The increasing use and popularity of cryptocurrency exchange applications have demonstrated several interests. Today, several app developers are focused on knowing how to create a crypto currency exchange like Binance.
Indeed cryptocurrency wallet mobile app development is one of the fastest and most profitable industries entering the crypto industry, particularly after the COVID-19 pandemic. The crypto exchange industry provides a wide range of opportunities to people who like to trade on original crypto goods and assets.
While discussing Bitcoin cryptocurrency apps, Binance is the first name that comes to mind. It is the number one cryptocurrency exchange platform across the world. It enables people to trade crypto assets. Read more on the future of cryptocurrency in mobile app development.
Undoubtedly, cryptocurrency wallet app development has become a lucrative industry. Are you planning to create a cryptocurrency exchange app like Binance? Do you want to join this fastest growing trend? If yes, keep reading this blog; it will help you get a detailed study of the Binance application, it’s working, and how you can create an app like Binance.
History of Binance App
Binance is the first Chinese-based organization that came into existence in 2017 by a group of exceptionally experienced professionals. It is presently driven by its CEO Changpeng Zhao.
Mr Zhao had previously engaged with Bloomberg and with Blockchain.info in the tech department and hence, had the ability to create a strong team for their product development.
The company has tilted the ICO and their token send-off to start things off with the cryptographic trading software. At first, giving data by means of the whitepaper, they figured out how to arrive at their fundraising motto by mid-September, in the nick of time before China had given a prohibition on the token fundraising. Millions of dollars were already raised from several investors in the financing round.
The ready Binance Coin (BNB) was publicized to be issued with not more than 200MM and to feature a chance to be utilized afterwards within the company for service purchases inside.
Binance has also announced that they will finally purchase 50% of the issued tokens back and knock them down. At the moment, the ICO has mostly completed its course, presenting a perfect number of more than 40,000 token holders.
Know How Binance App works?
As stated above, Binance apps work utilizing Blockchain technology. The key technology of blockchain stocks data at different places, creating the whole data chain unalterable.
Everyone worldwide can create a safe chain of data and use this space. The reliability and relevance of safe data are not relying on anyone, which makes it less risky. This tech domain has brought a big difference in the cryptocurrency trading app market.
The security of the technology then led to the development of different cryptocurrencies, and to date, 700 functioned pro-Binance apps. The broadness of the market started floodgates of resources that a user can easily purchase or trade. The trend acted as a pro-Binance app.
The Binance Application Provides Two Trading Options:
- Basic trading for beginners
- Advance trading for pro traders
Moreover, the app never asks the app users to complete their KYC, as they consider it a privacy issue for many users. However, the app owners lay a restriction of two bitcoins per day. It safeguards the money investment from any online threat.
Here you also get a setting for users who don’t have any issue completing their KYC and can easily take out 100 bitcoins every day. Additionally, the two-factor verification offers more security to the users’ transactions using the crypto exchange platform.
Users don’t have any implication in selecting between the crypto exchange options they want to choose. This makes Binance their most cryptocurrency exchange application. It is also easy to learn cryptocurrency exchange using Binance.
Features of the Binance App
There are several features of the Binance app are described below:
☛ Sign up/ Sign in
The signup page is vital in crypto apps. Ask mobile application development services professionals to design a more intended and lucrative page using an in-depth thought process.
It is the first entry that safeguards your application from unauthorized users. Thus, ensure it contains two-factor authentication to manage all hacks or manipulations.
☛ User Verification
The app should also verify the registered users and provide them access accordingly. Binance app perfectly manages verification by laying a withdrawal restriction for prohibited users.
☛ Crypto Wallets
A Crypto wallet enables users to deposit or withdraw money for making transactions. It is an essential feature of a crypto app.
☛ Easy Transaction
People identify cryptocurrency apps by their privacy and protection in transactions. The app created by professional mobile app developers never compromises in creating transactions smoothly. This feature enables users to trade easily within the system.
☛ Crypto Analytics
The app must display various trends and graphs that follow in the present crypto world. The analytics have a strong impact on the decision-making of the trade made.
☛ Multi-Cryptocurrency Wallet
The application must offer the users a multi-cryptocurrency wallet to make transactions as per their choice.
☛ Admin Side
This feature enables admins to monitor and control the activities on the app.
