To simply say, it is based on your business plan. If you want to make your exchange more rich, obviously you must need to spend money for it. In opposite, if you want to make your exchange with limited features, and to execute limited transactions per second then the Cost Of Investment will be slightly lower. Let me give you a three options. and later i will let you know which method will help you to setup a fully secured cryptocurrency exchange by reducing the Investment cost.
The Three Options are
Option A : Hire a team of Developers to develop your own exchange from scratch. (or)
Option B: Connect with a cryptocurrency exchange development company and ask them to develop and launch your own exchange. (or)
Option C : Simply purchase a Cryptocurrency Exchange Clone Script and launch your exchange Just in 48 hours with reduced customization.
How Much Will You Need To Invest If you Choose Option A?
If you hire a team of developer, then you should pay them for hourly wages. consider if you hire a team of developer with 5 members, and every person demand for at least 10$ per hour and the entire project duration is 3 months from designing, deployment and deployment, then you will pay at least 3600$ ( consider 8 hours per day and its totally 720 hours for 3 months- For a single person ) Apart from this you will pay for additional customization, hosting cost, Service Cost, resource allocation cost. equipment cost, food, power, hospitality cost and etc. This will lead you to pay a bill of at least 10,000$ to the offshore development team. Okay let us see the next one.
How Much Will You Need To Invest If you Choose Option B?
That is hire a cryptocurrency exchange development company Don’t have to afraid, you are not going to hire an entire company, you are just going to hire a team of developers, designers, ans DevOps and Business Team who are going to work for your project alone. The entire team will be bounded with around 15 members. And one more thing, here you don’t have to build your cryptocurrency exchange from scratch, they will have a ready made cryptocurrency exchange script. If you want to develop your own exchange script from scratch, you can go with it, but you need to pay for the development cost.
Instead if you choose the ready made script, you are going to pay only for the customization cost, so the allocated developers will be assigned to work only for customization, bug fixing and upgrades. So, the development cost has been cut off in to half and the development duration will be reduced.
So, the entire cost will be categorized in the three below Product Cost ( Ready Made Cryptocurrency Exchange Script ) – Approximately 1500$ and above Service & Customization Cost – Min 2000$ Employee Wages, Resources, Tax and Additional Cost – 2000$ So Totally Minimum You Will Pay – 5500$ to 6000$ Let’s see the final one!
How Much Will You Need To Invest If you Choose Option C?
The Only Investment Cost here is the Purchase Cost of Cryptocurrency Exchange Clone Script. The Cost Of Basic Cryptocurrency Exchange Clone Script ( Localbitcoins Clone Script )Reported by a Cryptocurrency Exchange Development Company, Bitdeal is – $1000 -$ 2500 With Tax ( Approximately) The Only Additional Cost here is , Customization Cost which will be nearly – 500$ – 1000$ .If you don’t want customization you can reduce the cost, and can reduce the duration. So there is a possibility of launching your cryptocurrency exchange with in 2 – 10 working days.
So, if you want to start an exchange with minimum investment cost, better go with option C. Purchase a Cryptocurrency Exchange Clone Script and start launching your cryptocurrency exchange. Originally Published : Aaron Cody’s Answer on Quora : How much investment is needed to develop a cryptocurrency exchange platform?