In the last few years, the rapid growth of cryptocurrencies has fueled the rise in the digital asset market, encouraging business owners to invest in platform development like Coinbase. It facilitates the buying, selling, and trading of cryptocurrencies.
The existence of these digital marketplaces acts as a backbone of the crypto economy, providing users with a platform to exchange or trade various digital assets securely. No wonder why, a custom blockchain app development companyis elevating.
For business owners, who are looking for ways to venture into the world of crypto, understanding the intricacies of crypto exchange development can be an overwhelming task. However, the estimated cost to create a crypto exchange platform like Coinbase can range between $25,000 and can exceed up to $200,000.
That being said, here is a comprehensive guide explaining the crypto exchange development cost along with the integration of key features and what things you must know before building it on a large scale.
Key Features Required to Build an App Like Coinbase
Build crypto exchange apps like Coinbase by integrating essential features, like a user-friendly interface, easy registration process, real-time notifications, etc. The integration of such features might affect the crypto exchange development cost; however, it will be worth your investment if used properly.
Following is a list of features with a valid explanation referring to why their integration is vital for the crypto exchange platform development.
Easy Registration Process
The first and foremost feature in a crypto exchange app development is hassle-free registration, letting users sign up through their existing social media logins. If you want to gain your user’s trust, make sure to have a secure sign-up process because users will be sharing their personal details, like email ID or phone number.
Push Notifications
Integrating real-time notifications is one of the basic features in building a crypto exchange as it keeps the users in the loop with every single latest update related to exchange rates. The prices drop and rise every hour, and users might miss it but not with the push notification feature. It will notify the users instantly, ultimately resulting in higher revenue generation.
User-Friendly Interface
Build cryptocurrency exchange platforms with a user-friendly interface, where new users can easily navigate through the app, resulting in a smooth user experience. Additionally, you can make your app’s interface visually appealing with the help of mobile app design services that will attract your target audience’s attention at once. You can make the trading process a little less complex and more intuitive.
Smart QR Scanner
Cryptocurrencies, like Bitcoin wallet app development, are now accepted at multiple outlets globally, and that is why, implementing robust & secure QR scanners is paramount. It helps users quickly make transactions within a few clicks. Make sure to have a secure QR code generator in order to have enterprise-level security protection with data encryption.
Automatic Logout
Last but not least, is the automatic logout feature when an app like Coinbase. This way, you can easily track the user activity on the app, and log out in case the app is not in use or the device is locked. Consider this as a key feature because it will save your app from any unwanted or unauthorized activity running in the background.
How Much Does Crypto Exchange Development Cost?
The cryptocurrency exchange development cost is not fixed as multiple factors affect the overall pricing model. For instance, the location of developers, the app’s complexity, project size, UI/UX design intricacies, the choice of platform – whether you’re opting for iOS, Android, or cross platform app development services, and many more.
However, on average, the crypto exchange development cost might range between $25,000 to $50,000. Additionally, if you want website development solutions or app development for your cryptocurrency, the crypto exchange development cost will be between $57,000 to $65,000.
There are chances that your crypto exchange development cost will vary during the integration of advanced or latest features, and might exceed up to $15,000. Incorporating features, like smart QR codes, digital invoices, transaction details, or multiple authentication processes will raise the bar of your expenses, but it will be worth the investment.
A breakdown of the crypto exchange development cost based on the application type:
| App Type | Average App Cost | Estimated Time Frame |
|---|---|---|
| Simple | $25,000 to $50,000 | 3 – 6 Months |
| Medium Complex | $60,000 to $100,000 | 6 – 8 Months |
| Highly Complex | $100,000 to $200,000 | More Than 9 Months |
Note: The above-mentioned crypto exchange development cost is roughly estimated and it will vary as per the project’s complexity.
Things To Know Before Building a Crypto Exchange App Like Coinbase
As per the report shared by Statista, the revenue in the cryptocurrency market is projected to reach $51.5 billion in 2024. So, developing a crypto exchange app will surely help you generate higher revenue.
