Transactions have gone beyond cash and cards today. Entrepreneurs and crypto companies are enthusiastic about initiating their own cryptocurrency exchange in the hopes of significantly increasing their income.
People from different walks of life are also growing interested in crypto trading, from newbies to professional traders. The question then arises: how to provide the best cryptocurrency exchange platform that attracts all these users?
While hiring a reputable cryptocurrency exchange development company remains the most essential, there are a few things to know first.
This blog covers those things, such as the cost of developing a Coinbase-like app and the features that influence it. Let’s begin with understanding what Coinbase is, to be precise.
What is Coinbase?
Coinbase is arguably the world’s most popular crypto trading platform. It was a virtual wallet when it launched in 2012. Since then, it has progressed into a well-known trading platform.
Users trade in hundreds of cryptocurrencies and tokens at this exchange. As a result, people in 100+ countries use it or want to hire blockchain development services for a similar app. It stands out from other cryptocurrency exchange platforms for its features.
Coinbase has between 73-98 million users globally, which may be due to its presence on iOS and Android. These figures suggest that it is undoubtedly the most preferred cryptocurrency exchange in the market.
Fundamental Features that Impact Crypto Exchange App Cost
Like Coinbase, every cryptocurrency exchange app requires certain basic features for proper functioning:
1. Sign Up/Login
Users need to begin with account creation, which they can do using a valid email ID and a password. Once they complete registration, they can log in using the new account.
2. Profile Management
Logging into their accounts brings users one step closer to trade in their choice of cryptocurrency. They can also edit their profile and view other essential details related to their accounts.
3. Buy/Sell Crypto
Buying and selling cryptocurrency and other digital assets requires a separate, user-friendly interface by a trustworthy cryptocurrency exchange development company. Users must find it convenient to use such features and perform transactions without second thoughts.
4. Safe Transactions
A sign of a reliable app is when users don’t think twice about adding their debit/credit cards to it. The reason behind it is the app owners’ steps to make their users feel their data is protected.
For instance, you can make essential transaction details visible, including information about the vendor and figures related to the cryptocurrency. Users can also locate crypto-purchase deals and other related information, such as exchange rates.
5. Real-Time Price Updates
Cryptocurrency is highly volatile, so users want to know when their money gets affected. One reason why Coinbase became so popular is that it keeps users updated on the latest crypto rates.
Real-time updates are essential for users interested in cryptocurrency trading. Users should be able to see real-time and historical currency information in one place. You can do it if you display distinct graphs showing price increases or decreases.
6. Balance And Payment History
Users should always be able to view details related to previous transactions and the balance after each. Therefore, a Coinbase-like mobile app must have functionality enabling users to monitor their most recent transactions.
It must also help them recall whether they bought or transferred the currency, along with the time and date.
7. Currency Conversion
Customers prefer feature-rich cryptocurrency apps with wallets that allow convenient foreign currency exchange. Many of them are businesspeople from places across the globe who use blockchain technology. Adding this feature will make it possible for them to transfer any amount in the blink of an eye.
8. Push Notifications
Push notifications are vital for any application; a Coinbase-like app is no different. You can imagine why crypto traders will want to stay constantly updated on the app’s most advanced features.
Timely notifications enable users to make the best decisions about when to buy or sell the cryptocurrencies of their choice. They can decide when they receive instant notifications alerting them when the prices rise or fall.
They can also specify certain rates and choose to be notified when the prices fluctuate from those rates.
Other Cost-Influencing Functionalities In Cryptocurrency Exchange App Development
Consider the following advanced features and functionalities that will affect the cost of hiring a cryptocurrency exchange development company. These will ensure your app stands out from the crowd of crypto exchange apps out there:
1. Repeat Transactions
Users greatly appreciate the recurring payments feature, especially those who use crypto trading platforms for business. This feature keeps users from spending unnecessary time and effort filling details for repeat transactions.
2. Log Out
An excellent feature is allowing users to log out whenever they want. It is because this feature gives them the freedom to use the app as long as they want.
3. QR Code Scanning
The mobile app development industry is no stranger to this function. However, it can be valuable for users who will need to transfer money while traveling.
4. Security
Users need a high level of security to carry out monetary transactions using cryptocurrency exchange apps like Coinbase. Today’s latest techniques and practices offer zero risks while providing brilliant advantages for industrial clients and organizations.
For instance, you can add two-factor authentication to your Coinbase-like mobile application to raise app security. Hence, it is crucial to implement such a feature that involves an additional security layer besides the usual login.
5. Details Related to Transactions
Apps designed and developed by blockchain development services include this capability. It essentially allows business owners to conveniently transfer funds to accounts in any corner of the world.
However, the transactions require a few details before they can go through successfully. These details are specific and give crypto software security a great boost.
How Much Does A Cryptocurrency Exchange App Like Coinbase Cost?
There are many more features, other than the ones we mentioned above, that enhance functionality and app use.
The immense potential of cryptocurrency apps like Coinbase to reshape the trading market makes businesses eager to develop them. All in all, the total cost of building a cryptocurrency exchange app can cost around $50000 to $100,000. The final price will depend on the features you select, apart from the essential functionalities.
Note that building such an app is no easy feat, but you can get the results you want. All you have to do is hire a good cryptocurrency exchange development company and explain your requirements.
You May Like To Read:
- Living In a Crypto Winter: Holding, Selling & Buying
- Digital Currency vs. Cryptocurrency: The Pros and Cons
- DASH Cryptocurrency: How To Buy & Is It Worth Buying?
Author Bio: Tom Hardy is a senior blockchain developer at SparxIT, a leading Blockchain development company. He pens down his expertise through blogs.
