email notifications, so that the user can intervene.
BitstampEmail notifications, so that the user can intervene.

Fees and limits

CoreExchangeHighly flexible fee management, any kind of transaction (event) based or periodic fee can be configured, you can define any fee that is typically used in an exchange (maker, taker, funding, withdrawal…).
CoinbaseTrading fees, funding and withdrawal fees, currency conversion fees.
BinanceTrading and withdrawal fees. No deposit fees (cryptocurrency only).
Kraken Maker/taker fees, other trading fees.
Funding and withdrawal fees.
BitstampTrading fees, funding and withdrawal fees.

Limits

CoreExchangeHighly flexible limit management, financial limits and action limits (e.g. voucher creation, wallet account creation, number of transactions per time period and much more).
CoinbaseAt least trading (buy/sell) and withdrawal limits.
BinanceDifferent kinds of limits, e.g.
high-frequency trader API calls limits, min/max withdrawal and funding limit per KYC level and so on.
Kraken Different kinds of limits, e.g.
high-frequency trader API calls limits, min/max withdrawal and funding limit per KYC level and so on.
BitstampNot clear. Trading, funding and withdrawal functionality is only available for verified users.

User communication

User notifications

CoreExchangeEmails, SMS, “my activities” overview in the consumer UI.
CoinbaseEmails. SMS.
My activities overview in the consumer UI.
BinanceEmails. SMS.
Kraken Emails.
BitstampEmails

Customer support/ticketing system

CoreExchangeExternal tools for customer care center at clients choice can be integrated. E.g. Zendesk.
CoinbaseEmail or phone call.
BinanceZendesk.
Kraken Online chat. Online support request form.
BitstampEmail or phone call.

For more details on the feature set of our CoreExchange please consult the online available documentation, especially the Feature Set Page. There you also find the links to our Sandbox system, with which you can test the solution yourself, as well as further information on the technical implementation, requirements to the productional environment and more.

I hope you find this overview informative, it should help you to get a better understanding of some important aspects of operations of an online cryptocurrency exchange.

If you would like to learn more about our white label product, to get a remote product demo or to discuss your specific requirements and questions, feel free to contact me: natallia.martchouk@trimplement.com.


Natallia Martchouk

Co-Founder trimplement GmbH. Interested in: new technologies, creativity, entrepreneurship, art, photography.

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