You might want to create your own bitcoin trading platform but not sure where to start? You have come to the right site.
This article aims to highlight the factors that you should take into consideration before creating a Bitcoin trading platform, how the internal structure of the trading software should be built and most importantly where you can get this software.
How does the cryptocurrency trading platform work?
Cryptocurrency exchanges are trading platforms where users can trade a wide range of digital assets without any risks. Profiting in the digital age can be achieved through the working system of the Bitcoin trading platform.
For one thing it is a profitable strategy for bitcoin entrepreneurs who have become the millionaires who use it. One of the main motivations for opening a Bitcoin exchange is the potential for significant financial gain from several sources.
How do you start creating a bitcoin trading platform?
These are the steps you need to take to build a full-featured cryptocurrency trading company:
- conducting market research;
- Determining the area of work and licensing for setting up a cryptocurrency trading company;
- Select the type of cryptocurrency exchange that is right for you;
- stock market structure planning;
- Hiring the services of a legal advisory team; Determine the most trustworthy service and matching engine provider;
- Collaboration with trusted payment software in the industry;
- ensuring that security mechanisms are robust; conducting research and development;
- Create a customer service channel.
Let's take a closer look at each stage:
1. Conducting Market Analysis, Budgeting and Timing Plan:
When you are interested in how to set up a cryptocurrency trading platform, you should start with a thorough market research to identify the most popular cryptocurrency markets and the important features that attract cryptocurrency buyers.
As we all know, the cryptocurrency market is highly volatile as a result of a number of social and economic variables. That is why you should do a deep analysis to see if now is the right time to start a bitcoin trading platform or not. It is important to determine the exact time frame in which you want to build a cryptocurrency trading platform. Because it depends on the time and features required to integrate into trading. For example if you want a trading platform in three days or a week the fees will be very expensive.
The next important point is that you must have the maximum budget and financial support in order to start a cryptocurrency exchange. Additionally, your budget should contain the company's future strategies. For example if there are any difficulties or errors in your trading platform, you should have spare ammunition to correct and manage them. Additionally you should budget for overheads. Comply with the legal requirements of your trading platform.
- Necessary care.
- Pay workers' wages.
So check that you have the financial resources to start and operate a bitcoin trading platform site.
2. Select the operating area:
By selecting the right site you can create a profitable bitcoin trading company. Bolivia, Ecuador and Nepal are among the main countries that have rejected the active use of cryptocurrencies. You should also keep in mind that some countries accept cryptocurrency and have been designated as crypto-friendly. For example the USA, Canada, Japan, Singapore, Malta, El Salvador and Australia in addition to the European Union members.
Currently, many governments around the world are charging exorbitant costs to provide licenses to operate a cryptocurrency trading company. However, there are some that offer a low-cost licensing of cryptocurrency trading platforms. So talk to your cryptocurrency trading platform solution provider and their engineers about how to get licenses quickly and at low cost.
3. Choosing the type of stock exchange:
When setting up a cryptocurrency exchange it is necessary to choose the type of cryptocurrency trading platform. The choice of the type of stock exchange will also affect the cost of developing the stock exchange. As each type of BTC trading platform has a unique development budget. To make this decision you should be aware of the many types of Bitcoin platforms that are now in the market. Central cryptocurrency exchange. A decentralized cryptocurrency exchange. Hybrid Cryptocurrency Exchange.
4. Create the structure of the trading platform:
After choosing the type of cryptocurrency trading platform to launch, you should design the Bitcoin trading platform architecture in an efficient manner. It is necessary to enable four important components in order to build an ideal architecture. The platform's engines, multi-currency wallets, management dashboards, and an easy-to-use interface are examples of these features.
5. Using the services of a team of legal advisors:
If you want to start a bitcoin trading platform without the risk of being shut down by regulators, you must first learn about the important regulatory characteristics of crypto assets. Laws regulating crypto assets vary from country to country. For this reason, it is usually wise to enlist the services of a legal team of advisors.
6. Cooperation with the best processor for payment services:
To handle payments with fiat money or cryptocurrency, you must cooperate with a payment provider and bitcoin payment software. Choosing a reputable payment processor with a strong online presence is a wise decision. Partnering with a reputable bank that specializes in fast financial settlements will give your customers the best user experience and convenience.
7. Determining the Best Provider for a Cryptocurrency Trading Platform Match Engine:
This is the most important stage to consider. There are many cryptocurrency matching engine suppliers in the cryptocurrency sector but choosing a trustworthy one is more important. So choose a reputable and expert bitcoin exchange provider from the industry to build an eye-catching currency exchange with suitable features.
8. Cooperation with the best processor for payment services:
To handle payments with fiat money or cryptocurrency, you must cooperate with a payment provider and bitcoin payment software. Choosing a reputable payment processor with a strong online presence is a wise decision. Partnering with a reputable bank that specializes in fast financial settlements will give your customers the best user experience and convenience.
9. Make sure you have strong security measures in place:
To save on development costs, many startups and entrepreneurs make security-related mistakes. When developing a crypto trading platform, it is important to include security features such as two-factor authentication, an encrypted database, and more. Recent reports indicate that cryptocurrency trading has been the primary target of hacks. Thus, the addition of security measures will also affect the cost of developing a Bitcoin trading platform.
AML and KYC services have become a basic need as part of security measures since the proliferation of cryptocurrencies and the change of the global financial network. This is why crypto companies must comply with regulatory requirements and government agencies must fight crime: AML and KYC policies mitigate business risks, protect consumers from criminal behavior, and boost trust in Bitcoin.
10. Do a beta test:
Do a beta test before deploying the trading platform to the server. Beta testing allows you to quickly discover and correct problems. After the testing phase, with the help of the development team, you can install the cryptocurrency trading platform.
11. Having a Customer Service Channel:
After opening your cryptocurrency exchange, you should provide good customer service 24 hours a day. You can attract a large number of users to your platform by providing technical and efficient customer assistance.
What is the actual cost of setting up a cryptocurrency trading platform?
The cost of setting up a cryptocurrency trading platform depends entirely on the Bitcoin exchange solution provider you choose.
White Label Bitcoin trading platform solution is less expensive than building an exchange from the ground up. About $30,000 is the cost of the White Label crypto exchange, which includes all the basic features, technical integrations, and security integrations. If the client's business and location requirements are different, this may be different.
Make the right choice:
B2Broker's turnkey cryptocurrency trading platform has been chosen by a growing number of companies because it provides a fast and cost-effective solution with a wide range of bespoke features all geared towards setting up a profitable business.
Founded in 2014, B2Broker is a leading provider of cryptocurrency liquidity and technology solutions provider to the cryptocurrency and foreign exchange industries.
Add Comments