4 Tips for anyone looking to start their own Crypto Exchange

[Kylehorak.2@gmail.com]

At first, it doesn't sound like a complex project, however after some research, you'll quickly find that there are few companies offering a White Label Crypto Exchange Solution, and even fewer who offer a fully functional and supported exchange that's flexible enough to meet the needs of your customizations and security risk. Depending on your Budget, you could also decide to create your own platform, however, if you're not looking to support more than one or two exchanges, your cost's are going to be through the roof and you might want to reconsider a different business model entirely.



If you are like the many who have tried to open up their own exchange, you will know that this is no easy task. A Crypto Exchange has many moving parts, and not only will you require an exchange, you'll also need payment processors (Fiat and Crypto), KYC integration, Liquidity, Coins, Tokens, Wallets, and Insurance. Sound Simple enough?



Not so fast, Why not ask the exchanges that have already been hacked, which brings me to my first Tip.



1: Security

Security is one of the most fundamental pillars for any exchange and also one of the most expensive to maintain. This is why creating your own platform is not a viable option, unless you're looking to provide the market with a WL Exchange Solution. Companies spend millions every year on security and development to ensure that their clients don't have to get their hands dirty. Find a company that's willing to support your Security risk and updates your platform constantly. You'll quickly see that most White label Exchange Solutions are either not willing to provide the needed security or simply unable to. Only a set few, however, have managed to provide their clients with a secure platform, that's both trustworthy and Reliable.



2: A Reliable Platform

Finding a Solution that is both Secure and Reliable go hand in hand. As I mentioned before, you need the support of a company that is willing to update the platform as often as necessary so that your exchange manages the required technology. Many companies promise the world and very few can actually deliver. If you're not quite convinced that the solutions provider you're dealing with is capable of handling whats offered, take a closer look at their clients that have a fully functional live exchange. Sign up for an account and start using the platform, you'll quickly get an idea as to how reliable their platform really is. Take some time to do research on their clients as well, this will give you a great indicator of the capacity of the Solution you're likely to receive.



3: A Flexible Platform

Once you've passed the first two hurdles, things should start to get easier. However, your challenges don't stop there. A flexible platform solution that can provide your exchange with both the Front and Backend customizations whilst maintaining it's functionality is what every White Label Solution Aims to provide. It's the Gold standard of Crypto Exchanges and yes it is possible, however, if your solutions provider doesn't have any Framework to their platform, the likely hood of your Exchange being both Secure and Functional are extremely low. Crypto Exchanges are complex platforms, there's a very good reason as to why there are so few solutions on the market.



4: An Experienced Consultant

As a consultant inside this industry with experience working on projects for 7 different institutions, I can't stress how important it is to work with the right company. Experience inside this market is key to the successful implementation of any Crypto exchange. There is a huge market for companies like mine to provide reliable solutions that leave my clients satisfied with their exchange. I've created strategic alliances with only the best inside the industry in order to keep my life simple and my clients happy.

[Unsatisfied Cat]

Good article thou. It was useful for me and other people to find out more about crypto exchange. I want to write some articles related to an implementation of cryptocurrency and to do it I'll use the help of a cryptocurrency writer. May I use some of your statements? I'll refer to your post.

[BenFormer]

For me the most important is security.
There is so much scam nowadays.

[GregoriLo]

[AntierSolutions]

A good write-up indeed! This would be of great help for all the startups, businesses and enterprises who are venturing into the cryptocurrency world and want to make it big into the blockchain sphere. If you also start your own cryptocurrency exchange business and want to learn the basic aspects is the best destination.

[SaraMichel]

I fully agree that safety is most important. I read in this https://merehead.com/blog/challenges-of ... velopment/ article that the number of hacker attacks on online exchangers has increased by 700% over the past year. The article also offers options how to solve this problem. If you really want to open a cryptocurrency exchanger, then I think this information will be useful to you. It seems to me that biometric protection is reliable protection against hacker attacks.

[samuel.north]

Yes, I completely agree that all these factors are important. And you can't detract from any of them. These platform properties should always go together. After all, that will mean the flexibility of the platform and the experience of consultants without security and reliability. Also vice versa. As an example, I would recommend paying attention to the long-established reputable exchanges, such as Kraken, Bittrex, Coinbase. There are the most reliable crypto trading signals platforms in 2018. Also don't forget that the most crypto trading platforms have both advantages and disadvantages. Therefore, every trader must remain vigilant and aware of what is happening in the crypto market.

[swipka777]

Yes, it depends on what you want from trading and how to trade. I am currently trading at https://www.monfex.com/instruments/ethereum with cryptocurrency. I prefer to trade on cryptocurrency because it gives me a future potential, stability and I like the service. They provide 24 support, so you can use their help when you want.

[bodyguard]

First you need to do decentralization.
Secondly the opportunity to play short.
In the third stocks and bonuses as on the steep exchanges.
And its own coin, by type as a binanse

[leverageguy]

Those are actually great points. Thank you for sharing it.