What is a currency exchange app?
A currency exchange application is a web, mobile, or desktop application that enables users to buy and sell foreign currencies. Currency exchange apps typically include an interface for viewing real-time currency prices and various charts, as well as tools for importing and exporting trade data in popular file formats.
Currency exchange apps are similar to other financial management apps, such as banking apps, investment portfolio management apps, and stock trading apps. Popular currency exchange applications include TransferWise, Revolut, XE, and Coinbase.
Examples of currency exchange apps built with Crowdbotics:
- A currency exchange app for people in the US and Nigeria. User can buy a token that has a fixed US currency or Nigerian currency.
- A crypto-currency app for Bitcoin. The core of it is similar to Casa wallet. There is an element of NFT tokening, and exchange.
What is the typical cost to build a currency exchange app?
A currency exchange app usually costs about $75,000 to build. However, the total cost can be as low as $50,000 or as high as $100,000. A currency exchange app with a low number of features (also known as a minimum viable product, or MVP) will be more affordable than an app that includes all intended functionality.
For example, here are some previous currency exchange app price quotes from Crowdbotics:
How long does it take to build a currency exchange app?
A currency exchange app usually takes 917 hours to build. However, a currency exchange app can be built in as few as 667 hours, or in as many as 1333 hours. The exact timeline mostly depends on how complicated your specific app is. As a general rule, it will take longer if you require highly custom designs, niche features, complex logic, or non-standard release platforms.
For example, some previous currency exchange apps build with Crowdbotics received the following hourly estimates:
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Crowdbotics has quoted and built hundreds of applications for teams of all sizes. Browse our historical estimates by industry and app type to understand possible costs and considerations.
How to successfully grow your currency exchange application
An app that facilitates currency exchange can grow by increasing the value of their service for a specific type of user. One way to do this is by offering real-time notification and high levels of customer support. Currency exchange apps can also increase sales through targeted advertising, or they can partner with local businesses to generate new user referrals.
Risks and challenges of building a currency exchange application
Currency exchange apps face legal and regulatory risks associated with the trading of virtual currencies. In the United States, currency exchange apps fall under the jurisdiction of FinCEN, which requires that businesses register as money service businesses and comply with anti-money laundering (AML) regulations. Currency exchanges should be aware of their obligations to file suspicious activity reports and comply with all AML requirements.
