Functioning since 2012, Coinbase has managed to become the first unicorn in the Cryptocurrency exchange sphere.
Coinbase delivers a comprehensive set of features and seamless UI and UX design, making it easy for beginners to enter the crypto trading market.
The popularity of Coinbase can be determined by its user base, which has only increased the need for Cryptocurrency exchange apps like Coinbase.
The effectiveness of an app like Coinbase attracts millions of crypto lovers. Moreover, the booming crypto industry has drawn many business owners’ interest in investing in this niche.
Do you also wish to build a Cryptocurrency exchange app? If yes, then you must know the app development cost.
The cost to make a Cryptocurrency exchange app like Coinbase relies on different factors such as trading engine, platforms, consensus Mechanism, UI, third-party tools, etc.
This blog post will analyze these crucial factors that influence Cryptocurrency exchange pricing, so you can plan your investment.
So, let’s dive in.
Essential Factors of Cryptocurrency Exchange Apps like Coinbase
1. Trading Engine
The trading engine is the compelling ground of any best cryptocurrency exchange platform. It performs critical roles in the functioning of the exchange by managing the following.
- Executing the transactions
- Calculation of balances
- Efficiently buy and sell transactions on the exchange
2. Platform Used
When creating a crypto exchange platform, there are many platforms to select from. Some popular ones comprise Hyperledger Fabric, BigChainDB, and Quorum. It is suggested to take the assistance of a cryptocurrency exchange development company to figure out which one best fits your app and then move forward.
3. Consensus Mechanism
Every cryptocurrency exchange platform uses consensus algorithms; for example, Bitcoin utilizes proof of work. The consensus mechanism authorizes participants to decrypt transactions. Various main components should be evaluated, like user approval, transfers, key management, address formats, arrangement, signatures, etc.
4. User Interface
The UI development of a crypto exchange app should be in a manner that is not just appealing but also provides a seamless user experience. Implementing design features in a crypto exchange platform can be difficult; therefore, you must choose an experienced Blockchain app development company that enables users to do the following:
- Create Orders
- Explore all the activities on the dashboard
- Hassle-free fund withdrawal and deposits
5. The APIs
The set of procedures and functions that enables external apps to access operating system data is a must-have element of a cryptocurrency exchange platform. Multiple pre-built APIs are available in the market; however, you may want to create a new API for a specific use case like conducting data authentication, developing key pairs, managing Smart contracts, and much more.
6. Third-Party Tools Cost
The cost of creating a cryptocurrency app will also depend on third-party tools, such as.
- Bug Tracking Tools: Identifying and reporting live bugs may cost approximately $10 to $100 per month.
- Notification Services: You can get notification services from Kumulos, Twilio, and Amazon SNS.
- Analytics: Essential tools such as Flurry or Mixpanel for data analytics, insights, and reporting may cost you around $10 to $150.
- Amazon Web Services: It includes computing services, delivery, and storage that may cost around $100 to $1000.
The cost of making a cryptocurrency exchange app like Coinbase can be split into different phases of the development procedure:
The design phase will include UI, wireframes, prototypes, and application flow.
It incorporates coding and testing.
This phase includes delivery, DevOps, and deployment of the app on cloud platforms.
It is a post-app development service. Experienced blockchain developers will maintain and deliver new updates frequently. Moreover, they will ensure that the cryptocurrency app runs smoothly on every operating system.
In the last few years, cryptocurrencies have witnessed tremendous growth. Cryptocurrency exchange apps are still in their initial stage and have many prospects for creative ideas. With the factors we discussed above, the cost to make a cryptocurrency exchange app like Coinbase may range from $57,000 to $98,000.
If you want to build a cryptocurrency exchange app, the development cost may range from $1,32,000 to $1,45,000. However, you can discuss your app idea with the Cryptocurrency Exchange Development Services provider if you need a precise cost estimation.
Tom Hardy has 5+ years of experience as a senior Blockchain developer in SparxIT. He often writes blogs and journals to share his expertise in blockchain development processes.