When you initially step into a bitcoin exchange market, you must have thought to start the exchange of cryptocurrency. Various questions need to be answered, such as what should be the right platform, where to start, how to start e.t.c. New crypto exchange for bitcoins and other cryptocurrencies is the latest technology that should be considered. Here is the ultimate guide where you can find all your solutions.
Establish the operational scope of your exchange
Decide the region among which you have to start your exchange. Consider your surroundings and select the area or country to which your service is applicable. You have to get a license to begin your company of exchanging cryptocurrencies in a particular area. Laws and regulations may vary to place to place; thus, you have to concert to a legal expert regarding licensing your company.
Review the country’s regulations and compliance requirement
Majorly all government-owned countries require identity. There must be some norms that should be fulfilled. Follow all the rules of the country then think of starting your company according to those specific norms. Every nation has its KYC policies, try to follow them and get your company registered. Make sure that your customer does follow the procedures so that you can help them to deal with their currencies.
Partner with a bank or payment processor
You required to collaborate with a bank or a payment agency to process the payment. Try to choose a bank that also provides online banking facilities. This type of facility is available only with the relevant developing or developed countries. Usually, the transaction takes two to four days for settlement. If you search for a bank or finance agency that provides you with the fast clearance transaction, then that will be much relevant.
Create liquidity on your exchange
All exchanges require liquidity for cryptocurrency. Customers place orders or deposit funds when they see a full order book or trading activity. You can start the liquidity with the three kick steps.
- Within your exchange, you can easily stimulate the buying and selling of trading activity.
- You can access the API interface that can connect your exchange with another exchange.
- You can join the network of cryptocurrency such as trust deposit, the more extensive the system, the higher with the liquidity.
Ensure high-grade security for transactions and customer data
Every exchange should be secure either its exchangers, operators or traders funds. There must be high security for your customer’s private data. It must include KYC and customers bank account information. There are various breaches of exchanges in many big companies, try not to make the same mistakes.
Establish customer support channels
Customer support is an essential part of your company. A staff or customer support is required to answer several complaints, KYC reports or processing the deposit or withdrawal or currencies. The best customer will support and invest in you when they understand you well. Try to solve all the queries of your customers. It will help to generate revenue.