Now, that you know the crypto exchange development cost, it’s time to know the basic steps of building your own cryptocurrency exchange platform like Coinbase.
Here is a roadmap of how to build crypto exchange platforms:
Market Analysis
The first and foremost step to create a cryptocurrency exchange begins with in-depth market research. In this process, you will determine the ongoing Blockchain trends and learn about your competitor’s strengths and weaknesses to stay ahead of the curve.
By having a deep level of understanding of what’s already going on in the market, it becomes easier to incorporate the existing and advanced features relevant to your platform. This way, you can also save your crypto exchange development cost as by then, you would know what needs to be done and what not.
Choose a Suitable Platform
The next step is picking a suitable platform that impacts the cryptocurrency exchange software price as well. In this step, you will choose between two platforms – centralized or decentralized platform.
A centralized platform helps users trade crypto with other users, and its database stores all the transactions securely. A decentralized platform, on the other hand, enables users to trade crypto directly using smart contracts. In simple words, it is a type of platform that creates a peer-to-peer network, allowing users to exchange data without any use of third parties.
Collaborate with Payment Providers
One more factor that might affect the crypto exchange development cost is partnering with payment providers [an important step]. While seeking cryptocurrency development services, you have to ensure that you are integrating payment gateways with stablecoins and smart contracts. It will help in improving stability and reducing the chances of unpredictable concerns.
The integration of payment processors helps users in trading and depositing all kinds of cryptocurrencies. In order to partner with suitable payment providers, you must avail of third-party services for effective and better results.
Focus on Security & Protection
While you focus on picking the suitable platform to create crypto exchange platforms like Coinbase, make sure to maintain robust security as well. Whatever features or functionalities you will integrate into your application, it should be highly secure to add value to the user experience.
Blockchain is inevitably a robust technology that provides multiple ways to protect your platform while storing sensitive data. However, this might not work all the time, so, you must ensure to integrate additional security features while developing crypto wallets.
Test Your Crypto Exchange App
The most important thing to do before the final launch is to conduct robust testing to ensure that everything on the app is running smoothly. To achieve this goal, you can consider availing of mobile app testing services, where professional testers will conduct in-depth testing and build a secure and error-free crypto exchange platform like Coinbase.
It is the final phase of the development that will help you generate higher revenue and double the amount you invested in your crypto exchange development cost.
How to Start a Cryptocurrency Exchange?
If you’re a beginner and the crypto exchange development cost does not bother you, the following points are for you. It is a list of key assets you must know how to start a crypto exchange.
Build a Crypto Exchange Platform Like Coinbase with Appventurez Expertise
The development of cryptocurrency is no longer a trend but has become a necessity because it is evolving with time and will continue to do so. So, if you want to stay competitive and make your business stand out from the crowd, you must consider developing a crypto exchange platform like Coinbase.
From discussing the crypto exchange development cost to explaining the integration of key features and learning about the key assets before building a crypto exchange platform, we’ve covered almost everything.
Now, it’s time to consult mobile application development services like Appventurez that can help you reach your target goal. The organization’s expert team will help you in meeting your business’s end goals with the utmost satisfaction and profitable results. They will also give you an estimated cost to start a crypto exchange platform before beginning the development.
Get ready to embark on a decentralized journey with the professionals on your side.
FAQs
Q. How to build a crypto exchange platform?
To begin with this process, conduct market analysis, choose the suitable platform, configure security measures, test payment gateways, and launch and test.
Q. How much does it cost to create your own cryptocurrency?
There is no fixed price to create a cryptocurrency because it is dependent on various factors, like app complexity, feature integration, etc. However, on average, the development cost can range between $25,000 to $50,000.
Q. How long does it take to develop a Crypto exchange app like Coinbase?
Just like cost, there is no fixed time for building a Crypto exchange platform as well. The development time greatly varies from project type and the requirements.
Q. How many users does Coinbase have?
As of now, Coinbase is estimated to have 98 million registered users with a mission to reach more than 1 billion users.
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