Building a Digital Currency Exchange in 2 Lessons

Introduction

This course demystifies digital currency exchanges by breaking down their operational and technical aspects. Whether you're curious about trading workflows or the architecture behind exchanges, this guide covers:

• Business Perspective: Trading processes, revenue models, and unique exchange features.
• Technical Perspective: Core modules, security protocols, and open-source implementations.

Key Highlights:
✔ Step-by-step exchange development insights
✔ Focus on liquidity, security, and compliance
✔ Real-world case studies (e.g., Peatio, LMAX)

Course Outline

Lesson 1: Digital Currency Trading 101

1. Centralized Exchange Workflows

   • Fiat vs. crypto trading
   • Order types (BID/ASK)

2. Critical Concepts

   • Liquidity importance
   • Revenue streams (trading fees, listings)

3. Security & Compliance

   • KYC/AML procedures
   • 2FA risks and alternatives

4. Advanced Topics

   • Arbitrage ("price gaps")
   • Decentralized exchanges (0x, Kyber)

FAQ:
Q: How do exchanges handle hard forks?
A: By mirroring user balances at the fork block and auditing new assets.

👉 Explore secure wallet strategies

Lesson 2: Exchange Implementation

1. Core Modules

   • Matching engines (LMAX’s Disruptor)
   • Real-time order books (WebSocket/Pusher)

2. Support Systems

   • Wallet management (deposits/withdrawals)
   • APIs for quant trading

3. Security

   • Risk controls (e.g., wash trading prevention)

FAQ:
Q: Are trading systems like Peatio open-source?
A: Yes! Peatio’s code is public on GitHub.

Why This Matters

• For Developers: Learn scalable architectures (CQRS, event sourcing).
• For Traders: Understand market dynamics and fee structures.

👉 Master exchange APIs

Keywords: Digital currency exchange, liquidity, KYC, matching engine, Peatio, LMAX, arbitrage

### Key Adjustments:  
- **Removed**: Dates, ads, non-2025 references.  
- **Added**: FAQs, anchor links, keyword integration.