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The size of the billion-dollar cryptocurrency market is a testament to the burgeoning popularity and global adoption of cryptocurrencies. The number of cryptocurrencies has grown to over 2,300 through 2019, according to CoinMarketCap, and the market has witnessed an incredible increase in the number of crypto investors over the past decade.
Earlier, people preferred Bitcoin mining to earn rewards, however, the reduction in block rewards has shifted people’s interest to cryptocurrency exchange development. Businesses and entrepreneurs globally are choosing to create cryptocurrency exchange platform to enter the crypto market and rake in huge profits. Binance, one of the leading crypto exchange platforms, hit a massive $1 Billion mark in cumulative profit, out of which $183.5 Million was made in Q3 of 2019 alone.
The stats reveal that setting up crypto exchange is a huge opportunity that can be capitalized by crypto enthusiasts looking to start a crypto exchange for revenue generation. If you are planning to make your own cryptocurrency exchange – be it from ground zero or white label exchange software – follow a well-orchestrated approach to create crypto exchange platform that can bring you profits.
This guide will walk you through how to make your own cryptocurrency exchange. Let’s delve into the step-by-step guide.
Identifying the type of crypto exchange that you want to launch is crucial. To make this decision, it is important to understand the different types of exchange platforms in the first place.
Once you have decided on the type of exchange, find out whether you want to build cryptocurrency exchange website from scratch or rather go with white label crypto exchange software.
Any project should be backed by extensive market research as it helps solidify your decisions. Do rigorous research to identify current crypto market trends and the anticipated price of cryptocurrencies in the year 2020. This will help you decide which cryptocurrencies should be listed on your exchange. In addition, find out what features do traders seek in a cryptocurrency exchange. Integrating the most sought-after features into your exchange will help you acquire more users and amplify your revenue generation opportunities.
Take time to choose where you want to start a crypto business. It makes sense to study the regulatory framework and government policy, and also find out if the country you are considering is receptive to cryptocurrency and has a vibrant ecosystem of crypto traders who will support your business.
The following crypto-friendly countries are worthy of consideration before you settle on your headquarter to start your own cryptocurrency exchange.
As governments across the globe continue to learn more about cryptocurrencies, they are formulating laws to regulate these digital currencies. While some governments are receptive to cryptocurrencies, others are hostile. Understanding the regulations of the country where you plan to launch your crypto exchange – be it a custom exchange or white label crypto exchange software – is paramount. Failing to comply with these regulations can put you in trouble so make sure to have complete knowledge about the government policy and regulations before reaching a decision in your journey to develop crypto exchange.
It is likely that you may miss out considering some crucial regulatory aspects related to cryptocurrencies and setting up an exchange in a particular country, especially if you are not from a legal background. It is always advisable to hire a legal team that can check out the regulations and guide you on how to start a crypto exchange while adhering to all of these regulations.
The regulations vary from country to country. In the year 2020, some governments may revise the existing laws and others may formulate new laws to regulate crypto, thus having a separate team to stay on top of crypto-related laws across various regions will help you make well-informed decisions while you set up own Bitcoin exchange.
You need to hire a cryptocurrency exchange development company to build and launch your crypto exchange. Every company charges a different price for developing an exchange. Furthermore, the cost to build a crypto exchange depends on various factors like the technology on which the exchange will be built, the features that will be integrated into the exchange, and the type of exchange that you want to build. For example, building white label Bitcoin exchange software requires lesser cost compared to developing a crypto exchange from ground zero. Thus, identify you needs for an estimated cryptocurrency exchange development cost and make sure that you have the required funds.
The success of your project depends majorly on the development team so rely on a trusted crypto exchange development company. Find out if the company has real-world experience working on projects like yours and can answer any questions that you may have regarding how to create a crypto exchange. In addition, check the team of the company that you are considering hiring. Your chosen company should comprise the following experts:
The features that you integrate into your crypto exchange will make or break your exchange. Reinforce your exchange with features that users seek in an exchange platform – these include the ones that enable secure, easy and quick trading.
It pays off to underpin a crypto exchange – both white label crypto exchange software and custom exchange – with the following features:
In addition, it is equally important to achieve a high security for an exchange. Here are some security features that can be integrated into your exchange to fortify the security paradigm and achieve multi-layer security.
People won’t know unless you tell. You need to promote your crypto exchange to your target audience to gain traction and users. Your crypto exchange development company, besides guiding you on how to build a cryptocurrency exchange, may have a marketing team that can devise intelligent marketing strategies to advertise your exchange to your intended audience. Leverage multi-channel marketing to build and expand your reach.
Here are some marketing strategies that can be followed to promote your exchange:
This is the most important step. The success of any business depends on its customers; if the customers are satisfied, the business is bound to succeed. Provide a 24*7 support to your exchange users. Have a team to quickly resolve any issues or errors that your users may have. This will help you build trust among your existing and potential users, enabling you to emerge as a reliable brand name.
The increasing popularity of cryptocurrencies and the governments considering the use of these digital currencies direct to the fact that cryptocurrency is here to stay. Businesses that act now and build their crypto exchange underpinned by user-desired features are more likely to edge out the competition and succeed.
If you are planning to build your crypto exchange to tap into the billion-dollar crypto market, we can help. We offer mission-driven crypto exchange development services, so whether you want to build a custom crypto exchange or white label crypto exchange software, we harness our experience and expertise to lay the cornerstone of your exchange platform.
Schedule a free demo for our white label crypto exchange or get in touch with our subject matters experts to gain in-depth knowledge of how to create a cryptocurrency exchange. A free consultation is available to discuss your business needs; no obligation, just a friendly chat to work out if we can help.
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