Blockchain is one of the trendiest technologies these days. Since its launch in the year 2008, this technology came a long way. Not only it helps businesses to maintain transparency and honesty but also helps them to transact securely.
Talking about cryptocurrency, Bitcoin is something that everyone knows. Launched in the year 2010, it became a sudden sensation and now the prices of a single bitcoin have gone beyond imagination.
Seeing this success, we can clearly say that investing in a cryptocurrency exchange development solution is a great option, and in this article, we are going to talk about the cost and features to develop a highly popular cryptocurrency exchange Binance. So, without wasting much time, let get started.
What is Binance?
Binance is not new for those who are already into blockchain and cryptocurrencies. It is the largest crypto exchange platform, by trading volume, in the world with trailblazing trading modules for users using it. Launched in the year 2017, Binance became quite popular among all crypto lovers in such a short span. This has also increased the demand for a proficient and experienced blockchain development company in the market.
Talking about the numbers, this platform has more than 10 million active users as this crypto exchange platform offers a myriad of features like an order booking system, instant trading, IEO module named Binance launchpad, Margin trading, Future trading, live trading, multiple language support, currency marketplace, Perpetual swaps, intuitive UI/UX, and many more.
Reasons for the Success of Binance
There is a huge market for cryptocurrency in the world. According to Statista, in the year 2015, bitcoin was the major giant and had approx. 86 percent which was later declined to 66 percent in the year due to the emergence of many more cryptocurrencies in the market.
Currently, there are more than 700 cryptocurrencies available in this world. After the success of bitcoin, many people thought of investing in such a solution is a great option surging the demand for companies offering blockchain app development services, especially cryptocurrency exchange development.
Binance, being a newbie, has a market value of approx. $2 billion, which is quite impressive. But what was the reason behind this success?
A clear idea, an enormous amount of Initial Coin Listings, and low trading fees are a few reasons for the success of Binance. Users are charged with only 0.01% off every trade they make, which makes it so likable. In a short span, this exchange platform managed to gather 3 million global users and support approx. 100 cryptocurrencies. Not just this, this platform also came up with some unique gifting ideas like “Gifto” which attracts a lot of users. They also help start-up and offer them funding. And hence, it is a great way of making money by investing in Binance clone script and get your own exchange development platform developed.
Now that we know what Binance is, and how does it make money, let us move on to understanding how to make a cryptocurrency exchange platform like Binance.
Key Features to Include in your Cryptocurrency Exchange Platform like Binance
To make your cryptocurrency successful one of the first things you need to focus is on the features that you plan to integrate. This is because there are already too many platforms available and if you want your users to like and use the platform you must try to include the features that are absolutely necessary and some that are not found in other platforms. Try to make your exchange platform unique and for that, you must opt for proficient cryptocurrency exchange platform development services that can turn your vision into reality.
Also, you must focus on security. No user will trade if they do not find the platform safe and secure and hence, hire blockchain developers who can create the platform with utmost security. The more trust you are able to gain from your users the more advantages and success it brings to your exchange platform.
Here are a few key features that you must include in your cryptocurrency exchange platform:
Easy Sign up
No one likes to sign up or login again and again while using any app or platform. And hence, you must focus on an easy sign-up and login process. This not only makes the work of a user easy but also ensures that there are no unauthorized users and hackers that are trying to enter for trading. Hire blockchain developers who are already experienced in creating such solutions and giving a Two-Factor authentication can be an added advantage.
Not all users must be allowed to use the platform for trading. Only the one verified and genuine must be allowed. And hence, working on user verification is a must step when planning for Binance clone app development. The type of verification depends on other features that you include. For example, some exchange platforms have withdrawal limits or maybe restricted trading for a day. This will help you to keep spammers and non-verified people away from your platform ensuring maximum transparency and security.
