How Much Does It Cost To Develop Coinbase Like Exchange Platform?

Coinbase Global Inc., branded Coinbase, is the largest cryptocurrency exchange in the USA, founded by Brian Armstrong and Fred Ehrsam. It is a secure platform for buying, selling, transferring, and storing cryptocurrency. It operates via remote employees and has been in business since 2011. Over the last 10 years, the Coinbase mobile app has become the first unicorn in the cryptocurrency exchange domain and a torchbearer for Blockchain and Crypto world.

Due to its simple UI and UX, even people who have never traded crypto before can get into the industry to start trading with zero experience.

Coinbase connects millions who love crypto with the growing demand for Bitcoin and other crypto-assets markets. 

The popularity of Coinbase has made many entrepreneurs consider entering the crypto world. Are you also one of them considering launching your app like coinbase and wondering about the cost?

Well, we have your back. Coinbase clone development costs around $25,000 to $50,000, whereas if you want to develop a crypto exchange platform from scratch, it will cost around $30,000 to $3,00,000. 

Let us explore the cost of Coinbase-like app development in detail.

Interesting Facts About Coinbase

• It facilitates Bitcoin and other digital asset exchanges against local currencies in over 190 countries.
• It has 30 million or more users, trades $150 billion or more, and has a valuation of $8 billion or more, making it one of the most popular exchanges in the world. 
• Coinbase charges a 1% fee for withdrawals from a bank account or a Coinbase USD wallet. 
• The merchant applies a fixed fee of 2.49% when you purchase with a credit or debit card.
• Over the past three months, the platform has gained 13 million new users.

Cost To Develop A Cryptocurrency App like Coinbase

Developing a cryptocurrency app or digital currency exchange app like Coinbase becomes more expensive as the number of features it contains increases. The development team's location, size, and technology used to build the app will heavily influence the overall cost of developing a native mobile app.

As discussed above, developing an app like Coinbase would cost around $25,000 to $50,000. However, if you want a website and an app for your cryptocurrency exchange platform, you'll have to pay somewhere in the range of $57,000 to $65,000.

*Disclaimer: These are only rough estimations. The real estimate can only be evaluated when the work scope is drawn up after the project has been looked at in detail.

After learning how much it will cost to build your cryptocurrency exchange platform, you are about 80% ready to start.

Basic Features Affecting the Cost of Creating Apps like Coinbase

User Interface

The User Interface of a crypto exchange website should be designed to make it look good and ensure that users have a great time. It can be hard to focus on design functionality because it's easier for a Crypto exchange or blockchain development company to get caught up in the system's complexity and not pay attention to how it looks.

But when you hire the right company, you get a UI that lets users:

• Create Orders
• See transaction history along with filter options
• Access to indicators and graphics
• Option to explore all activities on the dashboard
• Seamless Fund Withdrawal and Deposit

User Management

Almost every cryptocurrency exchange platform gets at least a million new users daily. Ensuring your user management process is on point is important.

People who use your crypto exchange platform will have three things to consider when you talk about the User Management part of the platform.

• Sign up and Sign in: Even though a cryptocurrency exchange asks for users' personal information, please don't ask for information from them at the start. Users should be able to get in and out of the process quickly. The registration process should be easy to follow.
• User Creation: Many exchanges let users set up their accounts, but there are some small crypto exchanges where the admin is responsible for setting up new accounts.
• User's Verification: One of the most important parts of an exchange or crypto initial coin exchange platform is "Know Your Customer," or KYC. In your platform, you can choose from different types of verification to limit how much money each person can have. These types of verification can include personal information like your SSN, phone number, picture ID, etc.

Admin Panel

The admins of crypto exchange platforms are in charge of managing users and keeping an eye on trades. Based on their access level, they should be able to see things like their User ID, email, name, etc. They should also be able to see transaction details like the time stamp, transaction ID, description, and amount.

Admin rights on the platform:

• Change trading fees
• Manage cryptocurrency listing
• Add new cryptocurrencies
• The ability to fund accounts in time of tickets and support issues.

