What is Binance?
For those already familiar with blockchain and cryptocurrencies, Binance is not a new name. It is the world’s largest crypto exchange platform by trading volume, offering groundbreaking trading modules for users. Founded in 2017, Binance has quickly gained popularity among crypto enthusiasts.
In terms of numbers, this crypto exchange platform has over 10 million active users because it offers a variety of features such as an order booking system, instant trading, an IEO module called Binance Launchpad, margin trading, futures trading, live trading, support for multiple languages, currency marketplace, perpetual swaps and more.
Reasons for Binance’s success
Cryptocurrencies have a huge market around the world. According to Statista, Bitcoin was the market leader in 2015 with an estimated 86 percent market share, which dropped to 66 percent the following year due to the introduction of a number of new cryptocurrencies.
There are already over 700 cryptocurrencies in the world. After the popularity of Bitcoin, many people believed that it would be a good idea to invest in such a solution, which led to an increase in demand for companies offering blockchain app development services, especially the development of cryptocurrency exchanges.
Important features to include in your cryptocurrency exchange platform like Binance.
One of the first things you should think about if you want your coin to be successful is the features you want to include. This is because there are already too many platforms out there, and if you want your customers to like and use your platform, you should try to include the features that really matter, as well as some that are not available on other platforms. Make an effort to make your exchange platform stand out from others, and to achieve that, you need to hire professional bitcoin exchange platform development services to help you implement your idea.
You also need to pay attention to security. No user will trade if the platform is not secure. Therefore, hire blockchain engineers who can build the platform with the highest level of security. The more trust you can gain from your users, the more benefits and success your exchange platform will have.
Here are a few important features to include in your cryptocurrency exchange platform:
Nobody likes having to sign up or log in repeatedly when using an app or platform. Therefore, you should focus on making the sign-up and login processes as simple as possible. This not only makes it easier for users, but also ensures that no illegal users or hackers try to trade. Hiring blockchain developers with experience in developing such solutions and providing two-factor authentication could be beneficial.
Not all users are allowed to use the platform for trading. Only the one who is verified and genuine may be allowed. Therefore, working on user verification is an important step when planning to develop a Binance clone app. The type of verification depends on other features you include. For example, some exchange platforms have withdrawal limits or restrict trading for a day. This will help you keep spammers and unverified people away from your platform and ensure maximum transparency and security.
Simple deposits and withdrawals
Keep deposit and withdrawal procedures as simple as possible. The more complicated the process, the more likely users are to leave the site. Users should be able to deposit and withdraw money from their wallet using simple procedures on your platform. To prevent fraud, you can also set deposit and withdrawal restrictions.
Cryptocurrencies are not subject to any rules or laws, and trading these digital currencies is even prohibited in some countries. Therefore, you need to make sure that every transaction is absolutely safe. If you are not sure how to proceed, get assistance from a company that specialises in cryptocurrency creation. Fast and error-free transactions are necessary.
An intuitive dashboard is a great way to ensure that users can easily track all their transactions. Comprehensive analytics must also be integrated so that users can easily create and examine various charts and graphs and act accordingly.
Trading cryptocurrencies is difficult, so you need an internal API that allows users to set up automated trading systems and analyse data thoroughly to trade efficiently.
When developing your Binance clone, an admin panel is an indispensable feature. This is a fantastic way for your staff to keep track of all the trades and transactions that each user performs. This is a great feature as you can keep track of everything that is happening on your exchange platform and monitor all activities.
When developing your Binance clone, an admin panel is an essential feature. This is a fantastic way for your staff to keep track of all the trades and transactions that each user performs. This is a great feature as you can keep track of everything that happens on your exchange platform and monitor all activities.
Cost of developing an exchange platform like Binance.
The cost of developing a cryptocurrency exchange like Binance is the next important question now that you know what features you want to include. Not all platforms cost the same; the price varies depending on a number of factors. To help you understand the process of developing a bitcoin exchange platform, we’ve broken it down into smaller sections and described the cost of each.
This is the user’s perspective. If the front-end of your platform isn’t engaging and intuitive, users might lose interest and decide to stop using it. Therefore, choosing the best front-end developers is crucial so that they can maintain all the aesthetic elements and create a visually appealing platform for you.
Backend development is for the servers, while frontend development is for the users and involves working on the aesthetic aspects. It affects the overall operation of your exchange platforms, so it is important to pay attention to this area. Most of the development time is spent here, as this is where the tools and technologies are selected and then the functionality is developed.
API integration is a critical part of developing a Binance clone, and if something goes wrong here, your efforts may be in vain. APIs are responsible for the logic and determine how your software or cryptocurrency website, like Binance, works. You can either design your own internal API or use one of the many third-party APIs that are accessible.
As we all know, cryptocurrencies are a part of the blockchain development process, and integrating this technology to create a full-fledged trading platform is crucial. Pricing depends on the type of blockchain development company you choose and the type of bitcoin development services you want. Blockchain integration is crucial for efficient processing and data storage.
Testing and security
Once everything is developed, it is very important to test whether your platform works properly or not before launch. And this is where a quality assurance expert comes in. From the UI /UX aspect to the basic functionalities, everything is tested for bugs and errors. The development company uses both manual and automated testing to ensure that the developed platform is secure and bug-free.
Security testing is also an important step when it comes to Binance Clone app development. Elements such as architecture, user verification, etc. are tested and verified at this stage. Once everything gets a green signal, your exchange platform is ready for use.
Considering the global demand for cryptocurrencies and cryptocurrency enthusiasts, having your own cryptocurrency exchange platform is a good option. More and more users are inclined to invest and trade in these digital currencies nowadays. Therefore, creating such a high-quality and secure platform will bring not only users but also great revenue.
However, not all app development companies are good, and it is very important that you do your research before hiring someone for your project. Go for a company that has a rich portfolio and a large number of positive customer reviews for projects in the same field.