Tips to launch a successful bitcoin exchange
Bitcoin and other cryptocurrencies have created a buzz in the financial market. People who invested in cryptocurrencies at the initial stages are now reaping huge benefits. Nowadays, entrepreneurs are investing millions of capital to launch a bitcoin exchange rather than directly investing in bitcoins since the former has gained more momentum and is deemed a better way of making profits.
Like others, if you are also thinking about how you can build your own bitcoin exchange website, here are a few tips that can help you in your business venture.
Secure legal clearance
When it comes to launching a bitcoin exchange, different regulatory guidelines are required to be taken care of. You need to acquire proper licensing, adhere to KYC (Know Your Customer) regulations and handle various legal aspects like this. To ensure that you do not end up facing any legal problem in future, hire a team of legal experts who have in-depth knowledge of this domain.
Raise adequate funding
Before you begin to build your own bitcoin exchange website, you need to have a clear idea about the cost involved in the project as you will have to invest in technology, hosting, advertising and licensing. Although you need not to fund the entire project upfront, sufficient funding helps you to be sure of a smooth flow of money whenever necessary.
Find a reliable technology solution provider
Security is one of the major concerns of most people when it comes to investing in cryptocurrencies. It is extremely essential that you work with a team of reliable developers who can provide you with a highly secure and user-friendly exchange platform that allows safe and easy transactions. Look for a company that has the experience and expertise to develop secure applications.
Connect with other exchanges
The factor that influences the success of any bitcoin exchange is its liquidity. The absence of any trading activity or order book means that your target audience is more likely to consider you as a fraud. Thus, to establish yourself as a trusted exchange, connect with the network of other exchanges. The larger the network, the better it will be for your business.
Partner with a payment processor
With a large number of bitcoin exchanges competing for recognition, you need to have the lowest rate of the transaction to stand out from the competition. Some processors charge hidden fees, so read and understand the contract meticulously prior to signing it.
Make it secure
Once you decide to build your own bitcoin exchange website, make sure that you rely on the best security measures. User authentication, encrypted database, KYC verification are a few measures that can be taken into consideration to build a secure exchange, which is hard for cybercriminals to break through.
Embrace beta testing
After successful development of bitcoin exchange, it is time to launch it. Make sure that you test the capabilities and functionalities of your website by using beta testing prior to publicizing it.
Marketing your website
If someone searches for a bitcoin exchange, they would probably come across a plethora of options, so how would you make your exchange stand out? Well, the answer is – through proper marketing. Right from the time you decide to build your own bitcoin exchange website, ascertain to have a pre-launch and post-launch digital marketing plan in place so that you create enough awareness about your business among your target audience. If you do not know much about digital marketing or how you can leverage it to spread the word about your exchange, professional help is always advisable.
Focus on customer support
The success of any business depends on customer satisfaction. Once you have launched your bitcoin exchange, there can be many instances when your users require you to answer the queries that they might have. To handle such cases, you will feel the need of a dedicated team to provide the necessary support to your users round the clock, and replies to their queries on time.
Have a legal team to support you
In addition to helping you to maintain legal compliance, a dedicated legal team will assist you to settle disputes. Make sure that the professionals you choose to build your team are competent in handling foreign jurisdictions’ cases, too.
If you are planning to build your own bitcoin exchange website, shake hand with Antier solutions. We deliver a complete range of solutions, from secure cryptocurrency exchange development to efficient marketing, to help you build, launch and promote your exchange successfully.