Bitcoin trading is becoming mainstream along with other cryptocurrencies. People who used their brains could earn good profits, while people who trade without any strategies, lost their investment. Some others, going deeper into the heart of the trade, are planning to start their own bitcoin exchange business.
Here are the steps that you will have to follow to start your own bitcoin exchange business.
● Satisfy Licensing Requirements
Before executing your plans, you will have to seek the support of legal counsel to know the requirements you will need to satisfy. Make sure that you complete all the legal procedures according to the laws in your region. Different states have different laws regarding cryptocurrency. So make sure you check on the rules of your state before you go forward with your venture.
● Get Your Funds Ready
Prepare an approximate budget before executing your project. There will be so much cost involved for different factors like technology, registration, advertising, etc. Make sure that you have enough funds to properly execute your plan.
● Get A Technology Solution Provider
There are many providers that offer technology solutions that charge one-time license fees that do not need any commission structure or royalty fees. Therefore, there are no ongoing fees, and clients are allowed to host their own exchanges, receiving all the source codes. Be ready to give more value to your clients.
● Connect With Other Exchanges
Connecting your exchange with the existing exchanges will help to eliminate the skeptical feeling in the public. Thus you can enhance the liquidity of your venture.
●Connect With A Payment Processor
Features and fee structures of payment processors vary from company to company. To be competitive, you will need a low transaction rate. Before signing the contract, ensure the fee structure. A payment process that is PCI-compliant is the best to save you and your venture from cyber attacks.
● Ensure The Best Security
Exchanges with ideal security will have to make use of offline cold storage wallets, encrypted databases as well as two-factor authentication. To fight against the increasing cyber-attacks, exchanges have to follow strict security features. Trading bots like Immediate Bitcoin also claim to be secure and safe due to their advanced algorithms and encryption technologies. As per Immediate Bitcoin erfahrungen, it offers a demo account to help users get familiar with the platform’s features before investing.
● Use Beta Testing To Go Live
Before the official launch of your venture, you can use beta testing to go live to check the functionalities and efficiency of your exchange.
●Do Proper Marketing
Prepare a plan for all the marketing activities to reach the audience, along with the cost. Proper marketing will grab the attention of the audience.
● Provide The Best Customer Support
The success of a venture highly depends on customer support. Ensure that your team provides the best assistance to your customers in dealing with technical issues and complaints. The customer must get a timely response and has to be available 24×7.
● Have A Legal Team
Legal compliance is very important and your venture has to follow all the rules and regulations the states and the foreign jurisdictions impose because your members and traders can be from other countries too. As crypto laws are constantly evolving, it is good to have an in-house legal team to ensure the legality of your exchange.