Setting Up Your White Label Cryptocurrency Exchange BusinessPosted by Manish Mishra on November 30th, 2019 10 Essential Steps to Start a Cryptocurrency Exchange1. Obtain proper counseling to ensure licensing requirements are met at your Geographic location.
As you have seen the steps necessary to start your own crypto exchange, let's examine them in more detail. 1. Obtain proper counseling to ensure licensing requirements are met at your Geographic location. Proper legal counsel is a must. It is typical that exchanges because they fall into the currency exchange umbrella, must adhere to Know Your Customer (KYC) regulations, which have become more and more prevalent to combat money laundering. 2. Obtain funding for your startup. One major mistake made by cryptocurrency exchange startups is that they fail to plan for the future, lending small initial raises which may cover the costs of the development but will leave the venture without the critical operational cash necessary until it becomes profitable. 3. Finding a cryptocurrency exchange software solution provider. It is an essential step to find a technology partner which gives a full consultation and provides a white label solution with customization as per your needs. 4. Connect your exchange with others for full liquidity The larger the network of exchanges, the less liquidity will be an issue for your new exchange. 5. Partner with a payment solution provider. Not all payment processors are equal. Be sure your payment processor is PCI-compliant to safeguard your new enterprise against cyber threats. As there is an increase in hacking cases of cryptocurrency exchanges recently. 6. Implement the best security practices. With the increase in the number of hacking cases customers start to worry, so you need to implement the best security best practices. So trust can be built upon your exchange. 7. Go Live After the Smart Contract Audit Testing Test it before launching in Beta phase 8. Marketing Campaign The major clientele is on the digital platform. So make sure that you use all these platforms wisely. 9. Providing Customer Support Nowadays customer wants an instant solution to their problems. Make sure to provide good customer support from telephonic to chat in a time-bound manner. As trading takes place in 24/7 time frame. 10. Maintaining a legal team It is very important to either hire a full-time, in-house legal compliance team or outsource to reputable law firms in order to keep your exchange legal in all geographies where you will conduct business. Hopefully, this article is able to help you construct a preliminary action plan with which you can move forward. Like it? Share it! More by this author |