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Cryptocurrency

How Much Does It Cost to Develop a Cryptocurrency Exchange App like Coinbase?

written by Nitin Garg | Jul 19, 2022
Cost to Develop a Cryptocurrency Exchange App like Coinbase

The cryptography of cryptocurrency ensures that it’s impossible to spend it twice. Many other cryptocurrencies also use blockchain technology. A cryptocurrency is a digital asset that serves as a medium of exchange. There is no physical form of cryptocurrencies such as paper or coins.

Cryptocurrencies have an easy-to-understand UI and UX. Crypto trading also offers easy understanding for newcomers, and they can start trading quickly after learning the basics. Learn how!

Cryptocurrency: What Is It?

An online transaction can be verified, recorded, and stored safely and securely with cryptocurrency or cryptocurrency. Bitcoin (Blockchain) allows users to send and receive crypto payments via highly advanced virtual currency exchange systems.

With the introduction of Bitcoin in 2009, the first cryptocurrency, the demand, and craze for cryptocurrency trading have grown, and investors are now making money from the trading of cryptocurrencies.

There are several digital currencies that were developed later, such as Ethereum (ETH), Litecoin (LTC), and Ripple. Ethereum and Litecoin are the most popular cryptocurrencies.    

In this digital age, are cryptocurrency investments a good idea?

Investing in cryptocurrencies and building a secure crypto portfolio is a great idea. The value of popular cryptocurrencies, such as Bitcoin, is bound to increase despite daily fluctuations.

Investing in cryptocurrencies such as bitcoin is becoming more popular as their prices suddenly rise. Crypto exchange mobile applications have become more popular because of this market trend and investors’ craze for Bitcoin trading. Investors can conveniently purchase and trade cryptocurrencies through crypto exchange mobile apps.

Using bitcoins and other digital currencies does not require a web platform. In addition to keeping track of their portfolio 24 hours a day and maintaining good graphs, users can track their Bitcoin-like digital currencies using popular Android and iOS apps.

Our goal today is to give you a detailed review of Coinbase’s features, functionalities, and crypto exchange app development costs.  

All About Coinbase- The Best Cryptocurrency Exchange App

Bitcoin & Ether can be bought, traded, and sold in just a few clicks with Coinbase, another excellent cryptocurrency app. Users can stay up-to-date on cryptocurrency markets with this trending mobile app. Android and iOS users will find Coinbase’s app reliable and user-friendly. Several cryptocurrencies can be easily exchanged or traded, including Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and many others.

Investing in digital currencies is more accessible with its simple interface since it allows investors to view price information instantly and make a good profit. As well as keeping track of all your investments in different types of cryptocurrencies, this advanced mobile app lets you manage them from one dashboard. In addition, it will simplify the process of managing crypto portfolios for users.

Read More:- How to Choose the Right Altcoin Development Company?

 What is the most downloaded mobile app on Coinbase?

Yes, of course. The Coinbase app is now the predominant one across Google Play and Apple App Stores in the same way it was a few years ago. Compared to Instagram and other social media apps, it is now the most frequently downloaded app.

From the Android app store, the app has reached the milestone of ten million downloads as of February 2022. The app is, therefore, the most downloaded crypto payment app in the USA. It is one of the most trusted crypto apps in the world, with 68 million users across 32 countries. That’s a huge number!

Cryptocurrency Exchange Apps That Are Similar To Coinbase

Crypto Apps like Coinbase that are similar are listed below:

  • Capitalization of coins
  • Stats on coins
  • Bitcoin Local
  • Binance
  • Cryptocurrency Robinhood
  • Paybis
  • IO

What are Coinbase’s Cryptocurrency Exchange App features

1. The trading engine

Crypto exchange development platforms are based on their trade engines. The exchange’s main functionality is handled by it, which includes:

  • Execution of transactions
  • Calculation of balances
  • Accesses the order books by making a call
  • Exchange the buying and selling transactions

2. The user interface

Crypto exchange websites should have an impressive user interface that ensures an incredible user experience and is attractive and user-friendly. Developing a blockchain mobile app for crypto exchanges is challenging as it’s easy to get distracted by the system’s complexity and not focus on the design.

Investing in the right agency will result in a user interface that lets users:

  • Orders can be created
  • With the option of filtering, you can see the transaction history
  • Graphics and indicators are available
  • Dashboard option to explore all activities
  • Withdrawals and deposits are seamless

3. User Management

Most cryptocurrency exchange platforms witness an inflow of 1,000,000 users daily, so you must manage your users efficiently.

As for the User Management portion of your crypto exchange platform, you will need to address three issues:

  • Although cryptocurrency exchanges require several personal data from users, they refrain from requesting information from them at the beginning of the process. The registration process should be quick and easy for users.
  • Creating a user account varies by exchange, but some small crypto exchanges allow the admin to create the account for the users.
  • Cryptocurrency exchange platforms are crucially dependent on User Verification – Know Your Customer. Account limits can be determined by various verification types in your platform. Personal information, Social Security Numbers, phone numbers, photo IDs, etc., can be used for verification.

4. Admin Panel

A crypto exchange platform’s admins manage users and monitor trades. They should have access to the User ID, email, name, and other transaction details according to their access level, including the time stamp, transaction ID, description, and amount.

Admins should be able to:

  • Trading fees should be changed
  • Managing cryptocurrency listings
  • Cryptocurrency additions
  • Support tickets and support issues can be funded in time.

