Roadmap for Binance like app development
1. Get regulatory approval
Before you starting the crypto exchange, you must first obtain regulatory approval in certain countries. Examine the licencing requirements and security best practices outlined in the respective country guidelines. Some countries have a separate management board in charge of overseeing and regulating fintech applications.
Regulatory approval adds another level of trustworthiness to your interpersonal interactions. Operating the exchange without approval appears to be illegal, and your exchange may be banned immediately. As a result, before proceeding to the next phase, obtain the crypto exchange operating licence.
2. Create a development milestone
The development of a cryptocurrency exchange should be divided into individual milestones. Backend developers and UI designers can easily complete their coding tasks this way. Testing can be done perfectly and on time by developing the exchange in milestone format. Even after the platform has been launched, you can schedule future updates based on user feedback.
Create a feasible roadmap plan based on the size of your team and assign a timeline to each milestone. This avoids the last-minute rush and allows for more efficient development.
3. Develop a robust crypto exchange software engine
This is the most crucial and important aspect of developing binance-like apps. Every exchange platform's brain is the Crypto Exchange software engine. It automatically matches buy/sell orders, manages user funds, and converts cryptocurrency to fiat currency. You can create your own software or purchase ready-made crypto exchange software from Hivelance.
Ensure that your cryptocurrency exchange can handle thousands of transactions per second. The number of users accessing the platform increases in direct proportion to the transaction rate.
4. Import liquidity data
At the start, your crypto exchange has no orders or transactions to display. You should use a third-party API, such as Binance, to import liquidity data from other exchanges. Binance can provide you with a liquidity API that will allow you to retrieve the orderbook from your exchanges.
Users who complete the order will be redirected to the Binance exchange's backend, and the transaction data will be displayed in your exchange. When you have sufficient liquidity, you can disable the API and create your own orderbook.
5. Partner with bank & online payment processors
On a global scale, crypto exchange facilitates fiat-cryptocurrency transactions. As a result, depositing fiat currency in the exchange must be done through banking partners. You can take advantage of the banking partnership by integrating their modules. You can integrate online payment processors that directly fetch the balance to provide your users with multiple payment options.
6. Go security endurance testing
Security is the lifeblood of all cryptocurrency exchanges. Users must feel trusted when using your exchange, or else everything will go unnoticed. You should put the crypto exchange's security guidelines to the test in extreme conditions. Such as the ability to handle millions of concurrent users, DDOS attack prevention, SQL code injection, cold wallet capability, CSRF protection, and two factor authentication.
7. Beta testing
Start making your initial release to a small group of people. Get their feedback and improve the exchange to the greatest extent possible. You must ensure that all of the basic operations are carried out smoothly. You can proceed with the final launch once you have a clear outline of what the user feels. Release the exchange and monitor the performance in time intervals continuously.
Features to be included in Binance clone app
1. User Verification
3. Order creation
4. Over the counter trading
5. Wallet integration
6. Referral program
7. Liquidity data
9. Admin Panel
10. Crypto pairing & listing
Quick way to launch binance like app
Binance Clone Script is the Alternative solution for who don’t have much technical experience.
Binance clone script
Binance clone script is the well written programming code or software that resembles the existing functionalities of the Binance exchange in a ditto manner. Companies, entrepreneurs are using the Binance clone script to develop brand new cryptocurrency exchanges similar to Binance with their own names.
Moreover, Binance clone script engineered by us has all the essential features of Binance app. The binance clone app SDK, web script, add-ons have been available in Hivelance where you can develop crypto exchange apps reliably.
How much does it cost to build an app like Binance?
The cost for developing a binance like app can vary depending upon the tech stack you are using, number of features you’re deploying and method of development. While comparing the custom software development from scratch, ready-made binance clone script is affordable and easy to adopt.
How Hivelance can help you in Binance clone app Development?
Hivelance, with expertise in Binance clone app development, can assist you in developing a Binance-like app with 100% reliability. Our team can completely manage the security, features, and maintenance of your exchange. We are well-known for creating scalable cryptocurrency exchanges at a low cost. If you want to build a Binance-like app, you can use a Binance clone script or our custom crypto exchange development services.
Want to know more about How to Build a Cryptocurrency Exchange App Like Binance?, Contact us.