Cryptocurrency is a digital currency that cannot be hacked and allows you to be free from central authorities. Cryptocurrency is in support of blockchain technology, so it becomes easy for people to spend it anywhere they need. Cryptocurrency is the future technology, and it provides freedom to the currency holder. Any newcomer can easily understand cryptocurrency technology due to its easy access and easy-to-use technology.
According to statistical data, the global blockchain market will reach approximately $23.3 billion by 2023. You can achieve the highest number of transactions in Q 1 of 2021, around 367,536. Bitcoin has gained around 193,639.3% between the years 2012 and 2020.
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What is Cryptocurrency Exchange?
A cryptocurrency exchange is a platform that allows the transaction and trading of cryptocurrency. It should be flexible and should run smoothly under log network bandwidth. Exchanges should accept all types of cryptocurrency payments and support all types of fiat currencies.
Crypto is not a physical currency; you cannot simply store it in a bank and use it in the form of cash in local shops. Crypto is a digital currency, and you need an app that has both a wallet and supports the trending of the application on different platforms. To calculate cryptocurrency exchange development cost, you need to look at the various factors like the number of features your application will have and the various cryptocurrency exchanges it will support.
Cryptocurrency Exchange Revenue in Market
Image Source: Howmuch
Here are some of the top cryptocurrency apps in the market.
Cryptocurrency exchanges are the platforms that are facilitating the trading of cryptocurrencies for other assets, including fiat currencies and the digital world. Moreover, cryptocurrency exchanges act as an intermediate between the buyer and the seller in order to make money through transaction fees and commissions.
Coinbase: It is a crucial app that allows you to sell, purchase and sort the cryptocurrencies such as ethereum, bitcoin, litecoin, and many other cryptocurrencies. It is also used for exchanging the cryptocurrencies over different platforms.
Coin Stats: It is the best and ideal cryptocurrency exchange platform available in the market. This app is helping people to track their bitcoin investment easily and allows them to earn a good platform. One can also have an analytical view of the market data with the prices of different cryptocurrencies.
CoinCap: It is allowing people to exchange and trade their digital currencies more effectively and efficiently. You can have easy access to real time market data with this application. It is the most famous app among the cryptocurrency enthusiasts in India and allows them to trade freely.
Types of Crypto Exchange
When it comes to cryptocurrency exchanges, they may vary depending upon the platform and their scalability. A cryptocurrency exchange allows users to trade cryptocurrency among different platforms. It is a digital currency exchange that supports the trading, buying and selling of cryptocurrencies among different platforms.
Here are some types of cryptocurrency exchanges.
Centralized exchanges: A centralized crypto exchange is governed by a company that can offer the options of both fiat-to-crypto and crypto-to-crypto trading to the users of the platform. You can easily use the order book of your trades and in some advanced exchanges even some technical analysis tools.
Decentralized Exchanges: Decentralized exchanges are alternatives to centralized exchanges without any central authority working or operating the cryptocurrency exchange. The transactions and trades are automatically operated by using the decentralized applications and smart contracts.
These types of crypto exchanges are helping users to easily trade and exchange cryptocurrencies to the next level. Let’s have a look at the features of cryptocurrency exchange applications.
Features of Cryptocurrency Exchange Application
Cryptocurrency has taken over the digital world in recent years due to its power of providing freedom to the people. According to financial experts, cryptocurrency has the power to transform the future of the world. There are more than 1000 cryptocurrencies available in the world right now. Your cryptocurrency exchange app should have some of the compulsory features. Your app should have features like providing trading features to cryptocurrency users.
Here are the features your cryptocurrency exchange app should have:
Order Book System: This feature allows users to easily track and check all the open orders and check all open transactions, orders, and history in the simplest way possible. In the cryptocurrency exchange all the buy and sell offers are available in order to provide them reference for the future.
KYC Integration: Using government ID cards validate the originality of the user for the safety purpose. Moreover, this feature is existing with the crypto exchange platform to verify and check the originality of the user. KYC is compulsory in order to build a safe and secure profile of the user on the crypto exchange platforms.
Anti Money Laundering Integration: It prevents you from the illegal flow of money into the exchange platforms and keeps you away from the money laundering to save you from financial traps. It is a simple way to stay away from illegal activities and allow you to trust on the cryptocurrency platform.
