Ever since the inception of Bitcoin, the concept of digital currency has remained on a steady incline in both popularity and value. However, it’s unlikely that anyone could have guessed the rapid expansion that has plagued the crypto world within the past few years. Nowadays, it seems as though Bitcoin is destined to grow to an infinite amount of value, while the other 6,000 lesser-known currencies try to keep up. And with a strong desire to serve our communities such as San Fransico, Las Vegas, New York and other major hubs, we’ve made it our mission to help deliver cutting-edge technologies in this extremely challenging time.
However, as the world of cryptocurrency continues to expand, there is an increasing need for financial platforms with the capability to allow the trading of these currencies. As a result, mobile app developers for new and existing financial platforms are being tasked with creating and integrating systems of trade for digital currencies.
In this article, we will be discussing some of the leading digital currency exchanges and how their platforms are handling the buying and selling of cryptocurrency. With this information, we hope to provide mobile app developers with some insight into successful crypto exchanges and how they can leverage similar concepts to create optimized mobile trading platforms.
While most of us know Robinhood as a mobile app for trading stocks, it has recently expanded into the world of crypto, bringing a no-commission structure to the cryptocurrency market. Robinhood’s easy-to-use cryptocurrency platform allows users to get started immediately after downloading the app.
Now, while buying and selling crypto on the Robinhood platform isn’t free, the app is unique in integrating a “spread markup” instead of a commission fee. In other words, the fee to buy and sell crypto is automatically built into the coin’s purchase price. With that being said, the Robinhood platform has seven crypto coins available for trade, including Bitcoin, Dogecoin and Ethereum.
Unlike Robinhood, the eToro mobile app is centered only around cryptocurrency for American traders. One of the unique features of eToro platform is that users have access to 32 cryptocurrencies, which is far more than most apps offer. In addition, some of the cryptocurrencies included on this platform, such as Tezos, Uniswap and Polygon, aren’t typically offered on other brokerage platforms.
Similar to Robinhood, the eToro platform utilizes a spread markup rather than a direct commission. This markup, however, tends to range per cryptocurrency with as little as 0.75 percent for Bitcoin, up to 5 percent for other currencies.
Now, if you’re familiar with the crypto market then you’ve probably heard of Coinbase. This specialized cryptocurrency exchange allows users to trade 107 different digital currencies, making Coinbase arguably the leading platform for buying and selling crypto.
With that being said, Coinbase has recently obscured their fee structure on their website, leaving traders in the dark on what fees they are required to pay. Prior to this, the Coinbase fee structure was rather complex as it required sellers to pay both a spread markup as well as a transaction fee that depended on the size of the sale. For Coinbase Pro, their premium service, seller fees start at 0.5 percent for transactions under $10,000, and decrease as the cost of the transaction increases.
Much like Coinbase, Kraken is another specialized cryptocurrency platform that allows users to trade a plethora of different digital currencies, such as Solana, Uniswap, Cardano and more. The 91 cryptocurrencies available on the Kraken platform create a unique portfolio of digital currencies that aren’t supported on most financial platforms. It is important to note, however, Kraken does not offer its service to every state within the U.S.
While most sales incur a 1.5 percent fee, traders who use a debit or credit card will get hit with a 3.75 percent fee and a 0.5 percent bank processing fee for users who fund through a bank. Nonetheless, much like Coinbase Pro, fees drastically decline for traders who use Kraken Pro. More specifically, fees start at 0.26 percent for low-cost transactions and decrease to 0.1 percent for higher-cost transactions.
Now, while we all know that PayPal is often used as an online payment platform, most of us wouldn’t associate PayPal with cryptocurrency. However, much like many other financial applications, PayPal has also seen the evolving potential of cryptocurrency and decided to jump on the bandwagon. More specifically, Paypal now allows its users to buy and sell crypto right from its mobile app.
Similar to Coinbase, PayPal charges a fee for each transaction as well as a spread markup on each trade. While trades under $25 only incur a fee of 50 cents per transaction, sales over this amount are charged on a percentage basis that decreases as cost of the trade increases. Unfortunately, PayPal only offers four different cryptocurrencies including Bitcoin, Etheruem, Litecoin, and Bitcoin Cash.
If you’re interested in learning how Dogtown Media can help bring your crypto app ideas to market meeting the demands of the booming crypto market, contact us. We’d love to help!Tags: AI development Las Vegas, app developer Las Vegas, app developers Las Vegas, cryptocurrencies, cryptocurrency boom, cryptocurrency market, cyrpto, internet of things app development las vegas, IoT app developer Las Vegas, iphone app developer las vegas, Las Vegas, Las Vegas AI app developer, Las Vegas AI development, las vegas app developer, Las Vegas app development, Las Vegas IoT app developer, las vegas iot app developers, Las Vegas machine learning app developer, Las Vegas medical app development