Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative —Nassim Nicholas Taleb.
Are you a crypto enthusiast, a digital currency trader, or a businessman seeking the best cryptocurrency exchange app development?
Millions of people are mesmerized by the success of Bitcoins, Ethereum, Link, Tezos, etc. Consequently, over 700 digital currencies exist in the market currently. Worldwide traders have perceived the power of paperless, decentralized blockchain-based currency and started investing in cryptocurrency trading more than ever.
As cryptocurrency buying and selling sought, various crypto exchange platforms emerged alongside. As of today, Tesla, Microsoft, BMW, Coca-Cola, Starbucks, PayPal, and other brands accept cryptocurrencies. Of course, the number of currencies they accept may differ.
However, the leading players in the crypto market are crypto exchange platforms. Crypto exchange apps like Coinbase, Binance, WazirX, etc., let users trade in cryptocurrencies using their currencies, including Dollar (USD), Rupee (INR), Yen, etc. Using a mobile app crypto exchange platform, users can buy or sell cryptocurrencies quickly and book profits in the short and long term.
Understand how to Develop cryptocurrency exchange apps like Binance entirely in one shot!
Since the crypto market is at its peak, there’s ample room for entrepreneurs to build a crypto exchange. That said, with the popularity of cryptocurrencies, challenges of trading have also emerged. But they say every problem is an opportunity. Let’s peep into the main challenges faced by cryptocurrency traders and need to be overcome.
Problems Face By Cryptocurrency Wallet And Exchange Platform Users:
- Less supportive mobile platforms
- Slow transaction
- High trading fees
- Lack of liquidity
- Lack of crypto pairs
- The inconvenient user interface of the platform
- Less privacy
- High withdraw prices
If you think by making an app like Binance, you can solve any of the above problems; you shouldn’t delay. Hire an advanced mobile app development company and get started with your cryptocurrency exchange business straight away!
Let us tell you some advantages that come with cryptocurrency exchange app development.
Why Is Cryptocurrency Exchange App Development Profitable?
• Decentralized Financial System:
It’s a decentralized currency system, meaning no one governs or manipulates the currency, which is a significant benefit of using cryptocurrency and Blockchain Technology. As a result, you and your app users can manage the database easily.
• Less risk of hacking:
Since digital currencies are based on Blockchain, constantly reviewed by the entire network, and not centralized, the risk of hacking is highly unlikely.
• Mobile-first approach:
Cryptocurrencies wallet apps enable crypto enthusiasts to trade hassle-free, making the payment process quick and keep them posted about market trends all the time.
• Transactions on the go:
It’s one of the primary reasons traders use exchange applications as they can buy, sell, exchange, or keep their cryptos in the vault anytime, anywhere, while roaming around the world.
Features Without Which Cryptocurrency Exchange App Development Is Incomplete
- Fully Responsive Design Across Mobile Devices;
- User-friendly And Easy To Navigate User Interface;
- Straightforward Sign-up & Sign In;
- All Concluding User Dashboard;
- Market Trends Categorized By Currencies;
- Currency Converter
- Order History
- Buy Or Sell Options
- Total Deposit History
- Automated Add Fund System
- Add Fund Via Bank Or Credit/Debit Cards
- A To Z Fund Add Report
- Manage Investment & Withdraw
- Investment Plan Management
- Total Margin History
- P2p To Buy Or Sell Crypto Locally
Things To Consider For Successful Cryptocurrency Exchange App Development
Remember, blockchain technology is the hero for your cryptocurrency exchange app development. Blockchain allows you to spread its operations across a network of computers, letting Bitcoin and other cryptocurrencies operate unaccompanied by a central authority. Blockchain is responsible for processing and storing data of user trades in a secure environment.
Despite reducing the risk, it also eradicates many processing and transaction fees. Thereby, using cutting-edge blockchain technology and its features, you can effortlessly solve the high transaction costs issue.
From registration, login, converting fiat currency payment to cryptocurrencies, adding funds from the bank, to encrypting individuals’ trading data, your app must meet the security standards. The more secure your crypto exchange platform, the faster it will gain popularity. Thus, you must prevent possible data leaks, hacking attacks, or malfunctioning from occurring on your crypto wallet app.
We advise securing the user information in the following way:
Secure architecture – Opt for a secure mobile app development architecture while carrying out your cryptocurrency exchange app development’s back-end development. Focus on creating the most secure database storage to store and exchange confidential information.
User’s authentication – Even if your app is completely secured, there is a chance hackers try to create a glitch during user login and access information. To prevent such unauthorized logins to the user account, implement two-factor authentication. Plus, send an auto-notification when a user logins to their accounts, mentioning the location and IP address of the device.
How Much Does It Cost To Develop A Cryptocurrency Exchange App?
Every Cryptocurrency exchange business wants to develop the best app like Binance, which is also budget-friendly. But, the mobile app development cost has been relying on some particular factors for ages, no matter a crypto app or shopping. In case if you are not familiar with them, they are:
- The number of app features and their complexity level as it affects development hours,
- Android, iOS, Desktop, Web, platforms you want to cover as each requires special development effort,
- Technology like Blockchain, two-factor authentication, APIs to make your app securely function,
- The number of iterations you take to optimize your app design,
- The number of app screens and design complexity based on transitions & animations, and other effects,
- App testing tools & methodologies,
- Location of the mobile app developers as the development rate differs across the world and may or may not accept cryptocurrencies ?.
The motive of this post is to help you no matter what. So, here are some tips for developing a cryptocurrency app without making a hole in your pocket:
• Opt for the right Blockchain platform,
• Opt for the correct design nodes.
• At first, keep the design minimalist and prototype the final output using cutting-edge technology.
• Above all, hire the most trustworthy and best cryptocurrency app development company from the Asian region. Their rate will bring a big smile to your face, for sure!