Cryptocurrency has always been in the grey area when talking about the flourishing IT industry. Some say crypto is a scam. Others are saying that crypto has made them billionaires. We believe that there are always two sides to the coin. So, we have designed a guide that contains details if you want to start a cryptocurrency exchange.
But why start a Bitcoin exchange site? Well, according to the stats of NASDAQ, 35 people said that Bitcoin will stand at $76,000 at the start of 2023. What we are trying to say is crypto is definitely the future of currency exchange. Yes, it is still not mature. But, many are trying to replace traditional money with cryptocurrency. We believe you should be part of this change-hence; this is the guide.
While we tell you how to start a crypto exchange, navigate towards this link and read about points that are involved when you want to create a Bitcoin exchange.
Cryptocurrency current Market- What Are the Stats Saying
Blockchain has made it possible for people to perform secure transactions in the most private manner. Meaning there are no banks involved; hence the privacy is safe. Due to this and many other advantages, the global crypto market has boomed over the past few years. Allied Market Research stated a report saying that the crypto market is expected to reach $4.94 Billion by the end of 2030. This rate is the fastest rate among the growing industries.
There are currently over 500 different cryptocurrency exchange platforms. Altogether, these exchanges are collectively making transactions worth more than $100 billion every single day.
Crypto Exchange- Why Is That Number Increasing?
Cryptocurrency is not trackable, meaning once you have transacted, there is no coming back. No one will know where it is going or who took it. Due to increased volatility and other risks linked with crypto transactions, users are often hesitant to invest. They want something that is secure and free of scams.
However, this trend is changing, and many are investing in crypto exchange to provide secure and safe transactions. So this, along with many others, are the reasons why there are so many exchanges coming into being every year.
Start a Cryptocurrency Exchange- The Crucial Steps
Starting a cryptocurrency exchange is not an accessible business. There is a lot needed for this business. You have to follow essential steps in order to be successful. Keep in mind that this business can take a lot of time and effort. However, we recommend staying calm because if done right, you can reap the fruit for a very long time. Let’s dive into the whole process.
A Mind-Blowing Idea Matters
To start an exchange for cryptocurrency, you will need an idea. Yes, we know you have a plan to start a Bitcoin exchange. But, the question that we want to ask is, how is it better than the ones that are already in the market? What will your Bitcoin exchange service bring to the table? What features distinguish it from the already existing ones? Is it the design change? Or is the UI-friendly?
See, in order to target crypto investors, you’ll have to create an idea that can attract them. Whether it is the privacy or state-of-the-art features, you have to introduce something that can make the investors tick.
The Load It Will Put on Pocket
Ok, so the idea has been generated. Now, it is time to calculate what kind of money is involved in this startup. See, what are the costs of infrastructure involved? What type of developers do you want? What is the hourly rate of such developers? Also, calculate the costs involving marketing and advertising. Moreover, keep a check on the exchange rates.
Legality and Paperwork
When you are about to start a Bitcoin exchange site, make sure you have signed proper paperwork with the legal authorities. Yes, starting a crypto exchange requires long pages of legal paperwork and licenses. So, obtain these as earliest as possible.
Assembling the Workforce
This is where the fun begins. It is time to look out for potential developers that can transform your idea into paperwork. For hiring crypto exchange developers, you have three options. These options are
- Hiring agencies
- Freelance platforms
All of these platforms have their own advantages and disadvantages. Whatever you choose, make sure you have gone through the skills and experience of developers. You don’t want a typewriter; you want an actual coder who understands what he is doing.
Launching The Product
Launch the crypto exchange. However, keep in mind that the launch is more technical than the actual development. There are chances that during the launch, the traffic will be more than expected. So, make sure that you have a technology stack integrated that can handle that. Plus, advertise and market the product more and more to attract the potential user base.
Whether you believe in crypto or not, it is going to stay forever because the benefits are far superior to the drawbacks. We created a guide on how to start a cryptocurrency exchange so that you can be a part of it. And, believe us, it will be worth it if you do that.