So, you want to build your crypto exchange and monetize it? But then, not sure where to start? As per Steven Magee’s quote, “Research is turning the unknown into reality,” it’s advisable to do your research before getting onto the action. But then, what includes the research – you may wonder? Well, luckily for you, you’ve crossed paths with the right article.
Building an exchange platform in this not-so-certain crypto space isn’t an easy job. Well, we’re here to assist you with that!
Think About Various Factors Involved!!
While developing your Coinbase like a crypto exchange, it’s crucial to have a clear purpose behind it, along with an understanding of who your targeted audience is.
Once you’ve clearly written down the requirements, pay heed to the following factors:
Identify Your Target Audience
Before you move on, let me give a brush-up on Coinbase. It is an American crypto exchange platform, which grew from a start-up to the largest crypto exchange in the United States.
While replicating such an app, it is vital to identify your target audience and your app’s overall objective. The popularity of mobile operating systems like Windows, Android, and iOS varies by location, so keep that in mind as you start looking for your perfect platform for mobile app development.
You should also take into account the demography. Consider who your concept will most likely appeal to. Is your app geared for crypto enthusiasts between the ages of 18 and 24? Or else do you want it to be appealing for Gen Zers and Gen X? The onus lies on you – decide who are your ideal customers/users!
Choose Your Operating Platform
Android’s market share in India holds for about 90%, according to Statista; while iOS holds more than half of the market share in the United States. I’ve taken these burgeoning crypto markets just for reference, while the market share in your intended markets may change!
In addition to these figures, you should consider the amount of time, resources, and money you’ll need to develop your software. The platform you choose has a direct impact on these figures as well.
Incorporate the User-first Policy
Consider integrating features that offer your Coinbase clone app a more native look and feel. Native apps run better because they are more consistently integrated with the devices that support them. This should yield your app a positive user experience and help (a lot) in the App Store Optimization (ASO).
The whole point of developing a Coinbase like crypto exchange is to facilitate crypto exchanges (without any hassles). Imagine if the users encounter technical hiccups while using the app, they may not return to the app forever. First impressions are the best impression – they say. Well said!
Make it App Store-friendly
A defective app or one that is deemed to be in violation of the UX rules will not rank well and may be removed from the app stores entirely. Ensure your coinbase-like app adheres to every guideline of the app stores; doing so will provide you a hassle-free pass (to rank well).
Appreneurs are having a hard time making their apps stand out in app stores as mobile applications grow more common in society. Understanding five important elements of mobile app development before beginning your project will not only help you choose the proper platform for your project, but it will also help you remain on budget and give your app the most exposure possible.
Incorporate Future-proof Features
As crypto is an ever-evolving space, you must develop your exchange app that adheres to the upcoming generations too. Securing the future of your coinbase-like crypto exchange app depends on the features you incorporate.
The first one – a hassle-free trading engine, which foresees market fluctuation, balances calculation, etc. Up next – a multi-wallet feature that conforms with various currencies (both crypto & fiat) and transactions. Also, the analytics feature is a must-have, considering the incessant market fluctuations in the crypto space.
Am I Good to Go?
If that is your question, I guess you’ll be good to go. But, make sure – you choose an ideal cryptocurrency exchange development company or a technology partner (in general).
Well, I think I’ve mentioned everything I know. If you have any second thoughts, drop a comment.