Updated: February 8, 2024 
With the pandemic-driven shift towards digitalization, mobile app development is becoming increasingly important in the tech world.
Mobile apps are the most convenient way for businesses to reach potential customers and offer products and services.
Whether it’s a grocery delivery app, a cryptocurrency trading platform, or a streaming service, mobile apps are essential for businesses to stay competitive in today’s market.
In this blog, we will be discussing the process of mobile app development for creating a Coinbase-like crypto exchange platform in 2023.
What is a Crypto Exchange Platform?
A crypto exchange platform is a website or app that allows users to buy, sell, and trade cryptocurrencies.
Cryptocurrency is a digital currency that uses cryptography for security. Cryptocurrency is not backed by any government or central bank, but it can be used to purchase goods and services.
Crypto exchange platforms have become increasingly popular in recent years due to their convenience and security. They allow users to easily buy and sell cryptocurrencies, as well as trade between different coins.
All About Coinbase Exchange
A digital currency exchange called Coinbase is situated in San Francisco, California, in the United States founded in 2012 by Brian Armstrong and Fred Ehrsam
The goal is to give users a secure platform to purchase and sell digital currencies anywhere in the world.
In more than 190 nations throughout the world, it runs exchanges for Bitcoin and other digital assets with fiat currencies.
How to Build App like Coinbase?
Coinbase is one of the most popular crypto exchange platforms. It is a secure platform that allows users to buy, sell, and trade cryptocurrencies.
Coinbase also offers a variety of other services, such as wallet management and merchant services.
Building a Coinbase-like crypto exchange platform requires a lot of work.
You will need to develop the front end and backend of the platform, as well as integrate APIs to connect to the cryptocurrency exchanges.
You will also need to develop a secure wallet to store users’ funds and an interface for trading between different coins.
Statistics for Developing Cryptoexchange Platform
Binance is the most productive and well-used digital money exchange, making $20 billion in 2021.
Coinbase has the most customers, with 98 million accounts registered.
The current worth of Binance is estimated to be $150 billion, a figure that has dropped greatly since the crypto market collapse of 2022.
Steps for Creating a Coinbase-like Crypto Exchange Platform
Creating a Coinbase-like crypto exchange platform requires a lot of work. Here are the steps for mobile app development for creating such a platform:
1. Understand the User’s Needs and Requirements
Before taking any further steps toward launching a digital currency exchange, it is important to conduct market research.
Consider what type of crypto you want to focus on and how it ties in with the current crypto trends.
Understanding how your business relates to the crypto trends is essential.
With the arrival of advanced technologies including NFTs, a digital currency exchange should feature various elements and offer a comprehensive platform for all crypto-related needs.
2. Exchange Architecture
To begin any sort of development procedure, it is essential to comprehend the engineering of a digital money trade stage.
This architecture will help you pick the sort of stage you need to plan and dispatch it in the market.
You have the decision to pick either a centralized or decentralized approach, contingent upon your inclinations.
You should gather superior innovation apparatuses and put together an extraordinary group that incorporates proficient blockchain, keen agreement designers, fashioners, and quality testing designers.
3. Develop the Front and Backend of the Platform
It is now time to generate the platform. This requires both scriptwriters who can generate regular apps and blockchain architects for the back-end and front ends.
We will divide this into two areas: the front end and the back end.
1. Front End- The front end is the aspect users observe when interacting with the application. This interface will permit them to buy, sell, or exchange cryptocurrency via your service.
2. Back End- The back end is what makes everything on the front end operate-it is where all the transactions take place.
4. Integrate APIs to Connect to Cryptocurrency Exchanges
Encourage the exchange of goods between two digital host accounts in your trading platform: This will generate excitement about your company within the exchange!
An application programming interface (API) can be used to set up a link between your trading platform and a well-known, successful exchange: By connecting the API of your exchange to a popular, existing trading platform.
5. Develop a Secure Wallet to Store Users’ Funds
Collaborating with a payment processor is a major choice you’ll make when creating your platform.
This is because the payment processor makes it possible for your customers to store and exchange various cryptocurrencies.
An exceptional cryptocurrency payment processor will let you add up to three hundred distinct payment systems to your digital currency exchange platform, and you can adjust this number as your business develops.
6. Test the App and Deploy it
After you have finished creating the app, you should do some beta testing. This will guarantee that your platform works properly on any internet provider and on mobile applications.
7. Customer Support Channel
Establishing a reliable customer service channel is vital in order to forge a positive rapport with your customers and traders who use your platform. This will help to address any queries or concerns they may have.
