4 Tips for anyone who wants to start their own Crypto Exchange
At first, this doesn't sound like a complicated project, but after some research, you'll soon find that there are several companies that offer Crypto Exchange White Label Solutions, and even fewer that offer fully functional and supported exchanges that are flexible enough to meet the needs customization and your security risk. Depending on your budget, you can also decide to create your own platform, however, if you do not want to support more than one or two exchanges, your costs will go through the roof and you may want to reconsider the different business models entirely.
If you are like many people who have tried to open their own exchanges, you will know that this is not an easy task. Crypto Exchange has many moving parts, and you not only need exchanges, you will also need payment processors (Fiat and Crypto), KYC integration, Liquidity, Coins, Tokens, Wallets and Insurance. Does that sound simple enough?
Not too fast, why not ask for a hacked exchange, which brings me to my first tip.
1: Security
Security is one of the most basic pillars for exchanging anything and is also one of the most expensive to maintain. This is why making your own platform is not a viable choice, unless you want to provide the market with the WL Exchange Solution. Companies spend millions every year on security and development to ensure that their clients don't need to dirty their hands. Find companies that are willing to support your Security risk and update your platform constantly. You will immediately see that most White Label Exchange Solutions do not want to provide the security needed or are unable to do so. However, only a few have managed to provide a secure platform for their clients, who are reliable and reliable.
2: Reliable platform
Finding a Safe and Reliable Solution goes hand in hand. As I mentioned earlier, you need support from companies that are willing to update the platform as often as needed so that your exchange manages the technology needed. Many companies promise the world and very few really can give. If you are not so sure that the solution provider you are facing is able to handle what is offered, take a closer look at their clients who have a fully functional direct exchange. Register for an account and start using the platform, you will quickly get an idea of how reliable their platform really is. Take the time to do research on their clients too, this will give you a big indicator of the capacity of the Solution that you might receive.
3: Flexible Platform
After you pass the first two obstacles, everything will start to get easier. However, your challenge doesn't stop there. A flexible platform solution that can exchange you with Front and Backend customizations while maintaining the functionality that each White Label Solution wants to provide. This is the Gold standard from Crypto Exchanges and yes it is possible, however, if your solution provider does not have a Framework for their platform, the chances of your Exchange hood being Safe and Functional are very low. The Crypto Exchange is a complex platform, there is a very good reason why there are so few solutions on the market.
4: Experienced Consultants
As a consultant in this industry with experience working on projects for 7 different institutions, I cannot emphasize how important it is to work with the right company. This experience in the market is the key to the successful implementation of the Crypto exchange. There is a big market for companies like mine to provide reliable solutions that make my clients satisfied with their exchanges. I have created strategic alliances with only the best in the industry to keep my life simple and my clients happy.
Linkback: https://www.forex.zone/general-cryptocurrency-discussion/32/4-tips-for-anyone-trading-crypto-exchange/996/
