How to Develop a Crypto Exchange. Binance Exchange is the world’s largest crypto exchange by trade volume.
When you think about developing a crypto exchange like Binance, I hope that you are fully aware of the Binance Success Journey – right from its incorporation to the present day. It’s really impressive! But repeating the success of Binance with a new crypto exchange like Binance is not an easy task at all.
I know, you are aware of this fact and still very serious about taking your chance.
That’s Okay. But before I explain – how to develop a crypto exchange like Binance?
Please let me introduce the fundamentals of a crypto exchange.
What is the crypto exchange?
The crypto exchange is an online marketplace (website) that allows you to buy, trade, and hold crypto assets like cryptocurrencies, utility tokens, security tokens, and non-fungible tokens.
What are the different types of crypto exchanges?
There are currently three types of crypto exchanges:
- Centralized Crypto Exchanges (CEXs)
- Centralized Crypto Exchanges (CEXs) – Fiat/Crypto Pairings
- Centralized Crypto Exchanges (CEXs) – Crypto/Crypto Pairings
- Decentralized Crypto Exchanges (DEXs)
- Hybrid Crypto Exchanges (HEXs)
What type of crypto exchange is Binance?
How to Develop a Crypto Exchange Binance belongs to the type 1 (a) & (b) crypto exchange that I have already mentioned above. It is a centralized crypto exchange that not only allows you to buy, trade, and hold its native cryptocurrency – Binance Coin (BNB) with Fiat/BNB pairing but also lets you exchange the Binance (BNB) with Crypto/Crypto Pairings like Bitcoin (BTC), Ethereum (ETH), Ripple (XRPs), TRON (TRX), Wazir X (WRX), Monero (XMR), Litecoin (LTC), Cardano (ADA), etc.
Binance has also launched a decentralized crypto exchange – the Binance Chain. So, it also belongs to type 2 of the crypto exchange, which is a decentralized crypto exchange where you can trade a wide range of crypto assets like Non-Fungible Tokens (NFTs), Utility Tokens, Defi Tokens, Social Tokens, and a lot more.
What are the Features of Binance Crypto Exchange?
Each type of Binance Crypto Exchange comes with its own unique features. For example, the Binance Centralized Crypto Exchange (CEXs) comes with the following unique features:
- Binance Peer 2 Peer Trading Feature – You can buy and sell a wide range of cryptocurrencies Fiat/Crypto with your preferred payment methods including Bank Transfer, Cash Deposit to Bank, International Wire, WeChat, and several UPI-based wallets.
- Third-Party Payments – You can buy and sell a wide range of cryptocurrencies with third-party payment options that include the WazirX and Simplex.
- Realtime Crypto Exchange Price Tracker – You can track the real-time exchange price of a wide range of cryptocurrencies.
- Binance Convert – You can convert the native cryptocurrency of the Binance – The Binance Coin (BNB) instantly into a wide range of cryptocurrencies.
- Sports Trading – You can exchange a wide range of cryptocurrencies at their current market price.
- Margin Trading – You can exchange a wide range of cryptocurrencies at a pre-determined future price.
- Strategy Trading – You can exchange a wide range of cryptocurrencies as per a pre-determined exchange strategy.
- Swap Farming – You can earn Binance Coin (BNB) in rewards by becoming a liquidity provider and swapping your cryptocurrency with the suggested ones.
- Fan Token Trading – You can exchange BNB with a variety of fan tokens to enjoy special rights and privileges associated with special fan rewards.
- Options Trading – You get the option to exchange your cryptocurrency at a pre-determined price and date.
- Launchpad – You can buy and launch new crypto tokens.
- NFT – You can buy and sell a wide range of Non-Fungible Tokens (NFTs)
- Simple Earn – You can earn rewards by buying popular cryptocurrencies for a fixed or flexible time period.
- Stake Trading – You can stake your cryptocurrency for specific benefits or rewards.
- Dual Investment – You can buy or sell your cryptocurrency at your desired future date and price and earn high rewards regardless of the market situation.
- Auto Invest – You can earn cryptocurrency by auto investing with a pre-determined amount.
- Crypto Loans – Allows you to borrow your desired cryptocurrency for Spot/Margin/Futures Trading or Staking to earn high APY.
- Crypto Wallet – You can use the crypto wallet to buy new cryptocurrency, deposit the existing one and receive more from other crypto traders. You can also use the crypto wallet to store your crypto tokens like the NFTs.
- Explorer – You can explore and search the Binance Blockchain for transactions, addresses, tokens, prices, and other activities on Binance.
How to Develop a Crypto Exchange Similarly, the decentralized crypto exchange of Binance – the Binance Chain also has its own special features. Here is a list of the best features of the Binance Chain (DEX).
- Developer Tools – Being a decentralized blockchain network, the Binance Chain offers a wide range of developer tools for the quick development and deployment of decentralized apps.
