How To Develop a Crypto Exchange App Like Binance?
Bitcoin has disrupted the current financial system. However, even after gaining so much popularity and becoming almost a household name, people still feel shy to talk about their Bitcoin transactions openly. Reason? The progressive Bitcoin market attracts many investors, but the volatility & fluctuation of the same put them into a dilemma. The crypto market is extremely fluctuating, and a minute difference can put your digital wallet in jeopardy or positively help you make millions.
Despite all the shyness, the profit-making opportunity of the crypto world system will soon help people capitalize on the offerings. The cryptocurrency relies on the most prominent technology named Blockchain technology. Blockchain technology was introduced to the world by the Pseudonym Satoshi Nakomoto in the year 2008. It is an up-and-coming technology confirming data security, which is why it backs the Bitcoin cryptocurrency applications.
Speaking of the Bitcoin cryptocurrency apps, Binance is the first name that strikes the mind. Binance is the world’s number one cryptocurrency exchange platform that allows traders to trade crypto assets. The popularity has dictated many interests and app enthusiasts are keen on developing crypto wallet apps like Binance. Cryptocurrency wallet app development is a lucrative industry to enter, especially after the pandemic scenario. It offers a broad spectrum of opportunities for people to trade on crypto goods that are not duplicable.
“Bitcoin is a remarkable cryptographic achievement, and the ability to create something that is not duplicable in the digital world has enormous value” —Eric Schmidt.
Are you excited to Develop a cryptocurrency exchange app like Binance and join the trend? If yes, then this blog is for you. In this blog, we will be discussing the ins and outs of the Binance application, its working model, and the features required to make an app like Binance.
Starting with the introduction of the application.
Binance is a widely used application for cryptocurrency exchange. It is a Chinese-based application launched in the year 2007. Binance’s CEO, Mr. Changpeng Zhao, was previously associated with Bloomberg. He was also one of the specialists in the Blockchain.info technological department.
Binance had its own currency launched in the progressing years, but due to certain regulations of the country, Binance was put to a limit of 200 MM issuance limit.
Within a very little time, the application gained its value of $2billion! Binance application specializes in the shopping of Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and more.
How does Binance work?
As described above, Binance applications function using Blockchain technology. The core technology of Blockchain stores data at various places, making the entire chain of data unalterable. Anyone in the world can use this space and create a secure chain of data.
The reliability of the secured data doesn’t depend on anyone, which makes it less vulnerable to threats. This technology has made a huge difference in the cryptocurrency exchange market.
The assurance of the technology then led to the emergence of multiple cryptocurrencies, and to date, 700 digital currencies already exist.
The vastness of the market opened up floodgates of resources that a user can trade or purchase. The craze worked in favor of the Binance application.
The application offers two trading options,
- Basic trading for beginners
- Advance trading for cryptocurrency’s pro traders.
Additionally, the application doesn’t ask the app user to enter their KYC mandatorily, thinking that it might be a privacy problem for many of the users. But the app owners put a limit of two bitcoins per day. This protects the money investment from any malicious activities from a fraud user.
There is an arrangement for users who want to complete their KYC formalities and are free to withdraw 100 bitcoins per day. The two-factor authentication adds to the security of the transaction made using the cryptocurrency exchange platform Binance.
A user is free to choose between the cryptocurrency trade options they want to opt for. This makes Binance the favorite application amongst the ones who know how to trade and also for the newbies learning the ropes.
An interesting thing about the Binance app is,
It allows users to give a virtual gift solution, “Gifto” to their friends and families. Binance also has its own token sale program, “Launchpad” where the costly and unduplicable tokens are listed.
This makes Binance a really interesting concept for the users as well as the app developers. a mobile app development company functioning in this niche would love to develop a crypto wallet application like Binance.
The impressive number of initial coin listings and the low trading fees made it possible for the Binance team to grab around 3 million users within six months.
Who would want to miss an opportunity like this when a mobile app can make this huge difference. But.. wait… You need to learn the application features and test the idea at your prototyping stage before you send it for quality testing and then the final app release.
The following steps will ensure that a perfect and well-articulated application is launched into the market. So, now let’s learn about the high-quality app features of Binance and how you can move forward with your cryptocurrency wallet app development.
Feature list of Binance app:
Sign up/ Sign in:
The signup page of a cryptocurrency application has to be designed with much more deliberation and thought process. It is the first entry that should protect the application from unauthorized login attacks. Hence, ensure to secure it with two-factor authentication to control any manipulation or hacks.
The application is also responsible for verifying the registered users and offering them access accordingly. Binance application beautifully takes care of the verification by putting a limit of withdrawal for unauthorized users.
The in-app crypto wallet allows users to deposit money or withdraw money for making a transaction. Nevertheless, you should design the crypto wallets in a way that they do not allow users to make any transactions beyond the set limits.
People recognize Cryptocurrency applications by their security and privacy in transactions. The application developed by your hired on-demand app developers never compromises on this status.
The transaction feature allows users to initiate a trade and sell crypto goods swiftly within the system.
The app should show various graphs and trends that follow in the crypto world. The stats shown in the analytics have a strong influence on the decision-making of the said trade.
The application should facilitate the user to have a hot and cold wallet for them to make a transaction based on their choice.
This side of the screen allows the crypto goods holder companies to control and monitor the activities.
Bitcoin and the crypto world would always be under suspicion when it comes to security. However, have no doubt when you safeguard the Bitcoin journey to make it secure and memorable by the various laws and regulations.
If the cost of app development is your concern, here is our estimated figure. The cost to develop a crypto exchange app like Binance will be around $30K to $50K. It might look like a hefty upfront cost, but it is worth your investment. The application can bring you unimaginable profits in a short period of time. But you have to accomplish it accurately! Kody Technolab offers customizable features and puts your requirements on top priority. The business solution is ours, but the credits are yours! You can trust us if you feel it is the right time to hit the market.