What is the Required Technology Stack to Develop an App Like Binance:
For Web Application:
You can utilize the below-mentioned technologies to create cryptocurrency exchange apps like Binance:
- LAMP – Linux Server, Apache, Mysql DB, Php
For website: PHP – Laravel / Codeigniter
- MEAN Stack: MongoDB, Express JS, Angular js, Node js
Technology Stack : [Applications]
- Tool: Android Studio 3.1.3 (Latest Version)
- Language: Kotlin
- Web Service: REST APIs
- Web Service Format: JSON Format
- Database: Back-end database (MySql), SQLite local database, Room local database (Updated Database)
- Design: Material Design
- Tool – Xcode 9.3
- Language – Swift (4.2)
- Webservice – AFNetworking, Swifty JSON, Alamofire.
- Format – JSON
- DB – Mysql
- Design – MVC, MVVM
- General Functions – APNS Notifications, Firebase Notifications, Cloudinary, Payment getaways, Yoti, SDWebImage, etc…
What are the Steps to Create a Cryptocurrency Exchange App Like Binance?
There is no secret that the process of creating an app is divided into different aspects. Various aspects are generally monitored and controlled by different teams in collaboration. The number and variations of these processes rely on the app’s complexity.
1. Find the Issue
Initially, you have to focus on the issue of the existing apps. Give a reason to the user to use your application. Tell them the advantages of your app over the existing mobile apps?
Identify the real-world problem of trading apps. Once you find out the issue and users’ requirements, you should also analyze the application’s cost.
2. Right Consent Mechanism
We know that blockchain platforms function on a decentralized system and request users to initiate and validate the exchange. Therefore, it is clear that you must have a perfect agreement technique that relies on your crypto wallet app development needs.
Whenever you start knowing how to create a cryptocurrency exchange website or app, you should also focus on the privacy of validators and their reliability in them.
3. Choose the Right Platform
Choosing a dedicated blockchain platform for your cryptocurrency app development is vital as it enables you to create a customized wallet app without compromising any code from the start. You must focus on some popular blockchain platforms such as Hyper-ledger Fabric, Ethereum, Quorum, BigChainDB etc.
4. Create the Model
Now do this initially; however, you haven’t started thinking about the model such as public, hybrid, private, allowed or unlimited. You should rate the perfect stack as per your selected blockchain model.
Once you are done with it, please focus on the app’s design as it helps you move forward. It is significant to make an impressive design to bring more users to the app.
5. User Interface
The user interface plays a vital role in every crypto exchange app. While finalizing the app’s design, you should strongly focus on the User Interface (UI) of the app, server integration, database, and programming language. Take the help of an expert mobile app development service provider.
6. API Development
Although several pre-built APIs are available to use in the market, you might require creating a custom API for your app. However, if needed, you can also create your APIs for your cryptocurrency exchange app to approve the information, smart contract connections, and key trading sets and store and recover data.
7. Test Your App
If you think that your app is now ready to hit the market, it is vital to test it before its launch. Utilize the Minimum Viable Product (MVP) model to test the app. The model incorporates finding the bugs, execution limitations, latencies, Proof of Concept (POC) solutions, and capacity and memory issues.
Once you are done with all these issues, continue testing your app for different test cases until the app becomes useful.
Approx Pricing to Create a Binance-Like App in 2022
The know-how to build a cryptocurrency exchange app also includes the cost to create a cryptocurrency exchange app like Binance, and the approx cost is:
Component Pricing $
Design - $1000-$2000
Development - $5000-$10000
API - $7000-$10000
Blockchain - $2000-$4000
Testing - $2000-$4000
Total - $17000-$30000
Indeed, defining the crypto exchange development cost is not easy and exact as creating a crypto exchange platform; the tech stack, resources, and the country may differ. Additionally, an estimate for the crypto exchange development cost without initial negotiations can’t be calculated.
But, to get an approximate idea, an MVP app with basic features can cost between $15000 and $50000. Assume you want to create a crypto exchange app to target a specific audience with advanced features that can cost you $50000 to $100000.
In a Nutshell!
Keeping the increasing popularity of cryptocurrency trading apps worldwide, it is easy to understand why more and more people are getting involved in this system. Digital currency exchange offers several big opportunities for users who are even learners in the domain and pro in the industry.
However, the market still has several restrictions relying on the currency offered or on the country, which tends to level up potential. Therefore, creating a cryptocurrency exchange app like Binance can bring huge profits to you in the very short term.