Interested in building a Bitcoin exchange website?
This is a growing market that has lots of opportunities.
According to a study done by Research and Markets, “The market size is expected to grow from USD 386 million in 2020 to USD 1,123 million by 2025, at a Compound Annual Growth Rate (CAGR) of 23.8% during the forecast period (2020 – 2025).”
Other than the huge sums of money to be made, innovating in cryptocurrencies is a way to further their adoption.
Bitcoin is the start of something good: a money with no government, something essential and critical”. — Nassim Taleb (Statistician and Risk Analyst)
It’s obvious that bitcoin along with other cryptocurrencies will be the long run, but let’s discuss in more detail why you should build a bitcoin exchange website and how to do that.
In 2017, bitcoin took the world by storm resulting in a huge surge in its value. In just 1 year, bitcoin saw its price rise around 1,800%. Despite China, until recently the world’s largest bitcoin market, cracking down on bitcoin exchanges in an attempt to curb capital outflows from the country, bitcoin’s price rose and rose as it found new markets in South Korea, Japan, and right here in the USA.
Bitcoin is now a regular topic on all the main news organizations including CNN, the Huffington Post, and the BBC. Just twelve months ago, these organizations showed little to no interest in the cryptocurrency revolution, meaning that most of the public was still completely unaware of bitcoin.
Today it is hard to find anyone under the age of 50 who has not heard of bitcoin. Leading entrepreneurs like Bill Gates, the Winklevoss Twins, and even politicians such as Al Gore are strong proponents of bitcoin and the 1,300 or so’altcoins’ that exist at the cryptocurrency market.
Though the blockchain technology underlying these cryptocurrencies is radical, the principal challenge this new technology faces will be to attain mass acceptance by the retailers which have to take it so as to make it a viable option to present monies.
In the following guide, I plan to provide an overview about the way to produce your own crypto exchange. There are many distinct approaches that will allow you to accomplish this, all which I will cover .
- Know the type of bitcoin trading platform you have planned to launch. Each type of crypto exchange will have a different cost.
- Most of the traders are now looking for a Binary options trading platform.
- Choose whether you are going to move with Whitelabel services or developing from scratch.
Wondering what the costs would be to develop a cryptocurrency exchange? Go ahead and get your solution answered! The most popular forms of trading in today’s world are cryptocurrency trading platforms. These exchanges allow the buyer and sellers to perform transactions in a hassle-free manner. As an owner of a crypto exchange, the proprietor receives a charge as a trading fee.
Hence, most of the entrepreneurs have a keen passion to start a crypto exchange. This blog will provide you with the details of the cost involved in developing a cryptocurrency exchange on your own.
How to start your own cryptocurrency exchange website? What is the cost to build a Bitcoin trading website?
Cryptocurrency exchange website development from scratch can be a dare and hard task which wants to be satisfied with the audience to gain the top result.
In this case, you can get cryptocurrency exchange software. You just need to install this script on your web server, execute it, and launch the crypto exchange business instantly.
Cryptocurrency Exchange Development Cost: Multiple Approaches on how it depends
Knowing the type of Crypto Exchange Platform to launch
Initially, know the type of bitcoin trading platform you have planned to launch. Each type of crypto exchange will have a different cost. There are multiple types of exchanges like:
1. User to Admin Exchange
In this type of trading platform, an intermediary or middleman will be responsible to perform buy and sell orders. The admin will have control over the functionality and the user’s wallets in the exchange.
2. Decentralized Crypto Exchange
In decentralized cryptocurrency exchanges, there is no such intermediary to facilitate the transactions between the parties. You can enhance reliability and security for your users if you develop a decentralized exchange.
3. Hybrid Crypto Exchange
As the name suggests, it is a mixture of both centralized and decentralized crypto exchanges. It resolves the disadvantages of both the platforms and brings an effective bitcoin trading platform.
4. Order Books Exchange
You can now build Order Books Exchange platforms similar to Binance, Poloneix to instantly facilitate buy and sell transactions between the parties.
5. Ads based Exchange
This type of exchange is for Ads. If you look at popular exchanges like Locabitcoins, Remitano, they support this feature.
6. Binary options trading platform
Most of the traders are now looking for a Binary options trading platform. You can create this kind of exchange, for beneficial profits.
Choose whether you are going to move with services or developing from scratch
This is the most important decision you should make. If you have urgent requirements, it is better to move and buy a crypto exchange software. Since the modules are already developed and tested, you just need to deploy and install it to get started with a crypto exchange. Moreover, the cost of white label crypto exchange software is also reasonable.
But in the case of developing from scratch, everything should start from the beginning. Right from the technology to brand deployment. This can provide you with additional costs as well as the time.
Therefore, choose the one wisely.
- Check for the Time and Budget constraints
Remember, the more quickly you need the product, the more that should be reflected in the budget. As the team involved will be quite larger for instant deployment, you must layout the time and budget constraints.
- Technical Features
This also plays a crucial role in deciding the cost of the crypto exchange. Here are some of the features one can integrate into their exchange platform:
- Mobile Trading App for Android, iOS
- Integrated IEO Module
- Security Token Exchange
- Liquidity API
- Atomic Swaps
- Margin Trading
- Multi-Sig Cryptocurrency Wallet Integration
- Referral Programs
- Admin Console
- Issuer Console
- Market Making
- Trading Bot
- Cryptocurrency Ticker API
- Rest API
- Leverage Trading
- Futuristic CMS
In addition to this, you should give #1 priority to security. Here are the mechanisms which you should have:
- HTTPS Authentication
- Data Encryption
- Anti Distributed Denial of Service (DDoS)
- SQL Injection Prevention
- Cross-Site Request Forgery (CSRF) Protection
- Anti Denial of Service (DoS)
- Server-Side Request Forgery (SSRF) Protection
- Jail Login
Сost To Start a Cryptocurrency Exchange Website:
Team Needed for the Cryptocurrency Exchange Development.
|Experts||Number of Developers||Months of Engagement||INR Hourly Rate||US Hourly Rate|
|Front-End Developer||1||4||Rs 45k/hour||$70/hour|
|Back-End Developer||1||4||Rs 55k/hour||$85/hour|
|Graphic Designer||2||2||Rs 40k/hour||$61/hour|
|Project Manager||1||4||Rs 45k/hour||$70/hour|
Choose the right cloud provider when you create your own crypto exchange
You already know the importance of site uptime, fast page loading time, and scalability for your Bitcoin exchange, don’t you? How do you achieve these?
While you need to use the right technology stack and follow coding best practices, these aren’t enough! You also need to choose the right cloud provider. I recommend that you use AWS, which has excellent cloud capabilities. AWS has excellent track record vis-à-vis availability, resilience, scalability, security, and performance.
You can see the popularity of cryptocurrency exchanges. You can surely tap into this market by launching an excellent Bitcoin exchange website. It can be a complex project though.
Security, user-friendliness, uptime, performance, and scalability are important for the success of this website. Plan accordingly, and launch an excellent website. Reach out to us if you need help.