10 Steps You Must Take to Launch a Cryptocurrency Exchange

1. Seek appropriate counseling to ensure that the licensure criteria in your region are met.

2. Secondly, secure finance for your startup.

3. Locating a cryptocurrency exchange platform services solution provider.

4. To ensure complete liquidity, connect your exchange with others.

5. Collaborate with a supplier of payment solutions.

6. Put the best security procedures into action.

7. After the smart contract audit testing, go live

8. Launch a PR and marketing effort.

9. Constant client service.

10. Keep a legal team on staff to ensure continuous compliance.

Now that you are aware of the processes required to launch your own cryptocurrency exchange, let's look at them in more detail.

1. Seek appropriate counseling to ensure that the licensure criteria in your region are met.

A good lawyer is a need. Exchanges often must go by Know Your Customer (KYC) requirements, which are becoming more and more common to fight money laundering because they fall under the category of currency exchanges.

Also Read Here: How To Build Your Hybrid Crypto Exchange Platform?

2. Secondly, secure finance for your startup.

Startups of cryptocurrency exchanges sometimes make the error of failing to plan ahead, raising tiny amounts of money in the beginning, which may cover development expenditures but deprive the business of the vital operating capital required to survive until it turns a profit.

3. Choosing a software solution supplier for bitcoin exchanges

Finding a technology partner who offers thorough consulting and offers a white label solution that is customized to your needs is a crucial first step.

4. Join other exchanges for complete liquidity.

The more exchanges there are, the less of a problem liquidity will be for your new exchange.

5. Collaborate with a supplier of payment solutions.

All payment processors are not created equal. To protect your new business from online risks, make sure your payment processor is PCI-compliant. Since there have been more instances of cryptocurrency exchange hacking recently.

6. Put the best security procedures into action.

Customers are becoming more concerned as the number of hacking incidents rises, so you must use the finest security policies. Thus, trust can be developed through your trade.

7. After Smart Contract Audit Testing, Go Live

Before launching in beta, test it.

8. Marketing Effort

The majority of the customer uses digital platforms. Therefore, be careful how you utilize each of these platforms.

9. Offering customer service

Today's consumer wants a quick fix for their issues. Make sure you offer prompt, courteous customer service via chat and the phone. Trading occurs around-the-clock, therefore.

10. Keeping a legal team in place

To ensure that your exchange remains legal in every jurisdiction in which you will conduct business, it is crucial to either assemble a full-time internal legal compliance team or to employ renowned law firms to handle the work.