How to Build a Cryptocurrency Exchange App like Binance? Detailed Guide
You’re proactively searching for how to start a cryptocurrency exchange app like Binance? But didn’t have the idea to move with technical stages of mobile app development. This guide can help you to navigate through the development process without hassle.
Roadmap for Binance like app development
1. Get regulatory approval
You need to get regulatory approval in certain countries before starting the crypto exchange. Go through the licensing requirements, security best practices which are mentioned in the respective country guidelines. Some countries have a dedicated management board for controlling and regulating the fintech applications.
Regulatory approval adds one more trustworthy factor to your exchange among the people. Operating the exchange without approval seems to be illegal and immediate ban can happen to your exchange. Hence, first obtain the crypto exchange operating license and proceed to the next phase.
2. Create a development milestone
The development part of crypto exchange should be split up into individual milestones. This way backend developers & UI designers can easily finish their coding part. By developing the exchange in milestone format, testing can be done with perfection and timely manner. Even after post launch, you can schedule the platform's future updates based on user feedback.
Develop a feasible roadmap plan based on your team size and assign a timeline for every milestone. This can avoid last time rush and development can be done without much hassle.
3. Develop a robust crypto exchange software engine
This is the most crucial and important part while developing binance like app development. Crypto Exchange software engine is the brain of every exchange platform. It automatically matches the buy/sell orders, manages the user funds and exchanges the cryptocurrency to fiat. You can develop the software on your own or get ready-made crypto exchange software from Hivelance.
Ensure that your crypto exchange must handle thousands of transactions in a single second. The faster the rate of transactions is directly proportional to the number of people accessing the platform.
4. Import liquidity data
At the initial stage, your crypto exchange has no orders and transactions to showcase. You should import the liquidity data from other exchanges via a third party API like Binance. Binance can provide you the liquidity API that can fetch the orderbook in your exchanges.
Users who process the order will be redirected to binance exchange on backend and the transaction data shown in your exchange. When you have enough liquidity, you can remove the API and develop your own orderbook.
5. Partner with bank & online payment processors
Crypto exchange carries fiat-cryptocurrency transactions at the international scale. Thereby, depositing the fiat currency in the exchange needs to be done via banking partners. You can avail the banking partnership and integrate their modules. To give your users multiple modes of payment, you can integrate online payment processors that directly fetch the balance.
6. Go security endurance testing
Security is the lifeblood of every crypto exchanges. Users should feel trusted while using your exchange otherwise everything goes unnoticed. You should strongly test the security guidelines of the crypto exchange in extreme conditions. Like bandwidth capacity to hold millions of users at a time, DDOS attack prevention, SQL code injection, cold wallet ability, CSRF protection and two factor authentication.
7. Beta testing
Plan for your initial release to a limited group of people. Get feedback from them and improve the exchange to the finest extent. You have to cross-check whether all the basic operations are carried seamlessly or not. Once you have got the clear outline of what the user feels, you can go for the final launch. Release the exchange and continuously monitor the performance in time intervals.
Also Read - Binance Business Model Explained
Features to be included in Binance clone app
1. User Verification
The crypto exchange market is so recommendable among the users when they think it highly safe. Depending on the type of verification, the verified users generally have more possibilities. The limits for withdrawal for the verified users are higher than for the non-verified. The verification is important to ensure the transparency of trades and to minimize the possibility of a scam.
This feature allows traders to deposit or trade cryptocurrencies into the internal wallet featured by the cryptocurrency exchange platforms and also to draw money to the wallets outside of the exchange. The exchanges have limits and fees attached to this depending on the company's goal.
3. Order creation
Every user should have the possibility to buy or sell currency to other users in the system. It's very important that all the trades are happening fast and without any system errors. The system should have some features for order creation in order to allow the user to choose at the moment.
4. Over the counter trading
Over-the-counter (OTC) trading functions like Circle Trade play an essential role in the crypto industry. Crypto OTC is simply the trading of crypto assets directly between two parties. A trade can be crypto-to-crypto or fiat-to-crypto. In an OTC trade, two parties agree on a price and then work out the transfer of assets between themselves. This direct medium of exchange is the precise reason such opacity exists within OTC markets.
5. Wallet integration
Binance Chain Extension Wallet is a Crypto Wallet for Binance Chain, Binance Smart Chain. You can send and receive funds on Binance Chain, Binance Smart Chain and cross-chain transfers between both of Binance's blockchains. These kinds of third party wallet integration or setting up exchange's own wallet can be done with the help of our binance clone script.
6. Referral program
Binance's referral program primarily focuses on trading discounts and commissions. Referrers who suggest a new user to Binance will get a handsome percentage on the fees anytime the new user trades on Binance under this referral program. You can opt-in for this feature to reduce the marketing cost.
7. Liquidity data
Liquidity is used to define the ability to sell or buy an asset without causing big impacts in the market price. It is also related to the idea of how easy it is to convert an asset to fiat currency. Properties or assets that are difficult to convert to cash are not liquid, while the ones
A very useful feature which allows users to view the statistics of the user data on how they use the platform, how many transactions happened, how many signups happened for the particular interval of time. You can make informed decisions based on the insights gained from this dashboard. No need to add extra plugins for this feature enabled.
9. Admin Panel
With the help of the admin panel, the employees of the exchange will be able to monitor trades, approve the user signups, handle customer disputes, and can manage the actions made on the exchange based on their access level. You can set up the roles and priorities for your internal employees to access the data.
10. Crypto pairing & listing
This feature can enable exchange owners to add new cryptocurrency or delist the crypto pairing. Addition of new tokens or coins can be done on the commission basis from token owners. Crypto Exchanges should have all the available cryptocurrencies to exchange. The feature is dedicatedly available in the backend admin panel where operators can have full control.
Quick way to launch binance like app
There is an alternative solution for business people who don’t have much technical development experience. Binance clone script is the best solution for them.
Binance clone script
Binance clone script is the well written programming code or software that resembles the existing functionalities of the Binance exchange in a ditto manner. Companies, entrepreneurs are using the Binance clone script to develop brand new cryptocurrency exchanges similar to Binance with their own names.
Moreover, Binance clone script engineered by us has all the essential features of Binance app. The binance clone app SDK, web script, add-ons have been available in Hivelance where you can develop crypto exchange apps reliably.
How much does it cost to build an app like Binance?
The cost for developing a binance like app can vary depending upon the tech stack you are using, number of features you’re deploying and method of development. While comparing the custom software development from scratch, ready-made binance clone script is affordable and easy to adopt.
Technology stack for Binance like app Development
How Hivelance can help you in Binance clone app Development?
Hivelance, having the proficiency in Binance clone app development can guide you to develop the binance like app with 100% reliability. The security, features, maintenance of your exchange can be completely managed by our team. We are known for developing scalable cryptocurrency exchanges at affordable cost. If you’re aiming to create a binance like app, make use of binance clone script or avail our custom crypto exchange development services.