How to Develop Cryptocurrency Exchange App? Cost, Features, and Types, Everything You Need to Know

Businesses have started to recognize the importance of centralized crypto exchange business as the pandemic has affected our world. It has opened up many opportunities for those who wish to trade on non-duplicate crypto assets and goods. The growing demand for this solution has increased the crypto exchange app development demand.

Cryptocurrency exchange mobile app development is a lucrative industry with much potential. There are many cryptocurrency exchange app developments in the market right now, and each one is generating a lot of revenue.

Mobile App For Crypto Currency Exchange

Binance is the largest cryptocurrency exchange platform globally, and we can say that it was one of the first to act as a catalyst for the global demand for blockchain development firms.

The Coinbase app is another app in the same category. This has made crypto exchanges more intuitive for crypto enthusiasts. From 2013 to 2021, demand for Coinbase skyrocketed, paving the way for other entrepreneurs to venture into the world of digital currency trading app development.

The following are some of the other players in the cryptocurrency exchange market:

• Karken

• CEX.IO

• BitSquare

• BitPanda

Types of Cryptocurrency Exchanges to Consider

In this article, we'll discuss the development costs incurred during the creation of cryptocurrency. The type of cryptocurrency exchange is one factor that influences development costs.

The following are the various types of cryptocurrency exchange mobile apps that are currently available on the market:

• Applications for centralized cryptocurrency exchange

• Cryptocurrency exchange apps that aren't centralized

• Cryptocurrency exchange applications that are hybrid

• Orders are placed for the use of cryptocurrency exchange applications.

• Cryptocurrency exchange applications that operate on a peer-to-peer basis

• Cryptocurrency exchange apps that rely on advertisements

• 
  

Characteristics of a Good Cryptocurrency Exchange App

The essential features of a cryptocurrency exchange app include basic and some advanced features. Our Cryptocurrency Exchange Software Development Company has compiled a list of cryptocurrency exchange mobile app features that you should include in your crypto exchange app:

Trading Platform

This feature is at the heart of cryptocurrency exchange applications, and it aids in the smooth conduct of business. This essential feature allows transactions to run smoothly, calculate balances, and access the order book, allowing users to place buy and sell orders across all crypto exchanges.

To access the order book, the trading engine feature is used. This exchange also assists in the reconciliation of buy and sell transactions.

User-Interface Design

It's also an important feature to consider when developing a cryptocurrency exchange mobile app. Make sure your user interface is simple and easy to use. The User Interface should improve the buying and selling experience for cryptocurrency enthusiasts.

Keep the design clutter-free and try to incorporate the following features into your User Interface:

• Login feature

• Portal for registering

• Withdrawal of funds

• Check out the order book.

• Reports and graphs with statistics

• Deposits of funds

• Transactions and balances must be maintained.

• Orders are bought and sold.

• Fees are low.

• Keys to the private realm

• A reasonable fee structure

User Administration

Make sure your cryptocurrency exchange mobile app development company brings a solid user management process while you're in the middle of your cryptocurrency app development process.

While developing a crypto-currency app exchange, there are three major points on which you should concentrate –

User account creation facilitates user account creation by allowing users to create a dedicated account that simplifies the crypto exchange process.

Signup or Sign in At the moment, crypt exchange apps ask for a lot of personal information like user data. This should not be the case when signing up or signing in. User interaction with the app should be as simple as possible, with minimal delay and quick responses.

Verification of Users

The cryptocurrency exchange portal's verification process is critical. It ensures that users are authenticated, and that security is maintained. SSN, phone number, photo ID, and other major verification parameters include SSN, phone number and photo ID.

Solutions for Wallets

Use a robust cryptocurrency exchange script that aids in the integration of a helpful cryptocurrency wallet. Stable coins and crypto tokens are stored in the wallet. You can look to crypto behemoths like Binance, which have enhanced and robust security features that make buying and selling cryptocurrency a breeze.

Admin Control Panel

A user can use the admin console to control and manage multiple aspects of cryptocurrency trading and other exchanges. A user can easily manage and monitor a trade using the admin panel.

The admin can easily see the app's users' user IDs, email addresses, names, etc. Admins can change trading fees, manage cryptocurrency listings, add new cryptocurrencies, and fund accounts in the event of tickets or support issues.

Steps To Create a Binance or Coinbase-like App

Find the Problem – This entails conducting extensive research into the customers' problems' pain points. You examine the current market solutions and identify areas where your app could stand out and solve users' problems.

Choose a Platform – Choosing the right platform is critical because it will determine how the apps work and how they create customized web apps without having to write Blockchain code from scratch.

Ethereum, BigChainDB, Hyper-Ledger Fabric, and Quorum are just a few of the best platforms for developing cryptocurrency exchange apps.

Model Building – After you've decided on a platform, you'll need to decide on a model type, hybrid, internal, or cloud. There are several Blockchain models to choose from. Do your research and pick the one that allows for unlimited, private, and public Blockchain models.

API creation – Even though there are hundreds of pre-built APIs on the market, there's a chance you'll want to make your own. Data validation, key trading pairs, address generation, intelligent contract interactions, and data storage and retrieval will all be done.

App Testing – Once you think your app is finished, test it thoroughly. The MVP model is the best way to test your app because it allows you to create a working proof-of-concept and test it for system crashes, memory problems, storage problems, latencies, and other performance constraints.

Potential Barriers To The Development of Cryptocurrency Mobile Apps

It is not easy to build such a comprehensive and fintech-focused mobile application. During this stage of development, you may face difficulties. Some of the possible obstacles that you can avoid are listed below:

Increased Competition – The popularity of cryptocurrencies like bitcoin has increased competition.

Scalability - A bitcoin app can have millions of users who log in and interact at the same time every day. The new platform will be difficult to manage and plan. The scalability of the app can be a major issue.

UX and UI - Building an app with a robust and seamless UX/UI can be difficult.

How Much Does It Cost To Create Mobile Apps for Cryptocurrency Exchanges?

Numerous factors influence the development cost, from design to testing to deployment and post-deployment.

As a result, putting a specific number represents the cost of developing a crypto app. The features, functionalities, and technologies determine the development cost and team members involved.

However, we can provide an estimate based on the following factors:

Design – $1000-$2000 

Development – $5000-$10000

API (Application Programming Interface) – $7000-$10000

Blockchain – $2000-$4000

Testing costs between $2000 and $4000.

Total $17000-$30000

Conclusion