How much does it cost to build a currency exchange app for the finance sector?

Standard price for a currency exchange app for the finance sector: $68,750

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What is a currency exchange app for the finance sector?

A currency exchange app for the finance sector enables users to convert one currency into another, such as U.S. dollars into Euros or Yen. Currency exchange apps provide real-time data and historical charts so that users can track their accounts and observe fluctuations in foreign exchange rates. A currency exchange app should include security features to prevent unauthorized use of a user's personal account information and ensure that any transactions within the app are secure in order to protect against identity theft and other financial crimes.

Currency exchange apps for finance professionals are similar to many other finance-related apps such as money management apps, accounting apps, budgeting apps, and banking apps. Currency exchange applications like TransferWise and Revolut are popular examples of currency exchange app types.

Here are some recent currency exchange app for the finance sector examples built with Crowdbotics:

  • A currency exchange app for people in the US and Nigeria. User can buy a token that has a fixed US currency or Nigerian currency.

  • A crypto-currency app for Bitcoin. The core of it is similar to Casa wallet. There is an element of NFT tokening, and exchange.

What is the typical cost to build a currency exchange app for the finance sector?

A currency exchange app for the finance sector usually costs $68,750 to build. However, the total cost can be as low as $50,000 or as high as $100,000. A currency exchange app for the finance sector with a low number of features (also known as a "minimum viable product", or MVP) will be more affordable than an app that includes all intended functionality.

For example, here are some recent price quotes for a currency exchange app for the finance sector from Crowdbotics:

  • $50,000

  • $87,500

How long does it take to build a currency exchange app for the finance sector?

A currency exchange app for the finance sector usually takes 917 hours to build. However, a currency exchange app for the finance sector can be built in as few as 667 hours, or in as many as 1,333 hours. The exact timeline mostly depends on how complicated your app is. As a general rule, it will take longer if you require highly custom designs, niche features, or non-standard release platforms.

For example, Crowdbotics produced the following recent hourly estimates for a currency exchange app for the finance sector:

  • 667

  • 1,167

How to successfully grow your currency exchange app for the finance sector

A currency exchange app can grow rapidly by serving the financial needs of its users. A currency exchange app provides value by providing fast and accurate price quotes for foreign currencies and enabling users to trade currencies in a quick and timely manner. Currency exchange apps need to encourage peer-to-peer trading, demonstrate the liquidity of the market, and provide real-time updates for pricing changes.

Risks and challenges of building a currency exchange app for the finance sector

Currency exchange apps can face legal and financial risks for violating anti-money laundering, counter-terrorist financing, and anti-fraud regulations. Before creating a currency exchange app, you will want to ensure that you've taken all of the required steps to register as a money transmitter with your local state government. You will also want to ensure that your data storage implementation is secure enough to protect sensitive financial information. You should take care to follow best practices for storing personally identifiable information (PII), including strong password policies and regular security audits.

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Some of the descriptions on this page were completed with AI assistance. Learn more here.