A Startup Guide To Start Your Own Bitcoin Exchange - 2021
Do You Have A Big Plan To Start Your Own Bitcoin Exchange Website, But Stuck Up With Getting A Right Solution? No Worries, You Have Come To The Right Place, This Guide Gonna Excite You With A Lot Of Exclusive Cryptocurrency Exchange Business Ideas, That You Were Never Seen, Read Or Heard Anywhere!
How to start a bitcoin exchange Website?
Launching a bitcoin exchange is not a rocket science, if you follow a holistic approach, you can achieve it. But before you initiate the development process of your bitcoin exchange website you have to completely analyze the cryptocurrency industry, research the trading mechanisms, extract the existing problems, and derive the factors that would bring right solutions for the existing problems in trading. The above things are necessary and are mandatory too! Before proceeding in to further, teach your mind that you are going to construct a big trading platform that would ease the trading of cryptocurrencies between any peer to peer.
Let me give a one line intro for some of the basic things
- Cryptocurrency – it as a digital currency or virtual currency, works under the concept of decentralization. (i.e) it would not have a physical appearance but can be traded or exchanged via any trading platform without the control of central banks or any other government authorities. Bitcoin is the most popular cryptocurrency (Check out the price of single unit bitcoin here). Industrial name of bitcoin is BTC.
- Cryptocurrency Exchange Platform – It is a website that executes cryptocurrency trading between any user or peer.
- Trader – Who buy or sell crypto currencies for Fiat currencies or for any other cyrptos.
Bitcoin Trading: How it works?
Bitcoin Trading Is the process of exchanging bitcoins for fiat currencies or for any other cryptocurrencies between two users through a fully secured exchange platform.
The main players of a cryptocurrency exchange website
- The Admin
The above persons are the main players who keep an exchange always active. Buyer or sellers can be called as traders.
The role of a bitcoin exchange admin is,
- Connecting a network of bitcoin buyers and sellers
- Monitoring the Fund transactions
- Charging transaction fees for each successful transaction
- Keeping the website always secured by implementing new security rules and norms
In business point of view, admin is the only person who gains a lot of profit than the bitcoin traders. Because he is not going to get involved in any complex transaction, and he don’t have to watch the bitcoin price, and he is not answerable for any loss of bitcoins( Because no bitcoin exchange website would give you the guarantee for your transaction. So traders gonna make trade on their own risk). I Hope you understand why bitcoin exchange businesses are considered to be the most profitable business online! Let’s discuss the core concept of this article!!
How to create a bitcoin exchange website?
There is always two phases in running a successful bitcoin exchange website
1.Creation 2. Optimization
Creation – During this phase you have to do launch your website with high security features, it will be done only once in a life time of your bitcoin exchange website, but it will be the basement of everything.
Optimization – This is not a onetime process. Once you launch your bitcoin exchange website, you just have to update it often, with recent features and trends, so that you can keep your website top on competition, and can gain more trust among users.
I ) Bitcoin Exchange : Creation Phase
You can create a bitcoin exchange website. To do this you don’t have to be developer, or a techie. All you need is a right development support either it may be a bitcoin exchange development company, freelancers, or a complete bitcoin exchange script source code.
There are a lot of service providers, bitcoin exchange development companies are available online, and many shopping sites sell bitcoin exchange plug-ins, templates, and add-ons. Based on your requirements make a choice on your own and start proceeding further.
Steps in creating your own bitcoin exchange website
Everything is achievable if you make a slow and steady process! To Start a bitcoin exchange site you never have to skip any of the steps below!
- Analyze the scope of your bitcoin exchange website
- Choose the right market place( Country ) To launch your bitcoin exchange website
- Deal with a right Bitcoin exchange script/ Software Service provider
- Ensure the licensing and bitcoin exchange regulations of the country you decide to launch
- Establish the liquidity options
- Integrate high security features
- Integrate high security features
Step 1: Determine the Scope of your bitcoin exchange website
Determining the scope and other functionalities is the first and main process in starting a bitcoin exchange website. During this process you have to analyze the current trend of cryptocurrency trading industry, you have to check the existing popular exchanges and their services. After this you have to decide how uniquely you are going to present the trading features for your beloved traders.
