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“I might pump, but I don’t dump” – One of the famous sayings byElon Musk, an American Business Tycoon, about Bitcoin, the world’s most popular cryptocurrency. At that time, he owned huge cryptocurrency holdings and wanted to see bitcoins succeed. Since then, the trend for cryptocurrencies, including bitcoin and others, has boomed, and there is no looking back.
The invention of cryptocurrency development opened ample doors of opportunity for businesses to earn huge profits with decent investments. So, being a business leader or an enthusiast, one must be well-versed in the scope and relevance of crypto trading apps.
If you are also one of them, this blog is for you. It will guide you through the crypto trading app development process, including its features, development steps, cost, and more. So, don’t miss reading it!
Table of Contents
What Is Cryptocurrency?
Cryptocurrency is a digital payment or currency which is secured by cryptography and makes it impossible to counterfeit or double-spend. Cryptocurrency incorporates blockchain technology to obtain integrity, flexibility, and decentralization.
Peer-to-peer technology makes it possible for everyone to send and receive digital payments. This is what is increasing the demand for crypto trading appsin today’s time.
The payments made using cryptocurrencies aren’t physical coins and can be easily transported and exchanged. A public ledger keeps track of all the bitcoin transactions, including money transfers, and the amount is further stored in digital wallets. Since transactions are verified using encryption, cryptocurrency has gained immense popularity among businesses.
How Does Cryptocurrency Works?
Cryptocurrency is a decentralized, digital, and encrypted form of money. A cryptocurrencies’ value is not managed and maintained by a single entity like the US dollar or the euro. Instead, these tasks are widely divided among cryptocurrency users via the internet.
Although most individuals invest in cryptocurrencies the same way they would in other assets, you can use cryptocurrency to purchase conventional goods and services. New users must study a lot of cryptocurrency before investing in it or creating a crypto trading app.
Crypto Trading App: What Is It?
Crypto or bitcoin trading app is software that makes it easier for users to buy and sell cryptocurrencies from their smartphones or any other device. The best crypto trading apps are available on both android and iOS platforms.
So, it doesn’t matter what type of crypto trading app you are developing; it should be compatible with all platforms. The process applies to both android app development and iOS app development.
Why Should Businesses Invest in Crypto Trading Apps?
The best trading apps for crypto make it possible for users to trade cryptocurrencies from any corner of the world. Well, the list of the benefits of the crypto trading app for business is unlimited. Let’s discover them one by one.
1. Faster Trading
It is one of the biggest crypto trading app benefits, i.e., users can experience faster trading with such mobile applications. The best cryptoapp like Coinbaseand others are designed to be quick, efficient, and intuitive. Such amazing applications enable users to trade in with a tap without waiting for the system to load before placing an order.
One can easily access the market from anywhere while accessing the crypto trading app. It will offer an upper edge over the rest of the traders who fail to trade frequently the way you can.
2. Better Convenience
Mobile apps like Coinbase and others are designed and developed by keeping the users’ convenience in mind. Such crypto trading apps are very easy to navigate and let the users easily know the prices and charts without waiting for long. The application also offers users all the essential information they require and simplifies communication.
How to Develop A Crypto Payment Gateway
3. Improved Accessibility
One of the major benefits of the best trading app for crypto is improved business accessibility. While using trading apps, businesses can trade from any corner of the world and any device.
Also, the crypto exchange mobile applications make it possible for everyone to invest in cryptocurrency without worrying more about fees. Besides this, the cost to avail of assistance from a blockchain development company or seek mobile app development servicesis reasonable.
4. Multi-Platform Compatibility
Do you know what makes crypto trading apps unique? Its multi-platform compatibility! Yes, you read it right. Users can easily create their trading account and access it from any device using different operating systems. As the majority of the data is stored on the web, cloud servers and blockchain servers are being used to offer improved security and scalability.
So, businesses can target all sorts of users while developing a crypto trading app and get enormous profits and benefits.
5. Strong Security
Security is always the biggest concern for people, especially those new to the trading world, whether users or businessmen. So, it is crucial to know that the account should be set up properly and the best security measures are taken. All this can only be possible when you have a well-developed and the best crypto trading app.
