We are approaching the end of the last quarter of 2023 and the outstanding performance of various cryptocurrencies so far signals that crypto winters are finally over. In these bright, sunny days in the crypto world, people are already reaping the profits and recovering from losses.
Over the past few years, the crypto market has exponentially grown and so has the frenzy around crypto exchange app development. The global cryptocurrency market was worth USD 2,191.25 in 2022. It is evident from the rising popularity of cryptocurrencies, NFTs, and mobile phones that the market will expand at a CAGR of 11.6% over the forecast period 2019-2032.
As cryptocurrency moves towards becoming mainstream, there is an ever-evolving demand for reliable and secure crypto exchanges. Crypto exchange development has unlocked exciting frontiers for businesses looking to generate huge ROI on their decent investments. In this blog, we will delve into the following to educate upcoming cryptopreneurs on things they must know before building a crypto trading app.
Crypto exchanges or trading apps are the platforms that facilitate the buying and selling of cryptocurrencies over smartphones or desktops. Broadly speaking, crypto exchange app development can be classified into five types:
Exchange applications that run on iOS or Android to facilitate the buying and selling of crypto are known as mobile crypto trading applications.
Web applications that enable users to trade digital currencies are known as web exchange applications.
Exchange applications run by a third-party administrator who oversees and involves himself in transactions to ensure seamless transactions are known as centralized exchanges or CEXs. In these exchanges, buyers and sellers trade with the administrators.
Decentralized crypto exchange applications allow users to trade directly with each other without intermediaries. They are secure and are mostly integrated with a smart contract-based escrow system to ensure that parties don’t commit default transactions.
The exchange platforms bringing together the fast speed and liquidity of CEXs and the privacy and security of decentralized exchanges or DEXs, are known as hybrid crypto exchanges.
As per a recent survey conducted, around 85.74% of people in the world own a smartphone. Another survey from 2020, coming straight from the world of crypto, reveals that experienced traders prefer web applications.
As newer batches of crypto users keep entering the burgeoning sector and new cryptocurrency exchange software development projects keep springing up, upcoming leading exchanges have to be omnipresent to serve customers where they are. Therefore, compatibility with desktops, Androids, iOS, etc. is quintessential to staying ahead of the cutthroat competition in the crypto industry.
The cryptocurrency market has grown by leaps and bounds in the past few years. As you are present on various platforms, you get an opportunity to tap into the growing adoption of cryptocurrency.
With crypto exchange app development, trading businesses can ensure that they stay at the top of technological developments and trends.
With omnipresence, you attract a wider user base and therefore increase your profits multifold. You attract novice traders who downloaded the exchange on their mobile as well as experienced traders who prefer a desktop trading experience.
Efficiently done crypto exchange app development while prioritizing quality UI/UX can lead to its success and popularity post-launch. This adds to your brand image in the fintech industry.
A fast and convenient trading experience can be set up with user-friendly features and a responsive interface. It enhances user engagement and their confidence in a platform.
As businesses involve themselves in crypto exchange app development, they further enable their customers to trade on the go. It doesn’t cost much but makes businesses reach more customers.
Do your research to study your customers’ demands and issues with current crypto exchange applications. After considering the pain points and customer preferences, you can collaborate with a crypto exchange development company for technical aspects and come up with a solution that solves the proposed problems.
Find an experienced cryptocurrency exchange software development company for your project and define the specifications in detail to let developers know what you expect. Create a blueprint for the exchange
Talking about regulations around cryptocurrency exchanges, 2023 was a tough year, even for already-established crypto exchanges. Ensure that your trading platforms are compliant with regional regulations to prevent them from facing stern actions taken by regulators.
Monitor the outcomes as the crypto exchange app development team creates the platform’s front-end and back-end. After building the platform, ensure its integrity and seamless performance in all market conditions by running quality analysis tests.
Integrate payment processors, customer support, and robust security protocols before you launch and constantly monitor its performance even after the launch. Keep up with the trends to ensure that it meets the evolving needs of the market.
Developing a crypto exchange app from nothing can cost anywhere from $50,000 to $500,000, depending upon user interface complexity, type, tech stack used, features and functionality, security, APIs, and business objectives. The crypto exchange app development cost is divided into:
However, a lot of costs can be avoided when you choose a reliable white label cryptocurrency exchange. Not only is it cost-effective but it is also simple and suitable for those who need to set up an exchange in a limited time.
Crypto exchange app development is a profitable investment. However, to reap the desired profits for you, it is required that you shake hands with an experienced Crypto Exchange Development Company like Antier. Whether you wish to develop your trading application from scratch or you wish to exploit a turnkey solution, they have the pertinent solutions and services that meet your needs.
Talk to subject matter experts today to embark on your trading app development journey!