Monday, September 5, 2022

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

Operating since 2011, Coinbase mobile app in the past 10 years has not just managed to become the first unicorn in the cryptocurrency exchange domain but is also now counted as the torchbearer of the segment that the Blockchain and Crypto world look up to.

The platform, at the back of its extensive set of services and effortless UI and UX, has made it possible for even the newcomers to enter the crypto trading industry with a low learnability curve.

The seamlessness and the bridge that app like Coinbase draws between millions of crypto enthusiasts and the flourishing market of Bitcoin and hundreds of crypto assets has led to a newfound business interest among entrepreneurs.

And, the popularity that the platform shows through its user base has only fueled the demand for app like Coinbase, the digital currency trading app development. This in turn has led to brands like Rakuten launch their cryptocurrency trading app.

Coinbase has 56 million verified users in 2021. The platform has added 13 million new users over the past 3 months alone.

This growing user demand for Coinbase mobile app plus the fact that the platform has lighted the path for several other brands to follow have together not gone unnoticed by the many investors around the globe who are more than willing to enter the space and earn their share of benefit.

On that note, let us invest our time further in dissecting the features and cost required to develop a cryptocurrency trading app.

Features of Cryptocurrency Exchange App like Coinbase

1. Trading Engine

The trade engine is the base of any best cryptocurrency exchange platform. It plays the role of the main functionality of the exchange by handling:

  • Transactions Execution
  • Balances Calculation
  • Makes Call to Access the Order Books
  • Match the buying and selling transaction on the exchange

2. User Interface

The UI of a crypto exchange website should be designed in a way that it is not just attractive but also designed in a way that an amazing user experience is guaranteed. The design functionality on this front can be challenging as it’s easier for a Crypto exchange or blockchain app developers to get caught up in the complexity of the system and not focus on the design.

But when you invest in the right agency, what you get is a UI that allows users to:

  • Create Orders
  • See transaction history along with filter options
  • Access to indicators and graphics
  • Option to explore all activities on the dashboard
  • Seamless Fund Withdrawal and Deposit

3. User Management

With almost every cryptocurrency exchange platform witnessing an inflow of at least a 1,00,000 users on a daily basis, it is of prime importance that your user management process is on point.

Now when we talk about the User Management part of your crypto exchange platform, there are three things you will have to take care of –

Sign up and Sign in — Now even though cryptocurrency exchange asks for a number of personal user data, refrain from asking for information from the users at the first stage. The registration process should be one that promises a quick in and out session for the users.

User Creation — A number of exchanges enable the users to create an account by themselves but there are some small sized crypto exchanges that give the role of user creation to the admin.

User’s Verification — Know Your Customer is one of the most crucial parts of a cryptocurrency exchange platform. In your platform, you can offer a number of different verification type to determine the account limits. These verification types can include personal details, SSN, phone number, photo ID etc.

4. Admin Panel

The admins in crypto exchange platforms are responsible for the user management and monitoring of trade. On the basis of the access levels, they should be given the provision to see the User ID, email, name etc. along with the transaction details like time stamp, transaction ID, description, and amount etc.

The panel should allow admins to –

  • Change trading fees
  • Manage cryptocurrency listing
  • Add new cryptocurrencies
  • The ability to fund accounts in time of tickets and support issues.

5. Wallet

The crypto wallet, as stated in our blockchain digital wallets guide, is a software program which allows the users to receive and send digital currencies. When developing best best app to trade crypto like Coinbase Wallet App, there are three things that you would have to consider –

System and User Wallets — There are multiple types of wallets that you can offer to the users — hot & cold, desktop and mobile, multiple currencies wallet etc. The crypto money of the platform would be stored in the system wallet.

Withdrawal and Deposits — Users would be given the facility to withdraw or deposit amounts through email, ATM, QR code, and transfer, etc. Normally, trading and deposit of digital currencies happen without any account verification but in order to withdraw the amount, it is important to verify the users’ account.

Creation of Transaction — Every user should be given the facility to buy and then sell the cryptocurrency to other users. And for it to happen in real time, you will have to create something like Coinbase wallet app that focuses on smoothness and transaction speed.