The digital footprint had a certain cap between 2 decades and 90 percent of individuals used online for only checking emails, right? But now it’s 2020, the days have extended and technology has changed. So we’ve learned to use new media to satisfy our everyday needs, and we can all agree that with the introduction of mobile phones, our internet presence has indeed been drastically increased. We may claim that about 9 out of 10 individuals have a mobile phone in their hands or in possession. So businesses and corporations must need to reach the pocket of individuals to catch their attention. Thus, companies and businesses have been strongly influenced by the value of mobile applications and have begun to create a major revolution in both online business and the market industry.
Each online company has a separate mobile application, so why should the CryptoCurrency trading sector be an exception? The prominence of CryptoCurrency has risen to extreme levels as a means of exchange globally. Each passing day Bitcoin’s prominence keeps growing. In a very huge market, entrepreneurs and investment hunters want to utilize the opportunity to enter the sector with crypto service. And in the face of positive and huge buzz, what could be better than a crypto trading app?
If you intend to develop an application of crypto trading, in this blog we have placed some tips and best practices that will help you to get started. In this blog, we’ll be covering,
- Overview of crypto-currency.
- Why to develop a crypto trading app?
- Benefits for traders and business.
- App development steps, Ideal & Must-Have features, Tech Stack.
- Development cost and many more.
So, without taking much of your precious time let’s get straight into it.
What is CryptoCurrency?
CryptoCurrency is an exchange medium based on the internet that uses cryptographic functions to carry out financial transactions. In order to obtain decentralizations, integrity, and flexibility, cryptocurrencies utilize blockchain technology. The far more important characteristic of a cryptocurrency is that it wasn’t regulated and handled by any central authority. Cryptocurrencies are conceivably resistant to the traditional traditions of government control and involvement due to the decentralized essence of the blockchain. Bitcoin was the first cryptocurrency based on blockchain and even currently it continues to remain the most successful and popular. Other than Bitcoin, there are many similar cryptocurrencies with a number of functions and requirements.
According to the report by Globenewswire, the crypto trade market size is predicted to reach 1.122 million dollar by the year 2025 with a CAGR “Compound Annual Growth Rate” of 23.8%, from 386 million dollar in 2020. The numbers are enough to clarify the potential of crypto trading apps in today’s time. But,
Why an Application for Crypto Trading?
Though we all know the recent influence of Smartphones and their applications, developing a mobile crypto trading application would be the best option to produce more traders, investors, and merchants in the market. And yes obviously to solve the problem which other app’s fail to do.
Now let’s have a look on the advantages of developing a crypto trading mobile app. Here we go,
From a trader’s view:
- It helps to trade immediately, regardless of time, position all other requirements.
- Providing realistic and simplified crypto trading.
- Minimizes the process of moving to the desktop and any time you sign in to the websites for trading.
Advantages of Crypto Trading Apps for businesses:
- Boost User-Base – Without even any hesitation, day-by-day smartphone users are growing finitely. Therefore you can draw more smartphone users as the users of your crypto exchange if you create a mobile app for your crypto exchange. So, build your own mobile crypto exchange application and increase your potential user base.
- Increases Brand Credibility – Developing a mobile app for our crypto exchange that is user friendly builds confidence amongst users. This would result in your own trader’s indirect marketing of your exchange. Overall, this would result in an improvement in your cryptocurrencies exchange’s brand credibility.
- Increases Trading Per Second – The creation of a mobile application for your crypto exchange doubles the level of traders, which would in return enhance the amount of trading on your exchange platform each second.
- Increased Cash Flow/Liquidity – Via development of mobile apps, you could indeed significantly raise the cash flow of your crypto trading portal. Great user experience would then lead to positive liquidity on your crypto mobile app and this would draw individuals to exchange crytos and tokens securely and comfortably.
- Better ROI – Your subscriber base tends to increase once you introduce a mobile app for your crypto exchange portal, which would in return raise the trade tally on your exchange portal. Ultimately, all of it leads to an increase in your crypto exchange portal’s gross profit.
Well, above mentioned are the main advantages that can be experienced by someone by building a mobile crypto trading app. moving on, let’s move forward and discuss.
How to develop a Crypto Trading App?
It is no surprise that much of the production phase of apps has gradually been separated into elements that are treated separately. In cooperation and collaboration with one another, various facets are usually developed by various teams. Below we’ve mentioned some crucial steps you need to follow to develop a top-notch crypto trading app.
1. Research your competition and market
Start your development process by researching on competitor’s products. Scrutinize the competition and do user follow-up to identify their necessities. In order to find out exactly how well these exchanges came to be as effective as they are today. It is advantageous to do a lot of research. This wasn’t just an extremely interesting part, but it’ll also give you lots of better ideas on how to develop and market your own crypto trading app so that it becomes a great achievement. As part of the researching phase, you would be able to find the answers of following questions,
- What is your competition offering?
- Which niche can you aim at?
- What kind of problem are you going to solve with your app?
2. Decide where your business will work
Do you want to do business worldwide with your crypto trade app? Or will it be only for a few countries? This is an incredibly critical aspect of preparing for a crypto app, Why? Well the explanation is simple is that even if a massive international exchange is more likely to make you shitloads of money; this also implies that in any country in which it operates, the application must comply with the laws. In just about any country, falling foul of the law might imply that you end up with huge legal bills or even worse. Bear in mind that topics like laws change from day to day due to the constantly shifting landscape of the crypto technology.