Cryptocurrency payment gateway integration: A crypto payment gateway is a digital currency platform which is working on a network where businesses can trade money in the form of digital currencies. It is a form of software tool that offers the relationship between the payment of the seller and the buyer to trade in the cryptocurrencies for the products and services. Like the normal payment gateways these do not require any of the privacy issues.
IEO Integrated Module: Initial Integration Offering is the most wanted crowdfunding model in the entire crypto industry. It is a token sale platform, where the newly launched tokens are sold to raise the funds. If you are an owner of an exchange, then you will be able to select the IEO project to list on your exchange platform.
Security Token Exchange: You can enable the security token exchange features using the crypto exchange software, one can easily list security tokens with the help of this feature.
Atomic Swaps: In the cryptocurrency exchange app this feature allows you to exchange the cryptocurrency easily over a common platform. It is a feature which allows the atomic swap between the interfaces. Cryptocurrency exchange software development is very crucial for the atomic swap of your exchanges.
Third-Party API integration: Application Programming Interface is a cluster of functions and it is allowing the application to access the features of the operating system or of the other external service. Moreover, you can implement an API to improve the functional operations of your cryptocurrency exchange.
Cryptocurrency exchanges use candlestick charts to provide an interactive trading interface to the users. Each candlestick chart represents a buying or selling of the cryptocurrency asset, the red candle represents the selling, and the green candle represents the buying in the trading.
Crypto Exchange Platforms should include the following Features:
A cryptocurrency platform should allow you to perform a cryptocurrency application check and provide you with the best plan for the cryptocurrency exchange. An ideal cryptocurrency exchange platform should include the following features. Decentralized Cryptocurrency Exchanges allow users to execute peer-to-peer transactions without the need for a third-party platform.
Here are the features that a cryptocurrency platform should include.
Wallet: The wallet of a cryptocurrency exchange app allows you to store, send and receive currency. The wallet should have enough features to keep the user’s exchange and fulfill all the requirements of a cryptocurrency trader.
Your wallet should contain the following features.
Users should easily trade the cryptocurrency on different platforms, and they should be able to trade and deposit cryptocurrencies quickly. You can deposit the currencies using email, QR code, ATM and transfer, etc.
It integrates different wallet functionalities and features to support various transactions.
It adds banks and payment gateway systems together to sell and buy cryptocurrencies in real-time.
To get the maximum audience incorporating an eCommerce platform is also necessary.
There are Two Types of Bitcoin Wallets:
1. Hot wallet: These wallets are less secure because they are on the internet. Moreover, these wallets are more sensitive to attacks by security threats and fraudsters.
2. Cold wallet: Cold cryptocurrency wallets are safer and more secure as they store the cryptocurrency in offline mode.
API: In improving the API of your cryptocurrency wallet, you should consider the factors like WebSockets, public and private APIs, Fix protocol, etc.
Admin console: An admin console allows the users in different aspects of the cryptocurrency exchange application. You can modify the features of the admin console according to the application’s requirements. However, every cryptocurrency wallet should have features like adding new currencies, editing the exchange fee, managing the listing of cryptocurrency exchange applications.
Analytics: It is a feature that can attract advanced crypto traders by allowing them to use the console more efficiently to earn a good amount of profit. Analytical features come with different indicators like RSI, moving average, moving average Convergence Divergence, Stochastic Indicator, etc.
Alert and push notification: Push notification is the feature that allows you and your users to maintain communication in a better way. You can notify users about special offers, discounts, news, and promotions with the help of a push notification feature. For example, you can send important information like price alerts, offers, trend changes, track exchange listings, etc.
Now you know about the features of cryptocurrency app development, it’s time for you to know about the challenges in the field.
Challenges in Cryptocurrency Exchange App Development
Many challenges in cryptocurrency exchange app development. It will help you know about the currencies to have growth and growth potential and which of the following will leave the market due to the technological lag.
Here are the challenges in cryptocurrency exchange app development.
Security: Security is the major challenge that cryptocurrency markets face due to the online presence of cryptocurrencies. There are five types of victims of hackers: HitBTC, Poloniex, Bitstamp, Huobi, and Bitfinex.
Scalability: It allows you to scale up your business to international levels, and you can easily have transactions at national and international levels. Cryptocurrency exchange app development is the trend and allows you to push the limits of your business.
