The cryptocurrency world has evolved quite interestingly since the invention of Bitcoin in 2009. We now have a plethora of coins to choose from, and this unusual innovation has repeatedly jolted the financial industry.
Although the biggest boom is likely over, we must become accustomed to digital coins being used for a variety of purposes. Purchasing goods, exchanging transactions, investing, smart contracts, and security – this technology is universal and has a lot to provide. It’s no surprise that entrepreneurs want to enter this market. However developing your cryptocurrency exchange isn’t a piece of cake, as it requires a lot of expertise and effort, but in the end, if the development becomes successful then undoubtedly it turns out to be massive to earn incredible profit
Today, we’re going to look at the cost to develop cryptocurrency software to give you an idea of what to expect if you decide to pursue such a project. Let’s go!
What is Cryptocurrency?
Digital or virtual currencies known as “cryptos” use decentralized cryptography to save, confirm, and record online transactions in the most granular way possible. Cryptocurrency payments enable users to send or receive payments in virtual currency and store transactions in a public ledger by utilizing the highly complex virtual currency exchange systems
Is Investing in Cryptocurrency a Safe Idea in this Digital Age?
Investments in cryptocurrencies are a great way to build a crypto portfolio and secure personal finances. The value of popular cryptocurrencies such as Bitcoin will fluctuate daily, but it will steadily rise. Investors are being drawn in by the dramatic increase in the price of cryptocurrencies like bitcoin. The need for mobile applications for cryptocurrency exchange has surged as a result of this market trend and investors’ obsession with Bitcoin trading.
Mobile apps for cryptocurrency exchanges make it easy for investors to buy and sell cryptocurrencies from their Mobile phones. Yes, you can open and trade bitcoins and other digital currencies without using a web platform. Users may keep track of their portfolios around the clock and maintain successful graphs using the popular Android and iOS apps for exchanging digital currencies similar to Bitcoin.
What sort of product are you hoping to develop?
You can run a crypto-related business and provide a wide range of services. The exchange platform, where users may buy and sell different cryptocurrencies, is the most widely used. Additionally, wallets are used to store the currencies in a secure location. All of these capabilities and more are offered by popular solutions, though. Additionally, there are financial applications for use with conventional money that include optional cryptocurrency functionalities.
Leading cryptocurrency firms include Coinbase, which began as an exchange app and then added several digital coin-related businesses. Users have access to an online wallet, trading tools, and novelties like physical cards for using cryptocurrency as payment or an eCommerce payment gateway. Additionally, Coinbase offers services to institutions interested in cryptocurrencies as well as pro accounts for experienced traders.
There are two options when it comes to wallets. Some remote-only providers require an account to begin storing coins, as well as physical devices (cold wallets) that are managed via mobile and/or web applications. Both require specialized software. Last but not least, services such as Revolut provide cards, transfers, multi-currency payments, and cryptocurrency purchases. You don’t have to register for crypto operations, but you can use them whenever you want. It’s an easy way to get started with cryptocurrency.
You must choose a path before starting the process of developing a digital product specifically for cryptocurrencies. Consider your business plan and the resources you have. If you require assistance, get in touch with us, and our business consultants will assess your concept to determine its viability. Continue reading if you want to learn what can affect how much your crypto solution costs.
CryptoCurrency Software Features
Now, let’s take a closer look at the crypto features you must consider when creating such an app.
User account
Most apps based on user activity require features such as account registration, a sign-in form, a user panel, settings, and profile customization. To protect customers from money laundering, all money handling apps typically require a large amount of personal data and a lengthy verification process. As a result, this module will be quite complex, necessitating additional work and testing.
Buying and selling system
Whatever types of transactions your app will support, they must be handled securely and quickly. The entire process should be intuitive and simple for the user. The trading system is required if you want to run an exchange platform. If you want to run an exchange platform, the trading system must be capable of handling multiple purchases and sales at the same time. It must also be able to match all transactions to constantly update the exchange rate.
Push Notification
Most required functionality for the majority of mobile apps. Recommended primarily for use in marketing and communication. You can use them to tell the users of updates (like new currencies or features), business accomplishments, scheduled maintenance, and other important topics.
Admin panel
It is necessary for managing users and content. This module will also be in charge of managing any financial transactions involving cryptocurrency or any other kind of currency. Only you and your staff will see and use that side. Additionally, it must contain a customer service section where your team may view and handle tickets.
Security measures
Besides the above-mentioned verification process, you will require additional functionalities to ensure the security of your users’ data and money. Two-factor authentication is required, as is a high level of encryption in your web or mobile app. SQL injection prevention, anti-DoS, biometric authentication, CSRF, and SSR protection, KYC and AML integrations, and other security measures are also available. A trustworthy IT partner will ensure that your cryptocurrency solution includes all of them.
How Much Does it Cost to Build a Cryptocurrency exchange app?
The cost to develop a cryptocurrency exchange app would range from USD 50K to USD 100K with the feature set we just discussed.
The cost of developing a cryptocurrency exchange app would be in the range of – USD 130K to – USD 150K if you wanted to have both a website and an application created for your cryptocurrency exchange platform.
Disclaimer: These represent merely a rough range. Only once the scope of work has been prepared following the examination of the entire project can an exact estimate be made.