3. Define Features and Functionality of app
Features and functionality play a crucial role in the application’s success. Below we’ve mentioned the basic features of a crypto app, so have a look at them:
App Business Feature
These are some basic features; apart from these, you can also add these features to your crypto trading app.
- Buy and Sell Easily – The first thing that needs to be offered to the user is a marketplace where bitcoins as well as other crypto assets can indeed be easily purchased and sold. When communicating with the application, they should not be frustrated and must be capable of carrying out transactions with confidence. When linking their debit and credit cards with the application, they must not be afraid. In brief, when trading, they must feel comfortable and protected.
- Updates – Another one of the must have features of the crypto trading app is that it holds bitcoin rates and numerous other cryptocurrencies up to date for users. Continuous live alerts about the price of bitcoin and many more must be obtained by users who are trying to buy and sell cryptocurrencies. Provide users with exclusive charts with a price rise or decrease so that they can get real-time as well as historical currency notifications at the very same place.
- Exchange Currency – The fast exchange of cryptocurrencies would be the other feature that you should have in your application. It doesn’t matter not just whether your application supports a crypto asset, you should allow the users of the application to swap between two cryptocurrencies. For instance, you have to authorize them to do it. Provide users with the best deals on the market at which they can swap currencies.
- User Verification – Know Your Customer has been one of the cryptocurrency exchange platform’s most important elements. To decide the account limits, you can give a variety of different verification forms on your site. Personal information, SSN, mobile numbers, photo ID can be included in these forms of verification.
- Push Notification – This is among the most helpful features you can add to your crypto trading application. This feature ensures that users would never miss a chance to use the software with the best functionality. Let them set the cryptocurrency prices in which they’re hoping to buy or sell them. Once the price goes up or down from their fixed rates. They will get an instant warning alert, which will allow them to decide quickly whether to purchase or sell cryptocurrencies such as bitcoin and many more.
- Transaction Creation – Each consumer in the application should have an opportunity to buy or sell currency to another user. It is very important that all transactions take place rapidly and without any system errors. In order to allow the consumer to choose the one that is easier about them at the present, the system should have multiple choices for creating orders.
4. Decide right Technology stack for your app
To incorporate above mentioned features in your crypto trade application, you will required a top-notch tech stack like listed below,
- For IOS – swift, Node JS, ROR, Laravel, fabric IOS.
- For android – Java, Kotlin, Node JS, ROR, Laravel.
- Database – MySQL, MongoDB, Redis.
- Payment gateways – PayPal, Stripe, Braintree, Mangopay.
- Cloud – AWS, MS Azure.
- Push notifications – Twilio, Amazon SNS, MAP.
- Analytics – Gleam IO, Google Analytics, Spark.
As per the technology stack you are going to use, you would need to recruit experts. Your team for app development will be following.
- UI/UX Designer.
- Front-end developer.
- Back-end developer.
- Product manager.
- Business analyst.
- QA engineers.
5. Decide revenue model
Continuing to work on a great concept is like constructing a fortress in the air, so all you have to do is finalise the app’s monetization model. Since it’s worthwhile it the percentage sum of the application holder as mediator will be the key revenue model for just about any crypto exchange application. Here are several other strategies for revenue modeling.
- Google AdMob integration for ads and banners.
- Sponsored advertisements.
- Enable visual advertisements.
- Referral method to engage more visitors.
- Develop premium applications with additional features.
Deciding features and functionality, choosing up the right tech stack and development team is not enough. There are some points which you need to consider at the time of development. So have a close look at them:
- The scale of Service – It will be necessary to set operational scopes of your crypto exchange and apps before all else. This is essential because, as to the organizational context, you would need to get appropriate approvals. You’ll need to think about licensing the exchange and reporting it in compliance with local or global laws.
- Compliance and regulations – Cryptocurrency is a highly competitive field, and cryptocurrencies and exchanges are sternly used by almost all governments worldwide. As anyone who intends to begin a cryptocurrency business, the company would be expected to comply with KYC requirements. This implies that you would be expected to obtain documentation to check and maintain a record of app user identification. This is important to eliminate the chances of Tax Evasion by trading in cryptocurrencies.
- Payment Processing Charge – You will need a transaction processing provider, such as a bank, to turn fiat currency payments into cryptocurrencies. Bear in mind the bank’s trade settlement periods in underdeveloped countries if you are centered in one. You will be able to give users the ability to add and remove funds as they wish, with the aid of a payment processing provider and a payment gateway.
Moving on, let’s discuss the core and final part of this blog, The Cost. So roll your sleeves up, and let’s get straight on to the point.
Cost to develop a Crypto Trading App
As we all know, and I think it’s a universal comment that the cost to develop an application depends on platforms, the complexity of the application, features and functionality of the application, technology stack used, geo-region of development, and others. The feature set we discussed above will cost you somewhere around 50K to 70K dollars. And if you go with more advanced and custom features, it will cost you somewhere between 80K to 90K dollars for a top-notch, ready to disrupt crypto trade application.
Note – These are only approximate figures, the final cost can only be made once the complete framework of the project is created. With all the mentioned above, you are all set. All you have to do is to partner with the best crypto app development firm to get started.
We hope that with the help of this blog, you’ll have a great insight into developing the crypto trading app. As you can see the popularity of cryptocurrency apps by the numbers mentioned above, you can surely disrupt this market by developing and launching a top-notch crypto-trading app by partnering with the best app development firm like us. If you are looking for a crypto trading app development firm to get started, reach us, our experts were happy to help you.
For further information, visit our website www.matellio.com.