Innovative Solutions in Crypto Exchange App Development: The Kurdcoin Case

About the crypto exchange app

Kurdcoin is a reliable platform for buying and selling cryptocurrency in Iraq and Kurdistan. The crypto exchange is focused on both experienced traders and beginners, with simple and convenient functionality. Users can safely trade different types of cryptocurrency (USDT, Bitcoin, etc.) and use popular payment methods.

Technologies

Backend:Node.js, Postgres, Redis, TRC20
Frontend:React.js, React Hooks, Redux, TypeScript, React Query
Mobile:React Native

Our role and company services

Mobile & Web Development, UI/UX Design, QA, DevOps, Support
iOS/Android app
Web app

Crypto exchange app development: the challenge

The key goal of the company's request was to build a digital fintech business app at a reasonable cost. The client wanted to create a platform where everyone could trade cryptocurrencies profitably (with minimal or no commissions), locally and through cash. We undertook all tasks related to the exchange's development and its adaptation to the market of Iraq and Kurdistan.
It was important for the client to make the user experience as convenient and clear as possible for all cryptocurrency traders (individuals and companies), regardless of their experience. Also, every user must be confident in the reliability of transactions. We faced yet another challenge — ensuring the app's security and compliance to create a solution users can trust.

Project management

Since this was a large software project, we brought in a big team of experienced specialists: a business analyst, UI/UX designers, backend, frontend, and mobile app developers, QA engineers, and a DevOps expert.
We used Agile methodology to manage the project, which improved communication among team members and with the client. This helped us quickly respond to changes and adapt to new requirements.

Pivot 1

The project started with an in-depth study of businesses targeting individuals and legal entities in the target cryptocurrency markets. Understanding the target market's needs and cost considerations made it easier to prototype, design, and later implement the functionality.

Completed tasks:

  • Immersed in fintech app development to collect data that served as the basis for project decisions.
  • Built the cryptocurrency exchange and coordinated all the visual nuances with the customer.
  • Created the app interface design demonstrating the platform's appearance for traders and admins.
  • Developed static and dynamic pages for different devices and operating systems based on the approved design.

Pivot 2

When we started building the app's features, the tasks got more complicated. This was because the client wanted to add more features, especially gamification, to attract new users while keeping the cost manageable.

Completed tasks:

  • Prioritized functions for trading digital assets and for app's process administration.
  • Developed a trading engine responsible for the core functionality of the crypto exchange.
  • Implemented the app's basic functions related to user account registration and authorization.
  • Created an admin panel to monitor the actual situation (traffic, number of deals) and control actions.
  • Added analytical tools for traders to help evaluate current cryptocurrency market conditions.
  • Set up the system of push notifications to keep in touch with the users.
  • Built a loyalty program for the app based on game mechanics, where a user gets bonuses and discounts for certain actions.

Pivot 3

The P2P platform needed a strong technological foundation because of its unique tech and cost requirements. Both our team and the client knew this from the beginning. However, some technical details became even more crucial as we developed the solution. We focused mainly on building and securing cryptocurrency transactional processes.

Completed tasks:

  • Programmed Node.js-based server-side (JavaScript) and designed the database (PostgreSQL, Redis).
  • Optimized content management and transaction control through the app's admin panel and customized user roles.
  • Automated creation of order book, exchange, closing orders, and adding to transaction history.
  • Integrated the FastPay payment system and Zain Cash electronic mobile payment service.
  • Added Hawalla (Asia Hawalla) informal settlement system for fast money transfer.
  • Implemented transactional processes via USDT-TRC20 and USDC-TRC20 to process over 1,500 transactions per minute.
  • Implemented KYC standards to ID users before performing a financial transaction.
  • Achieved AML compliance by tracking suspicious transactions and preparing SARs.
  • Tested at various stages of operations, including the app's target users.

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Cryptocurrency app development: key features

Buy/sell cryptocurrency

To trade, you need to register and add your wallet information. The app supports both non-cash and cash payments. In the first case, the application uses a payment system. For cash payments, the user transfers money to the cash desk and receives cryptocurrency in their account or sends cryptocurrency to a specially created account and receives money from the cash desk.

Individual sales account

Each user gets an individual account in the system. When money is deposited into it, the administrator knows to whom to issue fiat currency. This ensures transaction traceability (which user has sent crypto for sale) and increases control.

Payment via FastPay

We integrated the app with the FastPay payment system to speed up financial transactions and ensure minimal commissions. Users can save their FastPay account (phone number) inside the app and select it for transactions as needed.

Transaction administration

Given that the system handles payments and user funds, we developed a robust verification process. Every action requires verification by the system administrator. When a user is created, their data is verified. Similarly, when a new crypto-address is added or a transaction is created, verification is performed.

Phone number verification

To protect user data, we added phone number verification for both registration and login. We also limited the resending of confirmation codes to once per minute. After five attempts, the code is blocked for 24 hours.

Gamification

To attract users to the app, we developed a system of bonuses and discounts. Users earn extra funds for completing their profiles and inviting friends. These funds can be used to pay transaction fees or to buy crypto.

Review

They were results-oriented, and the teammates assigned to the project knew exactly what they were doing.

Abdurrahman Bapir
Founder, Kurdcoin Exchange

Numbers

#1
crypto exchange in Iraq and Kurdistan
1,500+
transactions per minute
3-5
minutes for transactions
100+
cryptocurrencies
10K+
OTC trade orders
50K+
accounts per month in the newsletter reach

Results

By incorporating our expertise in crypto wallet app development, we ensured Kurdcoin's platform was secure, user-friendly, and fully compliant with industry standards. The result is a robust, trusted solution for the crypto market in Iraq and Kurdistan, meeting both local demands and international expectations.
Developed a trusted cryptocurrency exchange app from scratch in 4.5 months, continuously adapting to changing market and project requirements while successfully managing the costs.
Implemented the app's basic and advanced functionality for experienced and novice traders.
Built the app's functionality for creating a personal account, adding wallet data, and selecting payment methods.
Created the app's design following the fintech company's corporate style and user requirements.
Developed an admin panel to effectively manage all processes, operations, and users.
Integrated game mechanics into the loyalty program to interest new users.
Built a strong technological foundation for transaction execution and ensured the app's compliance with KYC and AML standards.
Achieved the platform's correct functioning on different devices and operating systems and localized the solution for target regions.

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