Blockchain technology has taken the internet by storm over the past few years. Almost every sector wants to leverage the potential of this groundbreaking technology.
Various cryptocurrencies such as Bitcoin and Ethereum have entirely transformed the FinTech industry. Many businesses, traders, and people have started investing in cryptos.
As per reports by Allied Market Research, the global cryptocurrency industry size was valued at $1.49 billion in 2020. And it is forecasted to reach $4.94 billion by 2030.
If you are a startup or a business owner, one of the best ways to earn massive profits from the crypto market is to own a cryptocurrency exchange app. It has become the most exemplary revenue-generating business model in the digital space.
A cryptocurrency exchange app provides users a platform to securely buy, sell, or exchange an array of crypto assets. You can take the assistance of a cryptocurrency exchange software development company to discuss your mobile app idea.
This blog will discuss the must-have features needed for the app, how to build a cryptocurrency exchange app from scratch, and the tech stack required to develop a crypto app. So, let’s begin.
Crucial Features to Build a Cryptocurrency Exchange App
Developing a top-notch and feature-packed cryptocurrency exchange app is required for businesses to draw users’ attention. A productive and the best cryptocurrency trading app must have the following functionalities and features-
- Sign Up/Sign In
Users must sign up and register themselves if they are new to your app, or you can also give them the option to sign in using social media credentials. The registration procedure should be simple and not lengthy. Apart from that, you can provide two-factor authentication to users for additional security.
- User Verification
User verification is crucial to ensure transaction transparency and reduce scams. You must include certain features that verify users and eliminate any risk of unauthorized access.
- Admin Panel
An admin panel is needed to monitor transactions and handle the actions made on the exchange. It may also incorporate KYC/AML modules and other tools essential to comply with the legal policies of the crypto exchange app.
To develop a trading app for cryptocurrency, you should offer users typically used e-wallets. If users want to withdraw virtual money and convert it to fiat currency, then e-wallets must provide secure transactions.
- Trading Engine
The trading engine is one of the significant components of your crypto app. It is responsible for the smooth and hassle-free functioning of the app. It manages the funds in user accounts, makes charts, showcases real-time prices, commissions, checks offer and rates, etc.
Creating a trading engine for a crypto exchange is one of the most demanding tasks. Business owners can consider a reliable cryptocurrency app development company to build an interactive trading engine.
This feature is crucial as it enables users to compare exchange rates of different cryptocurrencies and check the history of exchange rates.
- Notification and Alerts
Another essential function of the cryptocurrency trading app is notification and alerts. It notifies users about important events. You can also incorporate alerts to display crypto price changes and other vital indicators. The notifications and alerts should be helpful, informative, and customizable but not mandatory and annoying.
- Bank Cards Integration
You must provide a seamless exchange of fiat money to crypto and vice versa. Integration of bank cards will enable users to top up their wallets and transfer and withdraw funds. A cryptocurrency exchange app development provider is capable of integrating this feature effortlessly.
- Analytics Tools
Analytical tools help users get regular information and updates on the crypto market trends, news, and abrupt modifications. Therefore, analytical solutions can improve the user experience and make your product more suitable.
Simple Steps to Build a Cryptocurrency Exchange App in 2023
- Do a Comprehensive Market Research
Before making a crypto exchange app, the first thing you must do is to find answers to these questions-
- Why would anyone use your mobile app instead of the existing one?
- What features do your target users wish to see in a crypto exchange app?
- How much money are your rivals spending on marketing their apps?
- What techniques are your peers utilizing to obtain new customers?
Researching all the probable questions will help you concentrate on the main requirements of your cryptocurrency exchange mobile app. You have to identify the issues users face in the real world and how your crypto app will resolve them and make them more convenient.
Once you have collected all the necessary data, you can proceed to the next step.
- Hire the Best Cryptocurrency App Development Company
After conducting thorough market research, choosing the right mobile app development partner for creating your cryptocurrency exchange app is imperative. You must opt for skilled and reliable cryptocurrency wallet app development services with robust blockchain specialists. Also, when you hire mobile app developers, check their portfolios to get an idea of their work.
- Choose the Platform
The next phase is to determine which platform you wish to build your app for—Android or iOS (or both). To create a cryptocurrency app for both platforms, you must invest more money and time than building an app for only one platform. It would help if you made this crucial decision based on your business goals, budget, and target audience.
- Design the Architecture of the Cryptocurrency App
Once you decide on the platform, now you must concentrate on effectively designing the architecture of your crypto trading app. A renowned blockchain app development company is capable of creating a scalable and intuitive architecture for the cryptocurrency app.
There are four essential elements required to design an ideal architecture are-
- Trade engine
- Admin control panel
- Multi-cryptocurrency wallet
- Easy and user-friendly interface
- Provide Robust Security
The crypto app saves users’ sensitive information; therefore, it must be secured from potential data theft and hacking attacks. The lack of security measures is putting many exchanges at stake. Thus, ensure you build your crypto trading app with top-notch security systems such as
- Two-factor authentication
- Data encryption
- Registry lock
- SQL injection prevention
- Select a Reliable Payment Partner
Collaborating with a trustworthy payment partner to process payments would be best. You should partner with a renowned bank with quick funds settlements and can provide online facilities with excellent user experience and accessibility. It is a critical aspect that one must not forget while making the exchange trading app.
- Developing and Testing
In this step, your mobile app developer will start building your cryptocurrency exchange app. They must follow all the industry norms and security protocols while creating your app. Moreover, it is vital to test your application comprehensively before releasing it on either App Store or Google Play Store.
- Release & Promote Your App
Once the app is developed and tested, your Blockchain development services partner will release it on either App Store or Google Play Store (or both). However, just releasing your cryptocurrency exchange app is not sufficient. You have to do the promotion efficiently to reach your target audience. You can utilize digital marketing channels like content marketing, social media marketing, SEO, etc., to promote your crypto trading app.
- Maintain and Update App Regularly
You should not relax after releasing your cryptocurrency trading app, as there will be various risks. Somebody may find a loophole in your app and take benefit of it. Therefore, it is imperative to maintain and update your app regularly with more advanced features and security to deliver a fantastic user experience.
- Provide Round-The-Clock Customer Support
After releasing your crypto exchange to the market, you must provide sufficient customer support 24/7. A compelling customer and technical support could draw more users to your platform & increase your credibility.
Technology Stack Required To Develop Crypto Exchange App
If you wish to create a crypto exchange mobile app, here are standard iOS and Android app development technologies.
- Frameworks: Swift, Objective-C
- Development kit: iOS SDK, CocoaTouch
- Analytics: Firebase, Amplitude, AppsFlyer,
- Data storage: CryptoSwift, CoreData, Realm, KeyChain.
- Frameworks: Java, Kotlin,
- Development kit: Android SDK, Android Jetpack
- Analytics: Firebase, Amplitude, AppsFlyer,
- Data storage: SQLite, Realm, Shared Preferences
With the increasing popularity of cryptocurrency worldwide, it is evident that many startups and businesses are looking forward to reaping the benefits by creating a crypto trading app. Companies can earn via cryptocurrency exchange trading software through various monetization models such as trading commissions, listing fees, market making, advertising, etc.
However, developing a cryptocurrency exchange app can be complicated, but if you follow the steps mentioned in this blog, you will be on your path to success. You can release a successful cryptocurrency exchange app in 2023 with detailed planning, analysis, and implementation.