We don’t think that bitcoin or cryptocurrency need any introduction, since last year it has become the headlines of every newspaper and breaking news on every news channel. Bitcoin and cryptocurrency are ruling all over the world, people who have invested in it before 2017, for them it was the best decision and they have turned into a millionaire or billionaire but how they had utilized it, it’s all upon them. There was a time when bitcoin was in high trend. But now again it falls, it could say that it was a golden opportunity. Now for those who had missed the opportunity, they don’t have to regret about it as they can invest in the cryptocurrency platform in many new ways.
Now that time has gone when you could have earned the good amount now the circumstances has changed, and new ways has also introduced so rather then depending on the prices direct deal in the house, which will be profitable in any way, create the situation or deal in that platform where in any case you should be in profit. So here we brought some easy solution and that is to Start Your Bitcoin or Cryptocurrency Exchange Software Development, you can start dealing with it. Now if you are thinking that, is it really beneficial, so here we have the perfect example for you and that ‘The live casino.’
Have you noticed in a casino there are various games and people may face ups and downs, but the casino will never suffer from the loss, The owner of the casino will always be in profit as people will never stop utilizing it the same goes with bitcoin and cryptocurrency, people will always deal in it and the exchange platform is there need. So, rather than investing in the cryptocurrency start dealing in the exchange platform and be a part of the trading sector.
So to start dealing with it you need an exchange website, but it is not that much easy, as it sounds. If you will not plan well, so it may screw up your idea. It is essential that before starting your exchange platform you should have a proper plan for it.
If you have decided to start up with the exchange platform, but don’t know from where you should, so you are at right place. Here we have some simple 12 steps which guide you perfectly for the best cryptocurrency exchange platform.
Simple 12 Steps to Start Your Bitcoin or Cryptocurrency Exchange Business
So before any start up planning and research is really imperative, you can’t start the business in the air you need the proper steps for your platform. So here are the points on which you have to focus.
- Review the laws of the country
- Features of your exchange platform
- Admin control Panel
- User Interference
- Software of exchange platform
- Technological Solution Provider
- Arrange the fund
- Payment process
- Marketing and PR
- Customer Support
Points on Which You Should Focus:
1)Review the Laws of the Country:
As we know that, the idea of cryptocurrency is not supported by some of the countries. In some countries still government has banned it and some countries has declared it as an illegal activity, whereas some countries have supported it at high level. So, it is essential that you should review the laws of the country where you will launch your Your Bitcoin or Cryptocurrency Exchange Software Development. If you don’t want to bear the loss so just review the laws in which countries you are providing your service. Remember, the each countries laws are different from one other.
Also Read: List of Legal Cryptocurrency Countries
2) Features of Your Exchange Platform:
Decide the features of your exchange platform, to make your platform unique add the advanced features in it and these features are essential for very exchange platform, these features should be included in your platform Trade Engine, Wallet, Admin control, User Interface.
Read More: Free Bitcoin Crypto Trading Bots
A) Trade Engine: It is the crucial part of the cryptocurrency exchange, it is the center of the cryptocurrency exchange platform and it executes the transactions and calculate the balance. Through this platform, you can be able to sell and buy the products and even order the books. With the trade engine the transactions can’t be executed.
B) Wallet: Wallet is the second most crucial element of the platform, as it a space where users can store their assets so digital wallet is the essential part and you have to provide in 2 ways Hot and cold wallet respectively.
(i) Hot wallet: Hot wallet refers to the Bitcoin wallet and it is directly connected to the internet and from this wallet the fund can be transferred immediately.
(ii) Cold wallet: Cold wallet refers to the wallet where you can store your assets and keep it safely and it is not linked with internet, it is an offline mode system.
3) Admin control Panel:
It is the platform from where all the functions gets managed. This platform is the control center from where everything gets managed and operated. It maintains various tasks which include – managing currencies and marketing, trading activities, Customer support, approve user accounts and many more activities are operated by it. It manages the whole system.
