Cryptocurrencies are trending ones in this modern era and have made many people become millionaires. Crypto offers many business opportunities for startups and entrepreneurs across the world. Some people are already making profits by trading cryptos in different aspects. But in some countries, cryptocurrencies are banned for trading, so it’s quite complicated for people who want to make profits through cryptocurrencies. That’s why many experts refer to other ways of earning money through the crypto business. In this matter, you can create a cryptocurrency exchange website that helps to reap lucrative amounts of profits.
Crypto exchange is a blockchain-powered trading platform where users can buy and sell all prominent virtual crypto assets without any hassle. All crypto enthusiasts around the world use such platforms for trading and transactions. Usually, they prefer to keep their fiat money in bitcoin or other virtual currency and wait for it to hit higher exchange rates. Besides, the crypto exchange platform is an excellent money-generating business model in the crypto space.
Some leading stats providers in the crypto space have said that there is a substantial hike in the number of startups and entrepreneurs preferring to start crypto trading platforms. Because apart from bitcoin, there are more than 2000 altcoins available for trading in the marketplace. This will provide an excellent resource for crypto exchange development services. The second reason is, many countries are making crypto investments and trading legal. This is surely an interesting factor when it comes to making use of crypto assets.
Do you own a crypto exchange platform? If not, you should create a superfine crypto trading platform for your business. Cryptocurrency prices are rising off the roof and this is the best time to start your own crypto exchange business and earn profits.
This article will be a comprehensive guide to create a cryptocurrency exchange website on your own. Let us quickly begin this article with…
Reasons to Create a Cryptocurrency Exchange Website
As previously said, crypto exchange is the best money-generating business model in this digital era. Yes, it is true, many people who invested in cryptocurrency exchange development had reached greater heights with smaller investments and generated a profitable amount of income in a short time. You can easily become a popular one in the crypto sector by starting a crypto exchange business. Because there is increasing usage of cryptocurrencies right now and people started to use crypto coins for their financial payments. That’s why there is a great demand for the new feature-packed crypto trading platforms. The Crypto sector is a big community but you can attract many users easily by starting a crypto exchange business.
On the other hand, there are many possible ways to generate money by creating a user-friendly cryptocurrency exchange platform. Such as trading fees, deposit fees, withdrawal fees, ads, margin trading, IEO launchpad, staking, and more. Many crypto startups used these ways to earn money after creating a crypto exchange and they are millionaires right now in the crypto industry. That’s why startups and entrepreneurs are interested in starting a crypto exchange business. Apart from these, the following factors are also the reasons to develop a crypto trading platform.
- You can easily grow your exchange business
- You can monitor and work from anywhere at any time
- Straightforward and the best money-generating business model
- It is a future-proofed business
- You can create opportunities for others
- Gain insight and knowledge
- The potential to exit
These are the top reasons to create a crypto exchange platform. Now, let us see…
How to Create Crypto Exchange Website
Creating a cryptocurrency exchange website can be difficult. However, you don’t need any luck or good technical knowledge to do so. We have prepared some basic tips on how to make this process smoother and profitable.
Let us explore steps in detail…
Check for Regulations
First, you need to do a market analysis before leaping into the crypto exchange business. Then, it is more important to know whether you are going to create a cryptocurrency exchange website globally or for a specific location. Once you decide on that, you should seek legal advisories to know about your country’s jurisprudence for cryptocurrencies and exchange platforms. Because some countries strictly avoid crypto coins and tokens. Thus, be careful while choosing the country that you are going to launch your crypto exchange.
Choose the type of Crypto Exchange Platform
There are different types of cryptocurrency trading platforms in the market. They are,
- Centralized Exchanges
- Decentralized Exchanges
- Hybrid Crypto Exchanges
Centralized Exchanges – If you are looking to start a centralized exchange for your business, then you can create a User to Admin based crypto trading platform which will be similar to Coinbase and Bittrex.
Decentralized Exchanges – In these cases, you can have control over the user funds. They also ensure high liquidity along with high scalability. Whereas decentralized exchanges like Idex or EtherDelta, users will have complete control of their funds.
Hybrid Crypto Exchanges – Hybrid exchange is a combo of both centralized and decentralized crypto exchanges so you can have both types of options.
So you need to decide the right type of crypto exchange that suits your business requirements and invest in.
Hire the Experts to Create Crypto Exchange Platform
Decide whether you are going to develop on your own or you need the assistance of a professional cryptocurrency exchange software development company. If you are a tech-savvy person and skilled blockchain coder, then creating a cryptocurrency trading website is going to be an easy task for you.
You have plenty of online resources and tutorials which can help you. However, the duration period can be longer when compared to the exchange that you are developing with the experienced crypto exchange development team. In case you are going to hire a well-experienced cryptocurrency exchange development team, you should consider the following factors before hiring.
- Know the Expertise of the development team.
- Type of crypto exchange products they have previously delivered.
- Know the trading features they provide.
Choosing the type of Crypto Exchange Solution you require
In this stage, you must decide on the type of crypto exchange solution that you require. There are primarily three types of exchange solutions for your question “How to create a cryptocurrency exchange website?”
