You might have started to hear more about cryptocurrencies recently. Well, that’s because of the growing popularity of Bitcoin and other cryptocurrencies in the marketplace.
Today, many businesses have also started to accept cryptos as a mode of payment. This has been influencing people to invest and trade in various crypto platforms. Additionally, the ever-rising adoption and acceptance of cryptos have led people to seek cryptocurrency trading platform development services.
So, if you also want to create a cryptocurrency exchange, don’t worry; you’re at the right place!
Let’s delve deeper into it!
What is a Crypto Trading Platform?
A crypto exchange platform allows users to buy, sell, and trade digital assets. It acts as a virtual marketplace where individuals can exchange their digitalized assets more safely, securely, and efficiently. These exchanges employ sophisticated algorithms to facilitate transactions to the users.
Types of Crypto Exchange Platforms
Let’s discuss the diverse types of cryptocurrency exchange platforms that you can select before proceeding with its development!
- Centralized Exchanges or CX
These function similarly to a stock trading platform or a financial institution. The CEX handles the transaction and holds the funds until a purchase or sale occurs on the platform.
- Decentralized Exchanges or DX
Any particular entity or owner doesn’t manage it. Instead, the crypto trades are facilitated through smart contracts on the blockchain technology. Almost all DEXs operate on the Ethereum blockchain.
- Hybrid Crypto Exchanges
It combines the best features of CEX and DEX platforms to create a secure yet dynamic platform for crypto investing and trading—one of the renowned Hybrid crypto exchanges, Qurrex, designed for brokers, investors, and traders.
How to Create Your Cryptocurrency Exchange Platform?
The process of cryptocurrency exchange platform development is a challenge. There are several stages involved, which include:
- Idea
Firstly, you need to develop an idea of solving a problem in the market or industry. You can also use an existing idea and tweak it to solve any issue in the crypto sphere.
- Budget Calculation
Next, you need to calculate the total money needed for the project so that you can set funds aside for its development. It should also include marketing costs.
- Legalities
Several legal compliance requirements apply, especially when starting a new crypto trading platform. Ensure that you obtain all necessary licenses from the authorities before proceeding towards crypto exchange platform development.
- Assemble a Team
If you’re willing to cut the overall costs and want speedy development, you can split the tasks between your in-house team and a team of developers you will be hiring.
- Technical Launch
After everything is carried out as per the plan, you need to run an audit to identify project bugs. Next, you can go forward with the technical launch of the product and start implementing marketing practices for catching the investments.
What is the Cost of Crypto Exchange Development?
The cost of developing a cryptocurrency exchange varies depending on the features and functionalities of the platform, its overall size, and the type of business model it follows.
For instance, if you are willing to build a CEX platform with advanced features, the development cost may be around $ 300K to $ 350K.
Furthermore, if you are looking for a cost-effective solution, consider DEX, which involves a development cost of $ 50K to $ 100K.
Which is the Best Crypto Exchange Development Company?
Cryptocurrency exchange platform development is a tedious task that is an effort-seeking, time-consuming, and fund-investing process. To carry out the process seamlessly, you must conduct comprehensive market research, identify essential features, create effective UI/UX design solutions, and select a tech stack.
If you’re looking for a cryptocurrency exchange software development company with experienced developers, Coin Developer India can help you!
They have crypto exchange developers to help you build a high-quality and unique exchange platform as per business needs and requirements.
Get in touch with them for detailed advice from their experts!
Contact At: +91 7240607737
