Ever since the pandemic has struck our world, businesses have started understanding the importance of centralized crypto exchange business because it has opened the doors of myriad opportunities for those who wish to trade on non-duplicable crypto assets and goods. The surge in demand for this solution has led to the rise in the demand for crypto exchange app development.
Cryptocurrency exchange mobile app development is a lucrative industry with great potential. There are many cryptocurrency exchange app developments prevailing in marketing, and each is leveraging great output.
Different Crypto Currency Exchange Mobile Apps
Binance is the largest crypto currency exchange platform and we can say it was one of the pioneered who worked as a catalyst in the rising demand of the Blockchain development companies across the globe.
Another app that hails from the same niche is the Coinbase app. It has facilitated seamlessness of crypto exchange to the crypto enthusiasts. From 2013 to 2021 there’s a drastic increase in the demand of coinbase, which has paved the path for other business visionaries to dive into digital currency trading app development.
Other Players in the Cryptocurrency Exchange Market are as follows:
- Karken
- CEX.IO
- BitSquare
- BitPanda
Types of Crypto Exchange That You Choose
In this post, we are talking about the cost of development, which was incurred at the time of cryptocurrency development. One of the factors which affect the cost of development is the type of cryptocurrency exchange.
Following are the different kinds of cryptocurrency exchange mobile apps available in the market:
- Centralized crypto currency exchange applications
- Decentralized crypto currency exchange applications
- Hybrid crypto currency exchange applications
- Orders book crypto currency exchange applications
- Peer to peer crypto currency exchange applications
- Ads based crypto currency exchange applications
Features of an Ideal Crypto Currency Exchange Application
The essential features of a cryptocurrency exchange app not only include just the basic features, but also some advanced ones. Our expert mobile app developers bring to you a consolidated list of the features of the cryptocurrency exchange mobile apps, which you must include in your crypto exchange app:
Trading Engine
This feature is the core of the cryptocurrency exchange applications that helps in running the operations. It is an essential feature that enables the functioning of the transactions, calculates balances, and helps users access the order book where they can tally all crypto exchanges buy and sell.
The trading engine feature is called to access the order books. It also helps in matching the buying & selling transaction on the exchange.
User Interface
It is also an important feature to consider at the time of cryptocurrency exchange mobile application. Make sure you craft a user-friendly and intuitive UI. The User Interface should be the one that enhances the buying and selling experience for crypto enthusiasts.
Keep all kinds of clutter away from the design and try to include the following features in your User Interface:
- Login function
- Registration portal
- Funds withdrawal
- View order book
- Statistical reports and charts
- Funds deposits
- Maintenance of transactions and balance
- Buying & selling of orders
- Low fees
- Private keys
- Decent fee structure
User Management
While you would be in between your cryptocurrency app development process, make sure your cryptocurrency exchange mobile app development company drafts a sturdy user management process.
There are three major points on which you should focus while building crypto-currency app exchange development –
User creation – It enables users creation by allowing users to create a dedicated account that streamlines the crypto exchange process.
Signup or sign in – In the present time the crypt exchange apps asks for multiple personal information like user data & others, at the time of signup or sign in, it should not be the case. Making user interaction with the app is as easy as possible with minimum delay and quick response.
User Verification –
Verification is a crucial part of the cryptocurrency exchange portal. It authenticates users and bolsters security. SSN, phone number, photo ID, etc., are some of the major verification parameters.
Wallet Solutions –
Use a strong cryptocurrency exchange script that helps in embedding a supportive cryptocurrency wallet. The wallet is used for storing stable coins and crypto tokens. You can refer to crypto biggies like Binance that have enhanced and strong security features, which streamlines buying and selling of cryptocurrency.
Admin Panel
Through the admin console, a user can operate & manage multiple operational aspects of cryptocurrency trading and other exchanges. Through the admin panel, a user can easily manage and monitor a trade.
Admin can easily see user ID, email addresses, names, and other things of the app’s users. Admins can change trading fees, it also enables admin to manage cryptocurrency listing, they can add new cryptocurrencies, and admins can fund accounts in time of tickets & support issues.
Steps to Develop and App like Binance and Coinbase
Find Problem – It means that you thoroughly do research on the pain points of the customers’ problems. You analyze the current solutions in the market and find the in which your app could stand apart and solve those problems of users.
Choose Platform – Selection of the right platform is crucial as it will be the deciding factor of how the apps will work and the way it creates customized web apps without writing Blockchain code from the scratch.
Ethereum, BigChainDB, Hyper-Ledger Fabric, and Quorum are some of the best platforms on which you could execute the cryptocurrency exchange app development process.
Model Building – Once the platform is finalized, it’s time you finalize the model type, such as hybrid, internal, or cloud system. There are multiple Blockchain models, conduct your research on them, and choose the one which allows unlimited, private, public Blockchain models.
API Creation – Although there are hundreds of pre-built APIs available in the market, there is a chance that you might want to create a custom one. It will be used to validate data, key trading pairs, address generation, intelligent contract interactions, and store and retrieve data.
App Testing – When you think your app is built completely, make sure you test it completely. The best way to test your app is the MVP model, where you can build a workable POC solution and testing that identifies system crashes, memory problems, storage problems, latencies, and different performance restrictions.
Potential Challenges in Cryptocurrency Mobile App Development
Building such an elaborative and fin-tech centric mobile application is not an easy deal. You might face challenges during the stage of development. Below are mentioned some tentative obstacles which you can avoid:
Rise in Competition – The popularity of cryptocurrencies like bitcoin has led to the rise in the increase of competition.
Scalability – A bitcoin app has millions of users where who enter & interact simultaneously every day. It will be quite difficult to manage & plan for a new platform. The scalability of the app could be a major issue.
UX and UI – Building an app with strong & seamless UX/UI could be challenging.
How Much Does It Cost to Develop Cryptocurrency Exchange Mobile Apps?
From designing to testing and from deployment to post-deployment, there are multiple factors that affect the cost of development.
Therefore, it is not easy to specify a particular number to depict the cost of crypto app development. The amount of cost development varies as per the features, functionalities, technologies, and team involved.
However, we can give an idea considering different factors:
- Design – $1000-$2000
- Development – $5000-$10000
- API – $7000-$10000
- Blockchain – $2000-$4000
- Testing – $2000-$4000
- Total – $17000-$30000
Conclusion
The demand for cryptocurrency apps and users are surging high every year. In the present investment in this technology will be a great option. Hire a mobile app development company with experienced mobile app developers. With the right guidance, you can create a superlative and secured platform that will bring users and also great revenue.