Easy Deposits and Withdrawals
Try to keep the deposit and withdrawal process as easy as possible. The more you complicate the process the more likely users tend to leave the platform. Your platform should follow easy steps for users to deposit their money into the wallet and also make withdrawals from it. You may also set deposit and withdrawal limits to avoid any frauds.
Cryptocurrency is not governed by any rule or law and in fact, it is banned in some countries to trade in these digital currencies. Hence, you must ensure the total safety and security of each transaction made. If you are not aware of how to do it, take help from a company that is proficient in providing cryptocurrency development services. The transactions must be fast and error-free. Your system must not lag.
Giving an intuitive dashboard is a great option so that users can easily keep a track of each and every transaction they make. Also, integrating comprehensive analytics is a must so that users can easily create and read various graphs and charts and trade accordingly.
Trading in cryptocurrency is not easy and hence you must have an internal API that allows users to have their automatic trading systems and study the data well to trade efficiently in those cryptocurrencies.
An admin panel is a must-have feature to include in your Binance clone development. This is a great way for allowing your employees to keep a track of all the trades and transactions done by any user. This is a great feature as you can keep a tab of everything that is happening on your exchange platform and monitor all the activities.
However, these are just a few features that are an absolute necessity. Based on what type of platform you want and what functionality you want to give your users, you may ask your cryptocurrency exchange development company to work accordingly and add few more features.
Cost to Develop an Exchange Platform like Binance
Now that you know what features to include, the next important question is the cost of developing a cryptocurrency exchange like Binance. Not all platforms cost the same, it is based on various factors that this cost varies. To give you a better understanding we have bifurcated the whole process of cryptocurrency exchange platform development into simpler steps and defined the cost of each step. So, let’s begin.
1. Front-End Development
This is what the users see. If the front-end of your platform is not appealing and intuitive, users might lose interest and may not want to use the platform further. And hence, hiring the best front-end developers is very important so that they can keep all the visual elements intact and create an eye-pleasing and visually attractive platform for you.
Cost: Approx. $5000
2. Back-End Development
As front-end development is for the users and includes working on the visual aspects, backend-end development is for the servers. It involves the whole functioning of your exchange platforms and hence, one must pay special attention to this aspect. This is where most development time goes as deciding the tools and technologies and then working on the functionalities goes here.
3. Integrating APIs
API integration is a crucial aspect of Binance clone development and if anything goes wrong here, your effort may go into vain. APIs are highly responsible for logic and deciding the internal functioning of your app or cryptocurrency exchange website like Binance. You can either get your own internal API developed or integrate various third-party APIs available.
Cost: $40,000-$70,000 (depending on the auto tests)
4. Blockchain Integration
Now as we all know cryptocurrencies are a part of blockchain development and integrating this technology to get a fully functional trading platform is very important. Based on what type of blockchain development company you choose and the type of cryptocurrency development services you go for, the cost varies. Blockchain integration is important for smooth processing and data storage.
5. Testing and Security
Now once everything is developed, testing whether your platform is working fine or not before launching it is very important. And this is where a quality assurance expert steps in. Right from the UI/UX aspect to even the basic functionalities are tested for any bugs and errors. The development company uses both a manual and automated testing approach to ensure that the platform developed is safe and bugs-free.
Also, a security check is an important step to follow when it comes to Binance Clone App Development. Elements like architecture, user verification, etc., are all tested and checked at this stage. Once everything gets a green signal, your exchange platform is ready for deployment.
Talking about the overall cost, cryptocurrency exchange platform like Binance may cost approx. $100,000 to $150,000. However, this cost varies depending upon your requirements and the type of platform you plan to go for.
Viewing the global demand of cryptocurrency and cryptocurrency lovers, getting your own cryptocurrency exchange platform is a great option. More and more users are inclined towards investing and trading into these digital currencies, these days. And hence creating such a high-quality and secure platform will not only bring users but great revenue too.
However, not all app development companies are great with and doing your research before hiring anyone for your project is very important. Go for the one that has a rich portfolio and a good number of positive client-reviews for the projects done in the same domain.