Key Considerations To Make Crypto Exchange App
Last Updated on: July 5, 2023
The Crypto Exchange app is integral to the digital currency industry, attracting traders, investors, and miners worldwide. According to CoinGecko’s 2023 Q1 Crypto Industry Report, the cryptocurrency market has risen from what it was at the end of 2022. It grew 48.9% from its total market capitalisation of $831.8 billion on 1 Jan 23 to $1.238T on 31 Mar 23.
The crypto market is mainly driven by trading on different exchanges such as CEX, DEX, Instant & Hybrid exchanges. Therefore, before we get to the do’s and don’ts of crypto exchange development, let’s look at what is happening in the 2023 global crypto industry.
- The crypto market got off to a strong start, rising 48.9% to $1.2 trillion.
- Bitcoin has seen a surge with a 72.4% gain & has outperformed traditional asset classes.
- Stablecoins fell 4.5% and $6.2 billion, respectively, with BUSD and USDC dropping the most.
- DeFi platforms are up 65.2%, equivalent to $29.6 billion, while the liquid stakes sector is up 210.9%.
- NFT trading volume increased again to $4.5 billion, with OpenSea becoming the leading NFT marketplace.
- Finally, crypto spot trading volume increased 18.1% in the first quarter of 2023, equivalent to $2.8 million, with quarterly growth on CEXs outpacing DEXs.
This blog will guide you on the factors to consider for making a crypto exchange & will discuss its development cost briefly. We will cover the following segments:
- Should You Hire Developers Or Make Your Own Crypto Exchange App?
- Key Considerations To Make Crypto Exchange App
- Cost to Build A Cryptocurrency Trading App
- Why Choose Us To Build Best App For Cryptocurrency Trading?
Should You Hire Developers Or Make Your Own Crypto Exchange App?
Building your crypto exchange app can be tricky because of the complex coding, security features, time-stipulated trading & the traditional approach to building a crypto trading application. Along with the technical complexities, you will also come across various crypto compliances & regulations.
While building a crypto exchange, make sure you are well-versed with its different architectures, programming languages (eg: Solidity, Java, Python, Javascript, etc), crypto exchange scripts, its various types and many other things. Then you also need to make sure that all the features and components of a crypto exchange are in the right place before you push it on the web.
How To Make Crypto Exchange App? (Features To Consider)
- Trading Engine
- User Interface
- User Management
- Admin Panel
- Web3 Wallet
- API Integrations
- WebSockets
- Comprehensive Analytics Portal
- REDIS & SQL Database
- Registry Lock
- Web Protocol Security
- Cold Wallet
- Domain Name System Security Extensions (DNSSEC)
- Anti-DDoS Modules
Pragmatically speaking it is not possible for a layman to ensure that he/she has integrated all of the above crypto exchange features or is quite tech savvy to code a crypto exchange. Therefore it is advisable to hire crypto exchange developers to build robust trading apps that offer decentralised & secure trading features like two-factor verification & multi-signature wallets.
At Systango, we provide customised crypto exchange development services. These services include building a trading app with a high-risk control framework, smart contracts for P2P trading, AMM for high liquidity, EVM compatibility, and an exchange platform administration panel.
Now let us look at the factors to consider before you hire developers to create a crypto exchange app.
Key Considerations To Make Crypto Exchange App
Following are the factors to consider before you hire developers to make a crypto exchange app:
Operational Scope
Make sure that you ponder upon the operational scope of your crypto exchange app in the discovery phase itself. Consider the factors like licensing & registering your exchange app with suitable local/global regulatory authorities.
Compliance & Regulations
Make sure that your crypto exchange app adheres to the KYC norms. This is a crucial factor as it eliminates the scope of money laundering through your crypto exchange app.
Payment Processing Partner
Get yourself a trusted payment processing partner like a bank & a payment gateway API, who would help you with the fiat to crypto conversions & will increase the fund’s accessibility for the crypto traders.
Liquidity Management
Liquidity is an essential part of the cryptocurrency exchange platform. Integrate your crypto exchange’s liquidity position to existing exchanges to manage your platform liquidity.
Robust Security Standards
Cryptocurrency makes investing more accessible and more secure, with numerous exchanges available. Conduct research, read reviews, and consult experienced investors for informed decisions.
Customer Support Channel
Customer support is essential for any software or product, including cryptocurrency exchanges, to promptly respond to customer inquiries. Implementing an interactive customer support channel is critical to providing your customers with optimal support.
Higher Cryptocurrencies
The more cryptocurrencies a platform supports, the more extensive the investment required for developing dedicated APIs to retrieve historical data & real-time charts and execute trade orders.
Let’s now look at how much it costs to build a crypto exchange app. Connect with us to get a quotation for your cryptocurrency exchange development.
Cost to Build A Cryptocurrency Trading App
At Systango, we have a segmented cost offering for crypto exchange app development:
- Back-end Developer for 6 months at $59/hr in the US & $25/hr in the UK
- Android Developer for 6 months at $61/hr in the US & $35/hr in the UK
- IOS Developer for 6 months at $35 in the US & $35 in the UK
- Front-end Web Developer for 6 months at $55/hr in the US & $22/hr in the UK
- Graphic Designer for 4 months at $18/hr in the US & $15/hr in the UK
- QA Engineer for 6 months at $35/hr in the US & $25/hr in the UK
- Project Manager for 6 months at $55/hr in the US & $25/hr in the UK
The following factors influence the cost of crypto exchange app development:
- Blockchain network
- Consensus mechanism
- APIs
- UI & UX
- Process Cost
- 3rd Party Tools Cost
1. AWS- $100 to $1000
2. Bug tracking tools- $10-$100/month
3. Analytics tools- $0 to $150
Now let us talk about what Systango has in store for you and why you should hire us for crypto exchange app development.
Why Choose Us To Build Best App For Cryptocurrency Trading?
If you’re thinking about developing your crypto exchange app, Systango is your ultimate destination. Our experienced crypto developers provide comprehensive solutions for centralised and decentralised exchanges, ensuring smooth, secure, instant and efficient trading.
We have worked with the following platforms:
- BlackInkbot: Retrieves information about cryptocurrencies from various exchanges and stores it in a database. Then, clients can test their software/algorithms against this data to determine maximum profitability.
- Wolwoz: Serves as a cryptocurrency exchange where each listed currency has its wallet so that users can deposit money accordingly.
If you’re unsure about how to get started, contact us. Our team can help you create a custom crypto exchange app for your business. With our expertise in this field, we guarantee comprehensive support in developing a custom crypto exchange app from scratch.
