Cryptocurrency is a digital and virtual currency ensured by cryptography; this makes it impossible to spend double. Many other cryptocurrencies are distributed networks based on blockchain technology. Cryptocurrency is a digital asset that is designed to work as a medium of exchange. Cryptocurrency doesn’t occur in the physical form like paper or coin.
The UI and UX of cryptocurrency are so easy to understand by all. The newcomers can also easily understand the crypto trading industry, and they can quickly start their trading with a low learning curve.
The right approach to developing a cryptocurrency app
It is not as easy as you think for cryptocurrency exchange app development. First, you need to search for the best mobile app development company or hire a dedicated blockchain developer that will guide you to develop your cryptocurrency exchange application. Second, you need to keep in mind the plethora of features used to exchange currency like bitcoin.
When we talk about cryptocurrency app development, it directly means that we need to develop a bitcoin app for both Android and iOS. The bitcoins can be used to swap bitcoins by selling or purchasing them. If a person wants to exchange a considerable amount of money, he can send bitcoin instead of sending the total amount.
List of apps for cryptocurrency
- CoinCap – This CoinCap is developed for people who want to exchange their cryptocurrency efficiently and effectively. With the help of this app, you can have easy access to the real-time market data live with all the required information. It is the most famous app for cryptocurrency exchange. Using this app, the users will get daily or weekly updates for the change in the price.
- Coin Stats – Coin Stats is so far the best and ideal Cryptocurrency exchange application. This app is especially for people looking forward to tracking their bitcoin investment and getting regular updates. In addition, one can also have an analytical view of the market data as well as the prices of different cryptocurrencies.
- Coinbase – Coinbase is a fantastic app that lets you sell or purchase all sorts of cryptocurrencies such as bitcoins, Ethereum, litecoin, and many more. It is also used to exchange cryptocurrency.
It is the most famous app for exchanging cryptocurrency. As a result, many mobile app development companies are looking forward to developing apps like Coinbase.
Cryptocurrency exchange platforms in the market
Currently, there are two cryptocurrency platforms in the market they are:
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- Centralized cryptocurrency exchanges: centralized cryptocurrency exchange is an online platform that is used to purchase and trade cryptocurrencies. This is the most common medium for investors to buy and sell crypto resources. The trading fees are comparatively high in these cryptocurrency exchange platforms, but it is easy to use with advanced features such as exchange and charting.
- Decentralized cryptocurrency exchange: these are the cryptocurrency exchange platforms that users use to buy and sell cryptocurrencies with each other. These apps are less safe and secure from the risk of hacking, and they are also transparent. This doesn’t depend on third-party service to hold customers’ funds.
Features of the Cryptocurrency exchange app
A list of features for cryptocurrency exchange applications is given below.
Trading Engine
The trade engine is the base for any best cryptocurrency exchange platform. It plays a significant role in the main functionality of the exchange by handling:
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- Transactions execution
- Balances calculation
- Makes calls to access the order books
- Matching the buying and selling transactions on the exchange
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User interface
The UI and UX design of the crypto exchange website must be designed to not just be eye-catching but also provide an amazing user experience to the customers. The design and functionalities in the front must be challenging because it is easy for a crypto exchange or blockchain app development company to get caught in the system’s complexity and won’t focus on the design.
But once you invest in the right company, you will get UI that allows users to:
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- Create orders
- See transaction history along with the filter options
- Access to indicators and graphics
- Option to explore all activities on the dashboard
- Seamless fund withdrawal and deposit
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User management
Almost every cryptocurrency exchange platform witnesses a flow of at least 1,00,000 users daily. Naturally, therefore, the user management system must be proper.
When we talk about user management in cryptocurrency exchange platforms then we have to take care of the three things given below:
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- Sign up and Sign in– Even though cryptocurrency asks for several data from users, a melody for asking for the data from the users in the starting stage. The registration process must be one that can promise a quick in and out to the users.
- User creation– A number of cryptocurrency exchanges allow users to create an account on their own. Still, some small-sized crypto exchanges provide the role of user creation to the admin.
User’s verification – Now, you should know that customers are an essential part of your cryptocurrency exchange platform. In your platform, you can provide a number of different verification kinds to determine the account limits. These can include personal details, phone numbers, photo ID, etc.
