Cryptocurrency, Bitcoin are the trending search terms on google in recent years. Hope you all aware about these terms as it plays vital role in today’s digital world. Cryptocurrency Exchange is the most profitable business that is making huge revenue even on this difficult pandemic situation.
In this article, let us look at the simple steps to launch your own cryptocurrency exchange platform.
Step 1 : Get Proper Legal Counsel after meeting all your licensing requirements
It is important to get the proper legal counsel, before you set your plan of launching a crypto exchange platform. Many countries have different jurisdictions to operate exchanges and in countries like US, businesses must follow SEC and CFTC rules for proper licensing of cryptocurrency exchange operations.
Step 2 : Collect the funds for Venture
One should calculate the approximate costs involved in the project of launching the cryptocurrency exchange. Many startups fails as they don’t plan the costs for future. Thus, paln and collect funds for all the costs which involves technology, hosting, legal counsel, registration and marketing.
Step 3 : Search and Pick the Best Cryptocurrency Exchange Script Provider.
There are many cryptocurrency exchange development company, who provides the error-free cryptocurrency exchange script to launch the cryptocurrrency exchange platform whenever possible with most advanced features and plugins.
Get readymade and easily customizable cryptocurrency exchange script from the best script/software provider.
Step 4 : Increase the liquidity by connecting with other exchanges.
The backbone of every successful crypto exchange is their liquidity. When your exchange is newer, it may face issues of liquidity. So, connect with already existing cryptocurrency exchange to make greater liquidity.
Step 5 : Make Partnership with Payment Processors
Every Processors vary in things such as transaction fees, settlement time, compliance with PCI DSS, ensuring cyber securities and lot more. Consider all these aspects and choose the wise payment processors for your crypto exchange.
Step 6 : Follow Best Security Standards
Build your cryptocurrency exchange with high standard security features such as two factor authentication, encrypted database and lot more. As cryptocurrency and crypto exchanges are the targets of hackers, be aware in building the cryptocurrency exchange with high-end security APIs.
Step 7 : Do Beta Testing
When you have build your exchange with payment processors and security standards, its time to launch your exchange and test its working in beta.
Step 8 : Do marketing and PR campaigns
When you have launched your cryptocurrency exchange, it is your duty to enrich the users by running marketing campaigns and connect with crypto news sites such as coindesk through PR campaigns.
Step 9 : Provide Best Customer Support
Customers will be the final elements that rise your crypto exchange to the next level. So, provide them best support by being attentive and respond them in timely manner with all the technical issues while trading.
Step 10 : Maintain a legal team
Maintaining Legal compliance and following the current laws and regulations can make your crypto exchange more trustable among the people. Thus, hire a full-time Legal Compliance Team to maintain the legal jurisdictions of the exchange platform.