Cryptocurrency exchanges are the backbone of any cryptocurrency market. They provide a safe place for trading digital currencies such as Bitcoin, Ethereum, and Litecoin.
Many cryptocurrency exchanges have already been developed for Android and iOS. One of the most popular is Binance, which is quite easy to use and has several features.
But developing a mobile application for an exchange can be challenging. In this article, we’ll explore what it takes to create an app that’s robust enough to work on both iOS and Android platforms.
The growing trading volumes around the world will drive up demand for Crypto Exchange Mobile App. In this case, developing a high-end crypto trading app is a considerably better option than considering ways to mine bitcoin tokens. An entrepreneur can make a fortune by acting as an intermediary and conducting transactions efficiently.
Before we go further with development, it’s important to understand the purpose of cryptocurrency exchanges.
The Growth of Cryptocurrency Exchange
Digital currencies like bitcoin are not centralized: they exist in a market where people who buy them can sell them at any time without involving an entity such as a bank or government.
The price is thus determined by supply and demand on that decentralized network rather than some overarching authority that manages the coin supply for its benefit.
However, just like any other financial market, there exists a need for trusted resource centers that serve as repositories of information and tools related to cryptocurrencies.
To achieve this trustworthiness, cryptocurrency exchanges will undergo identity verification processes and hold money reserves in case of price manipulation schemes designed by hackers or governments with authoritarian agendas.
The organization behind an exchange is thus obliged to demonstrate sound business practices such as assuring the safety of its users’ assets and operating with a minimal amount of transaction fees.
If everything goes well, users will benefit from trading across exchanges located in different geographical locations around the world; they simply need to use their credit cards or bank accounts as authentication methods instead of signing up for specialized services that allow them to move cryptocurrencies only between cryptocurrency platforms within their jurisdiction.
Read Also:- Top Mobile App Development Technologies
Essential components of a cryptocurrency exchange app
There are two kinds of exchanges in the world at this time – centralized and decentralized. Centralized cryptocurrency exchange platforms such as Binance offer a great way to purchase tokens by exchanging your fiat currency for digital currencies with Bitcoin or other altcoins.
Decentralized cryptocurrency exchanges are different in that they execute trades peer to peer using blockchain technology, removing any middlemen between buyers and sellers. Most of the exchanges you’ve come across offer just one way to buy tokens.
Just a quick google search will tell you that basically, they are too busy with traders signing up for their platform and choosing a cryptocurrency wallet where to store your digital assets – from which all orders must be made thence transactions executed.
There is over half an hour of this each day at Binance alone! Certainly, some trading platforms treading water whilst waiting for others to full boom
the infrastructure. That is not the purpose of this article and it is most certainly not an exaggeration to say that for many, a well-functioning exchange must be one in which users can trade live – without any delay or hindrance whatsoever!
All other work has been prioritized by those platforms with so much on their plates (such as trading volume), however, live cryptocurrency exchanges should have no issues keeping up with online football fantasy league sites favored.
1. Trading Engine
Every cryptocurrency exchange platform must have a trading engine. This is the core code that facilitates trades so they can take place between users without the need for a third beaver! The technical name for a cryptocurrency exchange is also an acronym.
This term echos the functional nature of many cryptocurrencies – they are simply taken to be better digital currencies than before, so why not call them what we think they should be?
For example, Dash Coin used this same naming convention and was recently rebranded as ‘Paycoin’ because, despite its popularity in Germany over Bitcoin or Ethereum, it didn’t quite have enough Utility to get Ƀ0.001 Accepted as a currently allocated currency on the exchange!
2. Front-end user interface
This component is particularly the face of your exchange, i.e. how users see the exchange. Your background image is how your application will be seen on iOS, OS X, and/or Android so you must get this right.
A simple background of neutral blue or white can look great but if the app icon won’t fit then you’re in trouble. The position of other apps around a new user contributes to their first impression about using your exchange as well. It should also go without saying that the design of your back-end user interface is important too.
Keeping the design simple and making it easier for users to complete the exchange orders. Using a variety of colors helps the user to quickly register that at some point in time is trading for Bitcoin.
Personalized levels for your trades and build a reputation through good service so users feel confident to buy from you again.
Even if all transactions taking place are legitimate, bad exchange design can lead people into doing what isn’t best practice: Transactions below $10 get paused till the market settles down because it takes forever to transact at those levels, and trading at $200 a day can be risky.
Cryptocurrency wallet
Crypto exchange software has grown to be a complex process, which involves many resources for developing an effective wallet. Traders will require high-performance environments that are scalable and fast to serve large amounts of traffic in a very simple manner.
The features of cryptocurrency wallets range from being linear or functional with only one function offered by developers, all the way up to having multiple functions available on an advanced stage such as altcoin support alongside cryptocurrency exchange environments.
In addition, most cryptocurrency wallets on the market today can be categorized as mobile or computer-based depending on how the client interacts with them and whether it runs natively through their system or requires an outside browser like Chromium or Mozilla Firefox to interact with the wallet from a web page in real-time.
Many exchanges are also already developing websites that allow for customers’ access to advanced functionality directly from their smartphone devices such as Mentari Wallet.
These mobile wallets are mostly centralized and operate in the cloud to ensure security between client software and server.
The most popular types of centralization include HotWallets, which operates on a hot wallet basis, or Cold Wallets that are not connected to any computer networks or even internet connections.
Blockchain wallets such as Electrum can be used with all operating systems including Linux, Mac OS X, and Windows computers.
An altcoin is a cryptocurrency other than Bitcoin. The reason for this differentiation may be because it was not the original intent to make all forms of bitcoin private, or simply just due to two entities being set up in different locations with their team of developers who each wanted specific design choices and investments made that would offer advantages over its rivals.
In cases where an asset doesn’t have any alternative currency counterparts, these forms are labeled as “storage” or “savings” cryptocurrencies.
When exchanging between two currencies directly, or through another currency’s wallet software like Bitcoin-QT that supports exchange with other cryptos, not all transactions are performed in the same manner even if they exist within the same ecosystem and chain of blockchains.
This holds for both Peer to peer systems such as Local bitcoin trading networks where traders communicate by leaving public local trades off behind on an open ledger but ultimately settling trades with other users without the need for third parties, and centralized systems such as exchanges where traders communicate by submitting bids or asks in secured contracts that are then validated by censors who analyze these requests so they can find buyers/sellers.
Conclusion
If you are looking to build a cryptocurrency exchange app, you must make sure that the final product meets the requirements of the cryptocurrency trading community.
This includes making sure that your app works seamlessly with all major cryptocurrencies and exchanges. To ensure this, it is important to incorporate the above components into an app that can be used by traders on any platform.
Manny mobile app development company in USA offers services in mobile app development and has been creating apps for over a decade. Our team of professionals will help you integrate all the components into an app that will surely lead to a highly-functional cryptocurrency exchange app.
If you are interested in this topic, we invite you to contact us via our contact form at the bottom of this page or via Facebook messenger.
