Know the steps to follow to Launch Cryptocurrency Exchange
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With Bitcoin breaching the $41,000 mark recently, the market conditions are perfect now to launch a Cryptocurrency exchange.
Some of the crucial aspects to take into account are
- Complying with the regulations issued by the authorities depending on your operational jurisdiction.
- Undertaking KYC/AML verification of all the traders registered on the platform.
- Teaming up with a payment processor to accept the deposits and withdrawals of crypto made by the users and also for processing the transactions quickly.
- Integrating all the different features and functionalities into the trading platform.
- Adding the core components like a trading engine, the user interface, wallets, and a dedicated admin panel.
- Determining the fee structure which involves levying specific charges for executing trades, processing payments, and for listing new crypto coins/ tokens on the platform.
- Maintaining adequate liquidity on the Cryptocurrency exchange by establishing APIs with the leading external exchanges in the market.
- Marketing the platform aggressively across various communication channels to attract the target audience. Use social media networks, share press releases with the top media outlets in the industry, involved in search engine optimization by enhancing the content of your website, and publish paid advertisements.
- Implementing robust security measures like end-to-end encryption of data and multi-factor authentication to protect your users’ funds and data.
- Providing round the clock customer support in multiple languages to improve the retention rate on your platform.
- Getting the right set of team members like blockchain developers, marketing specialists, financial analysts, smart contract developers, and lawyers.
Follow all the above-mentioned steps to launch a Cryptocurrency exchange in the industry soon.