In recent years, cryptocurrency exchanges witnessed a steady increase in the trading volume, and the scenario continues.. There are different types of crypto exchanges development in the market: some provide advanced trading & coin exchanges while others are good for margin trading.
“With the number of digital assets increasing, many tech-savvy people have already engaged themselves in developing cryptocurrency exchange software with varying features.”
Crypto Exchange Platform Business
People involved in cryptocurrency exchange software development business should keep in mind a set of protocols (listed below):
1. Choosing the Locality to Run the Business
You can start a crypto exchange, either targeting the local regions or the entire world. However, for both the operations, you need to get approvals and licenses from the respective authorities.
It’s better to consult a professional who is an expert in providing legal advice that helps your business comply with the local/international rules and regulations.
2. Following the KYC Norms
All governments across the globe now require crypto-based business owners to stick with the KYC norms. This is a big step towards anti-money laundering. So, you must set up a legal KYC verification for your exchange.
3. Partner with a Payment Processor
To accept fiat payments on your exchange, you have to partner with a bank or a reliable payment processor. Make sure the partnering agent is capable of processing transactions instantly.
4. Dashboard View
Liquidity is the crucial factor that helps a crypto exchange to run smoothly. Customers tend to invest funds or place orders when they find an order book on the homepage.
Here are some tips to include liquidity: trade validation, boost your trading activities with self-made accounts, deploy an API interface, and join crypto exchange communities.
5. Never Compromise on the Security
Your exchange should have safety measures enabled for both exchange operators and the participants.
Also, the exchange should shield the KYC, bank, and other personal information of your customers.
6. Customer Support
Employ a 24*7 customer support service to handle users’ queries, KYC requests, deposit & withdrawal processes, and authorization-related issues.
What does a Crypto Exchange Software look like?
- A reliable crypto exchange platform usually possesses the following features.
- A Trade Engine
- User Interface
- Cryptocurrency Wallet
- A reliable Admin Panel
