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These days Crypto exchanges and Cryptocurrency are the top businesses in the present world of digitally developing spheres. Each budding business person is looking for entering the crypto-verse with the Cryptocurrency exchange software. The competition and demand are increasing fast with each passing day. To develop a cryptocurrency exchange software, first, you have to know about the details of cryptocurrency exchange and the cost to develop it.
In this article, we are going to tell you about the overall cost and the factors that affect the cost of the Cryptocurrency exchange software development. All these following factors will help you to determine the cost of software development.
What is Cryptocurrency Exchange Software?
It is known as a place where crypto assets can be traded, and also token can be listed. For the starting, a suitable crypto exchange platform consists of the following-
- Secure admin panel
- Simplified UX and engaging UI
- Trade machine engine
- Investor profile panel
- AML/KYC solutions
- Solutions of payment gateway integration
- Account creation
- Money deposit request
- Sending money request
- Bank accounts management
Factors that Can Affect the Cost of a Cryptocurrency Exchange Software
Here are some of the crucial factors that can have an impact on the overall cost of the exchange software. Take a look to have more details-
1. Deciding the Exchange Type
First, select the exchange type you desire for building for your business. There are various types of crypto exchanges; each of them has features and characteristics. Hence, the cost of developing every platform differs from one another that depends on the requirements. Here are the types of exchanges-
In this, there is no involvement of any third party that has control over the transactions in the exchange. Also, users can conduct the peer-to-peer transactions directly in a decentralized platform.
It is where central authority has to manage the user funds and exchange orders. They have complete control over the exchange functionalities and the transactions that happen on the platform.
It is a combo of both decentralize and centralized exchanges. It also reduces the glitches in both of the exchanges and offers an improved, optimized solution for traders that makes a practical business experienceable.
2. Deciding the Method of Development
There are provided two ways to develop a Cryptocurrency exchange software/platform. Check out these methods-
Obtaining White label Cryptocurrency exchange software
The first option is to select a suitable company and purchase their white label Cryptocurrency exchange software. These solutions are available readily with pre-testing and 100% verification. Customers can purchase and install the white label solutions to kickstart the exchange. These are easy to deploy and cost way less than others to build the exchange from the ground up.
Creating from Scratch
For this, you need lots of efforts to collect the requirements for deployment, development, and also technical assistance. This process will consume lots of cost and time. Otherwise, the first option will reduce these hassles.
3. Options for Features
For the development of Cryptocurrency exchange software, the feature is the essential factor. The cost of exchange software depends very much on the chosen features by customers. Although, the significant features can’t be neglected at the time of creating an exchange that is as follows-
- Multi-language integration
- Multi-currency support integration
- Strong trade matching engine
- Safe multi-signature wallet
- Integrated liquidity API
- Automated AML/KYC
- Admin backend panel
- Investor dashboard
- High-volume TPS
- Blockchain technology and smart contracts
- Trading Bots
- Automatic swap option
- Payment gateway integration
- Mobile applications support
- Integrated referral program
- Increased security integration
Essential Factors to Keep in Mind to Develop the Cryptocurrency Software
- A display of the value of the digital currency that includes the updated value.
- A database for all transactions that are performed by all the investors
- Methodology procedure that consists of designing to development and deployment of the platform
- Quality analysis of the previously held transaction
- User-friendly interface along with the personalized integrations and features
- Aggregator Needs
- Resources and time for budget restraints
- Trading kernel
- User interface
- Multiple modes for sending and receiving digital currency
Overall Cost of Developing A Cryptocurrency Exchange Software
The time for the development of cryptocurrency exchange takes around 4 to 6 months usually. It is based on your requirements and desired advanced functionalities that are involved in it. In case if you have any additional requirements, it will be good to go with the white label crypto exchange in the market. It is better to know about the exact duration of the development of cryptocurrency exchange as it is necessary for determining the cost. This budget will include the following aspects too-
- Legal compliance for crypto exchange
- Providing wages and salary to employees
- Due diligence.The overall cost of Cryptocurrency exchange software Development also depends upon various experts that are as following-
- Graphic Designer- $20/hour
- Front-end Developer- $25/hour
- Backend Developer- $30/hour
- Tester- $20/hour
- Project Manager- $25/hour So, the price of Cryptocurrency software with all significant features will be around $20,000 to $40,000 that can also differ due to the user’s requirements.
In this article, we have guided you with the overview of cryptocurrency exchange software and the overall cost of its development. BR Softech will provide you Cryptocurrency development services along with essential features at the appropriate cost. With the help of an expert software development team, we will provide you with assistance to develop the exchange software.
BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2010 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, mobile/ software development and other digital marketing services intending to deliver outstanding digital outcomes.