“Investing in cryptocurrencies is like riding a roller coaster. You experience thrilling highs and stomach-churning lows.” – Warren Buffett

 

Crypto-curious? Want to build an app like KuCoin? You’ve found the right place. These days, crypto exchange platforms are all the rage. Digital currency is a concept that has taken off like wildfire. People are using it for trading services and goods, and even investing. Moreover, digital currency exchanges such as Coinbase, Kraken, and Bitstamp are gaining popularity.

One such digital currency exchange that is gaining popularity is KuCoin. Due to its popularity, many businesses are curious about how to build an app like KuCoin.

If you are one among them, this blog will undoubtedly assist you in knowing about KuCoin. However, Before we dive into the specifics of cryptocurrency exchange app design and how to create an app like KuCoin, it’s important that you understand what a digital currency KuCoin is.

 

What is KuCoin?

KuCoin, a popular crypto exchange app, was introduced in 2017. The purpose of the exchange was to offer a simple and safe platform for buying and selling bitcoins. Platform owners have made a significant impact on the crypto market by expanding their user base from 8 million to more than 10 million in just four years. They also assist one-fourth global crypto investors.

 

 

KuCoin, a global cryptocurrency exchange, announced it had reached the milestone of 20 million users in 2022. It is one of the top five cryptocurrency exchanges according to CoinMarketCap. One of the top cryptocurrency exchanges in 2021, according to Forbes, is KuCoin. It was named the top cryptocurrency app for enthusiasts in 2022 by The Ascent.

Users of the site may trade cryptocurrencies like Ethereum, Bitcoin, Litecoin, and others using its straightforward user interface. KuCoin’s token launch platform, or IEO, is also well-known. KuCoin’s unique features include lending cryptocurrency, as well as other options like buying cryptos via debit or credit cards, trading without any fees, staking rewards, etc.

 

Some Fascinating Facts About Cryptocurrency Exchange

• KuCoin’s security rating is A, with a score of 81.40%.
• Binance’s strong position in the market can be seen when examining trading pairs of crypto currencies on exchanges like Binance, including Bitcoin. Binance is also a popular place to trade stablecoins and Bitcoin.
• According to a survey of US consumers, Coinbase is more popular than Robinhood combined for cryptocurrency trading in 2023.
• In February 2023, more than six of ten U.S. crypto holders indicated that they used Coinbase to store their cryptocurrency.
• The Cryptocurrency market is expected to generate revenue of US$37.87bn by 2023.
• In order to reach an estimated total of US$64.87 billion, the revenue is expected to rise at a pace of 14.40% per year (CAGR from 2023–2027).
• The average income per cryptocurrency user in 2023 will be US$56.19.
• The user penetration rate is anticipated to be 8.8% in 2023 and to increase to 12.5% in 2027.

How Does a Cryptocurrency App like KuCoin Work?

KuCoin is one of the many crypto exchange platforms, but it has been gaining immense popularity in China. KuCoin works in the same way as other platforms. We’ll look at some steps to show how KuCoin works and make it easier for beginners.

• To create an account, the user must enter their Gmail username along with a password. A link will be sent to the Gmail account registered for verification.
• By clicking on the verification link, the user can quickly activate their account.
• After creating an online account, users must provide all relevant information including a valid license, official documents and other data to verify their KYC.
• After KYC verification, the user will be required to provide bank details in order to deposit fiat currencies. After KYC verification, they can only begin buying crypto assets after connecting their bank account.
• Select the cryptocurrency you wish to purchase and then submit your order.
• After the order is placed, it will be executed immediately. The crypto coin is also instantly transferred into the user’s wallet.
• You can charge your users an amount for each successful cryptocurrency trade. You can make a lot of money in a very short time by taking advantage of the cryptocurrency market. Now that you know how KuCoin apps work, partner with an iPhone app development company that knows how to build a cryptocurrency exchange app.

Top 5 Examples of Cryptocurrency Exchange App

Here are top 5 cryptocurrency exchange apps that are doing great in the market. However, in order to build an app like KuCoin, you must know its competitors.

