How to Develop a CryptoCurrency App Like Binance and CoinBase – A Step By Step Guide

It comes as no surprise that cryptocurrency has taken the entire internet like a flood. Every day, more and more people are adopting it to make transactions or even make incredible profits. Cryptocurrency is a digital or decentralized form of currency that crypto traders use for either payments or investments. Digital currency is not accepted everywhere but has a certain amount of power and influence. Fiat currency is government-sanctioned currency. The government can make it in whatever quantity they deem fit. Now digital currency is not in the form of physical money that you can see or touch; it is a type of encoded digital form whose record is stored in millions of computers worldwide. In this case, the word Decentralisation means that crypto is not controlled or backed up by any authority, banks, or government. No single authority can control the price hikes and trends for cryptocurrency. So it invariably means that users worldwide set the price and trends for cryptocurrency. Everything that exists today in the tech world had a beginning before it grew and became popular, so one very popular cryptocurrency is Bitcoin. It was created and launched in 2009 by a developer named Satoshi Nakamoto. He tries to improvise a way that can allow people to send and receive transactions in seconds without depending on anyone.  The motive behind the creation was to allow all the users to be independent and to transact money with anyone they wanted. In the world of cryptocurrency, you are free from bank stress and the government. You can consider cryptocurrency as a unique code that you save on your smartphone or PC with some worth, and if you want to pay anyone, you can quickly send it with your device, and the recipient will receive it.  Cryptocurrency can also be said to be a digital token that uses a blockchain to track the balances and transfers between users. It is a currency because people use it to exchange and value it, so they trade. A cryptocurrency can define an entire economic model, which does not make sense in the real world. It only makes sense digitally, which is the promise of cryptocurrency and programmable money in the future. A lot of them have special utilities that allow their holders to do certain things that other cryptocurrencies do not let them do. There are limitless ways in which people can use cryptocurrencies; you can use them to make transactions speedily, with the lowest transaction fees. This digital currency also allows you to send payments without any hectic process, as banks do.  Hence you don’t have to depend on banks to transfer your payments. Other than these, you can hold cryptocurrency for some time so that their price may increase, and then you can sell at a higher price than you bought them and make easy money. In the world of cryptocurrency, you will come across terms like coins, crypto wallets, fork, exchange, CoinBase, Altcoin, etc. When it comes to cryptocurrency, you are in a world of possibilities and endless discoveries.  Cryptocurrencies, account balances, and transactions exist in a blockchain. A blockchain is a term that describes a running ledger of transactions. So in this article, we will be looking at how to develop cryptocurrency apps like Binance and CoinBase.

What Is A Cryptocurrency Wallet?

A cryptocurrency wallet is your digital access to your cryptos. It is the place where you can safely store your keys that allows you to manage your funds. Cryptocurrency wallets only store keys and not coins. A Crypto wallet is also a tool you can use to interact in a blockchain network. It is software that safely stores and keeps track of your transactions. Users can download and install this wallet on their smartphone or any other device.  Crypto wallets are an essential part of using Bitcoin and other cryptocurrencies, with their pros and cons. Whether you are using a software wallet, hardware wallet, or paper wallet, they are more of a gateway that provides the tools to communicate with a blockchain. These wallets can create the necessary information you need to use your cryptocurrencies. The above crypto wallets comprise the following components;

• Private key
• Public key and
• Blockchain address

While the private key, public key, and blockchain address are all connected in different ways, the most important of the three is the private key. As a user, never share your private key with others, as the private key is what gives you access to your funds and for signing new transactions. The private key also allows you to access your coins from other devices. As a crypto trader, you can also use the private key to recover your public key in the blockchain addresses, meaning the private key is an essential element of a cryptocurrency wallet. A lot of modern crypto wallets use what is called the seed phrase. A seed phrase helps generate multiple private keys, so instead of creating several backups for each private key in your wallet, you just need to back up the seed phrase. The seed phrase is a root key that will access all the keys and addresses in a wallet. Private and public keys control the funds stored on the blockchain ledger based on the transactional records of that public address. Examples of crypto wallets are;

• Digital wallet
• CoinBase
• Binance
• Bitcoin Core
• Electrum Wallet, etc

How Much Does It Cost To Make A Crypto App?

