Creative Ways To Stand Out With Your Own Cryptocurrency Exchange

Blockchain Technology’s value has grown to $1.2 trillion. This technology has been applied through different sets of industries such as Healthcare, Banking, Finance, Supply Chain Management, Agriculture, etc. Entrepreneurs are interested in starting the year 2020 crypto exchange for profit!

Most of the white label cryptocurrency exchange software that emerged in 2018 has struggled to gain traction, with tier one exchanges increasing their market share and the long tail leaving the also-rans to fight over the crumbs. A new crop of crypto exchanges, including Coinsbit and Digitex, seems determined to learn from their predecessors ‘ errors in 2019.

It is expected that the goal is to lift cryptocurrencies that are the future of the payment industry. The popular Bitcoin crypto created back in 2009 will grow by the year 2020 around $500,000, John McAfee said. Besides Bitcoin and other cryptocurrencies like Ethereum, NEO, there are also Litecoins on the board!

It is clear with these statistics that traders will approach Crypto Exchanges in order to conduct trading. Therefore, the Bitcoin Trading platform holders should predict an immense array of profits and benefits.

You should contact Espay-X, one of the top-notch Cryptocurrency Exchange Software Development Company to launch your dream Bitcoin Exchange platform if you are an Entrepreneur of this kind.

This guide is intended primarily for investors planning to launch a 2020 crypto exchange!

Initially, understanding what kind of crypto exchange you plan to launch is important. In addition, know the popularity and form of exchanges expected by traders.

Centralized exchanges: the conventional crypto exchanges were centralized exchanges. This form of exchange includes the facilitation of transactions by a middleman or a third party. Hence, the traders put their trust in these exchanges to perform trading. This type of trading will charge about 0.1-1.5% of the trading fee.

Decentralized exchanges: on the other hand, without an intermediary, open exchanges promote transactions. Therefore, there are no funds or other data kept by the exchanges here. DEX channels, however, are not very widespread. Those exchanges are therefore lacking in liquidity. Though security in Decentralized Exchange platforms is completely enhanced.

Hybrid Exchange: These markets are, as the name suggests, a combination of centralized and distributed trading platforms. They are designed with the primary motto of incorporating in the exchange both liquidity and safety. By 2020, most of the experts expect to see the creation of Hybrid Exchanges.

Firstly, comprehensive industry research should be done to start a crypto exchange. What can be the cryptocurrencies cost in the year 2020? What nation can be the best country to set up an exchange of crypts in 2020? What characteristics do traders expect from a 2020 crypto exchange?

And a lot more!

You need to find the appropriate solutions and accordingly draft the requirements! In this case, you can see the views of the experts for a more relevant answer! It may be helpful to use crypto calendars such as Coindesk, Cointelegraph, Coinidol, Wikipedia, etc.

So now you have an idea and a prerequisite for a company. Now, you should know where you want to start your exchange of cryptography. Many countries are expected to legalize the cryptocurrencies for 2020!

Here are some of the Crypto friendly countries where you can begin a crypto exchange:

• Malta
• Switzerland
• Gibraltar
• The United States
• The United Kingdom
• Japan
• Singapore
• Luxembourg
• Bermuda
• Estonia

While in the future Asian countries like India will be able to regulate cryptos. UAE also takes steps to legalize them.

You should find out the crypto exchanges that are working there once you have settled on the spot. Check the apps, ratings, trading system on those sites and make sure you’re standing out from the crowd.

Some predictions that traders would face in 2020 are as follows:

• Social Trading
• Multiple Charts in a Single Window
• 24*7 Customer Support
• Easy Withdrawal and Deposits
• Up To date Dashboard
• Ease of Use Website
• High-Level Security
• High- Liquidity

To get the user’s attention instantly, you can integrate these features into your crypto trading platform!

Now you’d have decided on the country in question. Until you begin a white label cryptocurrency exchange software, you should learn about them as each country has different regulations. As I mentioned earlier, in any of these desired locations, you can begin a crypto exchange.

Remember, if you fail to follow these regulations, you may be put up in trouble. So, it is important to note down the jurisdictions of the country.

To study the rules, you need a separate team collection to guide you in the right direction. One option is to include a KYC module to be on the safer side of your trade.