5. The wallet

Crypto wallets are software programs that allow users to send and receive digital currency, as explained in our blockchain digital wallets guide. Developing the best crypto exchange app like coinbase wallet app requires consideration of three factors –

  • Wallets for the system and users -In addition to offering hot and cold wallets, desktop and mobile wallets, multiple currency wallets, etc., you can also offer multiple currency wallets. A system wallet would be used to store the crypto money of the platform.
  • Deposits and withdrawals – Withdrawals and deposits can be made via email, ATM, QR code, and transfer, among others. It is usually not necessary to verify the account of those who trade and deposit digital currencies, but it is important to verify the account of those who withdraw the funds.
  • Transaction creation – Cryptocurrencies should be able to be bought and sold by all users. You will need to know the cost of bitcoin something like a Coinbase wallet app that concentrates on speed and smoothness to make it happen in real-time.

6. API

Cryptocurrency exchange platforms must have an operating system that allows external applications to access data and features.

To implement APIs effectively, three factors need to be considered.

  • Public and private APIs – 

The private API allows you to create bots to help you trade. Third parties use public APIs.

  • Using WebSockets – 

This technology eliminates the need to poll the server for a response to receiving an event-based response. It sends information about market movements, trade changes, etc.

  • Protocol FIX – 

Every trading platform must have this standard, regardless of the asset traded. Multiple trading platforms can be quickly integrated by external Coinbase and Binance app developers.

7. Analytical methods

A cryptocurrency exchange platform must also include analytics. Charts and logs are part of it. By analyzing activity on a cryptocurrency exchange, the former helps create charts to ensure proper visibility.

8. The database

Most cryptocurrency exchange websites use REDIS and SQL databases. In addition to operative storage, which is fast and reliable, but not reserved for storing confidential information, those databases also store persistent and reliable data, which is slow.

Here we will look at how much it costs to develop a cryptocurrency exchange app now that we have covered enough things to get you started.

Read More:- Difference b/w Crypto Coin vs Crypto Token [ A Detailed Guide]


What Does the Crypto Exchange Development Cost?

Team Required for the Cryptocurrency Exchange Web-Based App and Mobile App Development

TEAM COST PER HOURAPPROX COST PROJECT
backend developer$65/hour$62,000
iOS developer$70/hour$67,000
Android developer$65/hour$62,000
web developer$55/hour $52,000
graphic designer$40/hour $38,000
QA engineers $35/hour$52,000

A cryptocurrency exchange clone like Coinbase, which exchanges cryptocurrencies and digital currencies, depends on the features you include.

In A coinbase-like crypto exchange development cost will also be heavily influenced by the location and size of its native mobile app development team.

  • Your AI application crypto exchange app development company’s choice of the technology stack for building bitcoin apps will also impact the cost.
  • It is the features of the app, the technology stack, the application development platform, the team size, the location, and the hourly rate of the cryptocurrency app development company that determine its cost.
  • A cryptocurrency exchange app developed by USM, an app cryptocurrency exchange app development company in the USA and India, is estimated to cost between $25,000 and $50,000.
  • If you want to add advanced features, the cryptocurrency exchange development cost application will often exceed $150,000. Crypto app development and costs will increase if advanced features such as QR codes, digital invoices, transaction details, and multiple authentication processes are integrated.

The best mobile app cryptocurrency exchange app development company can create a world-class cryptocurrency app for you.

The Best Way to Make Your Coinbase-Like Crypto Exchange Platform Secure

Coinbase, for instance, ensures that no cryptocurrency is stolen from its exchanges by hackers when millions of people use its platform daily to transact in fiat and cryptocurrencies.

Most of Coinbase’s customer funds are stored offline, so any possible loss or theft is prevented. Additionally, Coinbase distributes bitcoins to safe deposit boxes and vaults worldwide, not just with its funds.

A number of security measures are taken to protect users’ privacy on the platform. By keeping the data disconnected from the internet rather than storing it on servers, the platform makes it harder to hack. Additional security is provided by redundancy and encryption with AES-256. 

Read more:- Why You Should Invest in Blockchain Baccarat Game Development?

How to Develop an application for cryptocurrency exchanges using the Tech Stack?

The technology stack for features of the kind listed above could look like this:

iOS

  • The tool is Xcode 9.3
  • Swift (4.2) is the language.
  • Alamofire, Swifty JSON, AFNetworking WebService
  • JSON format
  • Database – MySQL
  • MVC and MVVM design
  • Cloudinary, Payment gateways, APNS, Firebase notifications, etc.

Android

  • Using Android Studio 3.1.3 as a tool
  • The language is Kotlin
  • Rest APIs for Web Services
  • The JSON format for web services
  • SQLite local database, MySQL backend database, and room local database
  • Materials – Design

Application for the web

  • The LAMP stack includes Linux, Apache, MySQL, and PHP
  • Web development – PHP – Laravel/CodeIgniter
  • An AngularJS-based application using MongoDB, ExpressJS, and NodeJS

How Does Coinbase Secure Its Platform With Extra Authentication?

To ensure the security of its authentication process, Coinbase uses crypt plus 12-cost factors to hash passwords in its database. Coinbase also only accepts strong passwords when users create accounts or reset their passwords.

Finally, all credentials associated with the application are stored in a separate location from the database and codebase.

we hope you have received all of your answers by now, but we would like to make one final point –

Final Note

Having discussed everything, we hope you are now equipped to get started in the cryptocurrency exchange domain and profit from loyal customers. What’s next? BR Softech is a trustworthy blockchain app development company with a team of blockchain app developers. Expand your decentralized journey by hiring blockchain developers.

Nitin Garg

I am Nitin Garg Founder of BR Softech PVT LTD - an Award-winning, app, web & 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.

About Us

BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2012 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, and mobile game/software development intending to deliver outstanding digital outcomes.

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