People have been gaga over the crypto vogue and it will last for upcoming years as well. In layman’s words, the crypto exchange development market is ruling the world with its provided features & benefits. The new kind of cryptocurrency exchange integrates ultra-modern features and technology stack to obtain all the possible benefits that no person would have imagined ever.
As a business person, do you want to try your luck to develop a cryptocurrency exchange app like WazirX, CoinSwitch, Zebpay, or CoinDCX to expand your business? If yes, then this article has a lot of things for you to know. It also includes the most asked question by businesses, how much does it cost to develop an app like WazirX? Along with it, this article also comprises must-have features, benefits, top cryptocurrency apps, and their development process. Without any add-on, let’s dive into the details-
WazirX Crypto Exchange App- The Overview
Before jumping on how to develop crypto exchanges like WazirX or its cost, it would be better to know about the leading crypto exchange app WazirX. It is a popular cryptocurrency exchange app that permits app users to purchase and sell more than 100 cryptocurrencies via this platform. This India-based application was launched by Mr. Siddharth Menon and Mr. Nischal Shetty and is now known as one of the key players in the global cryptocurrency exchange market.
This app has a large customer base and is also compatible with different devices and platforms such as Android and iOS. It is safe to use and has robust and fully secure features to protect the user’s transactions. WazirX has Blockchain integration to provide users a transparent environment to the cryptocurrency application.
Why Businesses Should Go for Cryptocurrency Exchange Apps?
The past few years have been the greatest for the cryptocurrency exchange market as it has come up as a strong asset class. The crypto market is attracting more stakeholders from different industries and is predicted to have significant market growth.
As per the stats, the global cryptocurrency market size is predicted to reach $1,758 million by 2027 with an 11.2% CAGR. It is a good sign that this system of virtual currency exchange has vast chances to go on the top. Leading cryptocurrency exchange development companies are providing businesses feature-rich crypto apps that will help them to cope up with the current market needs. The below structure will help you to know more about the market stats of cryptocurrency exchange-
General growth statistics of the cryptocurrency market-
- The worldwide cryptocurrency market was nearly about $792.53 million in 2019 but it is forecasted to evolve at a 30% CAGR and reaching at $5,190.62 million by 2026.
- In common terms, the global cryptocurrency market was valued by 900% between March 2020 to February 2021.
- The blockchain technology market closely linked to cryptocurrencies creation is predicted to reach $39.7 billion by 2025.
- Moreover that, 60% portion of the overall value of blockchain technology is focused on the financial sector.
Benefits Provided by Cryptocurrency Exchange Apps like WazirX
Undoubtedly, there are a lot of benefits for businesses via having WazirX app clone development services. Following are some of the benefits-
1. Smooth Processing of Payments
Businesses can have swift processing while transacting the payment without paying high charges for it. This benefit is for both businesses and customers. Be it receiving or submitting the payment, it can be done in a few seconds without any fees. Businesses can earn high revenue through this way that can be used in funding operations, business expansions, and more. Quicker transactions will also attract more customers undoubtedly.
2. Internet of Money
Ventures will be able to do all the financial transactions and payments via the internet. Other payment methods are also good but they charge some fees and there is a financial institution behind them sanctioning the transaction. Businesses can have all the control over the transaction through crypto exchange apps and it is the most convenient way for users as well.
3. Cost-Efficient & Secure Cloud Storage
Hire blockchain developers to have Blockchain storage apps that provide businesses an effective way to collect data with proper security and appropriate charges.
4. Fewer Frauds
There is a lot of chances of fraud by using credit cards or other banking systems. Although, with the integrity of cryptocurrencies, there are fewer frauds and scams noted by users and businesses.
5. Nifty Capital Raising
The assistance of a blockchain app development company to integrate Blockchain technology into crypto exchange solutions can be very helpful. It gives businesses a kind of alternative and an efficient way of raising the capital high via ITOs (Initial Token Offerings). ITOs are available for potential investors that are equal to the revenue share in the business.
6. Barrier Demolishment
Cryptocurrencies don’t only make transactions easier and smooth but also remove several restrictions and barriers to international trading as well. It has also made accepting payments via different currencies easier. No matter transaction is international or within the country, it will execute with the same readiness.
7. Ahead of the Competitors
Adoption of crypto exchange applications before your market competitors will keep you ahead of them. It will also provide you a competitive advantage over them and will be helpful to get more new opportunities in the future.
List of Top-rated Crypto Exchange Applications
Businesses go for a clone app development to get success in the market. For crypto exchange apps, they can have WazirX or CoinSwitch App clone development services but there are some other popular cryptocurrency apps as well they must know about. They are as following-
Different Crypto Exchange Platforms to Look at
Before you get curious about the Coinbase, CoinSwitch, or WazirX app development cost, you need to be aware of the different types of Cryptocurrency exchange apps in the market. What are they? Have a look at below-
Centralized Crypto Exchange Apps
It is an online crypto platform used to buy and trade different cryptocurrencies. It is famous as a general medium among investors that they use to purchase and sell their crypto resources mostly. However, these crypto exchange platforms charge a moderately high trading fee but also provide advanced and easy-to-use app features including charting and exchange.
