Should I Build It Should I Build It
01 Jul 2025
Fintech

currency converter, fiat, cryptocurrencies, tips, loan, compound ...

...interest calculators, rate history

Confidence
Engagement
Net use signal
Net buy signal

Idea type: Swamp

The market has seen several mediocre solutions that nobody loves. Unless you can offer something fundamentally different, you’ll likely struggle to stand out or make money.

Should You Build It?

Don't build it.

Your are here

Your idea for a currency converter with fiat, cryptocurrencies, tips, loan, and compound interest calculators, along with rate history, falls into a crowded market. We found 12 similar products, indicating high competition. This places your idea in the 'Swamp' category, where many mediocre solutions already exist. The average engagement for similar products is low, with an average of only 1 comment per product. Given the existing landscape, it will be challenging to stand out unless you offer something fundamentally different. It is important to note that similar products get very little engagement in general, and that there are a lot of them. You should be aware that it will be tough.

Recommendations

  1. Begin by thoroughly researching why existing currency converter solutions haven't truly succeeded. Don't just look at features; dig into user reviews and identify unmet needs or pain points. Understand what users actively dislike about current offerings and where they feel underserved. Look into the comments from similar products to understand what people did not like.
  2. If you decide to proceed, don't try to be everything to everyone. Find a specific niche or user group that is being underserved by existing solutions. This could be travelers, crypto enthusiasts, or individuals needing complex financial calculations. Tailor your app to their specific needs to create a more compelling value proposition. RateX's success with travel companion and live rates can act as an example of building a strong niche.
  3. Consider focusing on building tools or integrations for existing financial platforms or providers rather than creating a standalone app. This could involve developing a currency conversion API or a plugin for accounting software. This approach may provide a more sustainable business model and avoid direct competition with established players.
  4. Explore adjacent problems related to currency conversion that might be more promising. For example, could you create a platform that helps businesses manage international payments or a tool that simplifies cross-border transactions? Shift your focus to the user's overall goal and you might find a better way to build a product that users will love.
  5. Given the competitive landscape and low engagement in this category, carefully consider whether this is the best use of your time and resources. It might be wise to save your energy and focus on a different opportunity with higher potential for success.
  6. Since several similar products received the comment that they are loaded with ads, consider going the open-source route. That might be a great differentiator, but remember, it comes with it's own challenges.

Questions

  1. What specific, unmet need can your currency converter address that existing solutions overlook, and how can you validate this need before building the product?
  2. How will you differentiate your currency converter in a way that creates a strong competitive advantage, considering the high number of existing solutions and low user engagement?
  3. What is your plan for acquiring and retaining users, given the low engagement seen in similar products, and how will you measure the success of your customer acquisition strategy?

Your are here

Your idea for a currency converter with fiat, cryptocurrencies, tips, loan, and compound interest calculators, along with rate history, falls into a crowded market. We found 12 similar products, indicating high competition. This places your idea in the 'Swamp' category, where many mediocre solutions already exist. The average engagement for similar products is low, with an average of only 1 comment per product. Given the existing landscape, it will be challenging to stand out unless you offer something fundamentally different. It is important to note that similar products get very little engagement in general, and that there are a lot of them. You should be aware that it will be tough.

Recommendations

  1. Begin by thoroughly researching why existing currency converter solutions haven't truly succeeded. Don't just look at features; dig into user reviews and identify unmet needs or pain points. Understand what users actively dislike about current offerings and where they feel underserved. Look into the comments from similar products to understand what people did not like.
  2. If you decide to proceed, don't try to be everything to everyone. Find a specific niche or user group that is being underserved by existing solutions. This could be travelers, crypto enthusiasts, or individuals needing complex financial calculations. Tailor your app to their specific needs to create a more compelling value proposition. RateX's success with travel companion and live rates can act as an example of building a strong niche.
  3. Consider focusing on building tools or integrations for existing financial platforms or providers rather than creating a standalone app. This could involve developing a currency conversion API or a plugin for accounting software. This approach may provide a more sustainable business model and avoid direct competition with established players.
  4. Explore adjacent problems related to currency conversion that might be more promising. For example, could you create a platform that helps businesses manage international payments or a tool that simplifies cross-border transactions? Shift your focus to the user's overall goal and you might find a better way to build a product that users will love.
  5. Given the competitive landscape and low engagement in this category, carefully consider whether this is the best use of your time and resources. It might be wise to save your energy and focus on a different opportunity with higher potential for success.
  6. Since several similar products received the comment that they are loaded with ads, consider going the open-source route. That might be a great differentiator, but remember, it comes with it's own challenges.

Questions

  1. What specific, unmet need can your currency converter address that existing solutions overlook, and how can you validate this need before building the product?
  2. How will you differentiate your currency converter in a way that creates a strong competitive advantage, considering the high number of existing solutions and low user engagement?
  3. What is your plan for acquiring and retaining users, given the low engagement seen in similar products, and how will you measure the success of your customer acquisition strategy?

  • Confidence: High
    • Number of similar products: 12
  • Engagement: Low
    • Average number of comments: 1
  • Net use signal: 40.8%
    • Positive use signal: 40.8%
    • Negative use signal: 0.0%
  • Net buy signal: 0.0%
    • Positive buy signal: 0.0%
    • Negative buy signal: 0.0%

This chart summarizes all the similar products we found for your idea in a single plot.

The x-axis represents the overall feedback each product received. This is calculated from the net use and buy signals that were expressed in the comments. The maximum is +1, which means all comments (across all similar products) were positive, expressed a willingness to use & buy said product. The minimum is -1 and it means the exact opposite.

The y-axis captures the strength of the signal, i.e. how many people commented and how does this rank against other products in this category. The maximum is +1, which means these products were the most liked, upvoted and talked about launches recently. The minimum is 0, meaning zero engagement or feedback was received.

The sizes of the product dots are determined by the relevance to your idea, where 10 is the maximum.

Your idea is the big blueish dot, which should lie somewhere in the polygon defined by these products. It can be off-center because we use custom weighting to summarize these metrics.

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I've made an Open Source currency converter RN app without annoying ads

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Hello HN, Creator here! The beginning might seem strange, but it will all make sense later.I needed to buy sunscreen in Turkey, and the hotel price was some outrageous 44 euros for a regular Nivea. In the end, I found one in a pharmacy in the city for 500 lira. I converted all of this into my local currency using a converter that I've been using for a long time (when you live in two countries, it's a very useful tool), and it triggered something in me.Seems like a simple thing, and nobody tries to charge money for such apps, but they bombard you with tons of advertisements. Some just put a banner at the bottom, while some individuals throw up full-screen pop-ups with a countdown timer until you can close them, as if I'm about to watch a movie and not just convert a number from one currency to another.So, during my vacation, my little pet-project was born, which I decided to make completely free without any advertisements and open-source. Leave your feedback or comments here, thanks a lot!

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