How to Build a Cryptocurrency App Like Coinbase? | How does Coinbase Work?
In recent years, the digital wave is transforming every sector whether it is the automobile sector or the healthcare sector. When it comes to digitalization, the financial sector has experienced the most significant revolution. Everything is digitized from normal banking to trading.
Earlier trading was not much into consideration but in the present era, things are entirely changed with the cryptocurrency app development. After the success of bitcoin, investors are planning for a new trend-setting trading apps development.
So if you are looking for developing finance and trading online applications then dive into this blog for a piece of complete information.
What is Cryptocurrency?
In the year 2009, cryptocurrency came into the picture when the first cryptocurrency was launched by Pseudonym. In 2008, Bitcoin was launched by Satoshi Nakamoto and since then, the online trading world has experienced an enormous rise in demand.
Cryptocurrency is a digital asset that enables users to buy, sell, or transfer digital currencies. Since Bitcoin, various other currencies have been developed like Etherum, Dogecoin, etc. These digital currencies are traded for several conventional currencies such as dollars, pounds or euros, etc.
These currencies are getting more secure and reliable as they are electronically traded and monitored. Cryptocurrency is not centralized and is not controlled by the government of any country. All the transactions and balances are entirely on the network managed by peers exchanging cryptocurrency.
Because of all these perks, cryptocurrency exchange app development has been in demand. An app like Coinbase offers various features such as account transfer, instant trading, etc. Let’s have a look at Coinbase and how it works.
How Does Coinbase Work?
Coinbase is a reliable, secured, and easy to manage cryptocurrency trading platform concerning digital cash trading. Many trading applications levy a fee on the transactions carried out within their platforms but on Coinbase, currencies digital transactions between two wallets, family and friends, merchants are almost free of cost. The process is straightforward and it is a very simple currency trading platform with intuitive features and top-notch security.
Working of the Bitcoin App: Coinbase
When you start working on Coinbase, you need to start with a user-friendly registration that requires some basic information like legal name, date of birth, address, and last four digits of your social security number. After that, these pieces of information are required to comply with federal regulations and link an individual’s bank account into the app.
There are multiple banks linked with the app user can choose from. The buying process is very simple like buying a product on an e-commerce platform. One just has to click ‘Get started’, and one can choose from the available cryptocurrencies displayed as per their budget and interest. On purchase of 5 USD, Coinbase levies a transaction fee of 99 cents. Once bought, you have to hold the currencies for a week.
The selling process is quite easy and a user can choose to sell a fraction of a whole available lot. Since the exchange rate of such cryptocurrencies is high, there is a scope for another app like Coinbase in the market in the upcoming years. For that, all you have to do is offer efficient features and understand the requirements of your targeted audience. Now, let’s have a look at some must-have features to have in your app.
Features To Include During Cryptocurrency App Development Process
For the success of your application like Coinbase, it must-have excellent features. The app must be easy-to-use, flexible, and attractive. Let’s have a look at some prominent features you must include in your cryptocurrency application:
The highest priority and most important feature in the financial sector is security. The security of the users’ currency holdings in their wallets should be your primary concern. Users love to have high-level security features. So, you should consider implementing a two-factor or multi-factor authentication with either a text message or a one-time password on email.
Logout timer is an essential feature to be considered in financial apps. This feature enables one to track and monitor the activity of the user in the application. It automatically logs out the user after a set period of inactivity. This results in saving unauthorized usage of the app. Therefore, you must integrate this feature into your application.
Client-side Private Key
As finance is one of the fragile sectors, implementing a feature like a client-side private key is very essential. In this way, you can ensure the safety of users from cyber-attacks that are likely to occur with a private server-side key. Integrate a robust client-side private key and avoid such digital fraud.
Restrict Repeated Payments
Restricting repeated payments is an ideal way to secure your digital currency transactions and enhance the reliability of your application. In case of payment failure, you can provide users with a new wallet address option. Avoid the chances of fraud if someone is trying to load digital currencies multiple times with the same address. This feature will result in digital goodwill and a loyal audience.
We need backups for ensuring the credibility of available digital cash in the wallet of users. Your application should provide a strong backup feature using which users can create the backup of the currencies that are available with them. System of users or a micro-SD card is considered two options that are considered safest for backup purposes. Integration of secure cloud storage applications like Google Drive or Dropbox is always an option.
UI plays a major role in what first impression your app would create. The UI that you create during the development of your cryptocurrency application should be simple and interactive. Your app can turn into an alluring one by creating a proper UI. Hiring a UI designer is a very good idea to ensure that you deliver a smooth experience to users and hence it would enhance the results. You should keep in mind that you should create something unique which would differentiate you from the crowd. Keep in mind that first impressions matter so take your decisions accordingly
Push notifications are one of the most common features, but it does the trick. You need to make sure that your users are notified and well aware of whatever is happening on the application. When it comes to cryptocurrencies, their exchange rates are insubstantial and can differ every hour. Your application should pop a notification whenever there is any sort of price change. Thus, push notification will help you to gain the trust of customers as they would always be informed about everything that happens to their coins. Hence, the developers of your app should ensure the addition of push notifications which will help you to bring back some of the inactive users of your application.
Intelligent QR Scanner
Ensure an easy transaction for the users with an intelligent QR scanner while paying through digital currencies. Integrate an intelligent QR scanner that identifies the outlet type by scanning the QR code. For instance, information about the payment requests should be updated on the user’s page.
How Much Does it Cost to Develop a Cryptocurrency Exchange App Like Coinbase?
The cost for developing a Cryptocurrency app varies depending on your requirements. The features you want to integrate into your trading application, platform preferences like Android or iOS, location of the app development company, the complexity of an application, developer charges are the major factors to consider and it can affect the overall cost of app development.
There are many other important factors one has to take into account the tech stack, timeline of development, and the budget constraints from your end. There is no end to the factors affecting the cost of app development; it entirely depends on the customization.
Cryptocurrencies are in trend nowadays and for the success of your business, you have to follow the trend. The sector of digital currencies is massive and has been rising in demand. The need for cryptocurrency app development has gotten extensively high and a fraction of the population is yet to invest in trading platforms. This sector holds millions of opportunities in the future, and you should take advantage of it. You can grow your business in the market just by using the right set of tools and technologies and offering intuitive features to your users.
Echo Innovate IT can help you in developing an app like Coinbase. Our proficient app developers have developed several cryptocurrency exchange apps that have received great appreciation from clients and users. Get in touch with us now to discuss your idea, and we will develop your application exactly as per your expectations.