Decentralized Crypto Exchange Apps
These kinds of cryptocurrency platforms are used by people to purchase or sell cryptocurrencies by dealing with each other. These crypto apps are not as safe as centralized crypto apps; hence they have the risk of hacking and fraud chances are high. Decentralized apps are not dependent upon third-party services to hold the funds of users.
Read Also: Blockchain App Development Cost and Features
Considerable Features to Put into the Crypto Exchange Apps
The cost to develop a cryptocurrency exchange like WazirX highly depends upon the integrated features into it. To stay ahead of the competition, and getting a competitive advantage, it is necessary to include ultra-modern and required features by users. What are those features? Let’s check out-
Below are the most effective and popular features that are a must-have for cryptocurrency apps like WazirX, ZebPay, CoinDCX, Coinbase, and others.
To maintain a profile on a crypto exchange platform, users must register to the app. They can sign-up via submitting the details such as name, email, contact number, or linking it to the other social media account.
After signing into the app, users can start selling and getting bitcoins. Other things like required information and the total number of accessible bitcoins can be also seen by the user.
Cryptocurrency exchange developers integrate Blockchain technology into the crypto exchange platforms to provide secure payment methods to the users while transacting the money. There are fewer chances of fraud and scams via this feature. Users can also see the total sold bitcoins, the exchange rate, and the amount to be sent.
Interactive User Interface
Crypto exchange websites or apps must have an eye-catching UI/UX design that can provide users an ultimate and unique experience. crypto exchange solutions should have smooth functionality by alleviating the app or software complexity. Users will be allowed to generate orders, see transaction history, explore the dashboard activities, swift withdrawals, and deposits.
We can say that the trade engine is the foundation for any cryptocurrency exchange platform. It has a vital role in the key functionality of the exchange.
It is one of the main advantages that keeps all users updated about the current bitcoin and other cryptocurrencies prices. Users can look upon that and, buy & trade the cryptocurrencies accordingly. Apps can provide users a distinct graph to tell them about the increased or decreased prices, permitting them to access the past and current data all in one place.
Balance History & Transactions
The app must permit users to users to see details about past balances and transactions. It is a must-consider at the time of having WazirX app clone development services. Users can get information about their previous activity track and transactions. They get enabled to check the transferred money with the date and time mentioned.
It is the most useful feature for users as it informs them about the prominent deals, offers, and profitable schemes so that you are not going to miss out on any of the lucrative cryptocurrencies. Users can also decide easily with the help of these notifications, whether to buy or sell different cryptocurrencies such as Ripple, Bitcoin, or many more.
It is much important to include this feature in cryptocurrency exchange software solutions. As we all know that businesspersons work around the globe, therefore they need to convert the currency taken from different countries to their local currency. This feature integrated into the app helps them to do this currency converter procedure in the blink of an eye.
The admin has all the responsibility of analyzing and managing the trading by users. Admin has the right to modify the trading fees, add new cryptocurrencies, handle the cryptocurrency lists, wallet management, and others.
Withdrawals and Deposits Management
All the withdrawals and deposits done by the users within the app can be seen by the admin. Account verification of users is also one of the responsibilities of him/her to prevent other users from fraudsters.
System & User Wallet Management
Different kinds of wallets are assigned to the users by the admin. These include mobile & desktop, cold & hot, multiple currency wallets, and others.
All the data relevant to the cryptocurrencies such as maximum & minimum transferred amount, current price, and more can be altered by the admin.
Content Analysis & Management
Through this feature, the admin gets enabled to handle the static content & pages such as privacy policies, FAQ, contact us form, team & conditions, etc.
Above, we have mentioned only core features but to shine out among the competitors, the crypto exchange apps must have the latest features. However, it can also increase the cost to develop an app like WazirX but believe us, it will be worth it.
Recurring Invoicing & Billing Process
People who are using cryptocurrency apps for their business find this feature extremely essential. This feature saves the efforts and times of writing the long numbers in account details. It will also pay automatically to the linked business trading parties monthly. Hence, you don’t need to keep the track of transactions.
This security-enhancing feature will surely raise the app’s standards of security. Users need to pass a second layer authentication as well after passing the logging authentication including user name and password. The second layer authentication can be only accessed by the user, not by anyone else. It might be some set of questions or any physical detection, therefore it increases the app integrity.
QR Code Scanner
Integration of QR code makes the payment transaction easy for users, it will also save users time and alleviates the hassle of writing long account details. They must scan the code and make the payment.
This feature enables users to terminate the current session but it doesn’t log them out from their wallet. As the time expires, the session will log out automatically. This way, your wallet will be more secure from strangers.
WazirX Clone App Development Process
All the leading cryptocurrency exchange app development companies follow a full-fledged step-to-step development process. It takes minimum time to develop a crypto exchange platform and consumes low development costs. This standard approach must be adopted at the beginning of the crypto exchange platform development.
