The launch of Bitcoin in 2009 left the whole world in awe by making us rethink the concept of money. Bitcoin is considered the 21st-century currency that deals with two fundamental flaws of the conventional financial system: distrust & uncertainty. This cryptocurrency caused a chain reaction that resulted in the development of several other cryptocurrencies. To manage these cryptocurrencies, which, unlike fiat currency, cannot be bought and sold through banks, cryptocurrency exchanges were created. By the end of 2021, about 1,000 new cryptocurrencies were being released into the market - every month!.
The Current Scenario
As of today, more than 12,000 cryptocurrencies are available. With no barrier to creating a cryptocurrency or launching it, the number is skyrocketing. This eventually led to an ever-increasing demand for highly scalable, feature-packed crypto exchanges that are easy to use. This escalating need for crypto exchanges has enticed even the most traditional traders, crypto enthusiasts, and businesses to invest in crypto exchange development. These crypto exchanges allow you to exchange cryptocurrencies for fiat currency or other cryptos.
But How Much Does it Cost to Build a Cryptocurrency Exchange?
Let’s have a look.
With individuals and corporations flocking to cryptocurrency, crypto exchanges have become the need of the hour. Currently, there are about 20 next-gen crypto exchanges with state-of-the-art functionalities that are ruling the tech world. The desire to launch a robust, avant-garde crypto exchange with profit-yielding revenue models has skyrocketed among entrepreneurs. Cryptocurrency exchanges can be developed in three ways -
1. By developing a crypto exchange from the ground up
2. Using a crypto exchange clone script.
3. As a White Label crypto exchange solution
Let’s take a deeper dive.
Crypto Exchange Development
Developing a cryptocurrency exchange from scratch can prove quite a challenge since the process requires a close-knit team of expert developers and analysts who can perform genuine risk analysis. This method is not only time-consuming but also inefficient when it comes to cost. This is where crypto exchange clone scripts come in. A crypto exchange clone script is a pre-fabricated cryptocurrency exchange solution that incorporates all the noteworthy features and security attributes of an existing cryptocurrency exchange.
Building a cryptocurrency exchange using our crypto exchange clone script with all the basic features of a crypto exchange will cost you a mere $7K. This development cost will vary depending on the functionalities and the level of sophistication requested by the client. Under such a scenario, the development cost might be higher than $7K.
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Let’s take a peek at the factors that influence the cost of crypto exchange development.
Business Model
Whether the crypto exchange is decentralized or centralized affects the cost of crypto exchange development. While centralized crypto exchanges act as a third party between the buyer and seller, the decentralized exchange allows peer-to-peer exchange between the buyer and seller without any intermediary. This difference in the core functionality influences the overall development cost.
Tech Stack
Based on your requirements, the tech stack might vary. Additional security features and modules will need to be added to the crypto exchange clone script in order to make it compatible with your specific needs. Thus, the technology stack employed in the development of the crypto exchange has an extensive effect on the development cost.
Feature-Set
Every crypto exchange has a unique set of features that differentiates it from the other leading crypto exchanges. To build a highly robust and exceptional cryptocurrency exchange, you need to incorporate it with an exclusive feature set.
Examples of such features include:
Effective Admin Panel
Admin control allows the crypto exchange admin to control various modules as required. This admin control is feature-packed and integrated with multiple APIs.
Intuitive UI
A user-friendly interface allows any user to efficiently operate a cryptocurrency exchange even without prior knowledge. It should also allow users to switch between dark and light modes for their convenience.
Multisignature Wallet
The crypto wallet allows users to seamlessly store, send and receive digital currencies. It should be able to support multiple currencies. The more, the better. Secure transactions are carried out at an affordable cost.
Encrypted Data Transmission
Transaction data are stored over the blockchain in an encrypted form that can only be accessed by the authorized person using a private key given to them. This feature eradicates the possibility of any illegal activity.
KYC/AML Verification
KYC/AML verification aids in averting illicit activities such as tax invasions, frauds, and terrorist financing through cryptocurrency exchanges. This feature is considered a legal requirement for controlling money laundering activities.
Powerful Trading Engine
A trading engine is considered one of the core features of the cryptocurrency exchange. It processes crucial details regarding the prices, analysis the possibility of transactions, produces schedules, and matches up bids.
Analytical Tool
This feature is known for enticing professional cryptocurrency traders as it allows them to understand the crypto market better. An analytical tool allows you to make informed decisions and strategize accordingly.
Notifications & Alerts
This feature is beneficial for users to remain informed regarding the happenings of any cryptocurrency exchange. This can be anything from a simple price change to a new coin listing alert. Users are notified of crucial events that can affect their decisions.
