You wish to start your own cryptocurrency exchange business and do not know where to start? This article intends to clarify you everything you need to consider before you start a cryptocurrency exchange business.
Decide where you wish to set up your business:
To start a cryptocurrency exchange business you need to decide on the scope of your business. Decide if you want to confine your business locally or expand to a specific region or country. Based on your operational scope, you need to decide on the licensing and approvals to start a cryptocurrency exchange business.
Review the necessary regulations in the country:
Every government requires entities that are involved in cryptocurrency exchange business to adhere to their Know Your Customer (KYC) Norms. Make sure that your company’s KYC norms are incompatibility with the government’s norms.
Any financial exchange requires liquidity to survive and become successful. Unless you produce trading activity and a full order book, customers will be hesitant in placing orders with you. Any new exchange will come into liquidity issues.
Start your PR and marketing campaign:
Once you establish your exchange business, it is time to get it out to the world. Start planning your marketing activities with their costs to make sure your initial expenses do not leave you scrambling for additional funds.
Customer support channels:
Customer support is a vital part while you start a cryptocurrency exchange business. It helps in creating trust in your company on client’s mind. A good customer support experience will ensure your customers start generating revenues by trading from the moment they sign up with you.