The world is evolving digitally, and many things are growing with it. Money has more value now beyond paper and fiat currency in general. We now have digital currencies like cryptocurrencies proving that technology will only improve in the coming years. As cryptocurrencies take over the digital space, a lot of people are jumping into the pool to maximize the opportunities that come with them. A crypto app creates a platform where users can make transactions with their crypto and get speedy results. Users are at liberty to buy and sell their cryptos as they deem fit. A crypto app accords users of the above luxury and the ability to make money from their transactions. When it comes to the question of how much it costs to make a crypto app, many features come into play, and the prices differ from state to state based on the location and the world at large.  One of the features is the technology stack; the cost of the crypto app governs the technology stack that developers use. Also, the workforce, i.e., the team of developers, will add to the overall experience of the crypto app because of the expertise and knowledge they are pouring in. The outlook, features, components, duration, and purpose determine how much it costs to make a crypto app.

Can I Create My Own Cryptocurrency?

You can create your cryptocurrency; you don't need to be a programmer. Technology has made the world a better place to live, and life itself is more pleasant. Creating your cryptocurrency can require time, dedication, money, and the essential technical know-how depending on your chosen method. Whether creating your cryptocurrency is just for fun, to proffer a solution to a particular problem, or for any other reason, you can make it from scratch. This flexibility is a plus when you possess the technical know-how stated above. You can also jump on existing blockchain platforms, modify their codes, and fill in the necessary details, and you are good to go. To create your cryptocurrency, you can google and search for a token generator, find a template, how many coins you want, what you can do with it, and pay whatever amount is required by the platform. You can make use of the following platforms below; 

• Komodo
• Ethereum
• Waves
• IOTA
• BitShares
• EOS etc. 

You can also create your cryptocurrency by paying a blockchain developer to make it for you. This way, you don't have to stress. You provide the blockchain developer with the necessary details and get what you want. Using blockchain developers gives you an edge because they have the technical skills, hands-on experience, crytonomics knowledge, and all you would need to create a digital currency.  Understanding that you can create different types of cryptocurrencies from other applications and blockchains is imperative. For example, you can generate crypto on Ethereum, Polygon, Solana, or Binance Smartchain. Now all these various applications vary in cost and how to set them up, which can get complicated. Using the application that is the most popular, simple, and cost-efficient setup, like the Binance Smart chain, is advisable. Many coins like Pancakeswap, THORChain, and other Altcoins like meme coins online are built through the Binance Smart chain because it is straightforward to set up and sell. Again when you want to create your cryptocurrency, another thing to bear is that often the name of your token and how you market it becomes vital to success and growth. Whatever name you choose to adopt for your cryptocurrency should be able to captivate a large audience to an extent; that is how Dogecoin, Shiba Inu, SAFEMOON, and popular meme coins gained massive audiences. A bunch of different marketing strategies is typical in promoting your cryptocurrency. People love it when there is a strong community behind a crypto project. Another common way is using influencers on Instagram or Tik Tok to promote your coin. If you are creating your cryptocurrency, you should have a strong community. Asides from going on Google, you can create your cryptocurrency through different websites. This perk is one of the advantages of this digital currency because there is a creation method for everyone. You can create your cryptocurrency through a website in the following steps;

1. BNB is the Binance token you use to pay the gas fees to create your cryptocurrency via the website. So you have to buy BNB; through any crypto exchange.  
2. Once you have your BNB, you go ahead and download and install Metamask. Metamask is a browser extension you will use to connect your wallet to online applications. 
3. Download and install it to your browser; alternatively, you can also download Metamask on your phone through the app store. But once you have Metamask, you send your BNB to your Metamask wallet.
4. The next step is you simply go to your crypto exchange platform, e.g., Binance, and send your BNB to your Metamask address. It is important to note that the default Metamask makes it so that you can't see your BNB, so you need to install the Binance Smart chain within the Metamask.
5. Once you do these above steps, everything else is straightforward creating room for everyone to be able to create their cryptocurrency. So, go to your desired website and connect your Metamask wallet. 
6. After this, you determine your coin name, your coin symbol, how much supply you want to have, decimals, etc., and you can also have advanced options like coin burning, which decreases the collection and many other outstanding variations.