API
External features allow the coherent functioning of the cryptocurrency exchange. It allows the crypto exchange to get hold of a wide range of resources and assist users by providing real-time cryptocurrency data. An efficiently organized information can go a long way when it comes to crypto trading.
Must-Have Security Features of a Cryptocurrency Exchange
Anti-DDoS security protocol
Cryptocurrency exchanges need Anti-DDoS protection to combat modern DDoS(Distributed Denial of Service) assaults, reduce potential damages and limit security concerns.
Domain Name System Security Extension (DNSSEC)
DNSSEC employs digital signatures to strengthen the authentication in DNS. Through DNSSEC, the complete DNS data itself is signed by the owner. DNSSEC aids in boosting the trust of users when it comes to internet-based services.
Registry Lock
Registry lock ensures that the domain names do not get hijacked. It provides an added layer of security against domain name hijacking by locking the domain at the registry level itself. This, in turn, averts unauthorized deletions or alterations.
Jail Login
Jail login is a well-established security feature in a cryptocurrency exchange. Jail login provides security by preventing multiple failed attempts for a specific amount of time. This helps in restricting any unauthorized access.
Data Encryption
Data encryption delivers protection by encoding the data that can be accessed only by an authorized person via an encryption key. This data is displayed in an unreadable format for anyone attempting to access it without the genuine encryption key.
Our Seamless Crypto Exchange Development Process
Brainstorming Sessions
Your queries regarding the crypto exchange are clarified, and a project roadmap is developed to align the development process. Multiple brainstorming sessions are held among the key stakeholders to get a clear picture of the crypto exchange project.
UI/UX Design
A highly intuitive user interface allows even a novice to browse the crypto exchange effortlessly. We aim to design a seamless crypto exchange with state-of-the-art features. Our aesthetically-pleasing aids in transforming mere visitors into potential users.
Crypto Exchange Development
A team of expert developers builds a tailored crypto exchange solution that is highly robust, secure, and packed with Next-gen features. An industry-grade crypto exchange platform with multi-chain capability is built.
Testing
Once the cryptocurrency exchange solution is developed, it is put through rigorous testing procedures to deliver a flawless platform with the ability to withstand any number of attacks without any downtime.
Deployment
The crypto exchange software is launched and deployed in a real-time environment. The software is continuously monitored to ensure impeccable performance. Updates are provided as per the client's needs.
Some of Our Phenomenal Crypto Exchange Clone Scripts
WazirX Clone Script
The WazirX clone script is an exact replica of WazirX, a peer-to-peer cryptocurrency exchange. It accepts a range of popular cryptocurrencies, including Bitcoin, Ethereum, and others. This clone has excellent functionality and the potential to process millions of transactions.
Remitano Clone Script
The Remitano clone script is a ready-made, peer-to-peer cryptocurrency trading script that is a duplicate of the Remitano platform. This clone has all of the Remitano platform's cutting-edge capabilities, as well as its high-end security measures.
LocalBitcoins Clone Script
The Localbitcoins clone script is a ready-to-use cryptocurrency exchange script that features the same top-of-the-line security features as the original Localbitcoins crypto exchange. These notable features include KYC/AML compliance, a real-time price tracker, and others.
Coinbase Clone Script
Coinbase clone script is a functional replica of Coinbase, one of the most user-friendly and secure cryptocurrency trading services. It has a user-friendly UI and security features that assure secure transactions. A built-in smart tool keeps you up to speed on the current state of crypto prices.
Binance Clone Script
The Binance clone script is a pre-built replica of Binance. It has all of Binance's attributes, such as swift transactions, multi-currency compatibility, and affordable transaction fees. The Binance clone script entitles you to reap revenue benefits on a whole new level owing to awe-inspiring features and the liberty to customize.
Paxful Clone Script
The Paxful clone script is a business-ready replica of the Paxful exchange with all of the exchange's high-end features and built-in capabilities. Our Paxful clone script is a means to establish a bug-free, feature-rich cryptocurrency exchange like Paxful in weeks.
Didn’t find your crypto exchange clone script in the above-mentioned list? Worry not!. We have got more. Get in touch with our expert team today to get acquainted with our stunning cryptocurrency exchange clone scripts. Whether you are an enterprise or an entrepreneur looking for an in on the crypto exchange fad, we have your back.
Being one of the renowned cryptocurrency exchange development company, we deliver flawless, robust, and economical crypto exchange clone scripts. Your revolutionary cryptocurrency exchange is just a click away. Contact us Today!.