4) User Interference:
First Impression is an essential part of any site, the user interference has an ability to attract the user and on the cryptocurrency platform, it plays the imperative role. The user interference should be user friendly. The platform should be compatible for the smart phones and other electronic devices. Even by providing the application you can enhance the platform.
To satisfy the user the platform should provide the following
The user can access his account anytime and from anywhere without any difficulty.
The user can enable to deposit, withdrawal, bank cryptocurrency and fiat currency at any time
User can view his history and past transactions, balance, statistics anytime.
Buy and sell the cryptocurrency at any time.
Support should be enable for 24 hours.
5) Software of Exchange Platform:
When we competed with the features and design after this now it’s time to know which software you required for the exchange platform. The software should meet all your demands in terms of cost, security, compatibility etc. There are three types of exchange in which you can deal with.
In House Built Software
Free Open source exchange platform
White Label Exchange platform
A) In House Built Software: For the inbuilt software you required a successful team of it. You need a good team for the development To build the software, it is time consuming as well as costly, so hire dedicated developer’s team for it which can provide you the best output. The developers should be ambitious as well as should have the knowledge of the softwares like a blockchain, bitcoin exchange, cryptocurrencies. It should have an appropriate programming language as well as it should based on the factors such as security, scalability, easy maintenance and support.
Building the software is really headache as the developer salary is costly and other equipment resources. You have to deal with everything.
B) Free Open source exchange platform: There are many free open source platform which can help you to meet all your requirements. IN the initial stage you should go with this and there are many softwares you can shortlist the list. The best example is Github, where as there are many softwares which has different demands. But to execute it you need the expertise. Utilize the enough time to understand the software.
c) White Label Exchange Software: This software is well tested and fully functioned software. It only requires the modification and it is modified according to the user preference like brand placement, design, cryptocurrency, fiat currency, languages, everything develops according to the preference. It eliminates the conversation with the developers. Hence it is customized, the alternation has been done on the platform. It is the easiest way to develop the platform.
6) Technical Solution Provider:
If you have opted for any software then the solution provider is required to manage everything. You need a crypto expert for the platform, whereas if you don’t have the budget, so the person who has the similar experience in the same line can fit into the requirement.
Altcoins refer to the digital currency, it is same as the Bitcoin, It has been launched after the Bitcoin, your platform should have its service. Most altcoins developed after the bitcoin dominance.
8) Arrange the Fund
Have the proper fund for the startup, You need a good amount of money for the start up, promotion and to maintain the cryptocurrency platform. In the initial stage your all funds are not required for the investment. It is essential that your business should have enough capital. Don’t allow to fall or fail your plan due to the fund. Take steps according to the fund and your planning. Don’t go for the high jump.
9) Payment Process
Your payment process should be very simple and effective. The process specially for the fiat currency should be effective and it is major necessary that fiat currency is necessary for the bitcoin and cryptocurrency exchange. You should have a contact with the banks and some banks doesn’t support the cryptocurrency platform, but there are banks which support so contact them and make it transparent. The bank should have transparency such as bank statement, clearance etc. The transactions should be speedily, it should be done in the couple of seconds.
The platform should ensure the security, the platform should be high level security. In the cryptocurrency market, people are waiting to hack the platform, there are many hackers so it should be secure from the hackers, cyber attackers, data breaches etc. A top notch platform should be provided to the users. The personal data and it should be secured with the KYC (Know your customer) Verification.
11) Marketing and PR
Marketing and PR are essential for any new project, as it is the way to reach to the millions of the people. To start the cryptocurrency exchange, you need to reach a number of people and they are many ways online and offline strategy. Nowadays social media have wave its magic to all over the world, Start the campaign on Facebook, YouTube, instagram twitter. Where as offline promotion of the events is also imperative to click in the mind of the people.
12) Customer Support:
There should be a customer support for 24 hours so users can contact you anytime and from anywhere. If they have any query so they can contact you and solve their queries. It is a crucial part of cryptocurrency exchange startup.
Hence, here we have provided you each and everything about the Start Your Cryptocurrency Exchange Software Development, we have given you the simple points to Start Your Bitcoin or Cryptocurrency Exchange Business as it is the demand of the technological era and it would be surely beneficial.
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