The 21st century saw some of the greatest advancements in the fields of science and economics. The most popular advancements in the financial sphere are the use of cryptocurrency, and during the last few years, their popularity increased tremendously.
In this article, we’ll discuss the various steps you need to follow to start your very own cryptocurrency exchange.
The legal step
The first step required is consulting a reliable legal advisor to chalk out all the regulatory demands and procedures. To start your cryptocurrency, proper licensing in each sector of jurisdiction, and in some areas like the U.S, you need to fulfill all the SEC and CFTC rules and regulations in order to obtain a proper license. You must also take the necessary steps to fulfill all KYC (Know Your Customer) regulations.
Chalking our the initial budget
After the legal procedures are completed, now you need to chalk out the budget for your venture. Your budget includes the initial cost of technology, charges for hosting, charges for legal procedures, government registrations and licensing, advertising, etc. You should always raise the initial funding more than the estimated budget, to prevent any setbacks to the venture.
After the budget is estimated, you need to find a reliable technology partner for all sorts of transactions procedures. While selecting a technology partner, make sure you select a partner who charges you on one time basis, free from all sorts of royalties and commissions.
Associating with a Payment Processor
You must associate your venture with a reliable payment processor, which should be PCI-complaint to prevent your venture from all sorts of cyber crimes.
Ensuring proper security
Ensure selecting the exchanges with in-built Modulus Technology, as they are one of the most secure in the globe. Modulus Technology utilizes offline cold storage type of wallets, two-factor authentication, database encryption, no storage of passwords, etc.
Once you’ve successfully established your Exchange, it is now time for you to carry out an beta testing to ensure that your exchange is meeting up with all the rules and regulations set by the government.
Its time for some advertisements
Once your test run is successful, you now need to connect yourself with a crypto news partner like Coindesk, to advertise about your exchange and the endless benefits the audience will be driving from using it.
You need to ensure proper customer support to facilitate maximum customer satisfaction. Select a team for maintaining the overall operations of the exchange, to ensure flawless transactions.