Market acceptance and usability: You cannot use cryptocurrencies for regular payments, as they are more complicated than regular payments, have an unstable rate, and accept a limited number of points.
These were some of the challenges that cryptocurrency exchange app development is facing. Here is the process of a cryptocurrency exchange app.
If you are looking to start a cryptocurrency app development process, it’s the perfect timing due to the boost of digital currency. Creating a crypto exchange app is the best way to make money quickly.
Here are the processes involved in creating the cryptocurrency exchange app development process.
Choose the option to create a cryptocurrency exchange app: If you want to build an iOS or Android crypto exchanges app but have less technical skills to handle it independently, there are many ways to develop this.
Choose cryptocurrency exchange type: You should choose the type of cryptocurrency exchange, centralised and decentralised. There are three types of cryptocurrency exchanges: CEX, Hybrid, and DEX.
Choose a Jurisdiction: Platforms that start a crypto exchange app vary significantly from region to region.
Architecture, Technology stack, and API: You have to decide on architecture, technology stack, and API.
Find a Liquidity Provider: The competitiveness and success of your exchange business will significantly depend on liquidity: how long does it take to exchange an asset for its money.
Take Care of Transparency and security: The cryptocurrency market is attracting new members and scammers—even the great exchanges like Poloniex, Binance, etc.
After knowing the cryptocurrency exchange app development process, it is time to know the app development cost of cryptocurrency app development.
For developing a cryptocurrency exchange app, you should have a dedicated team, enough budget, and a great idea. To develop a cryptocurrency exchange app, you need to have different ideas. The approximate budget to develop a cryptocurrency exchange, the MVP app with the essential feature, can range from around $15000 – $50000. It is the approximate range of developing the app for cryptocurrency exchange.
Different types of specifications for different platforms
iOS:
Language: The language that the iOS usage is Swift (4.2) and this gives the leverage to the app developers to create an interactive interface that can shape the future of crypto trading.
Tool: The tool that iOS crypto app development tool usage is Xcode 9.3. It is a best tool known for its effective results.
Format: The format of iOS that it uses for development is JSON which is now for boosting innovation.
Web Services: The web services that iOS uses are SwiftyJSON, Alamofire, that allows the iOS developers to create an app that is complete in itself.
DB: The database usage is Mysql which is the best in creating a smooth app development process.
General function: Firebase notification, payment gateways, APNS notification.
Language: The language that Android uses is Kotlin. That is the best language that you can use for crypto exchange app development.
Tool: The tool that is in use for android app development for crypto exchange is Android Studio 3.1.3.
Web service format:The web format that Android uses for cryptocurrency digital trading is JSON Format which is suitable for your business.
Web service: The web service that the android app development uses is Rest APIs that is famous among android app developers.
Design: Material design is the design that is in use for crypto trading app development for providing a better experience to the users.
Database: SQLite local database, Room local database.
Web application:
For website: PHP – Laravel
LAMP: Linux server, MySql DB, PHP, Apache.
MEAN stack: ExpressJS, NodeJS, AngularJS, Mongo Db.
These were the estimated cost of cryptocurrency exchange development cost. Let’s quickly know about the cryptocurrency exchange service provider. These specifications are necessary in order to discover new trends in the market. According to different platforms, different properties may vary that can change the working of the gaming industry. Android uses the language Kotin in order to discover new crypto exchange app tools that can change the future of cryptocurrency trading.
When choosing a cryptocurrency exchange, you should be aware of the market trends. Crypto exchange functions are similar to online brokerage platforms, providing you with the tools to buy and sell digital currencies and tokens like Dogecoin, Ethereum, and Bitcoin.
Look at supported assets, payment methods, fees, and security when choosing a cryptocurrency exchange. To help you find the proper exchange, we consider these factors when selecting the list of the best cryptocurrency. So, connect with BR Softech for the best exchange services.
Conclusion
A cryptocurrency exchange website can have multiple features that offer you the leverage of easy access to the game. The digital currency sector is enormous, and it is rising consistently over time without getting interrupted. The future of this industry holds numerous opportunities, and you must not miss them at any cost.
BR Softech is helping developers with cryptocurrency app development that provides users with a better experience.
I am Nitin Garg Founder of BR Softech PVT LTD - an Award-winning mobile game development company. We are armed with 180+ geeks & 2753 clients worldwide, I have driven by the spirit of entrepreneurship and dream to build a billion-dollar-company.
