Cryptocurrency is more than just a trend; it’s a revolution that continues to shape industries worldwide. The crypto exchange development market is booming, offering advanced features and solutions transforming the way transactions happen. Today’s cryptocurrency exchange platforms leverage cutting-edge technology, providing once-unimaginable capabilities.
If you’re looking to take advantage of this booming market by developing your own cryptocurrency exchange platform, there are a few crucial things you need to know. In this blog, we’ll walk you through the development approach, essential features, and the entire process of building your crypto exchange. The cost of developing a cryptocurrency exchange app is in the $20,000 starting range for basic features, and we’ll also dive into what contributes to these costs.
Let’s explore the details and how you can get started with your crypto exchange journey.
The Right Approach to Developing Cryptocurrency Apps
Developing a cryptocurrency exchange app is not as easy as it sounds. First, you need to find the best mobile app development company or hire a dedicated blockchain developer to guide you in developing your cryptocurrency exchange application. Then you have to consider the rich functionality used for currency exchanges such as Bitcoin.
When we talk about developing cryptocurrency apps, it directly means that we need to build Bitcoin apps for Android and iOS. Bitcoins can be used to sell or buy and exchange Bitcoins. If a person wants to exchange a large amount of money, they can send bitcoins instead of sending the total amount.
Advanced and Must-Have Features in a Cryptocurrency Exchange App
Main features are included by every other app, but a crypto exchange app should have modern features to stand out from its competitors. However, it may also increase development costs for apps, but it’s worth it.
Recurring billing and billing process
Those who use cryptocurrency apps for business find this feature very important. This feature saves you the trouble and time of writing long numbers in your account details. You will also be automatically paid monthly to your business partners. Therefore, there is no need to track transactions.
Two-factor authentication
This security enhancement will definitely raise your app’s security standards. After passing protocol authentication, which includes a username and password, the user must also pass the second level of authentication. Second-level authentication is accessible only by the user and not by other users. It can be a series of questions or physical detections, thus improving the integrity of the app.
QR code scanner
QR code integration simplifies the payment process for users, saving them time and the hassle of writing lengthy account details. They need to scan the code to make the payment.
Optional opt-out
This feature allows the user to end the current session but not log out of the wallet. After the time has elapsed, the session will be automatically logged off. This way your wallet will be safer from strangers.
The Development Process of a Cryptocurrency Exchange App
All major cryptocurrency exchange app development companies follow a full-fledged, step-by-step development process. The development time of the crypto exchange platform is minimal, and the development costs are low. This standard approach should be adopted at the beginning of the development of any crypto exchange platform.
Plan your strategy
Whether you are a cryptocurrency exchange software company or an app development company, you go far beyond that when planning your platform development. They are trying to come up with a solution that will allow them to get all kinds of benefits from the industry. To do this, you need to plan an effective strategy that can dominate the market.
Market Analysis and Planning
Building a crypto exchange platform requires market research and analysis. Learn what are the key requirements your app or software should include. What are the must-have features of a cryptocurrency app? You can understand the strategies of your competitors in the market, so you can plan accordingly to survive in the market.
UI/UX Design
Now that we have the basic requirements and features planned, we can move on to the app design criteria. A lot of work needs to be done in designing the front end as it has to fit the ideology of the app and the functionality it contains has to be combined with that of the app.
App Development
This phase plays an important role in the overall development process. It is the phase in which all aspects are designed, developed, and manufactured for operation. Everything related to technology integration, platform selection, feature integration, and development is handled in this phase.
Quality Check
Once development is complete, do you need to test whether it works efficiently? This is called bug testing, where testers look for problems with your app’s features and functionality. If so, fix it and test again. This cycle continues until the app is error-free.
Launch the App
After successfully completing all the steps, launch your app to impress your users with its best performance. To launch an app, a company must apply all pre-determined marketing and promotional activities to enable the app to compete with other apps.
How Much Does it Cost to Develop a Cryptocurrency Exchange App?
We have outlined all aspects of crypto exchange development. Well, there are several factors to consider when estimating the cost of developing a crypto exchange app. This includes a list of app features, business models, user-friendly app interface, outsourced or in-house development team, developer location, and experience.
Based on these factors, we can estimate the total cost of developing a cryptocurrency exchange to be in the range of $20,000 to $50,000. Please note that this price may vary depending on the list of features requested.
In this cost range, you get an MVP app that includes all the core features of the exchange. You can start with an MVP and, as your sales grow, add new features, add layers of security, and keep your app up-to-date.
If you want to develop a hybrid mobile app that works on iOS and Android with all the advanced features, it will cost you much more than the above prices. In such cases, we recommend contacting a professional blockchain company so they can provide you with an accurate quote based on your needs.
Wrapping up
If you align your business with the right trends, success often follows — and the cryptocurrency industry is a perfect example. Many companies across the globe are already reaping the benefits of entering this space. The digital currency sector is vast and continues to grow at a rapid pace. With increasing demand for crypto trading and investment platforms, the need for reliable cryptocurrency exchange apps has surged. Yet, there’s still a large segment of untapped users and investors eager to enter this highly profitable market.
It is clear that the future of this industry offers many opportunities that cannot be overlooked. In order to give companies an idea of how to develop a cryptocurrency exchange app, we have explained all the necessary aspects above, such as cost and essential features. The most important thing you have to do now is to work with a company that can adequately support you. By integrating the right technologies and features, cryptocurrency trading apps can be at the forefront regarding high profits and large user bases.
If you want to go big in the market, you can get in touch with Webcom Systems, a leading cryptocurrency exchange development company with a team of skilled and experienced blockchain app developers. Contact us to bring a scalable and efficient solution to market.
Recommended Read: How To Start Building a Cryptocurrency Exchange?