 

Crypto Exchange App	Available Platforms	Downloads	Ratings
Binance	Android | iOS	50M+	4.4
Coinbase	Android | iOS	5M+	4.3
Kraken	Android | iOS	1M+	4.3
Bitstamp	Android | iOS	500K+	3.8
Gemini	Android | iOS	1M+	4.3

1. Binance

One of the most well-known and significant cryptocurrency exchanges in the world is now called Binance. They provide a number of cryptocurrencies to trade on their mobile app, along with features including spot trading, futures, and wallet services, and it has a user-friendly layout.

2. Coinbase

Coinbase, a popular cryptocurrency exchange platform, offers a mobile application that allows users to store, buy, and sell various cryptocurrencies. It has a simple, intuitive interface that supports multiple cryptocurrencies and offers features like recurring purchases and price alerts.

 

Build Cryptocurrency Exchange App Like Coinbase

3. Kraken

Kraken, a well-respected cryptocurrency exchange, offers users a mobile application to trade cryptocurrencies. It offers advanced trading features such as margin trading and futures, along with an extensive selection of cryptocurrencies.

4. Bitstamp

Bitstamp, a popular cryptocurrency trading platform offers a mobile application for trading cryptocurrencies. It has a simple interface, supports several cryptocurrencies and provides features like instant trading, secure wallets, and real-time data.

5. Gemini

Gemini, a regulated cryptocurrency trading platform, offers users a mobile application to trade, buy and sell cryptocurrencies. It emphasizes compliance and security, offers a user-friendly platform, and has features like recurring purchases, price alerts and the Gemini Earn program to earn interest on cryptocurrency holdings.

Key Features Required to Build an App Like KuCoin

You should now start thinking of ways to improve the trading experience for your customers. You can add many features that are nice to have, but there are some features that you must include when you build an app like KuCoin by taking assistance from a mobile app development services provider.

 

 

These include:

1. Sign up/ Sign in

Signup pages for cryptocurrency applications should be carefully designed and considered. Protecting the application from unauthorized login attempts should be done using the first item. To prevent any hacking or manipulation, use two-factor authentication.

2. Trading Engine

The trading engine is at the core of any crypto exchange solution. A blockchain and crypto exchange app is worthless without a trading engine. A trading engine allows you to identify and generate new trades while keeping track of all current orders and bids. This feature is responsible for:

• Execution of crypto transactions
• Calculation of the balance
• Order-books access.
• Exchange the buying and selling transactions.

Read More: How Much Does It Cost To Hire A Blockchain Developer?

3. Crypto Wallet

Crypto wallets are a must-have for any app. This feature allows your users to send and receive virtual currencies, as well as store them. According to your demands, this function can be improved and altered. You can build either a hot or cold wallet. Hot wallets have an Internet connection. Hot wallets are easier to use, faster and more convenient, but they are also vulnerable to online attacks. Offline wallets are cold wallets.

Although they are more convenient, they are less secure. Check that the wallet supports multiple crypto-currencies. The more cryptocurrencies your wallet incorporates, the better for investors.

 

4. Analytics   

The analytics tool is an excellent way to build a convincing crypto solution. This tool puts the power of data in the hands of users. This feature allows app users to maximize their profits and make better decisions by investing in real time. Check out some of the most common technical indicators used by traders to make decisions:

• The Relative Strength Index (RSI): it indicates the likelihood and degree of a trend shift. For instance, this indicator can demonstrate the recent amount and rate of price fluctuations.
• Moving Average: This is the average price for a certain period.
• The Moving Average Convergence Difference: it helps to predict price fluctuations.
• Stochastic RSI: This indicator is great for identifying zones that are overbought or oversold.

Your app should offer your users a trading experience that is graphical, in addition to live tracking.

5. User Interface Must be Intuitive

It is important that your app has an intuitive interface. Both novice and professional traders are using crypto exchange apps. In order to hide the numerous complexity involved in cryptocurrency trading, it should have a straightforward user interface.

