The billion-dollar crypto space is expanding its opportunities every day. A year ago, in 2019, the total crypto coins in the coin market cap were 2300+, but you could see the inflammation to double the size, I.e., 5300+ in 2020. The drastic increase in cryptocurrencies has evidenced a promising growth for the investors and traders.
Initially, the community peers showered their interest in mining crypto coins. Due to the increase in complexity and competitive spirits, the peers are shifting towards setting up the business in the crypto market. Some of the peers grab white-label exchange scripts from well-orchestrated cryptocurrency development services and launch their exchange platforms! You can find vast options around crypto space to build a business!
In this blog, let's have a quick chit-chat to start your cryptocurrency exchange business!
⏭10 steps to start your cryptocurrency exchange⏮
1️⃣ Decide the type of exchange
Cryptocurrency exchange platforms are yielding huge profits from their community users through various services rendered. A most popular type of crypto exchange is the centralized exchange! Even though cryptocurrencies were invented to avoid intermediaries, people still require third-party governance to perform smooth trades and transactions. Hence, centralized exchanges play a vital role in crypto space. You can decide on the type of cryptocurrency exchange you want to launch!
🔻Types of crypto exchanges are:
- Centralized
- Decentralized
- P2P
2️⃣ Scrutinize Extensive MarketSpace
Conduct thorough research on the crypto market space. Find the leading cryptocurrency exchanges, listed cryptocurrencies, features, their add-on services, and much more. Aim to provide the best possible features on your crypto exchange platform, and you can even take up the survey from investors to build exchanges.
3️⃣ Decide the geographical location
Analyze the crypto market space and set the base of your crypto exchange business. Every federation does not accept cryptocurrencies and their exchange platforms, hence, setting geolocation must be your primary decision.
Popular cryptocurrency exchanges are based out of the USA, Japan, Switzerland, Singapore, Luxemburg, Hong Kong, Malta, Estonia, and Bermuda.
4️⃣ Peep through the laws of the jurisdiction
Abiding by the laws of jurisdiction is the significant process of every business setup. On deciding your geolocation, have a detailed perspective on the laws of jurisdiction regarding cryptocurrencies and its related business. Some of the federations are supportive of the crypto business, while others are not. The governments are framing their laws for crypto assets based on their people, economy, and other aspects. Deviating from the norms can cause an impact in your crypto exchange business!
5️⃣ Head towards legal consultants
Every year the government revises its business laws and regulations. Hence, it's better to approach a legal consultant to check out the laws of setting up a cryptocurrency exchange platform. Legal professionals may guide you in the right pathway to set up the business without any hassles.
6️⃣ Determine the cost of development
You can decide to build the cryptocurrency exchange from square one or develop the well-structured white-label script. The choice is yours! The cost of developing the exchange by a cryptocurrency exchange development company is decided upon various factors. They consider add-on features, back-end technology, database support, and many more factors. You can consult the companies and get a quote from them by discussing your requirements!
7️⃣ Work with Development company.
You can decide on a crypto exchange development company based on their technical expertise, project portfolio, and price quote. The company must have a team of blockchain developers, front-end developers, marketing professionals, business analysts, and other people to support your project.
8️⃣ Consolidate the list of features
Build your cryptocurrency exchange platform with advanced features, so that your users must glide on with the elegant user-interface. Try utilizing all the competitive exchanges and list out the features you aspire. Consolidate the list and think upon features to add-on!
🔻Mandated features for a cryptocurrency exchange includes:
- Instant KYC Verification
- Multi-currency support
- Multi-lingual support
- Wallet integration
- Liquidity
- Crowdfunding tokens listing
9️⃣ Launch the crypto exchange
You can configure and launch the cryptocurrency exchange platform for the target audience now! Your cryptocurrency exchange platform must be outreached to the potential audience with innovative marketing techniques. Try outreaching your exchange platform in possible community portals, search engines, social media, and advertisement campaigns.
🔟 Round the clock support
The customers become panic while entering a novice cryptocurrency exchange platform. Hence, your platform must be designed to render round the clock technical support to the users. At initial stages, the users may not be in millions; hence every user is your valuable asset, afford them support rapidly. The customer support helps you stand out of the crowd and gathers a massive user base!
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