Choosing a software vendor is not an easy task. In this article we have described a few important points that will help you detect unreliable vendors, based on personal knowledge and experience. The article is purely informational in nature, that is, it doesn't urge or oblige you to act.

Important features to pay attention to

Below we will focus on a few important points that may cause concern for the customer.

1. The productivity of the Matching Engine is too high to be true
The matching engine is an important component of any digital exchange. Its function is to match and execute orders.
Every trading platform owner would like this component to be as impressive and productive as possible. Although software with such options is limited in development, some software vendors and developers necessarily exaggerate the capabilities of this component.
The aforementioned level of matchmaking engine efficiency can only be achieved by some, thanks to their powerful capitalization. Such technologies are supported by a very expensive infrastructure, which requires a lot of time and serious investment. To summarize the first point, such data is currently impossible to achieve at the commercial software level. Don't believe it if they want to assure you otherwise. Most likely, the consultant is not fully literate and knowledgeable in the matter.
For the segment of commercial software, the more real productivity of the trading engine is about tens of thousands of transactions per second. And for such figures, you will also have to invest in a stable software infrastructure.
How to reassure yourself. The best way to check the claimed performance level of a trading engine is to test it in extreme conditions.

2. The main focus on design when technical specifics are ignored
Yes, of course, visual is certainly important, because in the first place your main goal - to attract users to the exchange, and the user interface in this case serves as a business card, so it is good if it will be logical and easy to use.
But, as a result, both for you and for the user, the main thing is the correct execution of trading operations, protection against slippage, tracking, and elimination of security breaches, so during the negotiations it is better to be more interested in technical nuances.
How to be reinsured. If you still have any doubts about the proposed technologies, it is worth focusing on the performance of the matching engine and other important parameters.

3. Disguised costs
The situation when a provider includes a limited number of trading symbols in a standard package and charges another fee for subsequent actions. We believe that this approach to work is not acceptable.
You may also be told that the solution does not include a commission for trading volumes. This fee is standard vendor practice.
How to Re-insure. Be careful when discussing any fees or services.

4. Security
Security is the most important part of the job.The first thing you should provide a client in the process of getting acquainted is information about security protocols.
If you don't get the exact security details or if you can't verify that the right elements are in place to ensure the security of funds and personal data, then you should be suspicious.
How to reassure yourself. Security cannot be left unchecked, so you have every right to check everything personally. An important condition is your full autonomy to test the software for the presence of weaknesses.

5. Overly democratic tariffs
The customers' attempts to reduce costs and get the benefit as quickly as possible is understandable, and many software vendors understand and take it into account when they calculate the cost of services, but you should clearly understand that the cost of teamwork of competent professionals and investments in development absolutely affect the final cost, which has its minimum.
Taking all the above into consideration, if the final cost that you are offered is several times lower than the market average, it is recommended to make sure in the company you are negotiating with.
How to reassure yourself.Always inquire about the full cost of the solution.


A quick check. Recommendations
Here are a few brief points, thanks to which you can conduct an introductory check on a possible partner.

1. Image of the company
The size of the team. The team is usually quite large, has a continuous flow of clients and works with several at once.
It is important that the company has offices in several countries, as this is one of the criteria of product quality.
The skills of the development team.
2. Customers
It is worth requesting a list of customers who have used your possible supplier's products and solutions. It is worth thinking about in case the company refuses to give even a few names of users, citing NDA or other legal obstacles.
3. Facilitation and assistance
It is difficult enough to quickly assess the quality of the service, but you can and need to monitor everything personally, ask absolutely any questions about the process. Judging by the vendor's reaction, you can assess the quality of customer support in the future
4. Technology stack
For a proper analysis of this area you need the services of an experienced technical specialist.
5. Documentation
Products with which trading platforms work are often quite complicated to install and master. If a company that supplies a trading platform has well established algorithms, that is a huge plus.
Conclusion — Checking a potential Provider is a very complex and painstaking process, which can't be completely described in one article, but we hope that it was useful to study.