The popularity of Bitcoin and other altcoins like Ethereum, Binance, Dogecoin, and TRON has soared to great heights. And it continues to grow every month. Every startup entrepreneur is searching for the opportunity to enter into this lucrative market with their own crypto products. In such a promising industry, what could be a better choice than a cryptocurrency trading app?
Generally, the demand for crypto trading apps will continue to rise with the increasing trading volume around the world. In such a situation, introducing a high-end cryptocurrency exchange app is a great way to penetrate this lucrative market. By efficiently managing the exchange platform, one can earn massively.
Have you ever wondered why you should build an application for trading crypto?
Continue to read on to know the answer…
Why Create A Cryptocurrency Trading App?
We all know about the impact of handheld devices and mobile apps in the current era. Creating a crypto trading app can be a great option to encourage more traders and investors in the market. So your trading app should be user-friendly, feature-rich, have advanced security measures, and be able to solve difficulties faced by users.
There are some significant reasons from traders’ and business perspectives to develop a crypto exchange app, and here we go
1. Enables trading instantly irrespective of place, time, and all other hassles
2. Minimize the process of logging in to the desktop and website each time to trade
3. As this platform deals with millions of people worldwide, it automatically increases the number of trades every day
4. Also, it increases brand reputation with your crypto trading user base.
5. From the user’s point of view, it is simple and easy to trade crypto.
These are some of the key reasons behind launching your crypto exchange app. Now let’s get specific on how to do it wisely.
How to Develop a Cryptocurrency Trading App?
Not surprisingly, much of the production phase of applications is gradually broken down into discrete components. Various features are developed, usually by different teams, in cooperation and collaboration with each other.
Below we have mentioned some important steps that you should follow to build an awe-inspiring crypto-trading app
Do Some Market Research
Before creating your product, you must conduct in-depth market research to understand what your rivals are selling. Additionally, conduct a user follow-up to learn about their needs and issues with the crypto trading app they are currently using. It will assist you in developing a better app with top-notch features that provide a satisfying user experience.
When creating your cryptocurrency trading app, make sure you focus on niche markets to be strong enough to compete in the market. As part of your research, you should find answers to the following queries
1. What services does your rival offer?
2. What market niche can you pursue?
3. What kind of difficulties are you going to solve with your product?
Determine the Location of Your Business
Do you want to do business worldwide? Or will it be only for a confined region? This is a crucial part of getting ready for your product. The reason is straightforward: even though a large international exchange has a higher chance of making you a lot of money; the application must comply with the laws of the country in which it operates.
Besides, many governments worldwide bring regulations to the use of cryptocurrencies and exchanges. But, countries like Germany, Singapore, Canada, Netherlands, etc are legalizing cryptocurrencies in their country. And still, some countries are to join the list. Hence this sector has a bright future in the coming years.
Organize Your Funding
It is better to start the development process with adequate funds. Or you can get a rough estimate for the entire project by contacting the experts at the best blockchain development company. And then arrange your funds based on the country in which you are going to launch and operate a crypto exchange platform.
Generally, the cost covers the app purchase, as well as the initial advertising, legal registration, etc. It is always preferable to plan operation funds for the following few years until the exchange business can achieve break-even and starts making profits.
List the Essential Components
After all the important decisions taken regarding your business, you need to understand the basic structure of the application used for cryptocurrency trading apps. It should be fast, easy to use, and fully functional to be successful.
To fulfill your business goals, some of the essential features should be included: trading engine, user interface, admin console, crypto wallet, API, analytics, user authentication, and push notification.
Apart from the above-mentioned components, every application should have other advanced features and security measures that can be created after gathering user feedback or researching the top exchange apps globally.
Find the Best Solution Provider
Work with the best technology provider company to handle the entire app development process. It requires frequent adjustments, updates, support, and maintenance. Make use of a company to provide regular services and take charges on a monthly or annual basis. Also, to track and manage the technical aspects of the app, you should have a technocrat on your board.
Don’t Ignore Customer Support
Your customer support should start from the beginning. Make sure your team is attentive and supportive. Besides, they should resolve the complaints and technical issues faced by the users. Also, you can do so by implementing a ticket system because it gives your users confidence.
Start Marketing & PR Campaigning
After building the app, test it with the full range of capabilities of your app in beta to rule out bugs or errors. Once it’s tested and you’re satisfied with the result, it’s time to let the world know about your cryptocurrency trading app.
Contact crypto news outlets to spread the news about your new launch. Additionally, you can use free social media advertising to build a solid customer base.
These are the above things that you need to prepare before starting your bitcoin trading app development. Also, you can discuss other factors like the stack to build your app, payment processor, API interface, etc. with the blockchain development company you are going to partner with.
How much time and cost does it take to develop a crypto exchange app?
Nowadays, every startup entrepreneur is now considering creating their own cryptocurrency trading app. However, they are constantly preoccupied with the question of how long and how much it will cost to develop the app.
Before finding out the answer, understanding the entire process methodology involved in cryptocurrency app development is essential.
Generally, the cost of developing a trading app varies from company to company. As an investor, you should analyze the previous projects done by the company in order to find the best service provider.
By following the above factors while developing your app, you will undoubtedly create a highly functional cryptocurrency trading app. If you seek professional assistance or complete development support with regard to blockchain-based products, Zodeak can help.
Zodeak’s expert team is well-versed in pertinent APIs, development stacks, and solutions that can accelerate the pace of app development. With this, any startup entrepreneur can build a highly efficient cryptocurrency trading app without the hassle of understanding the technical aspects.
Looking for expert guidance? Call us right away!