KYC asks for identity requisition from the users to get qualified. This can reduce potential risks from your end. In addition to this, the AML module is also important. Both these entities require proof ID’s like Passport, License, etc.

In the year 2020, regulations can vary from country to country and hence it is mandatory to have a team of counselors with you.

Remember, you need a great set of funds for launching a cryptocurrency exchange. The reason is you need to hire a cryptocurrency exchange development company that can bring you the required outcomes you were expecting.

The total price may include the cost of the technology, cost of government & regulations, cost of the solution providers (design, development and sometimes even marketing). Ensure you have the funds for these processes.

Hence, you must know the cost to start a crypto exchange and make sure you have the desired funds for them.

Now you should get in contact with one of the world’s top-notch cryptocurrency exchange development companies. Since having a great product, having a great team set is critical.

The team should comprise the following set of experts:

• C-level Managers
• Crypto Exchange Designers & Developers
• Cryptocurrency Marketing Specialists
• Financial Advisors

Make sure they can provide you with both White label crypto exchange as well as developing from scratch based on your requirements.

We people at Espay-X, deliver both White label services as well as development from scratch to instantly help you in creating your own exchange platform at a minimal cost.

Now you need to layout the features in your crypto exchange platform. As the trading platforms are heading towards various dimensions, here are some of the top-notch features which you can integrate in your exchange:

• Integrated IEO Module
• Security Token Exchange
• Mobile Application support for Android, iOS
• Liquidity API
• Atomic Swaps
• Multi-currency pairing
• Crypto Wallet Integration
• Admin Console
• Issuer Console
• Trading Bot
• Cryptocurrency Price Ticker API
• Rest API
• Leverage Trading
• Referral Program
• Multi-language support
• Payment Gateway Integration
• Market Making
• Matching Engine
• Futuristic CMS

And a lot more! These are the new trends and features that you should have in your trading platform as well as in the future. Make sure that your provider of solutions is able to provide all these modules.

Checking and implementing security factors in the exchange is also critical. Here are the collection of processes to be applied by your solution provider:

• HTTPS Authentication
• Data Encryption
• Anti Distributed Denial of Service (DDoS)
• SQL Injection
• Jail Login
• Anti Denial of Service (DoS)
• Cross-Site Request Forgery (CSRF) Protection
• Server-Side Request Forgery (SSRF) Protection
• HTTP Parameter Pollution Protection

Your white-label cryptocurrency exchange software is now ready to be built. Promoting your trading platform for your global audience is important. The right collection of Crypto Marketing experts to launch your brand may be applicable to your solution providers. Organic ads and sponsored advertising can be used by them.

• Crypto forums like Bitcointalk, Cryptocurrency Talk
• Social Media Channels like Facebook, LinkedIn, Twitter, Telegram
• Messenger Platforms like Slack, Reddit, etc
• Email Marketing Campaigns
• Content Marketing
• Pay Per Click
• News & PR
• Bounty Programs
• Affiliate Marketing Strategy
• Reputation Handling
• And much more!

This is going to be the most crucial step of all. You should be ready to support your customers in case of any issues or errors and resolve them instantly! This can make you more reliable and successful in the industry.

In addition to this, you should also maintain a team for ongoing legal compliance. Since regulations are changing with time, the team can support you in this case. This can make you remain worry-free.

Make sure you’re talking to your designers and advertisers. No mathematicians, cryptographers or developers are expected by your marketing staff. They’re just like the people you’re trying to meet in most situations.

To better communicate it to other non-tech people, you want to help advertisers understand your campaign and your design success.

Without consistent internal communication, misunderstandings and lack of clarity can occur not only within your marketing team but also with those entering your email.

Many cultures in cryptography are left to their own devices. This leads to an inconsistent experience and does not place you in the best light, for both new and old community members.

Be available and manage your community actively by starting and joining conversations, answering questions, responding to concerns and genuinely considering the audience’s feedback and ideas.

It’s not just crowdsourcing the funding that you can crowdsource. You can also get suggestions and feedback from the crowdsource.

Track the community and industry, take active steps to build a loyal audience, and respond to questions and comments as responsive as possible. This way you will have a culture that is much happier and more involved.

The year 2020 has a great set of news in the crypto industry for entrepreneurs. They’re here to stay and are going to stay, and most people are going to start investing in bitcoin exchange software. I hope these steps will help you instantly start a crypto exchange!