Cryptocurrencies are everywhere right now, particularly because many of the first investors in currencies like Bitcoin are now reaping the rewards in a very big way. The way we trade is changing worldwide and there are many opportunities for smart entrepreneurs to get ahead of the game and create their own cryptocurrency business. That is, of course, if you understand the concept and are ready with a detailed business plan. If you are interested in benefiting from the trend, this step-by-step guide describes the key steps involved in starting your own cryptocurrency exchange business to help you start your adventure.
Get legal and safe advice
Legal advice is essential when starting your cryptocurrency exchange, as you must ensure that you have the proper license to operate in your state. It is also important to hire professional indemnity insurance to protect your business financially if you are subject to a lawsuit with an insurance company like Hiscox.
Source of financing for its implementation
The business will require some initial capital to cover the costs involved in starting a cryptocurrency exchange. Developing and launching an exchange can cost more than $ 140,000 at least for technology, hosting, legal compliance, business registration, insurance and marketing. These funds may not be required in advance, but you should have a clear plan on how you will get the money in the future.
Choose a technology provider
You must choose a provider of high quality technology and open in its tariff structure. A single license fee without a commission or royalty scheme is ideal, as it will not face continuous fees. Many people prefer to organize the exchange themselves for audit purposes.
Build a network with other exchangers
Liquidity is a very important concept in cryptocurrency exchanges and the first potential customers may not trust you if it is not yet operating in some way. To show customers that it is running, consider connecting to a network of other exchanges that will improve your liquidity.
Find a payment processing service
Your payment processing service must be as competitive as possible so you can compete with other exchanges. Make sure you know all the rates before signing any contract, as well as key details such as the time it will take to process payments and if the system complies with PCI DSS to protect against cyber threats.
Protect your cybercrime business
Cybercrime is a great risk for all businesses today, but cryptocurrency exchanges are the usual goal of hackers, so it is essential that you invest in the best security. This could include encrypted databases, multifactor authentication and offline cold storage wallets.
Implement beta tests
When you have created the exchange, you will have your payment processing service, introduced all the necessary protection against cybercrime and you are sure that you have followed all the legal regulations; It’s time to test the release and test the system in beta.
Market your business
As soon as your exchange is up and running, you should start telling the world by sending press releases to the encryption news platforms. Use social networks and other marketing activities to increase business exposure. It is better to keep marketing costs as low as possible to make sure you do not spend your budget in the first weeks of operation.
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