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Admin panel
The admins involved in the cryptocurrency exchange are responsible for monitoring and managing the user’s trading. Depending on the access levels, they must be allowed to go through the user ID, name, email, etc. And along with this, the transaction ID, stamp, description, amount, and much more.
These panels should allow admins to:
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- Change trading fees
- Manage cryptocurrency lists
- Add new cryptocurrencies
- The ability to fund accounts in time of tickets and support issues
- Wallets
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A crypto wallet is a software program that allows users to send and receive digital currencies. There are three things to consider before you develop the best cryptocurrency exchange app. The things to consider are given below:
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- System and User wallet – There are various types of wallets that you can provide to the user. They are hot & cold, desktop and mobile, multiple currency wallets, and a lot more. The crypto money of the platform must be stored in the system wallet.
- Withdrawal and Deposits – The user will be provided with withdrawing and depositing amounts through email, QR code, ATM, and transfer, among many other ways. Trading and depositing digital money can be possible without any account verification, but it is essential to verify the user’s account if you want to withdraw the amount.
- Creation of Transaction – Every individual user should get the facility to buy and sell the cryptocurrency to other users. To make it possible in real-time, you will have to develop a cryptocurrency exchange app that will focus on preciseness and transaction speed.
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API
The whole set of processes and functions allows external applications to access data or features if the operating system is the essential part of the cryptocurrency exchange platform.
While deciding on the API implementation, three things have to be considered.
Private and public API – A private API is used only within the system; for instance, you can write a bot to help you trade. On the other hand, public API is used by third-party developers.
Websockets – The technology enables receiving an event-based response from the server without the need for the opinion of the server reply. It is used for sending information related to market moves, trade changes, etc.
Fix protocol is the standard that every trading platform must have, no matter what resource is traded.
Analytics
Analytics is the other must-have feature for the best cryptocurrency exchange platform. It has logs and charts. At the same time, the former app helps with the analytics of the activities of the cryptocurrency trade.
Database
There are two types of databases present on cryptocurrency exchange websites, such as REDIS and SQL.
Among both the databases, one is operative storage which is fast but not for the storage of secured data. Another one is persistent and reliable, but it is slow comparatively.
Tech stack for developing a cryptocurrency exchange app
As per the features that are mentioned above the technology stack for such kinds of features can be as given below:
iOS
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- Tool – Xcode 9.3
- Language – Swift (4.2)
- Webservice – AFNetworking, Swifty JSON, Alamofire
- Format – JSON
- DB – Mysql
- Design – MVC, MVVM
- General Functions – APNS notification, Firebase notification, Cloudinary, Payment gateways, etc.
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Android
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- Tool – Android Studio 3.1.3
- Language – Kotlin
- Web Service – Rest APIs
- Web Service Format – JSON Format
- Database – Backend database(MySql), SQLite local database, Room local database
- Design – Material design
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Web application
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- LAMP – Linux server, Apache, MySql DB, PHP
- For website – PHP – Laravel/CodeIgniter
- MEAN stack – Mongo DB, ExpressJS, AngularJS, NodeJS
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Cost of developing the cryptocurrency exchange app
With the features mentioned above, the cost of developing a cryptocurrency exchange, the MVP app with basic features, can range from around $15000 – $50000.
If you wish to develop an app that has advanced features and is more updated, then the cost can lie around $50000 – $100000. This is the approximate range of developing the cryptocurrency exchange app.
Conclusion
In this blog, you can get knowledge about the features and costs of developing a cryptocurrency exchange app. We hope that all your doubts can get clear by going through this blog, and you can develop the best mobile crypto trading app.
You can also hire a mobile app development company that can guide you to develop your cryptocurrency exchange application and provide you with mobile app development services.
FAQs
How to create a cryptocurrency exchange app?
The answer to your question about how to create a cryptocurrency exchange app is that you can create a cryptocurrency exchange app by developing it yourself, or you can also hire a mobile app developer from the best mobile app development company to develop your app.
What will be the cost of developing a cryptocurrency app?
The cost of developing a cryptocurrency app can vary depending upon the tech stack you choose, the platform you choose the features that you want to add to the app. The approximate cost of developing such an application is mentioned above in the blog.
How to develop cryptocurrency apps like coinbase?
To develop a cryptocurrency exchange app like coinbase then you need to develop an app that has similar but advanced features like coinbase.