The application also offers 2-factor authentication to ensure that user’s and businesses’ data remain safe and away from Cyber-attacks.
Mobile application with advanced features and well-developed infrastructure never fails to satisfy the users’ needs and help businesses grow. So, along with discovering the benefits, businesses should also be well-versed in ‘How to develop a crypto trading app?’
Step-by-Step Process to Crypto Trading App Development
Developing a profit-driven crypto trading app isn’t as difficult as it seems. You need detailed documentation and a clearly defined roadmap to ensure smooth crypto trading app development. So, let’s explore the step-by-step development process that can be a perfect roadmap for you.
Step 1 – Know Your Users’ Demand
First, discover the users’ actual needs and requirements before developing a crypto trading app. You won’t be able to build a perfect trading application unless you identify the customer’s pain points. So, thoroughly research the major issues, including the loopholes in the existing mobile applications, to resolve them in the future.
After that, search for the best possible solutions to determine whether creating a crypto trading application is worth it. You can also consult the professionals of the cryptocurrency development company to get a detailed insight into the development scenario.
Step 2 – Define The Scope
Next, set up an operational scope of your crypto trading app so that you can define and add detailed specifications for your business application. Undoubtedly, it is risky to step into the development process without even knowing the scope of a business app. So, do not neglect this essential step.
Knowing the scope help businesses and even mobile app developers understand what to build. It also helps to get an idea of the cost of the crypto trading app development and prepare accordingly.
Step 3 – Choose the Type of Crypto Exchange
Choosing the type of Crypto exchange app is crucial as it helps businesses decide how the mobile application will function. Three types of crypto exchange apps are available in the market, i.e., centralized, decentralized, and hybrid. So, select the type of application you want to develop and proceed further.
If you find it difficult to make a decision, it is better to take professional assistance. Simply hirebitcoin trading appdevelopers or any other experts, and they will assist you in making the right decision.
How to Build Cryptocurrency Exchange App Like Coinbase
Step 4 – Choose A Jurisdiction
Developing a crypto trading app isn’t only about the development process; it is more than that. As you launch a crypto trading app, you would require licensing and approvals to run the crypto exchange without any interruptions. Also, the laws keep varying from one region to another, so plan accordingly.
Besides this, keeping an eye on the ongoing legislative changes is a must to ensure consistency and success. So, either do it yourself or ask the android app development company or any organization for the same. The professionals will complete the whole process for you.
Step 5 – Partner with A Reliable Payment Processor
Crypto trading application is all about investment and money exchange. Right? So, it is advisable to enable payment processing via fiat currency. Along with this, look for a bank or payment processor that offers online services.
The reason is there are a lot of banks that do not facilitate instant bank transactions. In such scenarios, businesses have to wait for the settlement.
But, most customers prefer to avail of services from the app or bank that offers an instant transaction facility. So, focus on shaking hands with a reliable bank providing quick services. It will ease your crypto trading app development process and ensures long-term profit.
Step 6 – Decide the Latest Security Standards
Applications like crypto exchanges tend to be easy prey for hackers and Cybercriminals for malicious attacks. It is the major reason businesses should set the latest security standards while developing a trading app. It is possible by inserting strong features, including two-factor authentication and multi-signature wallets.
Also, keeping the funds and records in a cold wallet help to ensure better security. So, ensure that the fund transfer movement from the hot wallet to the cold wallet should be smooth and fast. You can do this by including KYC.
Step 7 – Include A Customer Support Channel
Customer support is a must-have panel, irrespective of the type of mobile app developed. An interactive customer support channel enables instant response to customer queries. Especially when it comes to developing crypto trading apps where multiple transactions take place, better customer support plays a crucial role.
Having user-friendly customer support not only resolves users’ concerns but help business build trust and credibility among millions of users. The same process is applicable whether you are going for P2P crypto exchange development or any other.
Step 8 – Test & Maintain Your Crypto Trading App
When you develop a final version of your crypto trading app, make sure to test the application against all the errors and bugs before launching it. Gather the user feedback and make the essential amendments for smooth business operation.
Businesses can ensure smooth app performance, functionality, liquidity, transparency, security, and more by testing the crypto exchange app.