The bottom line is yes, you can create your cryptocurrency, and whether you have the technical knowledge of blockchain or not, you can use any of the methods mentioned above to create it while having fun.

Types of Crypto Wallets

Depending on their operating functions, cryptocurrency wallets can be defined as hot or cold. Hence  there are three different groups of wallets which include;

1. Software Wallet

A software wallet is referred to as a hot wallet. 
A hot wallet is any wallet that is somehow connected to the internet. Hot wallets are simple to set up and give quick access to the funds, so it's favorable among frequent users and traders. Although a hot wallet is user-friendly, it is less secure. Because it is used online, users are open to hacking and other online-related problems. 
Software wallets consist of at least three more types within their category, which include;

• Web Wallet

A web wallet 
lets users communicate with the blockchain through a browser interface without the need to install or download any apps.

• Desktop Wallet

A desktop wallet is software users must download and execute locally on a computer and is considered safer than web wallets.

• Mobile wallet 

The mobile wallet is similar to the desktop wallet but made specifically for mobile apps. So users can conveniently access their mobile wallet directly on a smartphone. A great example of a mobile crypto wallet is the Trust wallet which supports various cryptocurrencies and is integrated with Binance's decentralized exchange. Most software wallets are connected to the internet and are considered hot wallets.

2. Hardware Wallet

A hardware wallet can be referred to as a cold wallet, which is much safer to use because it is offline. In other words, it is more secure. Cold wallets can be used with no connection to the internet and use a physical medium to store the keys, making it extremely difficult to be hacked. This is also referred to as cold storage and is favorable for long-term investors. Hardware wallet involves physical, electronic devices that generate private and public keys using a random number generator. These keys are stored in the device without being connected to the internet, making the hardware wallet a secure alternative for long-term cold storage. However, the funds in cold storage are not easily accessible. Hence it could cause inconvenience to frequent users and traders.

3. Paper wallet

The paper wallet, as the name suggests, is a piece of paper on which a blockchain address and its private key are physically printed out, typically as QR codes, so that users can generate and print a paper wallet. By scanning the QR code, you can send funds to your wallet. But paper wallets pose inevitable flaws, and their use is discouraged. One of the major flaws of the paper wallet is that it is not possible to send partial funds. It is only possible to send the entire balance all at once, which has caused some people to lose funds. Hence 
nowadays, most crypto wallets are based on software for more convenience compared to hardware wallets, but hardware wallets tend to provide more security. Paper wallets are considered to be unreliable and outdated. 

Why Is There A Need for Cryptocurrency App Development?

A cryptocurrency app is a platform where users can buy, sell and trade with their cryptos. So here is why there is a need for cryptocurrency app development;

1. Access To Cryptocurrency Information 

All the necessary information you need as a crypto trader is available on your cryptocurrency app. Traders in the crypto market have always been on top of their game to know when to buy, sell and carry out transactions. One of the perks of trading with crypto is that you can buy and wait for the price of the crypto to increase, then sell at a higher price. You don’t just recoup your capital; you also make extra profit. With cryptocurrency app development, traders are kept abreast of market trends. 

2. Secure Transaction

Cryptocurrency app development sheds light on the development process regarding crypto. There is a need for cryptocurrency app development because it enables users to store their financial assets in a safe and secure environment. The constant development of cryptocurrency erases problems like hacking, phishing, etc., that exist, creating a safe world for users. As long as you keep your private keys private, you are good to go.