- List out your requirements
- List out the trading features
- Number of cryptocurrency pairs that you will enable in your bitcoin exchange
Step 2: Decide in which country you are going to launch your bitcoin exchange website
Decide whether you are going to operate globally or locally
- Many countries allow bitcoin exchange business and trading with bitcoin, but there are some exceptions, especially India and china have recently banned bitcoin transactions.
Step 3: Choose Right Bitcoin Exchange Script Provider
Buy bitcoin exchange script from a right bitcoin exchange script service provider or a bitcoin exchange development company, and get connect with them during every process of the bitcoin exchange development.
Step 4: Ensure Licensing and other regulations
Get proper license from the government of the country in which you start your business. Also Every country has separate rules, regulations and other norms to regulate the bitcoin exchange business, so It is very important to make your exchange lie under all the regulations and to obey the rules. Make your customer transactions transparent through any of the government issued ID proofs, So that you can prevent illegal money laundering activities integrate KYC model to keep your exchange more safe.
Step 5: Establish Liquidity
Liquidity is the main thing to run your bitcoin exchange successfully. Without liquidity you can’t raise trust for your bitcoin exchange among users.
Step 6 : Keep connected with the team of developer from the company you choose
This would help you to freely escalate all your ideas, suggestions, and other requirements to the company.
Bitcoin Exchange Script: A Structured code that create your bitcoin exchange website
A Bitcoin Exchange Script is the sole of a bitcoin exchange website, because it has all the capabilities to create your bitcoin exchange platform and can uplift your bitcoin exchange business. It is a website script that has been coded with necessary features and functionalities to do bitcoin trading. If you want to launch your bitcoin exchange website better choose a readymade and white label bitcoin exchange script, because it will not require multiple layer of optimization, So that you can launch your website instantly. If you are searching for readymade and white label bitcoin exchange script service provider bitdeal is ready to assist you! (If you wish to check demo of bitdeal bitcoin exchange script you can get it here)
In order to create a fully secured and advanced bitcoin exchange website, the website should be build with a completely tested bug free bitcoin exchange script/ software. The script should be fulfilled with some of the basic components
Basic components that of a bitcoin exchange script
- Bitcoin wallet
- Trade matching engine
- Admin panel
- KYC Database
- Attractive user interface
- Exchange plug-ins/Add-ons..etc
Ready Made bitcoin Exchange Script Features: Security
- Two Factor authentication
- KYC – To Identify customers in order to prevent fraudulence
- AES Encryption Prevention
- Anti CSRF Token
- XSS Clean
- Software / System details disclosure
- Enabled With Debug Mode
- Google ReCaptcha
- Mail ID encryption
- Session expiry with user re-login
- Devise based tracking (IP Address, MAC Address/ Mobile device ID, User)
- Device based or IP based Admin panel login
Ready Made bitcoin Exchange Script: Functionality Features
- Feasible Trading Pairs ( To Trade Any type of cryptocurrency)
- Feasible Deposit and Withdrawal options
- Bitcoin Wallet ( Preferably Bitco JS)
- Optimize buy/sell system
- Advanced Control panel
- Efficient Matching Algorithm.. etc..
II) Bitcoin Exchange: Optimization Phase
This should be done after launching your bitcoin exchange website. As I said above it is not a onetime process, you just have to do it often, to beat the competition. Because the number of bitcoin exchange have raised drastically in recent times, so if you want to be unique and ideal it is a necessary step to optimize your website with up to date trading features. Following are the most recognizable business models which are found to be highly traffic generating trading features for a bitcoin exchange site.
- P2P Trading
- Admin Based Trading
So if you want to make your bitcoin exchange more user friendly make sure you have added all these features in your bitcoin exchange website.
Ready to start your bitcoin exchange website?
Hope you got an complete idea about how to start a bitcoin exchange site, If you have further more clarification, Our tech team will always ready to connect with you and you can reach us at any time, through whatsapp or telegram.