- Decentralized Apps – You can explore all the decentralized apps built on the Binance Chain.
- BNB Chain Wallets – You can explore a wide range of crypto wallets developed on the Binance Chain and use them to manage your crypto funds and gain access to a wide range of (dApps) decentralized apps.
- Binance Coin – Binance Coin is the native crypto coin of the Binance Chain that you can use in the dApps.
- Migration – The Migration feature of the Binance Chain allows you to migrate your decentralized apps (dApps) to the Binance Chain.
- Stake – You can stake your Binance Coin (BNB) to earn special privileges and rewards.
- Explorer – You can explore and search the Binance Chain for transactions, addresses, tokens, prices, and other activities.
- Decentralized Exchange – You can explore the crypto tokens available at Binance Chain and use them for trading.
- Test Net Explorer – You can use the test net explorer to explore the blocks, transactions, and addresses on the Binance Chain Test Network.
- List of Related Decentralized Networks – You can explore all the relevant decentralized networks and use their Testnet and Mainnets.
What are the benefits of developing a crypto exchange platform like Binance?
The benefits of developing a Binance like Crypto Exchange are as follows:
- You can make income by selling your native crypto coin and tokens.
- You can earn through trading fees, deposit fees, withdrawal fees, future trading fees, interest on crypto loans, fees from your brokerage programs, fees from your blockchain network, etc.
- You also have tremendous revenue growth prospects as the price and popularity of your native crypto coin and tokens increase over time.
How to Develop a Binance-Like Crypto Exchange?
The highlights of developing a crypto exchange like Binance are as follows:
- Plan & Execute an Outstanding Development Strategy
- Develop Extra-Ordinary Features & Functionalities
- Provide Creative Versions of Binance Features & Functionalities
While planning the development strategy of your own Crypto Exchange like Binance, you need to decide what Binance-like features you want for your own Crypto Exchange and how they will be developed for your own Crypto Exchange. While developing the Binance-like features for your own Crypto Exchange, make sure that they are not the carbon copy of the Binance features. How to Develop a Crypto Exchange
Instead, you should use the Binance-like features as a source of inspiration for the features of your own Crypto Exchange. You should try to develop an improved or creative version of the Binance features for your own crypto exchange. Also, you should look for a skilled blockchain development team, who could provide you the professional consultation regarding the scope of developing some outstanding features for your Binance like Crypto Exchange because if people don’t find any extra-ordinary feature on your own Crypto Exchange, they are less likely to keep using it for a long time period. How to Develop a Crypto Exchange
So, creativity is the key when it comes to features of your own Binance like Crypto Exchange. Also, you should focus on designing a unique UI/UX for your own Crypto Exchange Platform like Binance to make sure that it stands out from the others. How to Develop a Crypto Exchange
Read Also – How To Start A Cryptocurrency Exchange Using White Label Crypto Exchange Software?
How to Develop a Crypto Exchange. The UI/UX of your own Crypto Exchange Platform like Binance should be visually appealing as well as easy to navigate even for inexperienced users. After deciding on the features (user interface) and user experience of your own crypto exchange platform like Binance, you should focus on the development of the functionalities of your own crypto exchange platform.
Note: Take inspiration from the functionalities of the Binance crypto exchange. Don’t just copy them as they as on your own crypto exchange platform but make something creative on top of them to make your own crypto exchange stand out from the others. Remember: The functions of your own crypto exchange should be developed exclusively for it. They should be better than those that exist already. Remember: Binance is a big brand, it should be the source of your inspiration. That’s the key to developing a successful crypto exchange like Binance, which is not just another copy of Binance but its creative or outstanding version. How to Develop a Crypto Exchange
What are the basic crypto exchange functionalities?
You must develop the following basic crypto exchange functionalities:
- User Authorization & Verification
- Trading Engine
- Crypto Tokens Integrations (E.g., NFTs)
- User Dashboard
- Order Book/Transaction History
- Notifications & Alerts
- Data Visualization & Analytics
- Payment Methods Integration (E-Wallet)
- Security Settings
- User Support
- Admin Panel
So, these are the basic functionalities that you should develop for your crypto exchange. Apart from these functionalities, you could also take inspiration from the features of Binance (mentioned at the beginning of this blog) to develop their creative or outstanding versions for your own crypto exchange platform.
Read Also – How To Create Your Own Blockchain? A Step-By-Step Guide
What is the cost of developing a Binance-like Crypto Exchange?
How to Develop a Crypto Exchange. The cost of developing a Binance-like crypto exchange largely depends on the desired features and functionalities and the time frame required to develop them. Before hiring a crypto exchange development company like Ramlogics for the development of your Binance Crypto Exchange, you should first consult their project managers for the scope of the features and functionalities in terms of the resources and time required and the cost involved in the process.
Depending on your budget, you can negotiate on the time and the number of desired features and functionalities for your crypto exchange platform.