If you want to attain success in the emerging domain of the cryptosphere, then the only solution for that is to start your cryptocurrency trading platform.
You are somewhat right to think that it is easier said than done but at the same time, it is not impossible at all and the growing number of crypto exchange providers are making this task more feasible. If you have followed the trend of crypto adoption across the globe, then you will see that we now have plenty of crypto exchanges that offer a plethora of services to crypto users worldwide.
Now you might think that there is already a lot of competition and certainly no scope of success for another platform, but you would be wrong to assume that. The truth is, the number of exchanges is increasing only because the count of crypto holders is also growing. If you launch your crypto exchange right now, it would definitely be a success, provided you give the users what they need.
But before you nosedive into this process, it is essential that you know the basics. In this article, we are giving you a step-by-step for launching a crypto exchange and making it an absolute success.
Here’s how you start a crypto exchange business:
#1. Determine the location first
We all know that cryptocurrency is not welcome everywhere. Some nations have largely acknowledged its potential, many others have termed it as ‘scam’. There are a few nations that have allowed their citizen to buy and sell crypto and you need to register your business in these regions. When you do that, you have no reason to worry about the future of your company as far as regulations are concerned.
#2. Be thorough with the legal formalities before kickstarting the project
Once you have chosen the location, the next task is to get done with all the legal formalities, and needless to mention, you have to be very certain about it. There should not be any doubt about a single clause in the terms and conditions proposed by the government of the country where you are launching your service. You must consult things with a lawyer who is aware of all the legalities of the concerned location. It is a must that you know the rules and regulations to the hilt before you start setting up the platform as a business venture.
Today, every country has made KYC mandatory which stands for “Know Your Customer” and involves ascertaining the true identity of a customer through their government-issued ID cards. You will have to include this practice into the working of your exchange platform.
#3. Choose the most reliable payment gateway or banking partner
The next step in this process is to choose the right partner and to make the payment segment of your business absolutely seamless in every way. As long as you continue to have these issues, your venture cannot really lead conducive operations in this domain.
Therefore, it is a must that you start looking for a banking partner or a payment processor that could help you with the transactions and could provide you 100% security. When it comes to cryptocurrency transactions, you have to double-sure about the anonymity of the platform and various other things. The methods and gateways involved in this practice have to be more nuanced and should make the financial transactions effortless.
#4. Ensure that there’s enough liquidity for the users
Liquidity is one thing that every trader looks for, whether it is a physical commodity market or cryptocurrency, this is the juice that keeps the trade going on. Thus, you have to make sure that your trading platform offers substantial quantum of liquidity to the users and they could make the most of it.
Here are some smart ways to acquire liquidity for your platform:
Introduce a simulator in your exchange that lets the prospective users engage in virtual trading before they taste the real thing.
A well-framed API interface has to be in place so the users find no difficulties in trading or carrying out any other task they want to.
If you join a network of crypto exchanges, then there are quite a few benefits that you can provide to your users, you can keep your platform updates and this is a great help in maintaining liquidity.
#5. Adhere to the best security practices
Security has to be the topmost priority for any business that deals in virtual or real assets and when it comes to cryptocurrency, we know of various instances in which crypto holders have lost their tokens because of the lax structure of the exchange. If that happens to your platform, you can certainly consider it a fiasco and may never be able to launch this kind of venture again. At the very time of developing this application, you need to be sure about the security standards and make everything foolproof. You have to make sure that the platform cannot be hacked in any way and its transactions are kept anonymous and impervious to any sort of malicious cyber attack.
#6. Make the Beta testing necessary
The concept of Beta testing or environment is very fruitful as it helps you analyze the features and functionality of the platform. It is nothing but a trial version of your exchange and you can use it to be sure about the efficacy and performance of the program. You can also get a hint of what you could add to the existing version to make it better for the users.
#7. Leave no stone unturned in marketing efforts
When you are done with the development and have come up with the final version of the exchange, it is time to pull up the socks and go all out in the marketing process. You have to make sure that every crypto user is aware that they have an alternative to their existing exchange and in order to make them switch to yours, you have to provide them some indispensable inaugural offers.
Social media is a great vehicle to tell the world about your crypto initiative and there are many other marketing tools and channels that you can deploy to make the exchange a complete success. For making that possible, it is necessary that you team up with a proficient marketer.
#8. Establish a full-fledged customer support team
No matter how perfect your crypto exchange is, there could always be some minor issues or queries that you have to help the users with. When you are finalizing all the segments of the operations, you must emphasize on creating a team of support professionals who could deliver the best technical assistance to the users of your platform.
You have to ensure that they could help customers with anything and are available 24/7 for assisting them.
Are there variants of a cryptocurrency exchange that I can opt for?
Yes, you have quite a few options to go for and choose the most appropriate model for your cryptocurrency exchange. There are three models that you can choose:
In-house exchange development
Under this model, you hire a team of experienced professionals who shape up your crypto exchange in accordance with your requirements and specifications. Following this model, you can build the platform right from scratch and every possible change can be done. Moreover, you can choose the programming language for developing the platform and its features.
Before choosing one particular language or framework, you have to be sure about its compatibility with the payment gateways and other security standards that you would have to implement.
Although it sounds like an ideal way of creating your exchange it could take a lot of time in the development process and you have to be engaged with the team all the time. It may take a few months to build the perfect crypto trading mechanism and you have to be ready to face all sorts of challenges as well.
But if you are running out of time and want to launch your business shortly then you should look for the alternatives.
Open-Source Scripts
There are various open-source scripts provided by certain websites and forums. These scripts can be used for creating a crypto exchange and it also requires a good technical understanding of the codes and algorithms, so you have to associate with skilled developers.
This model also involves working with hired professionals but it could save you some cost and time because you work on an off-the-rack format that makes the development process very easy. While working with open-source scripts, you need to make sure that you are working with well-versed developers who understand everything and equip the platform with updates features.
White Label Exchange Software
This is the best choice for entrepreneurs who want to launch their exchange instantly sans wasting time on development. We all know that there are times when you want to make the most of an ongoing trend in the market and you cannot wait for weeks or months in developing an application.
A white label exchange software emerges as a perfect solution in such times, it is an off-the-rack platform that comes with all the necessary features and can be deployed instantly. It is also very hassle-free to manage and makes the job of an admin easier than ever. The cost of this variant will surely surprise you and the benefits are endless.
Upshot
If you are looking for an opportunity to launch your cryptocurrency service, then you have come to a place where you can materialize all your visions. The experts of Coin Developer India enable you to acquire and launch a flawless crypto trading platform that works sans any imperfection. We allow your business to stride and to be the frontrunner in this domain with a perfect vehicle.
With our products and services, you would be able to make a strong base for your company and establish a potential user-base as well. Whether you want to develop an exchange from scratch or willing to go for a white label solution, we make everything possible for you. You can opt for the model of development and we will materialize your vision without a single glitch.
Talk to our expert and order a demo right now. Call and whatsapp : +91 7014607737
