How to Start your own Bitcoin Exchange Business with Money-Spinning Strategies?
Cryptocurrencies have been the hot talk of the town. Blockchain has been certainly the most crucial technology for the trader’s out there. Popular cryptocurrencies such as Bitcoins, Altcoins are experiencing great emendations to keep ahead of the competition.
So if you are an investor who is ready to kick-start the Bitcoin Exchange Business, the next 7 minutes will give you a complete guide on them!
How much does a website cost per month?
If your query is to start your own website, then it can also be certainly done! Before we discuss the cost for the website, let us primarily know the steps involved to start a Bitcoin Exchange website!
There are totally ten steps which will ensure a high-quality business! If your query is How much does it cost to develop a Bitcoin Exchange website, you will probably find the answer here!
Here are they:
- Have a clear perception of where you want to initiate your business.
- Obtain a proper legal counsel to make sure licensing requirements are met.
- Acquire funding for ventures.
- Find the best technology solution, providers.
- Get connected your exchange with others for enhanced liquidity.
- Partner with the payment processor.
- Implement the best security procedures.
- Make the site live through Beta Testing.
- Initiate Marketing strategies to promote the site.
- Give importance to Customer Support.
- Maintain a legal team for online compliance.
To make a clear picture, we will go in-depth into the strategies!
Have a clear perception of where you want to initiate your business
When you are in a plan of getting started with the business, you need to know where the origin will be.
Whether you want to operate globally or confine yourself to a particular region or a country!
Usually, you need to get the necessary licensing and approvals for your company to sparking off the business.
Laws may generally vary from place to place. Thus, consult with a legal expert on the same regarding the licensing, compliance with the local laws and regulations.
Obtain a proper legal counsel to make sure licensing requirements are met
So what are the requirements you need to consider? Get to know the regulations for the specific country to trade your business.
Moreover, proper licensing is needed to obtain in all jurisdictions in which the company plans to operate. In most of the places, cryptocurrency exchanges operate without significant oversight since both the government and regulations have not caught up with the technology!
Acquire funding for ventures
Before setting off the project, you should know the approximate Cost of website involved in the business. For instance, to develop a crypto exchange business you will require barely an amount of around $135,000. This includes the cost of technology, hosting, legal counsel, government registration, etc.
One major mistake which startups do is denying to plan for the future! Therefore it is crucial that you get to know the future plans and how it will be in upcoming years!
Find the best technology solution, providers
There are a plethora of startups who basically provide custom crypto exchange websites, which will result in reaped profits for your business!
Well, this should actually include a lot of potential factors in the industry such as ongoing fees, commission structures, license fees, etc.
Build your own bitcoin exchange business website with desirable expertise in Bitcoin Exchange Business will leverage top-notch results.
Get connected your exchange with others for enhanced liquidity
The linchpin for a successful exchange website is liquidity. Without an order book and trading activity, potential customers will view as a new challenge resulting in a distrust!
In order to elude these issues, you can launch dummy accounts within the newly created exchange. Thus, we can connect to your exchange to the network of existing exchanges which can indeed increase the liquidity!
Never forget, the larger is the network of exchanges, the lesser will be the liquidity factor!
Partner with the payment processor
Not all the payment processors are equal. Moreover, fees structure will vary from company to company. To be competitive with other exchanges, you need to be at a lower rate.
Some processors require hidden fees to their contracts, therefore know everything before signing up!
Yet other differences between the processor includes settlement time and compliance with PCI DSS, which are the set of practices to ensure cybersecurity.
Make sure the payment processor is compliant with PCI for high-end security.
Implement the best security procedures
Bitcoin Exchanges which are built with development companies are considered to be the most secure in the world with encrypted databases.
Other security practices include two-factor authentication and much more factors to leverage and experience the best security in the world!
Make the site live through Beta Testing
Now you have a built exchange website. You have set up a contract with payment processing, and you have taken great pains to ensure the site goes with regulations and laws. The next thing is to go live and test its full range if capabilities via Beta Testing.
Initiate Marketing strategies to promote the site
Whatever the business it may be, the crucial thing to get potential customers is through Marketing the product. You can connect with heading players such as Crypto news, Coindesk, Cointelegraph, etc.
Moreover, it is crucial to copiously plan your marketing activities, along with their costs. Generally, exchanges do not include a marketing budget, instead focusing on cost-effective social media until you reach a bunch of traders around.
