The cryptocurrency craze has gone viral and is expected to continue in the coming years. In layman’s terms, the crypto exchange development market is ruling the world because of the features and benefits it offers. The new type of cryptocurrency exchange combines state-of-the-art features and a state-of-the-art technology stack that provides all the benefits that no one could have imagined.
Do you want to try your hand at developing cryptocurrency exchange apps like WazirX Clone, CoinSwitch, Zebpay, or CoinDCX to help your company grow? If so, then you will find a lot of useful information in this article. It also answers a frequently asked question by businesses: How much does it cost to develop an app like WazirX?
The Overview of the WazirX Crypto Exchange App
Before diving into how to develop crypto exchanges like WazirX or the cost of doing so, it’s a good idea to familiarize yourself with WazirX, the most popular crypto exchange app. It is a popular cryptocurrency exchange app that allows users to buy and sell over 100 different cryptocurrencies. Mr. Siddharth Menon and Mr. Nischal Shetty founded this India-based application, which has since become one of the most important players in the global cryptocurrency exchange market.
This app has a huge following and is compatible with various devices and platforms including Android and iOS. It is safe and secure to use with robust and comprehensive security features to protect users’ transactions. WazirX has blockchain integration to provide users with a transparent cryptocurrency application environment.
Why Should Businesses Use Cryptocurrency Exchange Apps?
The cryptocurrency exchange market has grown significantly in recent years and has established itself as a strong asset class. The crypto market is attracting more participants from various industries and is expected to grow significantly.
According to the data, the global cryptocurrency market is expected to reach $1,758 million by 2027 with an annual growth rate of 11.2 percent. This is a good sign that this virtual currency exchange system has a good chance of being successful.
Leading cryptocurrency exchange development firms are providing businesses with feature-rich crypto apps that will help them meet the demands of the market. The following structure will help you to know more about the cryptocurrency exchange market data:
What Affects The Price of Cryptocurrency App Development?
How do you find out how much it costs to develop an app? During the budget allocation phase, this is an important question that an investor asks. So, Oxano Global Services is here to reveal the primary factors that are driving the cost of developing a cryptocurrency app.
The features built into your cryptocurrency app improve the exchange in many ways while increasing the cost. Sign up/sign in and crypto wallet essential features even in the most basic Wazirx app version.
You can also request that your developers use additional features to improve the product. Also, it is a good habit to include multilingual support in your app so that everyone, especially the target audience, can use it effectively. In the end, all the features you choose will increase your budget.
2. Business Strategy
The features you include in your cryptocurrency app such as Wazirx are determined by the business model. For your cryptocurrency exchange app, you can choose between a matching engine model and a non-matching engine model. Your bill will change depending on how you decide to use the app.
3. An app with a user-friendly interface
Do you want your cryptocurrency exchange app to have a huge user base? If so, you’ll need a user-friendly interface. Leaving out complex entities and including more self-explanatory elements will make your app more user-friendly and popular.
You should also decide how many navigable units you want to include in your cryptocurrency exchange app. All these factors go into determining how much money you will need to develop a cryptocurrency exchange app like Wazirx.
4. Location of Developers
Last but not least, you should think about where your developers are located. Building your crypto app in a location with high per-hour app development costs will put pressure on your wallet. However, if you approach developers living in a low-cost area, the price will remain low.
5. Outsourcing vs having an in-house team
People who admire app development outsourcing with an in-house team should be aware of this. The decision is based solely on the low cost of outsourcing an app development project. As a result, you can expect to pay more if you delegate your project to an in-house team. On the other hand, choosing an outsourcing firm for yourself will save you as much money as possible.
How Much Does It Cost To Build a Cryptocurrency App Like Wazirx?
There are so many different cryptocurrency apps out there. They differ in terms of functionality, integration, and aesthetics. You can choose to integrate cutting-edge technologies like blockchain into your app, making your environment more transparent and secure for all. Depending on all these factors, the cost of developing a cryptocurrency exchange app can range from $15,000 to $60,000.
Are you bothered by the wide price range? Well, this is mostly because of the factors that drive up the cost of an app development project. Your exact budget is determined by an easy-to-use interface, a wealth of features, and the location of the developers. In addition, your decision to outsource or hire an in-house team reduces or increases your overall cost.