Though we all know the recent influence of Smartphones and their applications, developing a mobile crypto trading application would be the best option to produce more traders, investors, and merchants in the market. And yes obviously to solve the problem which other app’s fail to do.

Now let’s have a look on the advantages of developing a crypto trading mobile app. Here we go,

From a trader’s view:

  1.       It helps to trade immediately, regardless of time, position all other requirements.
  2.       Providing realistic and simplified crypto trading.
  3.       Minimizes the process of moving to the desktop and any time you sign in to the websites for trading

It is no surprise that much of the production phase of apps has gradually been separated into elements that are treated separately. In cooperation and collaboration with one another, various facets are usually developed by various teams. Below we’ve mentioned some crucial steps you need to follow to develop a top-notch crypto trading app.

1. Research your competition and market

Start your development process by researching on competitor’s products. Scrutinize the competition and do user follow-up to identify their necessities. In order to find out exactly how well these exchanges came to be as effective as they are today. It is advantageous to do a lot of research.

2. Decide where your business will work

Do you want to do business worldwide with your crypto trade app? Or will it be only for a few countries? This is an incredibly critical aspect of preparing for a crypto app, Why? Well the explanation is simple is that even if a massive international exchange is more likely to make you shitloads of money; this also implies that in any country in which it operates, the application must comply with the laws.

3. Define Features and Functionality of app

Features and functionality play a crucial role in the application’s success. Below we’ve mentioned the basic features of a crypto app, so have a look at them:

4. Decide right Technology stack for your app

To incorporate above mentioned features in your crypto trade application, you will required a top-notch tech stack like listed below,

  1. For IOS – swift, Node JS, ROR, Laravel, fabric IOS.
  2. For android – Java, Kotlin, Node JS, ROR, Laravel.
  3. Database – MySQL, MongoDB, Redis.
  4. Payment gateways – PayPal, Stripe, Braintree, Mangopay.
  5. Cloud – AWS, MS Azure.
  6. Push notifications – Twilio, Amazon SNS, MAP.
  7. Analytics – Gleam IO, Google Analytics, Spark.

As per the technology stack you are going to use, you would need to recruit experts. Your team for app development will be following.

  • UI/UX Designer.
  • Front-end developer.
  • Back-end developer.
  • Product manager.
  • Business analyst.
  • QA engineers.

5. Decide revenue model

Continuing to work on a great concept is like constructing a fortress in the air, so all you have to do is finalise the app’s monetization model. Since it’s worthwhile it the percentage sum of the application holder as mediator will be the key revenue model for just about any crypto exchange application. Here are several other strategies for revenue modeling.

  • Google AdMob integration for ads and banners.
  • Sponsored advertisements.
  • Enable visual advertisements.
  • Referral method to engage more visitors.
  • Develop premium applications with additional features.

Deciding features and functionality, choosing up the right tech stack and development team is not enough. There are some points which you need to consider at the time of development. So have a close look at them:

  1. The scale of Service – It will be necessary to set operational scopes of your crypto exchange and apps before all else. This is essential because, as to the organizational context, you would need to get appropriate approvals. You’ll need to think about licensing the exchange and reporting it in compliance with local or global laws.
  2. Compliance and regulations –  Cryptocurrency is a highly competitive field, and cryptocurrencies and exchanges are sternly used by almost all governments worldwide. As anyone who intends to begin a cryptocurrency business, the company would be expected to comply with KYC requirements. This implies that you would be expected to obtain documentation to check and maintain a record of app user identification. This is important to eliminate the chances of Tax Evasion by trading in cryptocurrencies.
  3. Payment Processing Charge –  You will need a transaction processing provider, such as a bank, to turn fiat currency payments into cryptocurrencies. Bear in mind the bank’s trade settlement periods in underdeveloped countries if you are centered in one. You will be able to give users the ability to add and remove funds as they wish, with the aid of a payment processing provider and a payment gateway.

Moving on, let’s discuss the core and final part of this blog, The Cost. So roll your sleeves up, and let’s get straight on to the point.

Cost to develop a Crypto Trading App

As we all know, and I think it’s a universal comment that the cost to develop an application depends on platforms, the complexity of the application, features and functionality of the application, technology stack used, geo-region of development, and others. The feature set we discussed above will cost you somewhere around 50K to 70K dollars. And if you go with more advanced and custom features, it will cost you somewhere between 80K to 90K dollars for a top-notch, ready to disrupt crypto trade application. contact best android app development company in jaipur