People have already started to focus on the cryptocurrency domain with the motto of making big money in the upcoming years. Undoubtedly, cryptocurrencies are thriving since there are a lot of opportunities for businessmen, traders in the near future. But the important thing to be noted here is the cost to start a crypto exchange!
As an entrepreneur, you would probably like to build a Cryptocurrency Exchange. But the only query is “How much does it cost to start a Cryptocurrency Exchange?” , “Will the cost be too high for crypto exchange development?”, “Should I need to spend dozens of huge money for development”?”, “Should I need a White label crypto exchange software or develop from scratch?” etc.
This blog unveils the answers to all your questions to get started right away!
So, What is the Cost to start a crypto exchange?
Before knowing the cost to start a crypto exchange, here are the basic steps you should be aware of!
Understanding the Basics:
Initially, to know the cost to start a crypto exchange, you should first know different types of crypto exchanges in the industry. There are commonly three types of exchanges such as:
- Centralized Exchanges
- Decentralized Exchanges
- Hybrid Exchanges
A Centralized Crypto Exchange consists of a middleman to perform the transactions to buy and sell digital assets. While Decentralized exchanges perform anonymous transactions without a middleman. Hybrid Exchanges, on the other hand, are a mixture of both centralized and decentralized exchanges.
Therefore, know the working behind these exchanges completely and choose the desired type of exchange you are willing to launch.
Secondly, you should know the type of Cryptocurrency Exchange product you have decided to launch in the industry. It can be:
- White label Crypto Exchange or Ready-made Crypto Trading platform
- Cryptocurrency Exchange Development from scratch
Being a Cryptocurrency Exchange Software Development Company, we provide both the solutions.
A White label Crypto Exchange is a readily built trading platform that you can buy and alter as per your requirements. You can add or remove functionalities and customize it completely.
There are White label software and script which are available at Zab Technologies, which will help you to develop your own Cryptocurrency Exchange instantly!
But the overall advantage here is, you can save your hard-earned money as well as your time. Additionally, this can be a perfect choice if you lack technical knowledge. Since the software is already built, it will be better if you have limited knowledge of how the smart contract is written.
On the other hand, starting a cryptocurrency exchange from scratch is also possible. You can layout your features and futuristic functionalities in your crypto trading platform.
However, the time for Cryptocurrency Exchange Development usually takes around 4-6 months to get developed based on your unique requirements and advanced functionalities involved in it.
Therefore, know which one you are going to move with. If in case you have any urgent requirements, it is better to go with buying a White label Crypto Exchange in the market.
Figure out the time and budget constraints:
It is crucial to know the exact duration within which you need your crypto trading software to be built. Yes, it is important since it determines your cost of building a Cryptocurrency exchange. For instance, if you require your platform to be built within a week, the cost will comparatively be more.
The next thing is to showcase your maximum budget. Remember, the budget should also include future plans as well! For instance, if your exchange encounters any issues, you should have a backup amount to manage them.
In addition to both these constraints, you need to spend your funds on general factors such as:
- Providing wages to the employees
- Legal Compliance for your crypto exchange
- Due Diligence.
And much more. Hence, ensure you have sufficient funds to manage the time effectively for creating a crypto exchange.
Know the primary components/features of cryptocurrency exchange:
To create a crypto trading platform, you should technically draft the functionalities you need.
Here is the list of basic components you will have in the crypto exchange:
- Intuitive User Interface
- Admin Panel
- Investor Panel
- Trading Engine
- Order Book
- Escrow System
- Liquidity API
- Cryptocurrency Wallet
- Security Protocol Implementation
- Payment Gateway Integration
- KYC/AML Solutions
These are the entities that we have integrated into our readymade crypto exchange software at Zab Technologies. In addition to this, you can also add other top-notch features into the platform.
For instance, our software relatively supports these neoteric features
When speaking about the cost to start a crypto exchange, we integrate the following set of features:
- Margin Trading
- Security Token Exchange
- IEO integrated module
- Mobile Application support for Android, iOS
- Market Orders
- Trading Bot
Therefore, depending on the features you require in the cryptocurrency exchange platform, so will be the crypto exchange development cost.
Importance of these features in a crypto exchange development cost:
Creating a user-friendly account system is an important thing in a cryptocurrency exchange development. The user accounts should be designed in a manner that, effectively identifies and manages the customers, and enables them to deposit and withdraw virtual currencies in the platform.
Secondly, the Cryptocurrency Exchange Aggregator allows users to set up a Bitcoin Exchange on their websites. Moreover, with this tool users can create their own coins and tokens which processes huge amounts of transactions per second. Hence, this is considered to be an expensive feature in a crypto trading platform.
Next comes the Trading Kernel which is the core part of an exchange software. The primary motto of this is to create an order book, regulate the transactions, and update the balances.
Undoubtedly, having an intuitive interface is crucial. Users should easily navigate within the platform and perform instant trading.
As a proprietor, you should be able to manage your dashboard effectively. Hence, it is important to integrate features such as pending transactions management, investor management, etc in a hassle-free manner.
On the other hand, your users should also enjoy great features in your exchange platform. In this case, you can integrate entities such as live statistics, history of transactions, buy and receive cryptocurrencies instantly, view balance, etc.
Next comes the crypto wallet integration. Some users will prefer Hot wallets for instant transactions while some prefer cold storage for a safer transaction. Therefore, decide whether you are going to integrate both the storage for the wallet.
Finally, you should implement security protocols such as DDoS, HTTP Authentication, Data Encryption, Jail Login, CSRF Protection, etc to get rid of being hacked.
Additionally, the Bitcoin Trading software must have:
- Ease & Instant registration
- 24*7 Customer Support
- Statistical monitoring
Zab Technologies Cryptocurrency Exchange Development price:
Being a leading Blockchain Development Company, we cater to our client the best-in-class crypto trading platforms at an affordable price. As discussed, the cost will vary depending on your customized requirements.
It primarily ranges around $50k for crypto exchange development regardless of complexity. With the project complexity and your unique requirements, the price may still vary. When it comes to White Label Crypto Exchange, it can vary.
If you require a white label crypto exchange software or a trading platform to be developed from scratch, you can get in touch with us right now! We love to answer all your queries to make you feel worry-free!
Meanwhile, if you wish, you can look at our free demo by quickly filling the below form!
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