Whether it’s the automotive or healthcare industries, the digital revolution of recent years has completely transformed every sector. The banking industry has seen the biggest digital transformation, with Bitcoin apps serving as an example. Everything, including trading and standard banking, is at your fingertips.
Trading was not given much thought in the past, but with the emergence of cryptocurrency apps, things have totally changed in the modern period. Following the popularity of bitcoin, investors are preparing for the development of a fresh generation of modern trading apps.
So, if you’re seeking comprehensive information on cryptocurrency app development or want to Build an App Like Coinbase, check out this blog.
What is Cryptocurrency?
In 2009, the introduction of cryptocurrency happened with the development of the first cryptocurrency by Pseudonym. Since Satoshi Nakamoto introduced Bitcoin to the world of online commerce in 2008, there has been an immense rise in demand.
Users can purchase, sell, or transfer digital currencies using cryptocurrency, which is a type of digital asset. Since the introduction of Bitcoin, other cryptocurrencies such as Ethereum and Dogecoin have been gaining popularity. These virtual currencies are used for dealing with a number of actual currencies, including dollars, pounds, euros, and so on.
How Does Coinbase Work?
For trading digital currency, Coinbase is a dependable, safe, and user-friendly bitcoin trading platform. Many trading apps charge a fee for transactions made on their platforms, while Coinbase offers nearly free digital currency transfers between two wallets, friends, and merchants. It’s a pretty basic currency trading platform with easy-to-use features and excellent security.
Working Of The Bitcoin App: Coinbase
The user-friendly signup process on Coinbase takes basic information such as your official name, date of birth, address, and the last four digits of your social security number. Following that, these details are required to link a person’s bank account to the app and comply with federal laws.
The user of the app has access to several banks from which they can choose. The purchasing process is as easy as purchasing a thing from an online store. All it takes to select between the various cryptocurrencies based on your interest and budget is by selecting the “Get started” button. Coinbase charges 99 cents for a transaction when you buy $5 USD. After purchasing, you must hold the cryptocurrencies for at least 7 days.
The user is able to sell a portion of the entire available lot, and the process for selling is rather simple. There is potential to build an app like Coinbase which can enter the market in the next few years because of the high exchange rate of these cryptocurrencies.
All you have to do to do that is provide effective features and understand the needs of the audience you are targeting. Let’s now explore some essential characteristics for Cryptocurrency app development.
Features To Be Included During Cryptocurrency App Development Process
A successful app like Coinbase has to offer exceptional features. The application has to be user-friendly, adaptable, and appealing in appearance. Let’s explore some key components that your cryptocurrency application must have.
- Security: Security is the most crucial aspect and main concern in Fintech app development . Your top priority should be to ensure that the users’ money balances in their wallets are secure. High-end security measures are highly preferred by users. Thus, you want to think about setting up multi-factor or two-factor authentication using an email-based one-time password or text message.
- Client-side Private Key: It is crucial to add a feature such as a client-side private key since the fintech industry is one of the most unstable. By using a private server-side key in this manner, you can protect users from cyberattacks that are likely to occur. Prevent such cybercrimes through the implementation of a strong client-side private key.
- Robust backups: To guarantee the trustworthiness of the digital currency users have in their wallets, they require backups. Users should be able create backups of the currencies they have obtained using a solid backup mechanism in your application. The two choices regarded as the safest for backup are a micro-SD card or a user’s system. It is always possible to integrate safe cloud storage programs like Dropbox or Google Drive.
- Timer for Logout: A crucial element of fintech apps is a logout timer. This feature makes it possible to follow and keep an eye on the user’s activities within the application itself. After a certain period of inactivity, it logs the user out automatically. As a result, the app’s illegal use is protected. You must thus include this functionality when you are working on cryptocurrency exchange app development.
- Strong User Interface: A significant factor in the initial impression that your application makes is its user interface. Your cryptocurrency application should have an easy-to-use and appealing user interface (UI). You may make your app more appealing by designing the user interface properly. It would be quite beneficial to hire a UI designer in order to guarantee users have a seamless experience, which would improve the outcome. Remember that you need to come up with something distinctive that will set you apart from other cryptocurrency exchange app development company. Remember that first impressions count, thus consider this while making decisions.
- Limit Recurring Payments: One of the best ways to protect your digital currency transactions while enhancing the reliability of your application is to limit recurring payments in the cryptocurrency exchange app development. You can provide users the opportunity to change their wallet address in the unlikely scenario that a payment fails. If someone attempts to load digital currency using the same address more than once, avoid the risk of fraud. This feature will lead to dedicated followers and goodwill on the global web.
- Push Notifications: Although they are one of the most popular features, push notifications work effectively. It is essential that you assure your users are informed about all the activities on the platform. The exchange prices of cryptocurrencies are negligible and subject to hourly fluctuations. A notice should appear on your application whenever there is a change in rate. Because clients will constantly be informed of what happens to their currencies, push alerts will help you win their trust. Therefore, you need to hire mobile app developers that can make sure that push notifications are added, since this will enable you to reactivate some of your application’s inactive users.