Challenges of Creating a Coinbase-like Cryptoexchange Platform
Creating a Coinbase-like crypto exchange platform can be difficult and time-consuming. There are many challenges that need to be overcome, such as:
- Developing a secure wallet to store users’ funds
- Integrating APIs to connect to cryptocurrency exchanges
- Developing an interface for trading between different coins
- Ensuring the platform is compliant with regulations
- Developing a reliable and secure backend
- Testing the app for bugs and errors
Key Feature to Include in a Coinbase-like Cryptoexchange Platform
Below we mention some of the key features to include in crypto exchange platforms like Coinbase
1. Easy-to-Use Interface
CoinBase is renowned for its simple-to-use interface which allows people to purchase, sell and handle digital currency efficiently, quickly, and securely. All that is necessary is a bank account or debit card.
Additionally, customers don’t need to switch between currencies to obtain crypto. They can simply utilize GBP (British pound) wallets in Coinbase and complete the transactions.
It has a very clear layout and there is no need to download anything in order to get started.
2. Wallet
Coinbase Exchange is a digital wallet for multiple cryptocurrencies that can be used by anyone, even if you’re not a Coinbase user. It also offers a library of video lessons, articles, and resources, as well as market insights.
3. Cryptocurrencies
Coinbase furnishes trading in a number of digital currencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), 0x (ZRX), USD Coin (USDC), Basic Attention Token (BAT), and so on.
Additionally, it empowers users to transfer money between two wallets on Coinbase in any of the supported currencies, providing the perfect opportunity to switch one type of cryptocurrency for another.
4. Security
Coinbase includes two-factor authentication and email notifications to protect user accounts from being hacked and any digital currency stolen.
Additionally, Coinbase is insured, meaning that in the event of a website breach, the crypto assets would be safeguarded.
Tools
Crypto news and articles: Stay informed about the latest crypto trends and widen your knowledge about cryptocurrencies.
Portfolio management: Get valuable information from the market, arrange automatic investments, and keep track of price fluctuations.
Crypto tracker and dashboard: Monitor crypto prices and asset values at any time.
Cryptocurrency watchlist: Look at real-time prices and trends, and add Bitcoin, Ethereum, and other cryptos to your watchlist.
Bitcoin ticker: Monitor the recent Bitcoin news. In the preceding 24 hours, find out which digital currencies have had the largest gains.
Analytics: Analytics is an essential element of the finest digital currency exchange platform. It contains – Logs and Graphs. The former facilitates the examination of operations on the cryptocurrency exchange, while the latter facilitates the production of graphs for clear visibility.
Database: Typically, a crypto exchange site will have two different types of databases: REDIS and SQL. Both have their own advantages; one is used as operational storage, offering quick performance but not suitable for storing confidential information, while the other is reliable and more secure, but somewhat slower.
Tech Stack Requirements
To generate a Coinbase replica, a robust, expandable, and dependable technology must be employed to give service to clients all over the world.
Creating a cryptocurrency interface that offers the best user experience needs a program that satisfies all the necessary features and functionalities.
The following is a short summary of some of the technologies required for application creation.
Developer Tools for DApp Construction: Parity, Truffle, EthPM, Oyente, Remix IDE, and Zeppelin. Programming Languages for DApp Formation: Solidity and Viper.
What is the cost of building a Cryptocurrency Exchange App?
The cost of a cryptocurrency exchange app like Coinbase, with the features mentioned, maybe around USD 57,000 to USD 98,000.
If you want a website and application created for your crypto exchange platform, the total expenditure on development will be approximately between USD 1,32,000 to USD 1,45,000.
Now that you know the cost of building a cryptocurrency exchange, you are 80% ready to launch.
There are just two more things you have to take into consideration: A. How to make your crypto exchange secure, and B.
Other challenges, aside from Security, that you must be prepared for before beginning your crypto exchange.
Conclusion
In conclusion, mobile app development is essential for businesses to stay competitive in today’s market.
The process of creating a Coinbase-like crypto exchange platform is complex and requires a lot of work.
However, with the help of a mobile app development company, businesses can create a secure and reliable platform that meets their users’ needs.
Hope this blog has provided you with a comprehensive guide to mobile app development for creating a Coinbase-like crypto exchange platform in 2023.
If you’re looking for a mobile app development company to help you create such a platform, feel free to contact us.
We specialize in mobile app development and can help you create the perfect platform for your business.
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