Give importance to Customer Support
Since Customer Support is the final stage in the Bitcoin Exchange Business, the ability to shine will result in long-term success. Those dealing with the customers must be attentive and satisfactory to resolve the customer complaints and issues.
Customers who are responded in a timely manner will remain responsible, thereby trusting your product!
Maintain a legal team for online compliance
When it comes to laws and regulation, one should always maintain a legal team to keep track of your business. Moreover, Cryptocurrency laws are rapidly evolving around globally, thus it is important to hire a full-time in-house compliance team. This can help you in keeping your exchange legal across the countries you are trading!
When it comes to Website development cost in India it primarily depends on the type of features you require!
To have a rough figure, there are certain costs which will depend on the complexity of the website pertaining to a general criteria i.e not only Bitcoin Exchange Business Website but also others!
- Small Business Website
If you require a small business website with little customizations, it will take around $2000 to $8000 and usually less than 20pages.
- Medium-sized Business Website
Mostly for commercial pages around 75 pages, with CMS enabled can rate around $10,000 to $25,000.
- E-Commerce Website
These are the more common website which clientele are in need of! Users can browse and purchase products with the payment gateway integrated. Upfront will be around $5000 to $40,000.
- Large Business Website
A website encompassing more than 100 pages, with high-end features included will rate around $25,000 to $40,000.
However, in accordance with the complexity, the cost of website will vary.
Key Expenses which you will come across
Traders will be circled with a plethora of questions surrounding such as How much does it cost to hire someone to build a Website and much more!
But the primary thing is to identify the basic expenses which you will encounter!
Here are a few you need to take into account:
The reason why you need is, this is the URL which people would be typing in the browser while searching. The rate will be primarily around $10 and $20 but for premium accounts, it will be around $200 and $300.
Representing Secure Socket Layer will help you identify sensitive information such as credit card data and other personal information.
This certificate becomes mandatory if you run an E-commerce site. The cost will range from $10 to $1000 for a month.
Domain purchase is just like acquiring land where you will have an address but will require other stuff which is needed for the land.
In this instance, web hosting is your land and web content is your stuff!
Coming to the cost, most of the web hosting companies offer plans from $10 to a higher extent of $99 for a month!
These three are the mandatory factors which you will require while building a website pertaining to any domain!
Added to the list, here are yet other strategies which aren’t mandatory but depend on the project for the website!
- Content Management System
A CMS is what you use to display text, articles, videos, etc. Though it is not a mandatory one, having one will save your time, and make your website an efficient one!
Depending on the CMS you choose, the cost will be!
- Web Design Expenses
To make your website more attractive, you need to do proper designing.
- Full Redesign or new design
If you are launching a website or redesign an existing website, you need to spend a desirable amount of money!
The cost ranges from $1000 to $20,000 depending on the complexity of the system.
- Theme Design
One of the CMS such as WordPress offers the theme in accordance with your expectations. The upfront will be around $10 and $100.
- Responsive Web Design
In 2015, Google began favoring website which is mobile-friendly. These responsive websites can detect which platform which is being used on.
The cost is around $2000 depending on the design.
What are the features which will be embedded in Bitcoin Exchange Business?
When it comes to Security, these are a few features:
- Two Factor Authentication
- Know Your Customers
- Google Recaptcha
- Mail ID Encryption
- XSS Clean
- Device-based tracking
- IP based tracking
- Enabled with Debug mode
The same thing, when it comes to functionality features, it includes:
- Feasible Trading Pairs
- Bitcoin Wallet
- Optimized buy or sell systems
- Advanced Control Panel
- Efficient Matching Algorithm
While hiring the right developer or a team, here are the strategies you need to consider:
- What services do they offer?
- Do they work on templates or custom designed websites?
- How will the web project be managed?
- What is the typical turnaround time for the project?
- What are the sample sites developed by the company?
- Have these companies seen a return on investment on their websites?
- How qualified is the team?
- When can they start?
If you find the answers satisfactory to these questions, you can hire them undoubtedly!
Ready to start your own Bitcoin Exchange Business website?
If you are ready to go ahead and start your business website, you can seek startups around which are here to help you instantly!
With rich experience, we have delivered flawless websites which have impacted great benefits and profits to the clients around the globe!
If you need one, contact us right away!
Hope you found this article interesting!
How to Start your own Bitcoin Exchange Business with Money-Spinning Strategies? was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.