3. Builds Confidence In Crypto Traders

Cryptocurrency app development builds confidence in the minds of crypto traders because they understand that they can sleep easy, knowing fully well that their assets are intact and will always be intact whenever they check. 

4. Transparent Transactions 

Traders are exposed to the power of tokens, loyalty points, and all terms and benefits of being in the crypto market. Cryptocurrency app development enables people in the digital market to have irreversible and transparent payment within blockchain technology, which reduces the risk of fraudulent activities on an account to the barest minimum. 

5. Ease Money Making Process

Since users determine the trends and hikes in the crypto market, cryptocurrency app development is free of government control. Hence companies can honestly make money, and users can spend it at their own time and pace. With cryptocurrency app development, more people are attracted to the crypto market following the presence and function of crypto apps. Examples of cryptocurrency apps include

• Binance
• Coinbase
• Blockfolio
• Aqru
• Nebeus
• DeFi Swap etc

How To Develop A Cryptocurrency Mobile App Like Binance And Coinbase Step-By-Step

Step 1 - Understand and Research On Blockchain

Blockchain technology is not just vital regarding cryptocurrency mobile app development; it is the backbone. Hence, do adequate research on what you want to focus on with your crypto and its particular crypto trend. Because blockchain is essential in developing a cryptocurrency mobile app, making sure you know about blockchain development will make your journey easy. With the information you garner, you are equipped to create a platform for buying, selling, and carrying crypto transactions.

Step 2 - Cryptocurrency Open Source Libraries 

A proper understanding of blockchain technology enables you to build a working model for your cryptocurrency mobile app. This step is crucial and plays a vital role in the development process. Most cryptos are open source; hence, you can use open source libraries and tools like Coinbase SDK, BitcoinJ SDK, etc. These tools enable developers to build for Android and iOS platforms. 

Step 3 - APIs

The next step is implementing the Application Programming Interface, which allows applications to talk to each other. You create a seamless connection between the mobile crypto app and the blockchain ecosystem with APIs. Using APIs when developing a mobile crypto app like Binance allows for rich features and a friendly user interface. Any fault at this point can affect the entire workflow in your creation process.

Step 4 - The Cloud

When you have embedded all the trending features into the mobile app, you must select the apt cloud platform. For a cryptocurrency mobile app, you will use BaaS (Blockchain-as-a-Service) and integrate their service into your mobile app. Companies like Microsoft, Aurachain, Corda, Bloq Azure, etc., offer such services. Select the BaaS company whose service aligns with your app needs and is in line with your direction as an individual or enterprise. Do proper research at this stage of the development process because it determines many factors for your crypto app. 

Step 5 - Technology Stack

Using the apt technology stack will ensure the success of the mobile app. As a developer, you can use Java for Android and Objective-c for iOS. Many people use smartphones nowadays, so creating a mobile crypto app that people can use on any mobile device should be part of your goal.

Step 6 - Determine Your Feature

Selecting the right features for your cryptocurrency mobile app goes a long way in determining the success of your app. When creating an app like Binance, you can check out the available features present on the app and implement them on your app. Creativity also comes into play here because users want something different, so ensure you add a few unique features to your cryptocurrency mobile app and uniquely present them.

Step 7 - Applications Code

Because you would need to write the application code and then integrate it, ensure you have a vast knowledge of this part of the development process. 

Step 8 - Interface

When your app has a too-complex interface, it turns users off and makes them desire another app. So make sure to use a user-friendly interface that will be perfect for your foundational idea when creating a cryptocurrency mobile app like Binance.

Step 9 - Secure Your App

Adding security measures like a QR code scanner, two-factor authentication, multi-signature, app backup, and constant security update and upgrades will aid the app's security and make it proof of many online issues. When users know that a crypto app is secure, they will surely use it.