- Intelligent QR Code Reader: These days, a lot of places accept cryptocurrencies like bitcoins. In this situation, installing a smart QR scanner is essential as it makes transactions simple for users to complete with a few finger swipes. Thus, hire mobile app developers that can integrate an advanced QR scanner function into your app like Coinbase, when you engage them in cryptocurrency app development.
These are the eight most important things that you shouldn’t exclude when you build an app like Coinbase. Now that you are aware of the crucial components to incorporate into bitcoin exchange apps, let’s take a closer look at the app development process.
How to Build a Cryptocurrency Exchange App Like Coinbase in 7 Easy Steps
Are you trying to figure out “App development process similar to Coinbase App development”. If so, the following is a detailed process for you.
Step 1: Market Evaluation
Make sure you’ve done adequate market research before starting the cryptocurrency exchange app development. For Fintech app development , take into account the current trends and your focus on cryptocurrencies. Just consider how your company fits into the current cryptocurrency technological advancements. Collect all the necessary information needed to create an app for a bitcoin exchange.
Step 2: Select An Appropriate Crypto Exchange Platform
Next, pick the appropriate cryptocurrency exchange platform required to build an app like Coinbase. You can choose either between a centralized or a decentralized platform. Selecting an older platform will allow you to exchange cryptocurrency with other users. Furthermore, all transactions will be securely documented in its centralized database.
However, another common choice that lets users trade cryptocurrency directly using smart contracts is decentralized exchange platforms. With the help of this platform, a peer-to-peer network is created in which any data may be shared without the support of a third party.
Step 3: Select the Exchange Architecture
Another critical phase in the creation of a bitcoin exchange app is selecting the exchange architecture. You may choose the kind of cryptocurrency platform you want to develop and present to the market based on the architecture. Additionally, based on your preferences, you may select between the centralized and decentralized modes.
Developing an app for cryptocurrency exchanges, such as Coinbase, requires architecture from the very beginning. It will make trading coins and tokens quick and simple for users. With cryptocurrency exchange app development, you’ll need to hire mobile app developers, designers, and engineers, as well as the newest tools and technology.
Step 4: Explore Solutions for Crypto Development
Once you’ve finalized your decisions and completed all preceding steps, begin your search for a stock trading app development company or cryptocurrency exchange app development company. Hire dedicated developers who are capable of crafting both backend and frontend components for traditional mobile applications. It’s crucial to recognize that cryptocurrency exchange app development differs significantly from other types of mobile app development, such as e-wallets.
Therefore, prioritize hiring experienced blockchain developers adept at handling this unique process. Additionally, conduct thorough research to identify and engage experts affiliated with reputable Mobile app development company.
Step 5: Collaborate with Payment Service Providers
As you progress with platform development, it’s essential to establish partnerships with payment processors. This decision carries significant weight in your quest for cryptocurrency development services, so exercise careful consideration.
The chosen payment processor will facilitate users’ ability to trade and deposit various cryptocurrencies, while also enabling integration with up to 300 different payment systems through the digital exchange platform. Achieving this integration typically involves engaging a third party, incurring some additional Coinbase app development cost. Therefore, it’s vital to plan accordingly.
Step 6: Put Security and Protection First
Cryptocurrency app development company need to pay attention to a variety of features and functions in addition to the development platform, architecture, and other aspects. For instance, the application has to be able to set up an e-wallet, trade numerous cryptocurrencies, fiat currencies, buy and sell orders, and accounts.
Ensure when you build an app like Coinbase, that it has a high level of security, regardless of the features it offers. Although it’s not flawless, blockchain technology surely offers a secure method to store sensitive data on your platform. Therefore, it is essential to incorporate more security elements while creating cryptocurrency wallets.
Step 7: Complete Development and Testing of Your Crypto Exchange App
Once the cryptocurrency app development process is complete, ensure thorough testing and robust security measures are in place. Hire dedicated developers and testers to conduct comprehensive testing, aiming for an error-free cryptocurrency exchange app like Coinbase.This final step is critical in ensuring the success and profitability of your cryptocurrency development endeavor, provided it’s executed correctly.
Following this straightforward seven-step process will guide you in creating a flawless cryptocurrency exchange app like Coinbase, enabling you to generate profits in a shorter time frame. Remember, selecting the right tech stack is also pivotal in crafting a successful app.
How Much Does It Cost To Develop A Cryptocurrency Exchange App Like Coinbase?
The cost to build an app like Coinbase can fluctuate based on your specific needs. Factors such as the features you wish to incorporate, your platform preferences (Android or iOS), the geographical location of the app development company, the complexity of the application, and developer fees are all key considerations that can impact the overall Coinbase app development cost.
Additionally, other important factors to consider include the chosen tech stack, the development timeline, and any budget constraints you may have. The customization level plays a significant role, meaning there’s no definitive end to the factors influencing the cost to build an app like Coinbase.
Conclusion
Undoubtedly, cryptocurrencies have emerged as the dominant trend of our era, offering ample opportunities for those who embrace them. The field of cryptocurrency app development, cryptocurrency exchange app development, and related ventures is experiencing remarkable growth. Thus, seizing the moment to hire dedicated developers to build an app like Coinbase can boost your business to new heights swiftly.
Prepare to take action by seeking out the top cryptocurrency exchange app development company, custom fintech app development company, or any other related experts to secure a flawless business application.
