In this modern world, digital currency is one of the unique instruments. One such digital currency that is ruling the crypto marketplace and blockchain industry is Bitcoins. As we know, bitcoin is the first and biggest cryptocurrency and it has recently experienced a great upsurge in its price in the marketplace. The current price of bitcoin is above $22k. Some experts in the crypto space put forth various reasons behind this scenario. Also, they are witnessing that bitcoin value will reach more than $35k in 2021.
As of now, Google is hooked up with any queries relating to How to start a Bitcoin Exchange? bitcoin price predictions, and much more. Anyways, before investing in the bitcoin trading platform, you need to know what the bitcoin exchange is. It is a BTC exchange platform where one can buy, sell, and trade bitcoins & digital assets without any risk. Also, it helps to reap lucrative income in many possible ways. Thus, many people are emerging to start a bitcoin exchange business.
If you want to start a bitcoin trading platform within 7 days, then this article is for you!. This article includes all the essential factors to consider for creating a bitcoin trading platform with its features. Also, the cost to build a cryptocurrency exchange.
Now, let us see…
How to Create a Bitcoin Exchange Website?
Starting a bitcoin exchange business is not going to be a difficult task if done properly. You can start a superfine bitcoin exchange within 7 days by using the bug-free white label crypto exchange software. If you are not sure, then keep on reading without a pause.
You primarily need to follow the below steps to create a bitcoin exchange.
1. Gathering the legal requirements
You must know the legal regulations before leaping into the bitcoin exchange business. To know how to start up a bitcoin exchange? You must initially know which country you are planning to launch a bitcoin exchange & the regulations involved there. Proper licensing is very important because every country and government has a certain set of rules on cryptocurrencies and bitcoin exchanges.
2. Have Enough Funds
Starting a crypto exchange business needs a certain amount of funds. Many people fail to follow this strategy. Thus, it would result in a lack of profit. Try to acquire the required funds to start a bitcoin exchange. Once you have enough funds then you can start building your bitcoin exchange.
3. Find the right white label crypto exchange solution provider
you should find the best white label crypto exchange solution provider for business. There are many exchange solution providers across the globe. But everyone does not provide the best service. So choose the best white label crypto exchange solution provider to build your bitcoin exchange within 7 days. Some major things to consider when you are choosing the provider are listed below.
➔ Complete security
➔ Advanced add-ons
➔ Good maintenance and support
➔ Great crypto wallet development service
While choosing the provider also make sure that they have the desired expertise, experienced developers team to reap you with profits.
4. Enhance Liquidity
Connect your bitcoin exchange with other exchanges for added liquidity. The pillar of a successful bitcoin exchange is the liquidity factor. Once you connect your exchange with other exchanges, then you can automatically enhance the liquidity.
5. Teaming up with Payment Processors
It is essential to partner with the best payment processors for building a bitcoin exchange. Because you will need the lowest transaction to beat your competitors and overcome them. Thus, ensure your payment processor is PCI-Compliant to protect your exchange platform against cyber threats.
6. Integrate ideal features
Here is the list of ideal trading features that you can integrate into your bitcoin exchange.
1. Order Book System
2. KYC (Know Your Customer) integration
3. AML (Anti Money Laundering) integration
4. Mobile Wallet Application for iOS, Android
5. Unlimited currency exchange pair
6. Market Making
7. Liquidity API
8. Margin Trading
9. Cryptocurrency Wallet development & integration
10. Crypto payment gateway development & integration
11. IEO Module
12. Security Token Exchange
13. Atomic Swaps
14. Third-Party API integration
15. White Labelling Services
7. Implementing Security Practices
As of now, security is one of the essential ones to consider for starting a secure bitcoin exchange. Especially if you have a thought of how to start a bitcoin exchange site in your mind. In past years, many bitcoin exchanges have been attacked by anonymous hackers and various threats. Such as Phishing, DNS attacks, and the list goes on. Thus, implement some security mechanisms in your white label crypto exchange software. such as
➔ HTTPS Authentication.
➔ Data Encryption.
➔ Two-factor authentication
➔ Registry lock
➔ Multi-signature vault
➔ Escrow security
➔ Anti Denial of Service (DoS).
➔ SQL Injection Prevention.
➔ Anti Distributed Denial of Service (DDoS).
➔ Cross-Site Request Forgery (CSRF) Protection.
➔ Jail Login.
➔ Server-Side Request Forgery (SSRF) Protection.
These features might help you to get rid of security issues and other fraudulent activities.
8. Kick-Start to launch & perform Beta Testing
After implementing features, you can launch your bitcoin exchanges. Then you need to perform beta testing, collect the issues and feedback. If you face any issues in testing, then you can easily resolve them.
9. Promote your exchange
Marketing is a key concern to make your bitcoin exchange to the targeted audience. I think you know prominent crypto websites like CoinDesk and CoinTelegraph. You could ask them for assistance to promote your exchange.
10. Customer Support
Have an effective customer support channel for your exchange. It is very essential for a successful bitcoin exchange platform. You should have a readily available customer support team to help your users. Make note of their issues and resolve them as soon as possible. It might create a positive impact on your exchange and helps to expand your business worldwide.
Cost to build a Cryptocurrency exchange
As I already mentioned in this article, starting a bitcoin exchange will make you reap a huge amount of profits. Now, you might have a question like how much does it cost to build a bitcoin exchange?. Building a bitcoin exchange from scratch might be a tedious task. Also, the time consumption and cost of development will be more. So, you can get the premium white label crypto exchange software from the genuine crypto exchange solution provider. The cost of white label crypto exchange software depends on some essential factors. Such as
1. Budget and time constraints
2. Type of bitcoin exchange
3. License for running a bitcoin exchange
4. Payment processing
5. Features that you are planning to integrate
6. Size of the development team
7. Location of the country
These factors determine the cost of building crypto exchange. If you want to create an exchange within 7 days, then it approximately ranges from $8k to $20k.
Digital currencies will be the future of this digital world. Bitcoins and other popular altcoins will have tremendous growth in the upcoming years. If you are a person looking to start a bitcoin exchange within 7 days. Then have enough funds before starting the exchange platform. Then you can buy a superfine white label crypto exchange software. For launching the best bitcoin exchange platform it may cost around $8k to $20k. But the cryptocurrency exchange development cost will vary according to your business requirements, location of the exchange, and other add-ons.