With 2000+ bitcoin/cryptocurrency trade exchange platforms and so many trade investors, India is emerging as the biggest market of cryptocurrency exchange. You might be worried that it’s too late to own a cryptocurrency exchange, but no worries. Because as per India today research India has more than 10 crore crypto owners, and this number is rising day by day. So it’s your turn to make hay while the sun shines.
If you are planning to make a super profitable business like coinbase, you have landed on the right platform. Because this article will cover all the steps of how to create a cryptocurrency exchange platform like Coinbase.
However, developing an exchange platform requires a lot of technical knowledge and expertise in blockchain technology, UI UX and more, that’s why it is never suggested to build it on your own. So, it is better to hire a cryptocurrency exchange development company. But if you are familiar with blockchain technology or technical expertise, this article is good to go for you.
Before we start, it is important to know about coinbase features because it will help you know what you’ll need to provide your users.
What features does Coinbase Provide?
- Coinbase allows to trade currencies like ETH, BTC, LTC
- Having a User-friendly interface
- Simple onboarding of users
- Simple and fast deposits and transfer of assets among users
- Multiple payment options are available, like PayPal, debit or credit card.
- High liquidity and buying limits
How to Create Cryptocurrency Exchange Platform in 6 Easy Steps?
Step 1. Do A Market Research
There are different phases involved in developing an exchange platform. So, before you start developing your cryptocurrency exchange platform, it is important to know its scope, competition, user requirements and so on. It’s important because it will help you make your exchange platform stand out and to get more crypto/bitcoin traders faster. To make your research better, you need to find out the answer to these simple questions.
Q.1. What’s Your Competitor offering(bonus, referral point, coins exchanges)?
Q.2. What niche do you want to target (types of coins)?
Q.3. Why should people use your exchange platform?
After answering the questions mentioned above, it’s time to take a second step.
Step 2. Make A Plan
The most important step to developing a crypto exchange platform is to make a proper plan. Planning stage includes defining the functionality of your crypto exchange.
These must-have functionalities you’ll require in your exchange platform to create and exchange websites/apps like coinbase.
- Sending and receiving of transactions
- Multi-currency support
- Wallet integration
- Account management
- Instant exchange function
- Live cryptocurrency rate charts
- Push notifications and alerts
- Transaction history
- Onboarding flow with an introduction to the cryptocurrency exchange and its alternatives
During this planning process, you will also need to decide which platform your crypto exchange will be made available for, such as the website or the Android app and the iOS app, or both.
Along with this, you need to ensure all the legal formalities and jurisdictions required for developing an exchange such as kyc. Last but not least, because you also have to decide whether you want to earn commission on exchanges like coinbase on or make it completely free like Robinhood exchange.
Step 3. Technology Integration
Most of the cryptocurrency exchange is developed using the technology of java and Node Js. However, there are many alternatives available on the internet that are available libraries. Also, you can use coinbase libraries that are applicable on both android and IOS.
For the cost-effective development of exchange platforms, developers commonly use angular or react technologies.
Step 4. Hire A Developer Team
To develop a professional crypto exchange platform, you require an expert team to get your work done.
To Make your Cryptocurrency Exchange Successful, you Need:-
- Front end and Back-end developer
- iOS and Android developer
- Experience Graphic designer
- Quality assurance engineer to test the platform functionality
- Product manager to coordinate
Step 5. Development of Your Cryptocurrency exchange
Last but not least, now it’s time to develop your Crypto/bitcoin exchange platform. With the help of proper planning, it becomes easy to tackle problems in the future that you may have before or after the product launch. To deliver a qualitative product, your professionals and developers need work with coordination.
Step 6. Experiments and MVP tests.
Before making your exchange available for your customers, it is extremely important to test your exchange working prototype. To test your platform, you can use market available tools to make sure whether it is ready for your use or not. However, hiring quality testers during the planning stage will help you to tackle this problem without an ease.
Flowing step by step process will help you build your exchange platform better and more easily. However, if you are looking for a one-stop solution to build a cryptocurrency exchange platform like coinbase, we have a solution: Appinop Technologies. Appinop Technologies is a full-service crypto exchange development company. Getting exchange development service from Appinop Technologies will help you get features like fast- trading user-friendly interface, better liquidity, BTC, ETH, LTC supporting platform. They have a team of 100+ expert blockchain developers, UX/UI designers, and web and app developers ready to shape your ideas into reality.