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Home Crypto

6 steps to start your crypto exchange

by Rohan Mathawan
November 6, 2021 - Updated On November 8, 2021
in Crypto
Reading Time: 3 mins read
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6 steps to start your crypto exchange
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Cryptocurrencies have become a worldwide phenomenon giving people ample opportunities to invest and generate additional revenue by simply purchasing tokens from exchanges and holding them for a longer period. Regardless of how the market acts, crypto exchanges will continue to profit because their service is paramount to the entire ecosystem. This article highlights the 6 key factors future crypto owners need to acknowledge before investing.

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1. Choosing the right type of exchange

First, cryptocurrency exchange owners need to choose the operation type. Thus, an owner can establish a centralized exchange, which bears additional responsibilities to ensure fund safety and platform security. Alternatively, decentralized exchanges limit security breaches and ensure transparency if smart contracts are thoroughly audited. The third option is a hybrid exchange that combines the advantages of both DEX and CEX.

2. Regulation

Blockchain regulation is still emerging, and deciding the locale of your business needs to consider any current and future regulatory initiatives which could affect your business flow. Thus, lack of regulation is not always ideal because laws will be enforced in every part of the world as the industry matures.

3. Software

The backbone of your crypto business is the software that ensures it can accommodate basic exchange functions. The approach also establishes the total cost of starting the exchange. Exchanges can be developed from scratch, offering complete control over the design and functionalities. On the other hand, it is time-consuming and requires a lot of fund allocation for R&D.

Prospective businesses can opt for a white-label solution, which already includes the essential architectural elements of the exchange but in the most basic version. You can get more details by asking about our Soft-FX white-label solution. However, suppose you want a most comprehensive solution while still keeping costs low. In that case, you can opt for a customizable white label, allowing you to customize the entirety of the product to your needs. 

We offer the possibility to customize your white-label crypto exchange to your needs fully. Use Soft-FX to explore our existing offers.

4. Liquidity

Find the best way to maintain exchange liquidity by comparing the type of instruments they offer, availability, and protocol. You can establish liquidity by selecting a company that sources data from multiple sources or independently managing liquidity aggregation and sending data using liquidity aggregator software.

5. Advertising

User acquisition and retention are paramount to ensuring the success of your crypto exchange and are part of an exchange’s main marketing projects. User acquisition includes promotion, advertising, PR campaigns, media collaborations and can be either actioned by management or outsourced to specialists. The second component of user returns includes incentivizing existing users to use the exchange by offering analytics toolkits, providing new investment means such as new pairings. Moreso, they can be actioned out through e-mail newsletters or referral programs a

6. Business process optimization

Lastly, implement a business strategy to help with client support and establish a long-term asset management strategy to prepare for market uncertainties. Additionally, qualified onboard personnel can help maintain your brand reputation and grow your business.

In short, developing a cryptocurrency exchange can be a time-consuming process, but having a plan ahead of time, will streamline operations and will avoid unpleasant surprises in the future, such as additional costs. If you want to know more about the costs of starting a crypto exchange, you can reach out to Soft-FX.com.

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Rohan Mathawan

Content Editor at Techstory Media | Technology | Gadgets | Written more than 5000+ articles about different niches from Tech to online real money gaming for reputed brands and companies. Get in touch Email: [email protected] For Business Enquires related to TechStory [email protected]

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