1. Plan the Strategy
Be it a cryptocurrency exchange software company or app development company, they put their high efforts while planning for platform development. They try to develop a solution that can gain all the possible benefits from the industry. For this, they must plan an impactful strategy that can rule over the market.
2. Market Analysis & Planning
Market study & analysis is necessary for building a crypto exchange platform. You will find out what are the core requirements to include in the app or software? What are the significant features that are a must-have for cryptocurrency app? It will provide you with an understanding of the strategy of your market competitors so that you can make your plan to survive in the market accordingly.
3. UI/UX Design
After getting done with the planning of basic requirements and features, now you should go towards the design standards of the app. You need to do a lot of work on its front-end design as it must be aligned with the app ideology and included features must be tacked with the app’s features & functionalities.
4. App Development
This phase plays a vital role in the whole development process. It is the stage where all the aspects are designed and developed and made to be operated. Right from integrating the technologies to platform selection to involving features and all the things associated with development are done in this stage.
5. Quality Testing
After finishing the development, it must be tested that it is working efficiently or not? It is called bug testing where testers find out if the app has some issue with its functionality or any feature. If there is any, then it will get resolved and again will go for testing. This cycle continues until the app gets error-free.
6. App Launch
When you have come across all the steps successfully, it is time to launch the app in the market and leave a mark on the user’s mind with its best performance. For the app launch, businesses need to apply all the pre-decided marketing & promotional activities so that their app can compete with other apps.
Essential Team Structure & Technology Stack
A skilled team and the right set of emerging technologies are must be needed for crafting a masterpiece in the world of mobile app development. It is required to have an expert team of designers, developers & testers who have rich experience in their respective fields. Hire a mobile app development company that has the right caliber and potential to create a suitable app.
Have a look at below to know about an appropriate team structure and tech stack-
i) Team Structure
A precise team makes a direct impact on the overall WazirX crypto exchange development cost as the more members will be in the team, the more costly it will take.
- Project Manager
- Business Analyst
- iOS Application Developers
- Android Application Developers
- BACKEND DEVELOPERS
- UI/UX App Designers
- Quality Analysts
ii) Tech Stack
In this digitized world, it has become significant to cope up with the modern needs of users. It can’t be done without taking the help of advanced technology integration to crypto exchange app development.
- Programming Langauge- Kotlin
- Programming Tool- Android Studio 3.1.3
- Database- SQLite local database, Backend database (MySQL), Room local database
- Web Service Format- JSON format
- Web Service- Rest APIs
- App Design- Material Design
- Programming Language- Swift (4.2)
- Programming Tool- Xcode 9.3
- Web Service Format- JSON format
- Database- Backend database (MySQL)
- Web Service- Swifty JSON, AFNetworking, Alamofire
- App Design- MVVM, MVC
- Common Functions- Firebase notification, APNS notifications, Payment gateways, Cloudinary, etc.
Combination of Nodejs, Python & C++ language is the preferred choice for the backend of an exchange however technology stack can change depending on the exact requirements of what you are trying to achieve.
How Much Does It Cost to Develop an App Like Wazirx?
We have provided you an idea about every single aspect of the crypto exchange development. Now, when we have come to the estimation of crypto exchange app development cost, some factors need to be considered. These include a list of app features, Business model, user-friendly app interface, outsourcing or in-house development team, and location & experience of the developers.
Based on these factors, we can estimate that the complete cost to Develop a cryptocurrency exchange like WazirX ranges between $20,000 to $50,000. Please note that this price can fluctuate based on the list of features you want. This cost range gets you an MVP App that includes all the core features of exchange. You can start with an MVP and as your revenue kick in then you can add new functions and add layers of security to keep your App up to date.
If you are looking for hybrid mobile app development that works on both iOS and Android with all the advanced features, then it will cost significantly higher than the above price. In these cases, it’s best to contact a professional blockchain company so that they can provide you with an exact estimation based on your requirements.
As a businessperson, if you decide to go by the trend, you can never fail. The cryptocurrency industry is a live example of this, which has benefitted a lot of businesses in every possible way. The sector of digital currency is huge, and it is rising consistently without getting interrupted. The demand of ventures for cryptocurrency apps has gone high enormously, and still, there is a vast population eager to invest in this lucrative sector.
It is so obvious that the future of this industry holds numerous opportunities and you must not miss it at any cost. To provide businesses an idea about the cryptocurrency exchange app development, above we have discussed all the required aspects comprising the cost & essential features. Now, the most significant thing you need to do is to partner with a company that can assist you in the right way. By integrating the right set of technologies and features, your crypto trading app can be on the top in terms of high profits and a large user base.
If you also wish to make it big in the market, you can connect with our skilled and experienced team of Blockchain app developers at SemiDot Infotech, a leading cryptocurrency exchange development company. Get in touch with us to launch a scalable and efficient solution.