What you need to do is:

• A trading interface that reduces trading time by ensuring transactions are processed efficiently.
• Dashboard with easy access to all the essentials.
• Easy fund deposits and withdrawals.
• Connect with Support Option

6. Push Notifications

Push notifications are a key feature of many crypto exchange apps, as they allow for better communication between users and the app. Push notifications allow you to alert and notify your users of special offers, price changes, new trends, news etc. Customization allows users to choose which notifications they want to receive.

7. Admin Panel

The owner of the exchange may manage a number of elements of its functioning using an admin panel for a cryptocurrency exchange. This functionality may be altered to fit the particular requirements of your cryptocurrency app. The option to handle cryptocurrency listings, credit/debit funds, and support concerns should be available in every admin panel.

8. User Authorization Verification

If you can provide a simple and interactive onboarding process, your users will be delighted with the app. A simple KYC feature will help you to build trust in your cryptocurrency exchange. This function enables the app to immediately authenticate documents supplied by new users.

The likelihood of fraud will rise, and transparency will decrease, on a cryptocurrency exchange that does not authenticate users. When you hire an android app development company, ask them to integrate data encryption, two factor authentication, and anti bot verification into your app to enhance data security.

How to Develop A Crypto Payment Gateway?

How Does KuCoin Make Money?

• KuCoin earns most of its revenue from trading fees. They charge a $0.1% spot trading and a $0.5% buy/sell cryptocurrency fees.
• If you have Tokens on your trading account, any cryptocurrency investments are subtracted from the total.
• The traders who use this option will pay 25% less because they have coins on their account.
• The trading commissions will vary for individual traders as well as institutions based on the volume of trades over a period of 30 days. Fees should be lower with lower trading volume; higher fees should apply to trading volumes.
• The platform also receives income from trading commissions charged by other cryptocurrency exchanges that use the KuCoin broker program.

Tech Stack Required to Build an App Like KuCoin

Crypto exchanges have been popping up everywhere, but they are not all as secure as you would expect. It’s crucial to know the technology stack required to build an app like KuCoin. This is true even if it’s an open-source project.

 

1. The technology stack required to develop a cryptocurrency exchange application on Android platform. Additionally, if you want to build an app for Android platform, you can hire android app developers.

• Android Development Tool- Android Studio 3.1.3
• Programming language-Kotlin
• Database – Backend (MySql), SQLite Local database, Room local databases
• Design – Material design

 

2. The technology stack to develop a cryptocurrency exchange application on the iPhone platform. Hire iPhone app developers who are well versed in the latest technology and can build an app for iPhone devices.

• iOS tool kit- Xcode 9.3
• Programming Language-Swift
• Database – MySQL
• External APIs integration: push notifications, Payment gateways, etc.

How to Create A Crypto Exchange App like KuCoin?

It isn’t as hard as you might think to build an attractive cryptocurrency exchange solution, but only if you follow a well-defined roadmap. A roadmap will ensure smoother and faster blockchain and crypto exchange app development. Explore all of the steps to build an app like KuCoin in this roadmap.

1. Identify the Problem

Start by identifying the pain points of your customers and how you plan to solve them. You must thoroughly research your customers’ common problems. Consider how your app might stand out from the competition and assist consumers by analyzing the solutions currently on the market. Analyze the cost-benefit of your solution to determine whether it is worth investing in a new app. Assess any possible risks.

2. Establish the Operational Scope

Determining the scope of business for your cryptocurrency exchange is a crucial next step. Here you can specify the functionalities of your app in detail. It is dangerous to begin building your app before defining its scope. This helps the app developers to understand what they are building. It also helps the project team to estimate the total effort and time. In the future, all approvals will be based on the operational scope.

3. Select Crypto Exchange Type

The app’s functionality will be determined by the type of crypto exchange you choose. Centralized, decentralized and hybrid crypto exchanges are the three main types.

