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Cryptocurrency trading is one of the popular businesses today. Cryptocurrency exchanges are those trading platforms where the users trade with a wide range of digital assets. Most people are now showing an increasing interest in crypto trading. The reason behind this is the thriving nature of cryptocurrencies, as it is creating future opportunities for both individual traders and entrepreneurs.
If you are an aspiring entrepreneur and wish to develop a cryptocurrency exchange app like Coinbase, then you also must be bothered about its cost. Let’s dig deeper to know more.
Important Features of a Crypto Exchange Platform like Coinbase
Before learning about the cost of developing and cryptocurrency exchange platform, you should know what an ideal crypto exchange platform should consist of. Here is the complete feature list:
Trading Machine
The base of any top-notch crypto exchange platform is the trade engine which plays the key role in the main functionality of exchange through handling balance calculations, transaction execution, matching the buying and selling transactions, and others.
User Interface
The crypto exchange website should have a UI designed in a way that is not just attractive but also amazingly designed in a way that creates an amazing user experience for the users.
User Management
With almost every crypto exchange app experiencing an influx of millions of users on a daily basis, it is of utmost importance that your user management should be on point. It should have three things, sign up and sign in, user creation, and user verification.
Crypto Wallet
Install a crypto wallet that would allow the users to receive and send digital currencies hassle-free. The digital crypto wallet keeps your user’s private keys and passwords safe. Crypto wallets allow users to deal with cryptocurrencies, sharing and receiving easily.
API
The whole set of functions and processes allows external apps to access complete data or features if the OS is a crucial part of the crypto exchange platform. So, when deciding on the API implementation, you should give three things in mind: private and public API, fix protocol, and WebSockets.
Database
There are two different types of databases available on the cryptocurrency exchange websites, such as SQL and REDIS. Among both these databases, REDIS is operative storage that works fast but is not so good for storing secured data. Another one is SQL, which is reliable and persistent, but it is comparatively slow.
Cost of Making a Crypto Exchange Platform
There are certain factors that determine the complete cost of creating a crypto exchange platform:
Choice of Crypto Exchange
Before you know the cost, you should be first aware of the three kinds of crypto exchanges which includes centralized, decentralized, and hybrid exchange. Before you begin with the crypto exchange development process, you must understand the type of crypto exchange because the price would likely vary.
Figure Out the Time Constraints
For precisely knowing the cost of making a cryptocurrency exchange platform, it is important to know the exact time and duration on which you need your crypto trading software to be built on. For instance, if you require your app to be built within a week, the cost of developing a crypto exchange platform will be more as compared to a month's deadline.
Have a Decent Budget Ready
The next thing to keep into consideration is your budget. Remember that your budget should be based on future plans as well. You must ensure that you have proper finance to build an intuitive and robust crypto exchange app because you don't want to miss out on any crucial features.
Consider the Complexity
Launching your own crypto app is quite a complex process, as it is all about implementing the best features. It is completely based on experience. Therefore, you must hire the best blockchain development company to create a robust crypto exchange app.
Size of the Project
The project size is another critical factor that determines the cost of building a crypto exchange app like Coinbase. It is mainly correlated to the features and functionalities that you are planning to implement in your app. This also indicates the more complex your project is, the bigger will be the size of your app development team and the entire project will be.
Development Team’s Size
The size of your development team is yet another decisive factor when it comes to estimating the cost of your crypto app. The development team should consist of project managers, UI/UX designers, business analysts, developers, database experts, QA testers, team leads, and others. Also, the team must have relevant experience in working in a similar industry.
Other Factors
The total cost of building a crypto exchange platform also depends on the cost of technology, additional security measures implementation, legal counsel, advertising, hosting, and other government registrations.
All these factors, when taken into consideration, would cost you around $57,000 to $98,000 for building an app like Coinbase. These are just the approximate range. However, the actual cost estimate can only be made when you get your scope of work prepared by the app development team after analysis of the project.
Choose the Right Approach for Building your Crypto App
Developing a crypto exchange app is not as easy as you think. First, you need to search for the best blockchain development company or hire an app developer who can guide you through the development process of your crypto exchange app. Secondly, you also need to keep in mind the features you need to implement in your crypto exchange app. Hire the right app development expert who can offer you the best mobile app development services.
About the Author
Sudeep Srivastava is the CEO of blockchain development agency "Appinventiv", is someone who has established himself as the perfect blend of optimism and calculated risks, a trait that has embossed itself in every work process of Appinventiv. Having built a brand that is known to tap the unexplored ideas in the mobile industry, he spends his time exploring ways to take Appinventiv to the point where technology blends with lives.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.