What are the steps involved in creating your own crypto exchange?
Cryptocurrency Exchange Development maybe complex for new comers. So it is always better to get the assistance form top white label cryptocurrency exchange software service providers to attain maximum benefits. For building a new one, preparing and planning are the most important development stages before launching an online project. It means that you should think through all the details.
#1. Decide on your business needs
The first step that you need to take before you start with Cryptocurrency Trading Platform development is to choose an exchange on which you are planning to do business. It should be a platform where your business has all the opportunities to prosper.
#2. Satisfy the legal formalities
After choosing your location, make sure you next finish up all the legal formalities. The region in which your business operates must be required to get proper licensing and regulations to start Cryptocurrency trading platform. Rules and regulations vary from place to place, so make sure your business always stay legally up to date with the local legal formalities including the KYC/AML procedures.
#3. Select a perfect banking partner or payment processor
The next procedure is to select an ideal banking partner. A banking partner is necessary for complete transactions in fiat currency. Selecting a trustworthy bank which provides a host of digital services, which is very much necessary for conducting Cryptocurrency related transactions. The bank partner must provide the facilities like fast clearance of transactions, adding or withdrawing fiat funds through both payment gateways and manual methods.
#4. Make sure you provide liquidity on the exchange
Liquidity is a must-have feature for the Cryptocurrency trading. Integrate an advanced API interface that connects your Crypto trading platform with another existing exchange.
Joining a network of Cryptocurrency exchanges are also helps to improve liquidity. It helps to tie together the liquidity of these exchanges within the network.
#5. Enable best security practices
Cryptocurrencies have considerable values in the market. So it should be protected from other external threats. Moreover, it stores the customer’s private data, and more. So make sure it is updated with the latest technologies and cannot be compromised or hacked.
#6. Make your platform live only after the Beta testing
Go online with your platform only after performing the Beta testing. The main advantage of performing Beta testing is that it brings out all the flaws that have occurred while developing the platform. And all these errors can be corrected up.
#7. Form an active Customer Support team
An efficient and active customer support team should be there for customers’ help incase of complexities arising during the transactions. The customer support team has to deal with approving KYC formalities, solving out customer complaints, processing deposits, withdrawals, marketing etc.
It is crucial to consider the time and money that are required to make your project come true. Development, maintenance and constant updating will have a significant impact on your budget. Due to the inherently complex nature of the whole process, it will surely be rather expensive and may take up to months.
Top cryptocurrency Exchange Development Company, Shamla tech provides white label cryptocurrency exchange software services that will help your launch your platform in no time. Our white label cryptocurrency exchange software solutions are known for its Flexibility, customization, and scaling also enhanced security. Our experts also assure to give a best suitable Cryptocurrency Trading software development for all your business needs at your budget.