So, this is how businesses can get a perfect business application by following a step-by-step process to develop a crypto trading app. Now that the complete process is revealed, you can take a step ahead and create a revenue-generating trading app.
Essential Features of A Crypto Trading App
Now that you know, ‘How to create a crypto trading app?’ it is time to explore the best ways to enhance the crypto trading experience of your customers. So, the following are the major features to include in a crypto trading app that will add more worth to your business application.
1. Crypto Wallet
This feature enables users to store, send, and receive digital currency with just a tap. Businesses can easily customize and enhance this crypto trading app feature per users’ needs and demands. First, choose whether you want to develop a cold or a hot wallet and proceed further.
2. Trading Engine
Just like a human heart, a trading engine is the heart of a crypto exchange application. Without a working trading engine, an application serves zero value. This feature help businesses track all the open doors and bids to find and generate new trades.
3. Interactive User Interface
The crypto trading app must have an interactive user interface as all users, including novices and professionals, use such applications. Do not keep the dashboard overly complicated; otherwise, the users will leave your business app soon. So, try to keep the user interface simple yet attractive.
4. Analytics
Knowing business analytics and reports is a must for every business owner to measure performance. For that, there is no better asset than analytics. It helps build a compelling crypto solution rather than bringing the power of data into the users’ hands.
Incorporating such amazing features into your crypto trading app will help the users make the most out of the trading opportunity.
5. Push Notifications
Push notifications help to keep the users engaged with your crypto trading app and build strong communication. By including this feature, you can notify and alert the users about ongoing trades, prices, coin exchange listings, and more. Additionally, you can include a customization feature to choose what notifications users wish to receive.
6. User Authorization and Verification
Every user loves to use the application if it has an interactive onboarding experience. So, ensure the trust of your crypto trading app users with proper authorization and verification features.
An application without KYC verification increases the chances of fraud and hampers transaction transparency, so take care of it. Along with this, use the bestpayment gateway integrationto ensure better security.
The list of features for the best crypto trading apps doesn’t end here. But, the features mentioned above are the best ones. So, make sure your business app has these features; rest, you can go for the advanced features as per your mobile app development budget.
What is The Cost of Develop A Crypto Trading App?
The demand for crypto trading apps is rising daily; hence, more businesses are planning to build a strong digital presence by developing unique trading applications. So, it is high time to enter the market with a highly secure, intuitive, and reliable cryptocurrency app.
Besides this, having an idea of the cost of developing a crypto trading app is a must. The basic cost to develop a crypto trading app is around$8000 – $15000 and more, depending on the app type.
Here is a tabular overview defining the development cost at every stage so you can get a slight idea of the average cost required.
Development Stages | Average Cost |
Design | $2000 |
| Website Development | $8000 – $15000 |
API Integration | $2000 – $3000 |
| Blockchain | $10000 – $12000 |
Testing | $3000 |
Apart from the development stages, some major factors also affect the crypto trading app development cost, including the app size, complexity, type of app, developer’s location, and more. So, take care of these factors too.
Summing Up!!!
Cryptocurrency trading app development is challenging, but one can hone it with the right set of skills and expertise. All you need to do is conduct in-depth market research to know the ongoing market scenario, identify your target audience, and get started with the development process.
Well, all the essentialities, including development, cost estimation, features, and more, are already revealed to you in this blog; now it is your turn.
Look for a reliable cryptocurrency development company with a team of professionals and begin your development process immediately. An investment made once will benefit you for years to come. So, do not hesitate to hire mobile app developers; instead, go for it.
Frequently Asked Questions
Q1. What is the Exact Cost to Create A Crypto Trading App?
Well, there is no fixed cost for any type of mobile app unless you have the actual mobile app development requirements in hand. Still, businesses spend around $14,000 on crypto trading app development.
Q2. Are Crypto Trading Apps Worth the Investment?
Yes, definitely! Businesses can avail of exclusive perks and benefits while investing in crypto trading app development, such as –
Faster trading
Security
Flexibility
Efficiency
Portability
Accessibility
Q3. How Long Does it Take to Develop A Crypto Trading App?
On average, the minimum time required to develop an MVP of a crypto trading app will be around six months and more, depending on the mobile app requirements. So, there is no fixed tenure for crypto trading app development.
