In the year 2010, a person paid 10,000 bitcoins to buy just 2 pizzas. But, today can you imagine the cost of 10,000 bitcoins? The cost has not risen double or triple times, it has risen a thousand times. After this, slowly people started to analyze the value of Bitcoins, which paved the way for the creation of many crypto tokens and crypto coins in the crypto market. While new innovations were made, on the contrary, new business opportunities were aroused.
One such business idea that is now considered to be the golden ticket to success is Cryptocurrency Exchange Development. The cryptocurrency exchange platform was created to buy, sell, trade and stake cryptocurrencies with high-security measures. While people all over the world have started to invest in cryptocurrencies, gradually the demand for feature-rich cryptocurrency exchange platforms has also increased. That made many of the startups build their crypto exchange market.
But, the time taken to launch the crypto exchange market becomes a crucial part. As the crypto market is volatile, it is necessary to launch the platform as soon as possible. To sort out the queries regarding the time taken to develop a crypto exchange, We people at Coinsclone have analyzed and presented this blog.
Let’s have a look at the…
Overview of Crypto Exchange
A crypto exchange is a trading platform where one can buy, sell, and trade any cryptocurrency. It simplifies the process of trading crypto with fiat, and some exchanges accept credit/debit cards. Each trading platform has its functionalities and the workflow will differ from exchange to exchange. There are 3 types of crypto exchanges in the blockchain industry.
Centralized Crypto Exchange
- Orders book exchange
- Ads-based exchange
- User-to-admin exchange
- Crypto derivatives exchange
- Crypto Margin exchange
Decentralized Cryptocurrency Exchange
- Automated market Maker
- Order book DEX
- DEX Aggregators
Hybrid Crypto Exchange
The hybrid cryptocurrency exchange eliminates both the centralized and decentralized exchange’s drawbacks. Due to the cryptocurrency growth, the cryptocurrency exchange has become a lucrative crypto business idea in 2023. The crypto exchange admin will collect fees from the users for every crypto purpose. Through this, the admin generates an ample amount of revenue. This showcases why entrepreneurs and startups are interested in developing a crypto exchange website and app.
But, here comes the main query…
Is there any Exact Time for Launching a Cryptocurrency Exchange?
The approximate time taken to develop and launch a Cryptocurrency exchange platform would range from three months to one year. This is not the exact one, as it can differ based on the development method. You can either develop them from scratch or simply adopt an exchange clone script. When you choose to develop the crypto platform from scratch, you have to start the development process from the beginning.
You are the one to choose the UI/UX design, frontend/backend tools for development, and others. When you develop from scratch, it takes nearly one year to complete your exchange project. In addition to these, the expenses are also more and can go beyond your business budget. So, we suggest choosing the Cryptocurrency exchange clone script for launching your cryptocurrency exchange. It is the pre-developed software that possesses the essential features, functionalities and plugins of a cryptocurrency exchange platform.
With the essential benefits, you can optimize other features and functionalities accordingly. As the white-label software is already developed software, it takes only 7 to 15 days for deployment which saves your time and energy. In addition to these, the clone script cost would be affordable for your business budget. Here, you may ask, Is the development method the only factor that influences the time taken to deploy the crypto exchange platform? The answer is no.
Apart from this, there are some…
Factors that Influence the Time to Build a Cryptocurrency Exchange
Other than the development method, some other factors that influence the time are…
Choice of Crypto Exchange Type
The first and foremost step in the development process includes the choice of the crypto exchange type. This must be done because, based on the crypto exchange type, the revenue streams, perks, features, plugins, technology stack and everything would be different. Based on each type of cryptocurrency exchange, the time can vary. For this, you can get guidance from an expert team for hassle-free development.
Market Research
The essential thing to consider before the development is to analyze your competitors. You have to analyze the enriched features and plugins of other cryptocurrency exchanges and their business strategies. The market research has to be done apart from your region, that is all over the world. This helps you to develop your crypto platform that covers all kinds of audiences. Hence, this takes more time for analysis. As this is the primary step for your business, you have to take 1 to 2 months for analysis.
Analysis of Laws and Compliance Factors
Every country has its laws and regulations for cryptocurrencies. Hence, it is important to study the regulatory factors of every country. For this, you have to consult a legal expert and go with your analysis. Spend at least one to two months for your market analysis. This is also one of the reasons that influence the time for launching your crypto exchange.
Have Enough Funds
Once you decide to execute a business, it is essential to have a lump amount of capital investment. Even though you have planned properly, in the middle of the development process, the cost may vary. If you don’t have enough capital, then in search of money, your crypto project may take more time to complete. So, allocate enough amount for the development process.
Customization & Feature Integration
For integrating features, security protocols, UI/UX design, and payment methods, you may need more time. As much as your features are unique, you can stand outside the box. So, allocate one month to integrate protocols and features.
Testing
Once you have completed your development process, it is necessary to test your crypto exchange before launching. This helps you to rectify the technical mistakes or errors in the exchange platform. If any errors are found they can rectified within two to three days.
These are some of the common factors that influence the time for launching your cryptocurrency exchange. Other than these, the location choice, complex features, high level of security protocol integration, and technology stack, may take too long to complete your crypto project. On the whole, there is no approximate time for launching a cryptocurrency exchange.
You can develop your crypto platform with the help of a Cryptocurrency Exchange Software Development Company. Based on their technical team, developers and technologies, you can launch your crypto exchange as soon as possible. In that regard, one such exchange development company is Coinsclone.
You may wonder…
How Long a Coinsclone Can Take To Build Your Cryptocurrency Exchange?
As mentioned earlier, it is better to choose an exchange script that saves both your time and energy. For that, we are offering various exchange scripts that replicate successful exchange platforms in the crypto market. To make it clear, we are offering Binance Clone Script, a software that is similar to the Binance exchange platform. Through this, you can gain a global audience and brand recognition.
Not only Binance, but we are also offering Remitano Clone Script, LocalBitcoins Clone Script, Paxful Clone Script and many others. It is not necessary to integrate the same features of the existing crypto exchange platform. You can also include add-on features, design your dashboard model and more revenue-generating streams. As we have technical experts in developing crypto exchange and exchange clone scripts, we help you to launch the platform within 7 to 15 days.
If you are still feeling any confusion, then you can contact our developer team and grab a live demo of cryptocurrency exchange platforms. By analyzing our demo, you will surely be impressed by our exchange project. Bring your crypto business aspirations into reality.