Crypto trading is the future of currency and commodity exchange. Cryptocurrencies have a great value and can impact future sales and purchases of goods and services over online platforms. In fact, some countries like India are making their own government-regulated cryptocurrencies. To exchange such currencies, mobile apps are considered the best platforms. Therefore, businesses want to know how to create a cryptocurrency exchange app.
They keep looking for various examples of online trading apps to get an idea of their app-building project. Binance is a notable example to consider here. The mobile app can be used by both iPhone and Android smartphone users. It has got a 4+ start user rating on both Google Play and App Store. Many businesses want to know how to create a cryptocurrency exchange app like Binance.
However, app owners and developers undergo various challenges before creating such applications. The relative crypto-exchange apps have different features and functions that need to be tested properly before app deployment. In this post, we’re about to discuss how you can successfully build a cryptocurrency exchange app like Binance. Let’s move on to the topic!
About Binance App & How It Works?
First, you need to understand how the business model of Binance work. It is a crypto-exchange mobile app that allows users to trade on Bitcoin, Ethereum, Cardano, Tezos, Litcoin, etc. Users can buy or sell their cryptocurrency anytime anywhere having a sound internet connection. Binance also has its own cryptocurrency named Binance Coin. Before deciding how to create a cryptocurrency exchange app you may also introduce a new cryptocurrency.
Binance is among the largest cryptocurrency exchange platforms in the world considering the regular trade volume worldwide. It was established in 2017 in the Cayman Islands, East Africa. The app is trusted and follows all security measures to protect users against different malware and ransomware. It is accompanied by blockchain database support.
Here’s how the app works:
Step 1: A user places a transactional request
Step 2: The request is broadcast on a P2P network
Step 3: The network consists of computers (nodes)
Step 4: Nodes validate the transactions with some algorithms
Step 5: Verified transactions include- Cryptocurrencies, Records, Contracts, etc.
Step 6: Cryptocurrency Has No Intrinsic Value and Physical Form
Step 7: A Central Bank does not represent its supply
Step 8: After verification, a transaction is combined with others
Step 9: They together create a block of information
Step 10: A new block is further added to the blockchain
Step 11: The transaction takes place
These operations take a little time to complete and the trading goes on. To create a crypto exchange app like Binance, the developers must recall such working procedures of the product and use their development skills accordingly.
Develop a Potential Crypto-Exchange App like Binance
The cryptocurrency exchange app has to undergo a development process. It may take a few weeks to several months for developers to build such an app. A good cryptocurrency exchange app should provide multiple offers and opportunities to users. User engagement and retention are a must for all app companies. Here’s how you can create a crypto exchange platform for your target audience:
1. Study the Crypto Market
The cryptocurrency market keeps changing over time. Though private cryptocurrencies are usually banned in many countries, people can still trade them using 3rd party apps. However, Binance is allowed on both Google Play and App Stores. If you don’t have any knowledge of the existing crypto market, you shouldn’t run a crypto trading and exchange business as such.
2. Analyze the Scope
The scope of doing a business can depict how successful it can become in the future. The scope of such a business model also encourages developers how to create a crypto exchange app for a specific audience. To analyze your scope, you can decide on various cryptocurrencies that you want to trade out. Add more functions like an E-Commerce store to promote crypto-based shopping.
3. Make Sure on the Governing Protocols
You can’t run a business properly in a country where you face certain restrictions. Private cryptocurrencies have not acquired legal status in several countries. So, you can face problems establishing your crypto-exchange app. You should ensure that there’s no issue associated with the governing bodies and then go for an app-building project. It will help you cut the project cost.
4. Review the Binance Features
Mobile app features can give you many ideas to start your business. Moreover, these features contribute to the overall app development cost. You need to estimate such costs for further development operations. To build a crypto exchange app like Binance you must ensure the following features- Sign Up/In, Crypto Wallet, User Verification, Analytics, Simple Transaction, Admin, etc.
5. Estimate the App Building Cost
Besides app features, you may consider the cost incurred due to the development process. It consists of various design development and testing operations. The development cost also depends on the time taken and the place where the developers’ team resides. It may cost you between $30,000 to $60,000 to create a crypto-exchange app like Binance.
6. Build the App Design
Now comes the practical part. First, the developers collaborate with the design team to complete the front-end development operations. Backend development is usually done for the customization of mobile app features and components. Binance is among the best app for cryptocurrency exchange and it has got a user-friendly UI/UX design. It should bring higher user engagement.
7. Add API
API stands for Application Programming Interface and it allows other software to collaborate with a target software. Your cryptocurrency exchange app also needs to connect with other applications to enhance user experience and participation. Other software can be associated with User Authentication, Newsletter, Admin Panel, Crypto Bets, Crypto Deals, etc.
8. Blockchain Integration
No crypto-exchange platform is complete without blockchain integration. All exchanges and transactions are recorded in blocks present in the blockchain. Moreover, transactional records are very safe in blockchain and can’t be accessed by an outsider anyhow. All cryptocurrency exchange apps like Binance have integrated blockchain support.
9. Testing & Security
A top cryptocurrency exchange app can’t overlook security measures and user protection. Though blockchain is a powerful security technology, it can’t protect against a cyber-attack at the time of transaction. So, the developers are required to add more value and reliability to their client or business app promoting crypto transactions. Binance has a good reputation in the online market.
Being one of the most popular cryptocurrency exchanges in the mobile app market, Binance has acquired adequate user attention and downloads on Google Play and App Store. Crypto-trading can bring so much ROI for the corresponding app company. You just need to decide how to create a cryptocurrency exchange app that could bring better traffic and conversions. Build your cryptocurrency exchange app now!