Hey all! First, Let me give you a straight-shot answer to the question on every startup’s mind: How much does a crypto OTC trading platform cost?
Crypto OTC Trading Platform costs typically start from $10,000 and vary depending on the factors we will discuss in this blog. Before proceeding, we need to answer the other important question of which development methods suit you.
Development Methods: Development vs. Crypto OTC Exchange Script
When considering a crypto OTC trading platform, there are two primary methods available for you: building the platform from scratch or purchasing a crypto OTC exchange script. The option you select will have an impact on your budget.
Both methods have their benefits, and the choice ultimately depends on your decision.
If you’re a startup with limited funds, a crypto OTC exchange script can be a great option. It’s cost-effective, easy to deploy with minimal customization, and gets the job done.
On the other hand, developing a crypto OTC trading may cost a bit more, but it can also add unique features that set your brand apart from others.
In a way, OTC exchanges are currently in high demand. To attract more users, it’s important to offer user-centric features and top-notch security on your platform. Be sure to choose the option that fits within your budget.
Now, let’s shift our focus back to the topic of factors that influence cost, which we’ll discuss further in this blog.
Various Factors That Determine the Crypto OTC Trading Development Cost
Developing a crypto OTC trading is a complex and time-consuming task that involves multiple factors to be taken into account. Each of these factors plays a crucial role in determining the overall cost of developing a trading platform.
Let’s see the several factors one by one below
Crypto OTC Trading Architecture
When it comes to selecting the architecture for a crypto OTC trading platform, it is important to consider its impact on the overall cost. Generally, the architecture of a crypto OTC trading platform is easier and quicker to develop than that of a standard cryptocurrency exchange platform.
This is because it doesn’t require complex order-matching algorithms or a real-time trading engine. Instead, it can be designed to integrate with a database, making it more efficient and cost-effective.
In addition, the architecture of a crypto OTC trading platform can be customized to suit the specific needs of the business, ensuring that it is flexible and scalable over time.
Location of the Development Company
The cost of a crypto OTC trading platform is greatly influenced by the geographical location of the development company. Software development rates may differ substantially in various regions.
For instance, if you hire a development team from a country with a high cost of living, you can expect to pay more for development expenses.
On the other hand, teaming up with a group from countries where software development costs are lower can provide a cost-efficient solution. Therefore, it is essential to find a perfect balance between quality and budget while selecting a development team.
Number of Developers Hired
The size and expertise of the development team directly impact the crypto OTC trading platform cost. A larger team with specialized skills can handle complex tasks efficiently but may result in higher expenses.
On the other hand, a smaller team may have a lower cost but could take longer to complete the project. Finding the right balance between the size of the developer team, their skills, and the development cost is crucial for cost-effective software development.
Software Features, security measure & Integrations
Incorporating software features, security measures, and integration into the Crypto OTC Trading could take up almost 25% of your budget. Standard features such as user registration, order matching, private chatbox, wallet, and trading functions are expected.
Including additional features such as an escrow system, multi-currency support, two-factor authentication, and dispute resolution mechanisms may raise the total expense.
However, implementing strong security measures may require more resources, which can increase development expenses. Besides, integrating APIs like payment gateways, KYC/AML providers, or liquidity providers can boost the platform’s usability.
Extra Services
In addition to core development, several other services also can impact the development cost. These include UI/UX design, project management, legal consultation, and technical support. While enlisting experts in these areas can enhance the quality of the exchange, it may also require additional investment.
Beta-Testing & Deployment
Before releasing the platform to the public, it’s essential to go through the beta-testing and deployment process. This helps ensure the platform’s stability and security. During these stages, the cryptocurrency exchange development company conducts rigorous testing, fixes any bugs, and fine-tunes the platform, all of which can affect the entire development cost.
Make sure to take into account the aforementioned factors that can impact the Crypto OTC Trading development cost. By creating a well-designed and unique platform, you can attract users and ensure the success of your cryptocurrency trading venture.
It’s time for you to take action, start your crypto OTC trading platform, and step into the lucrative crypto world!