Step 10 - Testing

Testing is another critical aspect in developing a cryptocurrency mobile app like Binance. Testing the mobile app enables you to identify loopholes and problems that might arise even without your knowledge when it is released. As a developer, you can only take note of existing and hidden problems when you test run your app severally until you feel it is good enough and ready to go. 

What Technologies Should You Choose For Cryptocurrency App Development?

Knowing the right technology to use for cryptocurrency app development is essential because it is the foundation of the development process. So here are the technologies to choose for cryptocurrency app development;

1. Blockchain Development 

Change is a constant in the world of technology, and using the right technology in your cryptocurrency app development process is vital. Developers use Blockchain technology to create, read data, execute commands, etc. Blockchain development involves the creation process, i.e., designing, building, etc., and blockchain apps. Examples include Bitcoin, Ethereum, etc.

2. Mobile App Development 

When developing a cryptocurrency app for mobile, it is essential to use application development tools like Xcode, React Native, Angular, Ionic, Apache Cordova, Xamarin, AppCode, etc., that are compatible with mobile devices. These tools enable developers to create software for mobile applications. Many crypto traders appreciate the ease their cryptocurrency app accords them because they can just open their mobile devices and carry out transactions. 

3. Web App Development 

The cryptocurrency app development technology for web apps includes React, AngularJS, CodePen, Nodejs, and PHP. So if you want to develop a crypto app, you can use the above and have the right tools you need to achieve the best in crypto web app development. The growing flexibility of the crypto is commendable because no matter the device you are using, there is a technology for you.

4. Back-end Development 

Firebase, MongoDB, Apache, AWS, etc., are all tools you can use for cryptocurrency app development regarding the backend. This aspect is crucial because it is the finished product that traders see on the front end. Irrespective of your technology, ensure you have a developer that will apply and create a standard app. 

Key Features To Include In Your Crypto Wallet App

Crypto wallets allow users to interact with blockchains and, in turn, carry out transactions. While developing your crypto wallets, here are the key features to include;

1. Push Notification

A push notification is a clickable pop-up message on a mobile or desktop device. The push notification is one of the key features to include in your crypto wallet app as it alerts and notifies users of transactions in the crypto app. This feature also alerts users of new updates and upgrades in the app.

2. Optional Session Logout

The optional session logout feature enhances user security and creates less room for hackers to access your information. Based on your smart contract, the optional session logout occurs when a user does not perform any transaction for a while on the wallet. 

3. QR-Code Scanner

The Qr code scanner is an essential feature that you should include in your crypto wallet app because it provides security, convenience, speed, and many other benefits to users. Users can send crypto to people using the QR code aided by this blockchain technology.

4. User Authorization

It is paramount to have a crypto wallet app that everyone wants to use because of its secure nature, including the user authorization feature. Also, integrating a two-step authentication makes your crypto wallet app top-notch.

5. Payment Gateway

Your crypto wallet app should allow users to buy and sell crypto and receive payment through the payment gateway feature. Buying, selling, and making crypto transactions is one of the primary functions of crypto apps.

6. Registration and Personal Profile

To buy and sell in the crypto market, you must have a crypto account on any one of the platforms. The individualistic nature of cryptocurrency makes the registration and personal profile feature essential because this does not just aid identification and authentication; it helps users in the transaction process.

How Long Does It Take To Build A Cryptocurrency?

If you are not a blockchain developer, make sure you have one when building a cryptocurrency. But if you do not have a blockchain developer with you, ensure you carry out adequate research to know what you would need and the method to adopt when building a cryptocurrency. Now, if you are building a cryptocurrency, the time range can differ depending on the development process you adopt. Hence building from top to bottom can take between 1-7months.  If you are not creating it from scratch, you can jump on existing blockchains, provide the necessary information, and you will be able to build a cryptocurrency within minutes and start using it. The bottom line is that the time it will take to build a cryptocurrency determines the method you apply in the development process. The fun part is whatever your level of crypto knowledge, there is a method for you. 

