Starting your own cryptocurrency exchange business is a time-consuming process. However, it doesn't mean that this task is impossible. For some business owners, the cryptocurrency exchange has become a good source of income.
Today, in the era of the cryptocurrency boom, the owners and operators of cryptocurrency exchanges can make their jacks. However, if this is the first time you have heard about this niche, it is tough to understand the measures you should take to start your own bitcoin exchange business. You will need a Bitcoin mixer when you have earned a good amount of bitcoins, so visit this site to mix your coins. Following these steps, you'll definitely achieve that goal. In this insightful review, we'll look at this question in greater detail.
Find Legal Counsel
Before you start working, you must find legal counsel to help you understand your venture's regulatory requirements. You should remember that you simply can't start working without proper licensing. So good legal counsel is a must.
Determine Your Budget
Before you start working on your project, you should understand how much you will spend. Experts say that the bare minimum is $ 135,000. This sum usually includes the price for the technology involved, the cost of initial legal counsel, hosting, advertising, etc. The most common mistake of startups in this business is the need for a business plan. Moreover, they also license dishonourable crypto exchange providers that don't meet legal obligations.
Choose a Reliable Technology Solution Provider
Your goal is to find a trusted technology solution provider. EnCheck whether your technology provider has decent experience developing stock exchanges. Sure, its commission structures are clear and don't include no additional fees. Ensure your technology provider can host the sale and provide the complete source code.
What About Liquidity?
Remember that potential clients won't trust you when you don't have a trading activity. To avoid these problems and not simulate movements through dummy accounts, you must connect the exchange to the network of already existing businesses. In doing so, you'll improve liquidity.
Find the Appropriate Payment Processor
Remember that only some payment processors are of the same quality. Not all of them are reliable. Fee structures vary depending on the company. To compete in the market, you must offer the lowest transaction rate. Moreover, some processors provide hidden fees. So when choosing your payment processor, ensure it is PCI-compliant to safeguard and guarantee cybersecurity.
Care About the Security
Ensure you use a reliable technology that utilizes offline cold storage wallets, encrypted databases and two-factor authentication. You should remember that cryptocurrencies aren't only popular today but also vulnerable to hacking. So when choosing a technology, you need to feel sure that it is secure. Moreover, it shouldn’t store passwords.
Test Your Exchange
After you create your exchange, you need to beta-test it. When building changevisor.com, many tests were made to ensure the system worked correctly. Check whether it follows all the rules and regulations, your venture is adequately protected, and you deal with a reliable payment processing firm. After a full test, you can launch your exchange business.
You Should Have a Reliable Customer Support Team
Yes, this is the final stage, but it doesn't mean it is unessential. All employees in your team should be very attentive to your clients. Remember that your success in this business depends not only on good technology but timely assistance as well.
Your future reputation is contingent on the work of your support team. If any issues occur, they should resolve them asap. Today, there are lots of services that can help you do this work faster. For example, you can use ZenDesk, which is regarded to be a superb and multi-featured ticketing system.
Cryptocurrency trading lasts round-the-clock. So your support team should be available 24/7.
You Should Follow All Current Laws
Cryptocurrency laws are constantly changing. It is of prime importance for you to follow all the proposed rules and regulations. So you need to feel confident that you don't miss anything. There are two solutions to this problem. You can hire an in-house compliance team or outsource this task to reliable law companies.