Wallet

Crypto wallet development is a software program that helps send and receive digital currencies. To make the best app for crypto exchanges such as Coinbase, you'd have to think about three things:

• System and User Wallets: You can offer your customers many crypto wallets like hot wallets, cold wallets, desktop wallets, mobile wallets, multi-currency wallets, and more.
• Withdrawal and Deposits: Users could deposit money through email, ATM, QR codes, etc. To be able to withdraw the money as digital currency, you need to make sure that your account is safe and verified.
• Creation of Transaction: People who use cryptocurrency should be able to buy and then sell it to others. For it to happen in real-time, you'll need to make an app like Coinbase that is easy to use and quick to make transactions.

API

A cryptocurrency exchange platform must have a set of processes and functions that allow other applications to access the operating system's data or features from outside the system.

Purchase and Sell Bitcoins

Users should easily purchase and sell bitcoins and other digital assets through a user-friendly interface. The app must allow users to navigate without getting stuck and make purchases without problems.

Secured Payment

The buyer should be able to see information such as the number of bitcoins for sale, the exchange rate, and the amount to be sent. They should also have the ability to negotiate a price with the seller.

WebSockets

The technology makes it possible to get an event-based response from the server without asking the server for a response. It sends information about market changes, trade changes, etc.

Analytics

A good cryptocurrency exchange platform should also have analytics. It has logs and charts in it. It helps analyze what happened on the cryptocurrency exchange and helps create charts for proper visibility.

Database

The cryptocurrency exchange website has two types of databases: REDIS and SQL.

In both types of databases: one is operative storage, which is fast but not good for storing confidential data, and the other is long-term, reliable, and a little slow, but both are good.

Tech Stack We Use To Build Coinbase Like App

• Node.js
• JavaScript
• Java
• BitcoinJ
• Chain-Java
• React
• Angular
• React Native
• Kotlin
• MySql
• Swift

Is Crypto Exchange Platform Like Coinbase Safe?

After learning how much it costs to start a crypto exchange, let's look at how apps like Coinbase make their platform safe for thousands of people who use it daily and ensure that no hackers steal cryptocurrencies from Crypto exchanges.

Coinbase stores 98 percent of customer funds offline, so there is no risk of them being lost or stolen. Besides the funds, Coinbase stores the bitcoins in several safe deposit boxes and vaults worldwide.

Talking about data security, the platform takes many steps to protect its users' privacy. When the platform didn't store the private data on servers, it kept the data offline from the internet, making it hard for someone else to get it. 

Data is split up and encrypted using redundancy with the AES-256 before being put on FIPS-140 USB drives and paper backups. The USB drives and paper backups are also spread worldwide, just like funds.

A two-step verification process is another thing Coinbase asks of all of its users. Users have to get a security code on their phones to log in. They also need their password and username to get into the site.

As a payment company, Coinbase follows the best practices of the field. It means that the traffic on the website is encrypted with an HTTPS SSL. As a final note, Coinbase uses AES-256 encryption on all wallets and private keys.

Extra Authentication Security Measures

With the help of bcrypt, Coinbase hashes all the passwords in the database and a 12-cost factor to ensure they are safe. Coinbase also only accepts strong passwords when users sign up for an account or change their password.

The platform stores all credentials for the application in a different place from the database and the codebase.

Challenges to Face with Coinbase Like Mobile App Development

Rise in Competition

The rise in competition in the digital currency exchange field is solely due to the rise in demand for cryptocurrency since the concept of Bitcoin was first thought up.

Binance-like app is the best to trade crypto and lets users make millions of dollars yearly. So many businesses want to be a part of the market and get a piece of that money.

There are many ways to enter the space and become a market leader, even though more competition exists. Let's check out some ways:

• Perfect UI and UX in both the website and app
• There is a place for you to get into the crypto exchange market when it comes to mobility.
• Add a vast number of crypto assets to the listing.
• Offer both fiat money to crypto and crypto to crypto form
• The expansion plan of the decentralized crypto exchange system

Scalability

It can take a lot of work to get your crypto exchange app ready for many people to come and use it every day, especially if it's new. Same way as keeping track of the number of people who want to use the service. This can cause slow transaction processing times, long delays for money transfers, and problems with the platform.

The only way to ensure the platform can handle multiple transactions daily is to work on a strong back-end architecture with a good load-balancing system.

Final Note

Get in touch with the team of Suffescom Solutions, a trusted and reliable blockchain app development company in the United States. We have a team of Blockchain App Developers who can help you make a great app within your budget. 

• Coinbase like app development cost
• Blockchain Development Cost