The current era has seen a significant shift towards the use of technology. It is no longer a hidden fact that companies have moved on to a digital platform at a rapid pace. On top of that, the database plays an important role in any industry, we are talking about the name blockchain in the mind. Since Blockchain is the single trending topic in every corner of the globe, it is the significantly large network that companies need to focus on now.
Moreover, cryptocurrencies are part of the Blockchain that allows individuals to make transactions that have attracted a large number of people to connect to the blockchain network. Hence, with the increasing demand for cryptocurrencies, the demand for crypto exchange applications is also increasing.
In case you are looking forward to understand the process of how to build a cryptocurrency exchange applicationthen you have landed on the right page.
3 types of cryptocurrency exchange
The three types of cryptocurrency exchanges you should know are listed below:
Central exchangeDecentralized exchangeHybrid exchange
Emerging Number in Cryptocurrency Exchange
Cryptocurrency, which is the center of attraction in the present times, is increasing hourly in the number of individuals. Since last year it has reached new heights.
You must have heard that people get rich just by investing in cryptocurrencies and as you know a match is enough to spread the fire. The reason why many individuals have created accounts on cryptocurrency exchange applications. The surge in the number of investors has also fueled the demand for cryptocurrency exchange applications.
If this just cheered you up, then you need to go through the next section to understand the top five points to remember to create one of the best cryptocurrency exchange applications.
5 points to remember for the best cryptocurrency exchange application
Investing and working on an application are two completely different sides. It is well understood that cryptocurrencies are moving at a fast pace, but before making a decision to apply for it, it is very important to do good research. But since the matches are made in heaven, this blog is the perfect solution for you.
Here are the top five points to remember to create the best cryptocurrency exchange application:
Before making the decision to develop a cryptocurrency exchange app, it is important to understand the activities that will take place on the application. It is also critical to manage and track them in order to know the future unforeseen challenges that can be faced.
It is vital that proper government regulations are followed and a structured process is followed to deliver the legitimate services to each user.
In the volatile market of cryptocurrencies, thousands of transactions take place from within the application. The reason why it is important to keep the user’s payment details safe which cannot lead to huge chaos in the market.
Liquidity is very important for any business. That said, when creating the cryptocurrency exchange app, it is very important for you to plan how to manage liquidity so that interest can be optimized from a pool of different accounts.
In case of any issues faced by the users, it is important to build a support system in the app itself to resolve their issues as soon as possible.
Keeping in mind the above important points to consider when creating the cryptocurrency exchange application, the section below shows the essential components for this app.
Read more: How do you start your Bitcoin or cryptocurrency exchange business?
Essential Components for the Crypto Exchange App
Indeed, the technology and facilities have grown so much that making the application becomes a piece of cake with the help of experts. But before that, it is also important that you understand the architectural designs that are essential for cryptocurrency exchange applications. For clarity, the components below are:
Trading Engine: The trading engine is the core of the crypto exchange application as it is responsible for the core business. All trades, balances and access to the order book are executed through the trading engine.
Front End User Interface: This is the final face of your exchange application that the users will experience. The reason why is that it is advised to make it as user-friendly as possible as it helps to attract more customers to the platform.
Cryptocurrency Wallet: Safety is the number one concern of most people 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 build trust with the potential customers to become the user of the Exchange app.
Admin console: The admin console is very important in the application as it helps the exchange owner to manage the changes easily and quickly. This will also help them troubleshoot or upgrade the application. In addition, the maintenance of the application becomes a lot easier.
Read More: Why Are People Talking About White Label Cryptocurrency Exchange Development?
Cryptocurrency Exchange App Development Fee
The cost of cryptocurrency exchange development varies depending on web-based development and mobile app development. Since the app requires a lot of expertise, the cost may seem a bit high, but it is absolutely worth every penny. Therefore, since you have to use an application, it is important to understand the advantages and flaws of the specific app so that yours can turn out to be the best.
The following shows an ideal price for developing a crypto exchange app:
It is said that $65 per hour is what the back-end developers need at least six months to work full time on the app, which is about $62000. The need for an Android developer for an Android application at $65 per hour is equivalent to $62,000. An IOS app, where he charges $70 per hour, is equivalent to $6700 for at least six months. The main frontend web developer for backend and frontend websites costs about $55 per hour for at least six months. A professional graphic designer to design the websites and app at $40 per hour, required for a minimum of 3 months. Two QA Engineers for testing purposes at $35 per hour each, required for a minimum of 6 months. Cordial work requires a project manager for the first 6 months or until the work is completed and costs approximately $55 per hour.
Here’s How Crypto Exchange App Works For New Users
To make trades in the cryptocurrencies by the user, they have to follow several steps through which they can make the trades.
STEP 1: Register: The user needs to register to be part of the blockchain network.
STEP 2: Authentication: This helps to authenticate the individual to demonstrate the legitimacy of the user.
STEP 3: Add funds: After the successful verification, the user needs to add funds to enable the transactions.
STEP 4: Filtration: This process is very important to filter out the crypto you can invest in.
STEP 5: Buy/Sell: After successfully finding the crypto you want to invest in, you can now proceed with the trades.
The above are the most common steps taken in any of the crypto exchange apps to make the transactions happen.
Are you 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 know before moving forward with your idea. That said, if you’re having trouble or are experiencing any issues, fine, we’ve got the solution for that too.
The experts at BR Softech will help you create the best crypto exchange application with all necessary services provided with utmost security, which plays a vital role in this particular app. That said, the user interface will be smooth to provide a better experience to the users.