People are getting more and more aware of the benefits and the uses of blockchain-powered cryptocurrencies which has caused a massive surge in the traffic for crypto trading and exchanging. And with the increase in the demand for crypto exchange, we have seen popular giants rise to fame, including Binance.
Crypto exchange platforms can help people earn a hefty amount of revenue in a very short period of time which has increased their demand. If you have been thinking about developing an app like Binance you need to have a good understanding of how crypto exchange development actually works in the first place and how the costs can get influenced by different things. Majorly because all these things, especially the second reason play a crucial role in the development of a crypto exchange like Binance
Therefore, here is a complete guide to help you estimate how much money you will have to spend if you want to make something like, or even better than, Binance:
What is Binance?
Binance is the largest cryptocurrency exchange platform in the world with the highest daily trading frequency. It was founded by Changpeng Zhao in 2017 who is a highly experienced developer. Binance is currently registered in the Cayman Islands.
Why is Binance So Successful?
The market for cryptocurrency is huge and there are more than 700 cryptocurrencies available globally! Binance was one of the very first exchange platforms and it still managed to build a market value of approximately 300 billion U.S. dollars for itself which is an impressive feat.
But how did it become so successful despite being a newbie?
A very clear development plan, low trading fees, a huge amount of Initial Coin Listings, and charging users only 0.01% whenever they make a trade are some of the reasons behind its success. With the way it accommodates its users, Binance has garnered 3 million users for itself from all over the world. And it lets people send gifts via Gifto; another way to attract new users.
How Much Does It Cost To Build Exchange Like Binance: A Breakdown
Considering the popularity of Binance all over the world at the moment, crypto exchange platforms are getting more and more common, and with that, an increasing number of people are getting involved in this system in one way or another,
The thing about exchange platforms is that they provide great growth and development opportunities for both people who are just getting started in this field and people who already have gained a good hands-on experience in it.
With that being said, the development market still has its limitations and this can make it a bit difficult for you to create a high-quality application if you’re not able to find a reliable resource for it.
However, as far as the pricing and the costs are concerned, here is a complete breakdown of how much you will have to spend for the development of an application like Binance based on different stages of the journey, including development, design, testing, launching, API, etc.
So, your total can range anywhere from 131,250 USD to 159,950 USD if you want an exchange like Binance under your name.
Most Famous Competitors and Alternatives to Binance
Here are some of the giants who are competing with Binance in crypto exchange:
- RadioShack
- Uphold
- Localbitcoins
- NiceHash
- Poloniex
- Coinbase
- Kraken
- Bittrex
- Bibox
- Bithumb
The Final Words
If we look at the global demand for cryptocurrency exchange platforms, developing your own exchange platform like Binance is an amazing idea given the statistics at the moment. More and more people are getting inclined towards investing and trading in digital cryptocurrencies and they’re also getting influenced by their friends, so if you create a high-quality and secure platform for them, you are definitely going to get a great amount of traffic which is consequently going to get you an amazing revenue as well.
And what could be better than that?
However, not all app development companies are great at creating crypto exchange platforms and that is the reason we recommend doing your research before you hire someone for your project, especially one that is extremely close to your heart. If you are looking for an app development company with a rich portfolio, a good number of positive client reviews, and an amazing team of professionals, we are here to help you with that and create an exchange platform for you that will leave Binance way behind.