Crypto.com Clone Script — How to Create Cryptocurrency Exchange?
Crypto.com is quite a popular cryptocurrency exchange. It has an excellent reputation in the community. The platform offers tools for exchanging and trading cryptos, investing in digital assets, credit programs, metal, and plastic Visa cards. Furthermore, according to the capitalization, the platform has its native coin — CRO, in the TOP-20. During the summer of 2020, it was TOP-9. This article will tell you how to create a Clone Script, Crypto.com — a similar functionality and design crypto exchange.
Kris Marszalek founded Crypto.com in 2016 as Monaco Technologies. It was supposed to be a cryptocurrency service that allows using cryptocurrencies as a payment method anywhere. In 2017 they launched its token MCO. The funds were used to develop the network and issue VISA cards with bitcoins on the account.
In 2018 Monaco Technologies rebranded as Crypto.com and changed the approach, logo, functionality, and goals. It is a multifunctional platform where users can use any popular service on the cryptocurrency market. The ground of the project is a cryptocurrency exchange. Here is the shortlist of the Crypto.com functions.
Cryptocurrency exchange. It is a centralized platform with a daily trading volume of 1.7 billion dollars. The platform supports such leading coins as BTC, ETH, ADA, LTC, XRP, MATIC, etc.; it offers high liquidity, excellent performance, and low fees. The exchange has a web, Android, and iOS version. Furthermore, the investors can use margin and leverage trading for spot trades. It offers access to derivative markets, staking, and DeFi farming.
Debit cryptocurrency cards. Crypto.com was one of the first significant projects to issue metal and plastic cards that can be employed everywhere a regular Visa card can be.
Hence, Crypto.com allows paying for goods and services at regular shops, withdrawing money at ATMs, paying at restaurants, etc.
The balance of the Crypto.com debit card is connected to the balance on the user’s wallet, yet these are not direct crypto operations. The money is converted into fiat and then transferred to the banks. One can use the crypto platform’s cards in 31 countries. For instance, Great Britain, Germany, Switzerland, Sweden, Austria, Greece, Italy, Portugal, and Spain.
Types of Crypto.com debit cards and their staking rates. Source.
Payment service. Crypto.com also accepts payments in cryptocurrencies. To receive compensation, the users need to employ a QR code that will contain the payment details.
Crypto.com payment service interface.
CRO DAX Limited — an offshore company is managing the Crypto.com cryptocurrency exchange. It is registered in the Cayman Islands. The monetization model of this exchange is various fees and commissions charged from users for using the platform and its services. Crypto.com’s transaction fees on Crypto.com are flexible and depend on the volume and type of operations. According to 15 November 2021, there are ten levels of commission fees on the exchange:
Credits to the user's deposit are carried out without commissions from the exchange. Transfers between the trader's wallet and trading balance are also free. But there is a commission for the forced closure of the transaction - 0.50% of the contract amount. For the withdrawal of coins to external wallets, the exchange also charges a fee; for example, to withdraw, bitcoins need to pay 0.0004 BTC, ether - 0.001 ETH.
Authorization and verification. If the users want to trade on Crypto.com, they need to create an account and verify it. The users must share their name, surname, date of birth, e-mail, and country for registration. Also, they need to create a strong password. For the verification process, they need to send a selfie with their passport or other identity document having a photo, the name, and surname of the user on it.
User interface. It is what your users will see. The interface must be relatively simple, comfortable, and easy to use. The graphs, buttons, and icons must be intuitive and located on common spots. The traders should be able to search for their preferred trading pairs, set orders for purchase and selling, view the balance, history, and other statistics on the trader’s activity on the market.
The user interface should be customizable. The users should change the design, edit personal information, choose a withdrawal/deposit method, connect the crypto wallet, etc.
The user interface of the Crypto.com mobile application.
The trading engine of the cryptocurrency exchange. It will be responsible for the main functions of the cryptocurrency exchange. In particular, matching trading orders, processing transactions, checking the balance in the wallet to make sure it has enough money for the transaction, etc. This functionality must be simple, understandable, convenient and at the same time offer the user ample opportunities to improve his trading efficiency (a choice and adjustment of indicators and strategies, analytical tools, signals, bots, etc.).
The trading interface of Crypto.com desktop version.
Order book/transaction history. The order book lists open orders for purchase/selling coins. The system creates it automatically. It groups and matches the traders’ sell and buy orders. When the order finds a relevant offer (trading pair, rate), the exchange automatically trades the tokens and closes the deal. Afterward, the trade goes into the users’ transaction history listing.
Analytical instruments for traders. This is supposed to make the trading more straightforward and effective since analytical tools help find additional information on the market, find trends, and create, check, and improve trading strategies. To develop your Crypto.com analog, you will need to decide which analytical instruments you want to add. Let’s say, relative strength index, moving average, and convergence/divergence of moving averages.
Notifications. It will tell the user of significant events on the market. Case in point: a rapid price shift, changes on the balance, closing orders, deposit/withdrawal of funds, promotions, news, and special offers. Do not forget to allow the traders to choose which notifications they want to receive (push notifications, messages via SMS, messengers, social networks, or email).
Managing the liquidity. Cryptocurrency exchange for completing the orders rapidly needs excellent liquidity. In other words, the exchange should offer enough orders on buying or selling of coins to close the transactions at an acceptable price. It can be provided by:
Crypto News. Crypto.com added a news feed to the main screen on the mobile version where users can find recent updates, new products, and offers.
The security on the user-end. Projects related to cryptocurrency assets exchange must be highly secure. The protection on the user-end must be provided initially since now the main threat for the users’ money is not hacking the exchange but phishing and other attacks using social engineering practices.
Here is what will help to provide security for the clients.
Qurrex’s architecture — a cryptocurrency exchange. Source.
The best solution for developing a platform like Crypto.com is custom development since it is the only way to provide decent security and implement the necessary design and functions. It will help avoid using the same template that 1000 status has employed before you. The article will tell you in detail how to choose a developer for creating a Crypto.com clone from scratch.
When you make your choice upon a technical partner, the development process of a cryptocurrency platform will go the following scenario:
The approximate cost of developing a Crypto.com clone in Northern America (the USA and Canada), West and East Europe.