Cryptocurrency mining is much more difficult and even illegal in some countries these days. That’s why experts mention other ways to make money from digital currency business. In this matter, you can very profitably develop a cryptocurrency trading platform. People all over the world use such platforms to trade. Often, they prefer to deposit their money in Bitcoin or other virtual currencies and wait for it to reach a higher exchange rate. For example, the circulation of Bitcoin reached 16 million last year. However, there are still very few physical locations where it can be extracted. The numbers are much better.
So, it’s time to start your own bitcoin trading website. So how to build your own cryptocurrency trading website, let’s learn together below.
How to build your own cryptocurrency trading website?
Cryptocurrency exchange website development can become a challenge. However, you don’t need wealth and great technical knowledge to do this. We have prepared some basic tips for you on how to run this process smoothly and profitably.
Define target audience
Consider how broad your TA should be – you may be limited by your home country and its jurisdictions, but that’s a different story when you plan to globalize your business from the start. In the latter case, you will need to obtain all necessary international licenses and permits depending on where you plan to conduct your trading business. Either way, you will need the assistance of an attorney experienced in handling international exchange law.
Partner with a reliable bank
To operate fiat currency, you will inevitably deal with a bank or payment provider. Therefore, it is very important to choose a reliable bank with a sufficient number of online facilities, friendly conditions for partners and more or less favorable exchange rates. It is best to establish connections in countries where cryptocurrencies are adopted as a regular payment method, such as the United States or Scandinavian countries.
Focus on software
Today’s technology market is more than ready for adventurous entrepreneurs eager to launch their own digital currency trading startups. That’s why it can provide you with a starter package. Sites such as BTCTrader or Alphapoint can provide you with ready-made trading solutions.
Beside web switching solutions, be sure not to forget about additional mobile application development as it could significantly increase your revenue. However, it might be a good idea to use your favorite custom package to create a convenient new swap facility.
Create the best exchange structure
A basic architectural solution for a cryptocurrency trading website will consist of four necessary steps:
1. Trading engine. Without this core part, the entire mechanism cannot function. The trading engine should have unimpeded access to the order book, match all buy and sell orders, process trades and calculate balances.
2. Front end. Your UI should be fully configured for a fast and smooth transaction and transaction flow. Make it as intuitive and user-friendly as possible for your customers to find their accounts, view all major changes in exchange rates, deposit crypto or fiat currencies, and place any orders as quickly as possible.
3. wallet. The digital currency e-wallet you provide on the website should be able to start very quickly and easily, while safely withdrawing your virtual currency and converting it to fiat currency.
4. Admin panel. This powerful dashboard should help administrators run trading operations and verification processes, create liquidity, and provide helpful and professional customer support.
Cryptocurrency Exchange Website Development
Ensure the appropriate level of security
Digital currency is all about being truly protected and secure. We recommend that you abide by this principle, as it is estimated that almost half of all cryptocurrency trading businesses are shut down due to hacking.
Make sure your website is an absolutely secure base for all transactions, ICOs and withdrawals you will hold. The same must apply to customers’ sensitive personal information, which must be protected more strictly today than in the past.
Attention to transparency and security
Virtually all services operating with money are subject to know-your-customer (KYC) policies, which means checking passports or some other identity data to confirm a customer’s individuality. The main goal of following such policies is to exclude the possibility of fraud in the trading network.
Consider cryptocurrency options
Any exchange website must support as many important cryptocurrencies and fiat currencies as possible. In this way, the developer secures a wider customer base and rapid international expansion.
However, doing the necessary manual integration for each currency you support can become a challenge, which is why launching an exchange service with multiple digital currencies is not possible. Therefore, you need to do in-depth research to analyze your target market and understand which currencies are the best options for your startup. Besides the popular Bitcoin and Ethereum, you should also consider Litecoin, Ripple, and a few others.
The moment you start your exchange business, you should artificially model your service needs. You can do this in two ways: build activity by buying and selling cryptocurrencies using profiles that you also create manually; connect to the network of other exchanges to get liquidity for all services already connected to it.
Well organized customer support
Once your platform is launched, you should hire at least a few support staff. It is critical to provide full accessibility of support services – that is, support staff should respond quickly and provide assistance in the capacity required.
How much does it cost to create my own exchange website?
Regarding the various challenges you need to overcome when building your own cryptocurrency exchange facility, it cannot but be a costly process. However, with a smart attitude and a strong entrepreneurial spirit, you will be able to launch your startup with a very reasonable pricing policy.
No matter which software you choose, your perfect team should include a project manager (unless you don’t want to fill that role yourself), platform developers, QA engineers, experienced web designers, and UI developers. The cost of their services can vary widely based on a number of factors. Probably the most important thing here is the country your team is based in.
Unless you’re ready to spend a fortune on a new project, you need to find the perfect balance between price and experience. Anyway, starting from scratch a simple cryptocurrency trading website will start at no less than $25,000 if you consult an expert from Eastern Europe. If you decide to build your site with experts from the US or Western Europe, be prepared to pay a lot more—up to $400,000.
In general, the above content introduces in detail how to build your own cryptocurrency trading website and how much it costs to create your own exchange website. I believe you will understand after reading it. In short, cryptocurrency exchange is the process of exchanging virtual currency for other assets. It is very popular now and many companies/entrepreneurs are trading in crypto. Not even the threat of a ban by the European Union can shake the status of Bitcoin or cryptocurrencies. On a bitcoin exchange site, a registered user can buy and sell the digital currency, track its exchange rate, and store some of his or her own crypto assets. Such sites usually put most of the attention on their security level and payment facilities. However, experienced users should pay attention to their suggested exchange rates.
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