Bitcoin has been the forerunner in the crypto space for years. The thing why I’m stressing here is, you would have already known the importance of Bitcoin in recent days!! As the demand increases, the clear picture of benefits and opportunities comes into existence! The same has happened with Bitcoin Exchange. One more thing which cannot be ignored is the Bitcoin price hike! This can a possible reason why initiating a Bitcoin Exchange can bring laurels to your business!!
For the year 2019, if you are planning to kick-start Bitcoin Exchange, this guide can assist you with the work done as well as a roadway for how to set up a bitcoin exchange!!
Initially, know what is bitcoin exchange! To put in simple words, this is a digital marketplace where you can buy or sell the cryptocurrency.
How to start my own cryptocurrency exchange?
You are ready to crank up Bitcoin Exchange. Your query on how to create my own cryptocurrency exchange is going to be solved now! Here are the primary steps you need to be aware of!
HOW TO MAKE YOUR OWN CRYPTOCURRENCY EXCHANGE?
- Sound knowledge of the field
- Gather the Complete Legal Requirements
- Find the perfect solution provider
- Enhance your Liquidity
- Partnering with Payment Processors
- Implementing Security Features
- Go live via Beta Testing
- Start marketing your product
- Have a Client Support Team
- Maintain a Legal crew
To have a brighter perception, we shall have a healthy discussion to a deeper extent to know more!
Sound knowledge of the field
Whatever the business you are planning to launch, have a thorough knowledge of the domain. Google as much as you can! Ask for the experts on suggestions!
Before initiating the business, all your queries need to be solved. Understand the different digital currencies available in the market, and how you can reap benefits!
Know the method of investment. In this way, you get to know the advantages and disadvantages associated with each of them!
Gather the Complete Legal Requirements
The next crucial thing to be taken into account is the legal requirements. These legal requirements may vary from country to country.
For example, in Japan, you need to register with the financial investor in the country for setting up the exchange.
The same gets applied to Argentina. In that case, there are certain regulations that state transactions with bitcoins.
They are to be governed by the same rules which apply to the sale of the goods. Therefore, consider the guidelines initially.
Find the perfect solution provider
There are a hell lot of service providers, but the thing is to identify the best organization! Identify the people who are good with the product with the desired expertise.
You should get in touch with the solution provider since: Added to the deployment they are open to suggestions that can enhance the product.
Some investors choose a specific exchange platform similar to Bitcoin Exchange and come to us with a query of How to start a bitcoin exchange business?
We, the Zab Technologies are readily available to aid and abet you in case of any queries!!
Enhance your Liquidity
Liquidity is yet another essential factor. For the question of how to setup your own bitcoin exchange? the primary thing you should consider is the Liquidity!
Investors love the platforms which result in high liquidity.
Partnering with Payment Processors
Not all the processors are the same. For enhancing your revenue, you should partner with other exchanges.
One more thing is to make sure that PCI-Compliant to safeguard your enterprise against cyber threats!!
If you had gone through statistics on cyber threats, according to 2017 statistics from Accenture, there are over 130 large-scale, targeted breaches in the U.S. per year, and that number is growing by 27 percent each year! Therefore make sure you are free from Cyberthreats!!
Implementing Security Features
As discussed earlier, bringing forth privacy is important to concern. If you are not sure about what security features to implement, here are a few rough suggestions I would give:
- Offline Cold Storage Wallets
- Two-factor Authentication
- Encrypted Databases
We people at Zab don’t save your passwords where you have the total control of!
One thing I stress here is about Data Breaching! A survey on Data Breach made clear that 87% of people are expecting that they are at the risk of Data Breach!
So, give importance to Security!! This step is crucial for your query How to start a cryptocurrency exchange business.
Go live via Beta Testing
Now you are almost ready to launch your cryptocurrency exchange! You have taken all the steps to rev up your business. The thing you should do now is to go live through Beta Testing!
Beta testing adds value to the product as the end-user (intended real user) validates the product.
Start marketing your product
This step is going to build a large audience for your end product. If you are not sure how you can reach out to popular sites such as CoinDesk, Coin Telegraph for instance.
Have a complete plan of your marketing strategy, the cost you are ready to offer, and much more.
But exchanges won’t include a marketing budget, instead of focusing on free social media marketing until you reach a bunch of traders!
Have a Client Support Team
Crypto Traders love people who are ready to help them in case of any assistance. To build a cryptocurrency exchange successfully, you should have the ability to shine in this area!
Have a Customer Support team to help the investors in the time of help anytime. This can create a positive impact on you!
Maintain a Legal crew
If you have reached this, this is the bigger fish to fry! I couldn’t stress this much more important!
Know the Cryptocurrency laws everywhere and ensure you are abiding them regularly! As it could vary from country to country!
Therefore hire the team accordingly to keep your exchange legal in all geographies where you will conduct business.
This is How to create your own bitcoin exchange!!
If you are a crypto trader or investor, it is imperative that you create a cryptocurrency exchange. With no doubts, we can experience enhancement in the Cryptocurrency exchange platform, particularly with Bitcoin Exchange.
Being a Bitcoin Exchange Development Company, we have served a handful number of clients and projects across the globe!!
If you still have queries on How to create a bitcoin exchange website, you can contact us right away!!
Feel free to check out our Live Demo for Exchange Platform