In today’s era, a significant shift towards the use of technology can be seen. It is no more a hidden fact that businesses have been going on a digital platform at a high rate. Adding to the same, the database plays a major role in any sector, talking about which comes to the name of blockchain in the mind. Since Blockchain is the one trending topic in every corner of the world, the considerably large network is what businesses need to focus on right now.
Furthermore, cryptocurrencies, are part of the Blockchain that allows individuals to make transactions that have attracted a large number of people to connect the blockchain network. Hence with the increasing demand for cryptocurrencies, the demand of crypto exchange applications also increases.
In case if you are looking forward to understanding the process of how to build a cryptocurrency exchange application, then you have landed on the right page.
3 Types of Cryptocurrency Exchange
The three types of cryptocurrency exchange that you must know are listed below:
- Centralized Exchange
- Decentralized Exchange
- Hybrid Exchange
Upsurging Number in Cryptocurrency Exchange
Cryptocurrency, being the center of attraction in the current time, has been upsurging in the number of individuals every hour. It has reached new heights recently from last year.
You must have heard people getting rich just from investing in cryptocurrencies and as you know, a matchstick is enough to spread the fire. The reason why a lot of individuals have created accounts on cryptocurrency exchange applications. Rise in the number of investors have led to demand for cryptocurrency exchange applications as well.
If this has just lightened up your head then you must go through the next section to understand the five major points you must remember in order to make one of the best cryptocurrency exchange applications.
5 Points to Remember for Best Cryptocurrency Exchange Application
Investing and working on an application are completely two different sides. It is very well understood that crypto is running at a fast pace but before making up your mind for making an application for the same, it is very important to do proper research. But since the matches are made in heaven, this blog is the perfect solution for you.
Here are the five major points that you must remember to make the best cryptocurrency exchange application:
- Operational scope:
Before making up the mind to develop a cryptocurrency exchange app, it is important to understand the activities that will take place on the application. Also, it is crucial to manage and track them for knowing the future unforeseen challenges that can be faced.
- Government regulations:
It is very important that proper government regulations are followed and a structural process is followed in order to provide the legitimate services to every user.
In the volatile market of cryptocurrencies, there are thousands of transactions that take place from the application. The reason why it is important to keep the payment details of the user secured, failing to which may lead to a huge chaos in the market.
- Liquidity management:
Liquidity is very important for any business. Having said that, while making the cryptocurrency exchange app it is very much important for you to plan how to manage the liquidity so that interest can be optimized from a pool of different accounts.
- Cryptocurrency support:
In case of issues faced by the users, it is important to build a support system in the app itself so as to troubleshoot their problems as soon as possible.
Keeping in mind the above major points to consider while making the cryptocurrency exchange application, the section below showcases the essential components for this app.
Essential Components for Crypto Exchange App
Indeed the technology and facilities have grown so much, therefore making the application becomes a piece of cake by taking experts’ help. But before that, it is also important for you to understand the architectural designs that are essential for cryptocurrency exchange applications. In order to give a clarity, the below are those components:
- Trading Engine: The trading engine is the core of the crypto exchange application as it is responsible for the core operations. All the transaction, balances, and order-book access are executed via trading engine.
- Front-end User Interface: This is the final face of your exchange application that the users will get to experience. The reason why, it is advised to make it as user-friendly as possible as it will be helpful in attracting more clients on the platform.
- Cryptocurrency wallet: Security is the major concern of most of the individuals where their hard earned money is invested. The reason why it becomes an obligation for the apps to provide a cryptocurrency wallet to their users. This will help in building a trust on the potential clients to become the user of the exchange app.
- Admin console: Admin console is very important in the application as it will help the owner of the exchange to manage the changes easily and quickly. This will also help them to troubleshoot any issue or for the upgradation of the application. Furthermore, the maintenance of the application becomes a lot easier.
Cryptocurrency Exchange App Developing Cost
The cost of the development of cryptocurrency exchange varies according to web-based development and mobile app development. Since the app requires great expertise therefore the cost might seem a little high but it is totally worth every penny. As you must be using some application, therefore it is important to understand the advantages and lack of the particular app so that yours can turn out to be the best.
The following showcase an ideal cost of developing a crypto exchange app:
- $65 per hour is said to be the back-end developers’ who require at least six months to work full time on the app which approximates around $62000
- The need for an Android developer for Android application with $65 per hour equals to $62000
- An IOS developer for an IOS app, where he charges $70 per hour, equals to $67000 for six months at least.
- The most important frontend web developer for backend and frontend websites costing around $55 per hour for six months at least.
- A professional graphic designer to design the websites and app with $40 per hour, required for 3 months minimum.
- Two QA engineers for testing purposes with each $35 per hour, required for a minimum of 6 months.
- For cordial work, a Project Manager is required for the initial 6 months or until the work is completed whose cost comes around $55 per hour.
Here’s How the Crypto Exchange App Works for New User
In order to make transactions in the cryptocurrencies by the user, they have to follow various steps which allows them to make the transactions.
STEP 1: Register: The user has to get registered in order to be part of the blockchain network.
STEP 2: Verification: This helps to authenticate the individual to showcase the legitimacy of the user.
STEP 3: Add Funds: After the successful verification, In order to make the transactions possible, the user needs to add funds.
STEP 4: Filtration: This process is very important in order to filter out the crypto for you to invest in.
STEP 5: Buy/ Sell: After successfully finding which crypto to invest in, you may now proceed with the transactions.
The above are the most common steps that are undertaken in any of the crypto exchange apps to make the happening of the transactions possible.
Looking forward to developing your own cryptocurrency exchange application? Yes, then this blog is the perfect match made in heaven for you. This blog will help you understand the essential points that you need to have knowledge about before proceeding with your idea. Having said that, in case you are getting troubled or facing any issues then it is alright, we have the solution to that too.
The experts of BR Softech will help you make the best crypto exchange application where all the necessary services are provided with the utmost security, which plays a vital role in this particular app. Having said that, the user interface will be with a smooth flow to give a better experience to the users.
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.