Coinbase is an OTC-based cryptocurrency exchange platform and now it's legal in 100+ Countries. You can launch your cryptocurrency exchange business in two ways.
- Develop the whole software from scratch.
- Buying the prefabricated clone scripts.
Developing the whole software from the scratch
In this way, you will develop everything from scratch. You build software according to your business-specific needs. It may be unique, but it's a time taking process. It will take 6 months to one year based on business requirements.
Buying the prefabricated coinbase clone script
The coinbase clone script is a ready-made solution for budding entrepreneurs. This is the most trendy solution among cryptopreneurs, the reason is already pre-developed and pre-tested. It will reduce the work burden which means the software will be ready to use within a short span.
We will see how the clone scripts are a better solution than developing a crypto exchange from scratch. Let's compare both methods with major factors for better understanding.
Cost of development
The cost of developing a crypto exchange like coinbase from scratch is around $35K - $45K(according to the requirements).
The cost of the coinbase clone Script is $5K.
The scratch method needs huge manpower including designing, developing, testing, and much more.
5-6 members are more than enough for clone script deployment.
At each phase, the software should be tested because of the high possible way to arising bugs while developing.
No need for a separate testing phase because clone software is pre-tested.
With the first method, you will develop everything from scratch, so it will take 6 months - 12 months according to your business needs.
With minimal customization, the clone software will be ready to use within a week.
Features & Security Amenities
In the first method, each feature should be developed from scratch. A single feature will take more time.
But clone scripts loaded with all primary and security features. You can add or modify unique features per your business needs.
I hope you got some idea about both methods. There is no doubt the second method is the finest way to initiate your crypto exchange like coinbase. So initiate your crypto exchange business with a reliable cryptocurrency exchange software development company and become a millionaire in the upcoming days.