After seeing the profit of top cryptocurrency exchange platforms like CoinSwitch Kuber, WazirX, Zebpay, you also wished to create your exchange website. But you might be worried about creating your cryptocurrency exchange platform(website or APP)? The answer is yes!!!. With the help of a Cryptocurrency exchange development company, now you can quickly get your exchange platform.
But getting a platform isn’t the only step to starting a crypto trading business. Because you might get difficulties in legalities, customer acquisition, etc., and you’ll require a step-by-step process guide to know how to start a crypto exchange business. To help you out, we’ve created this step-by-step to get your business in the right direction. Let’s follow these steps with me.
How to Start a Cryptocurrency Exchange in 10 Simple Steps(Overview)
- Consult an attorney to know the legal formalities required to start crypto trading.
- Plan your budget
- Choose your cryptocurrency trading solution provider.
- Connect your trading platforms with others.
- Get a payment processor partner.
- Live test your trading platform.
- Build a Marketing Plan to get your Users.
- Offer better customer support.
- Hire a legal team to manage your trading.
Start a Cryptocurrency Exchange Business from Scratch
Consult an Attorney to Know Legal Formalities.
RBI issues no rules and regulations on Cryptocurrencies to date. Also, trading and investing in Cryptocurrencies is 100% legal in India. But it includes lots of transaction and money data, so you must know about the legal formalities required. However, if you include INR(Indian currency) in trading, you undoubtedly require company registration, GST number and other formalities.
But, If you are NOT INCLUDING INR, you may not require any early legal formalities. However, Everyone is unsure about cryptocurrency trading in India, so it is strongly recommended to consult an Attorney of the same or relevant industry.
Plan your budget
When you start a business that’s based only on money, it’ll not be cheap. Only development cost trading platforms can cost you between 25,000- 50,000 USD. In Addition, If you include legal counsel, government registration, hosting, marketing and management costs, you will require more funding. A single mistake in any step of your business can make a big hole in your pocket.
However, not All funds are required at the initial level, but a planned strategy will help you tackle issues on your ongoing business. To plan a substantial budget, check out all the resources required for your business and plan accordingly. A cryptocurrency trading business includes development, registration or legal formalities, hosting, marketing, customer support, data management, etc.
Choose a Cryptocurrency Trading Solution Provider.
Appinop Technologies is the best cryptocurrencies trading platform provider in the market. To date, the company has developed 20+ highly secured trading exchange software. Moreover, they have a highly professional team with more than 10+ years of experience in this industry.
The company is power-packed with advanced security features like Multi-Factor Authentication, SSL Certificates, Point-to-point Encryption, Anti-DDoS Support, Anti-phishing, Biometric Verified Access, Browser detection support, Firewall Application and more. If you are looking for a reliable, secure and scalable exchange solution, then Appinop Technologies are the solution you must opt for.
Connect your Trading Platforms with Others.
To make your potential customers confidential, you can connect your platform with other users because It is hard for new audiences to trust an exchange platform where they see no or significantly less trading activity. So to tackle this issue, You can get help from your trading partner to connect your platform from any other existing network of exchanges to enhance your liquidity.
Get a Payment Processor Partner.
Every payment processor has different transaction fees, depending on the provider. So, you must be extra careful before signing any contract because many payment processors have hidden fees in their contracts. In order, you need the lowest transaction rate payment processor. Make sure that your processor must be PCI compliant to help your business prevent cyber-attacks.
Live to Test your Trading Platform.
After getting your trading platform, payment processor partner, funding for management, Security assurance from cyber attacks, now it’s time to live test your trading on beta. Check the app for its full capabilities, such as buying and selling coins, fund adding, or any other feature you are providing in your platform. You can hire a quality testing team not to break any situation.
Build Your Marketing Plan to Get your Exchange Platform Users
You’ve launched your cryptocurrency exchange trading platform; now it’s time to connect with users to make it a profitable business. Instead of focusing on free social media, leverage the power of paid media marketing to reach a wider audience fast. However, getting potential users from social media or google isn’t so easy as it seems. So, it is always suggested for new business owners to hire or consult a digital marketing expert.
Offer Better Customer Support.
Customer support is everything in a business, whether online or offline, and it must be ten times better when it comes to trading. For the long term success of your crypto exchange, you must be extra careful in terms of customer support. To support your customers timely, you can implement a ticketing system for, e.g. Zendesk and hire a full-time customer support team to help your user timely. A ticketing system is used to manage and maintain customer complaints and queries.
Hire a legal Team to Manage Your Trading.
Cryptocurrency is a hot topic globally; many nations plan to implement new rules and regulations. Even if your cryptocurrency exchange complies with all rules and regulations, you still have to be pre-paired for platforms, trading, and exchange members residing in. So, hiring a full-time attorney or reputed lawyers or consultants is always suggested.
Here we sum up our step-by-step process on how to start a crypto exchange business in India. The key takeaway of this article is to offer good customer support, build a strong marketing strategy and always be extra careful in legalities. Hope these step-by-step guides helped you to understand the work process of the trading exchange business.