Benefits Of Crypto App Development

1. Secure Transactions

With crypto app development, users can access a safer transaction process where payment is transparent and secure in blockchain technology. The fact that users can achieve this calls for more attention and resources to be poured into the world of crypto app development.

2. Scalability

Scalability becomes a possibility with crypto app development. As an individual or enterprise, you can decide when to invest and when not to invest in the crypto market. Scalability is made available because of the many options in this digital space. As an enterprise, whether the cryptocurrency app is for mobile or web, you can decide on the features and factors that would be attributed. As a cryptocurrency app development company, there is room for growth at your own pace.

3. Ease Of Usage

When users know that they have an app that updates them on the latest crypto trends in the market, price fluctuations, i.e., when prices go up and when it comes down, and every information they need daily, they will jump on it.

4. Cost Effective

As long as you have money in your wallet, you can carry out crypto transactions depending on your network. With the existence of crypto app development, you make money and save money simultaneously.

5. Autonomy 

Users are in charge when it comes to the crypto trends and developments in the blockchain network. Interference from the government is absent, so users are free to make easy money with the development of crypto apps and carry out transactions.

6. Financial Growth

Cryptocurrency app development is making a lot of money out there. As the crypto world keeps evolving and creating room for possibilities and opportunities for traders in the digital market, many people are investing in this market and watching their money grow. You can choose when to trade and when not to. It is financially stable for traders following the charts.

7. Easy Access

Making money has become easy with crypto; you can cash into this market even if you are not a company. Any and everybody can have the necessary information that they would need through cryptocurrency apps. The development of cryptocurrency apps creates more room for job opportunities as blockchain developers emerge. Cryptocurrency embodies the word ease because everyone can indeed access it.

Our Expertise In Building A Cryptocurrency App Like Binance And Coinbase

We are the best choice for you if you want a company with the expertise and required skills to build a cryptocurrency app like Binance and Coinbase. At our company, we have the workforce, experience, and proper tools to give you what you want when it comes to cryptocurrency development services. When building a cryptocurrency app, we understand the necessary features your app should possess, e.g., user-friendly, security features, hack-resistant, a pleasant interface that is easy to navigate, etc.  Our company has successfully developed several cryptocurrency applications that resonate with the desires of our clients. As long as you carry out cryptocurrency transactions, you need us because we have experience in blockchain application and development. We have developed cryptocurrency apps in alignment with what suits our clients;

• Our cryptocurrency apps provide constant updates and crypto information. 
• You can access trading information like charts, market trends, crypto prices, etc.
• We develop applications that suit whatever platform you want, whether a mobile phone, desktop, tablet, etc.
• We don’t just have the expertise for building a cryptocurrency app; we serve you and ensure we represent your brand well. 
• We have the right tools for both enterprises and individuals.
• Our features are top-notch, and we give our clients the best in alignment with their needs in the crypto market. 
• Platforms matter to us, and your purpose for building a cryptocurrency app like Binance and CoinBase determines the kind of feature and method to apply. 

Conclusion

When you make transactions in the crypto world, you are cutting off intermediaries, which means no additional fees, secure transactions, and a world of incredible opportunities. As technology rapidly advances, there are numerous ways that identities can be compromised; blockchain ledge is built on various complex mathematical puzzles, which is one reason why crypto is considered safer.  Mobirevo is a Blockchain Development Company in Nigeria that helps both startups and enterprises take advantage of the decentralized network built on blockchain. You can contact us today to get a free quote. Our team at Mobirevo strives to provide unrivaled services to all of our valued clients. You can also check out our case study page to see our client's portfolio and get a better understanding of the quality of products we deliver. Also, contact us if you have any questions about our services, and we will get back to you as soon as possible. Want to receive more content like this? You can sign up for our newsletter, which features curated opinions, and blockchain development tools for building remarkable digital assets. If you sign up for our weekly newsletter, you will be the first to know when we publish awesome content like this. You can also visit our blog to see other content created with love by our amazing team.