If you are looking to start a cryptocurrency exchange business, then you should understand the lifecycle of cryptocurrency exchange development and its phases. So that you can easily coordinate with the cryptocurrency exchange developers or the company you are dealing with.
First of all, starting a cryptocurrency exchange is not just like the usual web development process, it would require some additional efforts and technical knowledge both from the entrepreneur and the developer side. So, I hope this article will be a tutorial to explore the cryptocurrency exchange development lifecycle by listing out the 13 phases of cryptocurrency exchange development.
But, before that you should understand there are three ways you can choose to build a cryptocurrency exchange, but it is upon you to choose the one which is more comfortable to you.
Option A : DO IT YOURSELF
If you are an expert in web development, you can allocate some time to analyze the development process, and study the concept. then you can start developing the source code on your own. If you don’t want to do it yourself, then you can go for the other two options below.
Result : It Takes Much Time, and it is not recommendable for an entrepreneur who is looking to launch his website in a short time. This is like getting gold through the mining process, so there will be the possibility of both loss and success.
Option B : Hire a Freelancer
You can hire an expert developer or a freelancer who can do it for you, But you should pay him as per his/her demands.
Result : The Quality of Output is Not Guaranteed.
Option C: Outreach a Cryptocurrency Exchange Development Company
You can outreach a cryptocurrency exchange development company, and ask them for a free quote about their development process with cost. If you find they can meet your requirements, then can make a deal with them.
Result : Here the output is guaranteed, because here you will be allowed to monitor or question on each development stage.
What Would You Choose ?
I would suggest go with Option C , (i.e) Contact a Cryptocurrency Exchange Development Company.
If you are new to the cryptocurrency industry, and you find there is a big potential for your cryptocurrency business idea, then you should choose Option C. Because making a deal with a cryptocurrency exchange development company would reduce your time and effort also it will be easy for you to manage. So I would suggest choosing Option C.
The 13 Stages Of Cryptocurrency Exchange Development
When you choose to deal with a cryptocurrency exchange development company, then the lifecycle of your cryptocurrency exchange will be spreaded into 13 in depth stages. Let’s have a look out what they are.
If you are the client/ or entrepreneur, then you will be fall in the following 13 stages
Stage 1: Market Research & Analysis Stage
This is the first stage of entering into cryptocurrency exchange development. In this stage you should go through a deep research & analysis about the current market of the cryptocurrency trading industry. After the research he/she should find out the loop holes, and failure points that are not focused by the leading player in the cryptocurrency market.
Stage 2: Ideology Stage
In this stage you should make an idea based on the research, and should enlarge it with several business modules to stand out from the competitive market place. To beat the competition the idea should be unique.
Stage 3: Plan Deriving Stage
Here you should derive a rough cryptocurrency exchange business plan by connecting all the business modules that are listed out during the ideology stage.
Stage 4: Finding The Technical Resources Online
After deriving the business plan, you should browse for online resources, technical resources, companies, software services providers, and technology service providers.
Stage 5: Outreach a Cryptocurrency Exchange Development Company
Extract the top three cryptocurrency exchange development companies and contact all the chosen companies via direct call, message or email. Analyze how they are responding and choose one company who could meet your requirements both financially and technically. Check out their portfolio, and their growth graph in the cryptocurrency industry.
Stage 6: Escalating The Business Requirements
After reaching your desired company, escalate your business requirements, and make a friendly contact with their team & representatives to discuss in detail about your project.
Stage 7: Scope Discussion & Finalizing the project
Discuss the scope, technical resources, and confirm the project.
So, until the 7th stage you are not going to make any investment, and when you confirmed the project the other following process will be fully handed over to the cryptocurrency exchange development company you have reached.
Stage 8: Business Plan Presentation & Project Team Allocation
In this stage the company would bring you a business plan as a road map presentation & let you know the resource allocations.
Stage 9: Storyboard Preparation based on the modules
After allocating the resources, the escalated business plan will be prototyped as a wire frame. And then all the below process will be done through the waterfall model.
Stage 10: Design Stage
The full fledged development process will be done, each design stage will be proceeded into the next stage after the proper confirmation from both client side and the technical team side.
Stage 11: Development Stage
Converting the website design into the development process. Proper testing will be proceeded after the completion of each module.
Stage 12 : Testing Stage
After the completion of the entire website it will be loaded into the local server, to check whether all the functionalities are working properly. If there is any bug occurring, the phase 10 and 11 will be proceed again until solving the bugs.
Stage 13 : Deployment Phase & additional Changes
After testing the developed cryptocurrency exchange website and its functionalities it will be hosted with the support of DevOps Team. Continuous monitoring will be done until there are no additional changes needed from the design and development side.
Note : The stage 8 to 13 will not be proceeded, if you are not agreed with the company’s proposal, and you don’t have to pay money. But, If you agree with them, you would sign an agreement and you must pay an initial amount.
The above 13 stages are essential in the development of cryptocurrency exchange. So, now let us see the total cost.
How Much Does it Cost to Build a Cryptocurrency Exchange ?
The cost of developing a cryptocurrency exchange will vary in high or low based on the company you choose with your requirements. In the next article we will discuss how much it will cost to build a cryptocurrency exchange in each stage that we discussed above.
Where Can You Develop a Cryptocurrency Exchange with Minimum Cost ?
At bitdeal we are offering the industry leading cryptocurrency exchange development development services. We have separate price packages for cryptocurrency exchange development. At basic level you can acquire a cryptocurrency exchange less than the cost outlined above in this article. We can provide services for
- Centralized Cryptocurrency Exchange Development
- Decentralized Cryptocurrency Exchange Development
- Hybrid Cryptocurrency Exchange Development
Also we would provide the complete source code of the below scripts.
- Bitcoin Exchange Script
- Cryptocurrency Exchange Script
- Binance Clone Script
- Localbitcoins Clone Script
- P2P crypto exchange script
And more Cryptocurrency exchange clone scripts.
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