Cryptocurrency Price Tracker/Ticker Alert App: Gem for Traders
Bitcoin first appeared in 2008. However, it received wide publicity many years later. According to one of the largest sources of cryptocurrencies news, Reddit thread already has more than 500,000 subscribers. Moreover, this is only part of the English-speaking audience. Surely if you are doing trades on cryptocurrency exchanges, you know what volumes are being discussed.
An experienced trader in a portfolio should have different currencies with the most varied margins. All this for diversification. Having more than 20 different cryptocurrencies, even such as Cardano; and dealing with three or five cryptocurrency exchanges, you definitely face some difficulties. Or rather, you are completely tied to your Internet-connected device. Cryptocurrency exchange rate is so unstable that it changes literally every couple of seconds. And it provides an opportunity to earn money. In order not to become a hostage to a digital connection, there is a simple solution.
Imagine that you receive big data in a continuous stream. Rate, ratio, etc. At the same time, these data pass strict filtering, and you are notified when the rate becomes 5% less critical. Would it simplify the purchase and sale of cryptocurrency? I think the answer is unambiguous. This is the essence of the ticker.
This idea best suits for mobile application. Downloading which the user can set exchange rates, get instant push notifications and more importantly connect to his crypto exchange. Without so-called alerts, the application becomes less useful, but if implemented along with the triggers, we get the most powerful weapon for making money. Trading bots, scripts that are always under your control and always with you.
Many non-technical specialists often put mobile applications and web-platforms on the same level. This is a mistake, but with the latest technologies (hybrid applications), the development has become more transparent. Why is this happening? There is a web server with a given database to work mobile apps; in fact, it handles the entire loads and bandwidth. Therefore, regardless of whether you decide to make mobile applications or a web platform, in any case, the database and application architecture (backend) must be designed. About the features of creating scalable web applications, we described in details here. Scalable applications have to include both horizontal and vertical scalability.
Freemium and memberships had better work for it. Makes sense to combine and use both. Everyone knows that paid applications in iTunes are still being purchased, but the situation with Android is much freer. You have to keep in mind possibility to make your application paid, but also be aware that amount of downloads will decrease.
Every user wants to try something before paying for it. Remember how you go to test drive BMW. It is the same with a mobile application. Believe me; traders (your target audience) are willing to pay $20-$50, and even $100-$300 monthly to be sure they will receive an important notification on time. In the end, thanks to your application, they can earn tens of thousands of dollars every month. If you are planning an ICO or creating your own cryptocurrency, such an application will be useful for your investors.
So, we decided on a set of features. How many people need to be involved in this project in order to develop it qualitatively? As you already understood, in addition to the mobile application developer, we will need a backend developer to configure the server, send notifications (Google Cloud Messaging for example). To develop a cryptocurrency tracker, we need:
To some extent, you can use together both mobile developers or one for hybrid applications. This may seem financially beneficial, but in reality, there is not. The reason is that with the result you will get 2 identical applications for different platforms. If you have a tight budget, the best option is to develop a mobile app for iOS and in the future for Android.
The list of the main phases a mobile application for cryptocurrency cost development includes preparation and planning. High-quality preparation and documentation can shorten development at times. Why is that? At the planning stage, first, to select the most effective options for solving the problem. For example, the core of this project is data. We recommend using Coinmarketcap and their API. That is why:
1. World-renowned leader in the industry of cryptocurrency data
2. Included in the top 110 most visited sites in the world, and the top 50 US
3. Capable to handle super heavy loads
4. High-quality API and documentation, which allows receiving data on almost any request
5. Up-to-date cryptocurrency list, prices, and volume
In our opinion and experience, these are very weighty arguments in support of Coinmaketcap.
Two applications (iOS and Android) with a web server, push notifications cost on average $12,000-$17,000. Including design, testing, and working with a company from Eastern Europe like Merehead. The average development time is about 6 weeks, including the main (active) development phases and testing. Comparing to the company from Western Europe, the United States or Israel, prepare to pay at least $50,000.