4. Select Jurisdiction

You will need to obtain specific licenses and approvals in order to operate your crypto exchange smoothly. Laws can also vary from one place to another. In some countries or regions, there may be no regulations at all, while in others, the rules are well defined. Watch for upcoming legislative changes.

5. Compliance & Regulations

Governments all across the globe are apprehensive about using cryptocurrencies and exchanges due to the amount of money involved. You should adhere to KYC standards in your app. For example, you can facilitate documents to verify your customer’s identity.

KYC compliance reduces the risk of money-laundering through cryptocurrency trading. Integrate a customer validation API into your crypto exchange to comply with regulations. Develop a database for the backend.

6. Partner with a Payment Processor/bank

It is required to process payments in fiat currencies. Search for a bank with a wide range of online services. This is essential if you are operating in a place where the majority of banks don’t offer instant banking transactions. Settlement of transactions can take up to several days in such situations. Customers often choose a bank with a fast transaction clearing and settlement of funds.

7. Find a Liquidity Supplier

Another important aspect of crypto exchanges is liquidity. Liquidity is a key factor in the success of any exchange platform: How quickly can assets be exchanged? Customers will always choose an exchange that has good liquidity and can offer a smaller spread. You need to take a few steps:

• APIs can be used to integrate your crypto exchange’s liquidity position with other businesses. It allows two exchanges to share information about liquidity and trading volume.
• To increase your exchange’s liquidity, try making it part of a larger exchange network.

8. Create Top-Notch Security Standards

You must protect your exchange from this threat. Features like multi-signature wallets and two-factor authentication can be used for this.

Keep the funds and records of your traders in cold wallets. When required, switching money between cold and hot wallets should be quick and simple. Traceability should not be compromised. Build a proper KYC procedure in the interest of all parties involved.

9. Introduce a Customer Service Channel

All apps must now comply with it. There is no longer a choice for an interactive customer support channel that gives prompt answers to all consumer inquiries. Customer care should be available through your app, especially if you’re dealing with bitcoin exchanges that handle financial transactions. Your consumers will be able to receive the finest help possible thanks to this.

10. Support for Cryptocurrency

Cryptocurrency has a highly competitive market. Decide how many cryptocurrencies you will support. The more cryptocurrencies that a solution can support, the greater the investment required to build dedicated APIs for historical data, charts in real-time, and order placement. Decide carefully which digital coins to use.

11. Test Your Crypto Exchange

Test your application thoroughly before launching it. Gather user feedback to make improvements and ensure smooth operation. Test the app to assess its overall performance, liquidity and functionality. Also, consider convenience, speed, security, reliability and transparency.

Now that you are well versed in knowing the development steps of an app like KuCoin, we will now jump to the next section to know the cost to develop a crypto trading app.

Difference Between Blockchain And Cryptocurrency

How Much Does it Cost to Build an App like KuCoin?

 

 

The cost to create app like KuCoin or a cryptocurrency app depends on the features you include in your application. The location and size of the native mobile app development team will also have a significant impact on the overall cost of developing cryptocurrency exchange apps like Coinbase.

The KuCoin app development cost will also be determined by the technology stack your AI application developer selected for the desired platforms. The cost of developing a cryptocurrency app is determined by the app features, application stack, mobile app development company size, location and hourly rate.

USM, one of the most popular mobile app developers in the USA and India, estimates that developing a cryptocurrency app with basic functionalities and features will cost between $25,000 and $35,000.

If you add advanced features, the average cost to build app like KuCoin will exceed $50,000. The integration of advanced features, such as QR codes scanners, digital invoices and transaction details, will increase the app development cost and time.

Thus, you should hire the cryptocurrency exchange app development company to build you an app that is a world-class cryptocurrency app.

 

Conclusion

We have covered all the basics to get you going in the cryptocurrency exchange world and help you earn value from loyal customers. What’s the next step? Contact a team that is a trusted and reliable blockchain development services provider who can build an app like KuCoin or you can Hire blockchain developers to extend your decentralized journey.

Frequently Asked Questions