- White Label Cryptocurrency Exchange Software
White Label cryptocurrency exchange software is pre-designed trading software. It is the concept in which companies can rebrand the product created by other enterprises and make everyone believe that they have created it. We at ZAB Technologies provide premium white label crypto exchange software with all the essential trading modules. By using this scheme, you can create a crypto exchange platform instantly as the software is already developed, designed, verified, tested, and ready for deployment.
- Open-Source Solutions
As the name suggests, this type of solution is readily available and can be used by anyone. The greatest advantage is, you don’t need to pay for open-source solutions. Anyhow security and databases are their weak spots.
- Create a Cryptocurrency Exchange Website from Scratch
If you are going to build your own crypto exchange website from scratch, then it might take more than 6 months and it will be more expensive. You can create every feature from scratch and need to pay them separately. Also, have the correct business plan and you should partner with reputed banks or payment processors. While choosing the banks or payment processors, make sure they comply with the country you have chosen.
Choose the right solution for starting your crypto exchange business.
Design the Cryptocurrency Exchange Architecture
Ensure you develop a high-end crypto exchange architecture that encompasses the following essential components.
- Trade Engine
When you start with creating your crypto exchange platform, the trade engine is an important factor. Trade Engine handles all the transactions and checks for the balances. Added, it is responsible for matching the buy/sell transactions on the exchange.
- User Interface
An Intuitive and attractive user interface will bring a lot of potential users to trade on your platform. In the front-end UI, users can log in, check for the transactions, can deposit or withdraw the funds, etc. In the back-end, users have the option to alter the details entered. It can be such as changing the trading fee, adding new cryptos, managing the transaction history, etc.
- Cryptocurrency Wallets
A Crypto Wallet stores cryptocurrencies and private keys. There are a lot of cryptocurrency wallets available like Desktop Wallets, Mobile Wallets, Hot Wallets, etc. Since your wallets hold private keys, you must create secured wallets.
Apart from these features, there are also some important features that you must integrate. Such as
- Order Book System
- KYC (Know Your Customer) integration
- AML (Anti Money Laundering) integration
- Unlimited currency exchange pair
- Market Making
- Liquidity API
- Margin Trading
- IEO Integrated Module
- Admin panel
- Mobile Application for IOS, Android
- Third-Party API integration
By implementing these features, you can create a successful crypto exchange website.
Implementing Security Measures
Since Crypto Exchanges have sensitive information, you must make a trading platform that isn’t prone to hacks.
- Two Factor Authentication
This is the most common mechanism which you should utilize while creating a cryptocurrency exchange website. With this strategy, you should enter two authorization keys into your account. One is through the regular password and another thing is to enter the code received either through SMS/call. Using this strategy, the website remains more secured.
- Multi-Signature & Time-Lock
To perform the transactions, users should confirm their private keys. For additional security, exchanges can introduce multi-signature confirmation which requires more than a single key to execute transactions. Time-Lock is similar to Multi-Signature but with an additional step. As the name suggests, the multi-keys i.e. private keys should be entered with a time gap in between. That is, you can enter your first private key whenever you want. But the second key should be entered after a certain time, say 24 hours. Thus hackers can’t get your money in their pockets!
- DDoS Attack Protection
This attack means overwhelming traffic from multiple sources with the intent of suspending the services. Therefore, it is a must that you implement security measures to get rid of this attack.
Apart from these features, there are some tightened security features that you must enable in your crypto exchange. Such as
- HTTPs authentication
- Jail login
- Data encryption
- Cold wallet
- Registry lock
- SQL injection prevention
- Anti Denial of Service(DoS)
- Cross-Site Request Forgery(CSRF) protection
- Server-Side Request Forgery(SSRF) protection
- Escrow services
Once all the security measures are implemented in your crypto exchange platform, then the next step is…
Deployment
Finally, you will get a ready-to-go live feature-rich cryptocurrency exchange website. Once your crypto exchange gets deployed with the help of a genuine cryptocurrency exchange software development company, start marketing your crypto exchange platform to your target audience.
Cost to Create a Cryptocurrency Exchange Website
It is a piece of great news that you have decided to kick start a cryptocurrency exchange website. For that purpose. You will need to approach a trustworthy Crypto Exchange Development Company to get the best crypto exchange creation services. It all depends upon the cost. ZAB Technologies provides all kinds of crypto and bitcoin exchange development services at affordable rates for all startups and entrepreneurs across the globe. We provide enterprise-based blockchain services, crypto token development services, crypto payment gateway development services, and more.
The cost of crypto exchange development varies from service to service. In this cryptocurrency exchange development criteria, the cost varies if you want to go with a white label crypto exchange or from scratch. If you use a white label crypto exchange software, then the development cost will be around $15,000 – $25,000.
ZAB Technologies does extensive research on which suits you and provides the best solution to kick-start your cryptocurrency exchange business instantly.
Closing it up
Undoubtedly, crypto trading platforms will remain to top the headlines in the upcoming days as well. Make sure that your crypto exchange platform stands out and supports a major number of cryptocurrencies. Additionally, increasing website visibility can attract a high number of users to your platform.
If you are planning to hire skilled developers to get a completely secure cryptocurrency exchange website, then we at ZAB Technologies are ready to help you at any time. If you require White label crypto exchange Solutions or even custom-software development, our blockchain experts can assist you with the work done as per your business requirements in a cost-effective way! Get in touch with us and create your own crypto exchange platform now!
