Cryptocurrency and bitcoin is the craze all over the world. Ask any person below the age of 50 years, there is a ninety nine percent chance that even if they do not understand the intricacies behind cryptocurrency and blockchain, they have at the least heard the word cryptocurrency or bitcoin.
And why would they not? If you had invested 100 USD in bitcoin at the start of the financial year 2017, you would have been able to purchase 0.133 BTC (BTC is the official ticker symbol for bitcoin). By the end of 2017, your initial investment of 100 USD to purchase 0.133 BTC would have changed to 2386 USD. That is an increase of 2286%. Imagine if you had invested a 1000 USD in bitcoin at the start of 2017, your BTC gives you a net worth of 23860 USD.
There have been many who have turned into millionaires overnight due to bitcoin and as such the cryptocurrencies have been mainlined into the financial and technological news for the past few months. This is the reason why there are numerous new businesses popping out that are related to cryptocurrency. With how cryptocurrencies are destined to integrate into everything that we do, it is a matter of time till we start using this decentralized system of digital currency for everything that we do.
One such business idea that can be quite profitable is to start a cryptocurrency exchange. Depending upon the volume that you trade, you can earn a great sum from your exchange without having to do much. However, starting a cryptocurrency exchange is an uphill battle. You will need a cryptocurrency exchange script, an app or a website that functions as a user interface as well as attractive features that hooks and reels in customers for you.
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Cryptocurrencies have revolutionized us by providing a new way of online transactions that doesn’t require a third party supervisor. However, the technology behind it: ‘Blockchain’ will truly revolutionized everything. So, to start a cryptocurrency exchange, you will need to employ the service of blockchain experts who will work on your cryptocurrency exchange script. This process usually take months before a feasible script is ready. As such, you require a lot of manpower, funds and most importantly time.
Another alternative is to download the free cryptocurrency exchange script provided by bitexchange.systems. Their source code is free to download and you can save the hassle of painstakingly creating a script from scratch. Furthermore, if you are concerned about the security of the source code, do not worry. The company provides the full source code, so incase you still have doubts, you can easily hire an expert to cross check the source code for vulnerabilities. It will definitely save time when compared to creating a cryptocurrency exchange script from scratch.
To create a website or an app for the interface of your cryptocurrency exchange script, you will need to employ a team of app developers if you want to create an app and a team of web developers if you want to create a website. Most cryptocurrency exchanges first employ web developers and create a secure website from where customers can exchange cryptocurrencies. When the company has generated enough customers or is ready for scaling their business, then they venture into the fields of app developers and create Android app or iOS app for their already established website. Make sure that your UI and UX is top notch as this determines the quality of the website to your customers. A bad interface and a bad experience on your website will be detrimental to your brand image and may start a chain reaction where you get negative review and as a result, lose a lot of your customers as well as potential customers.
Lastly, you will need to be more than just a cryptocurrency exchange platform. You will need to add features that attracts your customers and provides a reason for them to continue to use your cryptocurrency exchange. Features such as swap, liquidity management as well as margin trading are commonly requested and it is a great idea to include them in your cryptocurrency exchange script. You can check out bitexchange.systems for their modules. Their modules provide features such as atomic swap, P2P exchange options and etc can be easily integrated into your exchange platform to provide the attractive boost that it requires to convert your website visitors into trading customers.
The list above should help you to get a general idea on what it takes to start a cryptocurrency exchange business. By no means, is this list comprehensive and is instead intended to provide a general guidelines to starting your own cryptocurrency exchange.