Cryptocurrencies have recently shaken the world. The idea of participating in this cryptorevolution has inspired thousands of people. Someone started mining cryptocurrencies, someone began developing blockchain based apps, others joined the ICO rush, and someone thinks about how to build your own bitcoin exchange website.No doubts, there are hundreds of more ways to join the digital currencies rush, but bitcoin exchange website is of vital importance for the future development of cryptocurrencies.It is believed that providing transactions with cryptocurrencies will become a ‘must’ for the financial world in future. Just imagine: you plan to go on a vacation to a foreign country and you do not have to worry about currency exchange troubles and huge fees when paying with your credit card. Of course, it requires time and efforts. But a huge contribution to the development of cryptocurrency world is made by cryptocurrency exchange websites.
The Importance Of Cryptocurrency Exchange Website
Cryptocurrencies started a revolution. This original concept of financial operations that cannot be regulated by third parties is something extremely new, convenient and appealing. The rise in bitcoin price is so enormous that it cannot remain unnoticed anymore. This topic is ceaselessly discussed on the Internet and in the media. Yet, cryptocurrencies remain to be something obscure to most of the people.Nowadays, only a limited segment of people use bitcoin or other cryptocurrencies in their daily lives. Only technology innovators, startup entrepreneurs, IT enthusiasts, and geeks, people that are closely familiar with the cutting-edge tendencies have to face various cryptocurrency issues. Most people do not have the access to making transactions with Bitcoin or any other cryptocurrency. The rise of cryptocurrency websites has the potential to bring cryptocurrencies closer to ordinary people.Along with that, this type of exchange platforms can solve 2 important problems:
- Resistance To Innovations
People are more likely to use tools they are familiar with, or ones they know from childhood. Even though we are living in the era of unstoppable changes, it is often hard to spread the idea of something unique, even if it is able to considerably simplify people’s lives. It is believed that the mankind will resist the active implementation of cryptocurrencies in daily life. Cryptocurrencies exchanges can make this process more smooth and seamless.
- Fear Of Fraud
People feel more confident when they holding their hard-earned money in their hands. That’s why cryptocurrencies seem to be unacceptable for millions of people worldwide as they have hard times believing that the money can be stored somewhere far away on the cloud server.Cryptocurrency exchanges have a huge potential to change people’s minds and opinions concerning cryptocurrencies in general and their application in real life. Moreover, the exchanges prepare every single industry for Bitcoin expansion. And if the aim is to increase the number of bitcoin users, there should be a lot of high-quality secured user-friendly cryptocurrency exchanges developed.
What Is A Cryptocurrency Exchange?
The main aim of a cryptocurrency exchange is trading. They provide users with an opportunity to trade one cryptocurrency for another or for fiat currencies and vice versa. Additionally, they offer services for storing your cryptocurrency or sending it to your digital wallet. Exchanges usually charge fees for the services or bid/asks spreads.Depending on the offered services, a cryptocurrency exchange can be:
- a brick-and-mortar business, that includes both digital and traditional payment methods;
- or an online business that enables only cryptocurrencies exchange.
In order to avoid the regulations and legal troubles, such exchanges usually operate outside the USA and Western Europe but handle the fiat currencies of the world’s leading countries.
How To Build A Cryptocurrency Exchange Website
Are you itching to get your hands on how to start a cryptocurrency exchange? Before you start to develop a solution, pay a huge attention to the following.Even though Bitcoin claims to be “a currency without a government” you must conduct an in-depth research on the cryptocurrency exchange rules and regulations in your country. Excluding this point from your to-do list may lead to future troubles or even imprisonment, so be extremely careful. What is even better, hire an experienced lawyer or at least ask for a detailed consultation.Exchange websites are essential for our financial world renovation. But cryptocurrency exchange website development can be a challenging and hard task that needs to be fulfilled in a few steps in order to gain the best result.
Step 1. Study Your Competitors
Even though the topic of digital currency exchange is relatively new, there are more than 200 websites that already successfully do this job. In the era of the Internet there is no easier way to find about a person or an organization than visit his/her/its webpage, click around and read. Such websites usually briefly describe the stories of success and overall achievements on their About Us page.Another significant thing on your to-do list is not only to research their successes but also find out about their fails, or at least the biggest fails. For instance, let’s take a look at a digital currency exchange that is famous for its losses.Mt. Gox was one of the first exchanges located in Japan. Starting from 2010, they showed the amazing achievements for more than 3 years. At the end of 2013, they handled the bulk of world’s digital currency transactions. In February 2014, the company declared bankruptcy. But what happened? Well, it still remains unclear. The reason is that 850k bitcoins just disappeared, supposedly stolen. At that time it was almost $500 million; today it would be around $10 billion!
Step 2. Define The Location
Where would you like your business to run? Is it your home country or you plan to start a global exchange? As it was mentioned above laws matter, and depending on what country you choose, you are going to have to meet their business requirements and law appears. This point may be time-consuming and expensive, but it is vital for your idea implementation.
Step 3. Target Your Audience
This point seems pretty easy but has a considerable impact on the future of your business. Why? Well, by defining your target audience you will understand how the product marketing should look like and what website interface would be attractive and convenient for the potential users.
Step 4. Find Your Development Team
There are tons of tips on how to start the exchange business. Some entrepreneurs advise to go to Github, download someone’s existing code, customize it and run a business. The other opinion suggests using white label solutions which do not cost a fortune, yet, they are often unable to satisfy experienced entrepreneurs’ needs.Success requires developing a high-quality solution from scratch. How much do you have to spend? How much are you willing to spend? Pricing may vary according to the selected team and your wishes.To make your idea come true, you can hire an in-house team. It is a rather time-consuming and hard process that includes posting vacancies, looking for resumes, interviewing, rejecting unsuitable candidates etc. Additionally, the in-house team hired in the USA or Western Europe may cost you a fortune.There is another option. You can outsource your idea to an Eastern European company. Eastern Europe is famous for its powerful, reliable and cheap software development services. What is crucial, these specialists show amazing performance and build solutions of the finest quality. So the outsourcing option needs to be seriously considered in order to save your time, money and reputation.
A Few Tips For Cryptocurrency Exchange Success
The web solution for a cryptocurrency exchange has to satisfy a number of requirements:
- Security
The website needs to be perfectly secured. Get rid of any weaknesses, protect the data and make sure everything is safe by yourself. Hackers attacks are nothing new, so be ready that they would target you, sooner or later. Be prepared and stay safe.
- Speed
Slow page loading is a way to a knockout. People that trade their cryptocurrency expect to get the seamless experience of going from one page to another, so pay attention to this momentous thing.
- User Interface
Create an attractive front-end design and engage users by a clear user-friendly interface. Provide them with convenience and aesthetic pleasure when they are trading cryptocurrencies.
- Cutting-Edge Approaches
If you launch a cryptocurrency exchange, you enter a new world with its own rules. And the main rule is to keep your hand on a pulse. You need to be aware of all of the news and tendencies to keep your and your users’ heads and shoulders above the water.
- Marketing
A successful launch is not enough. People need to find out about your business and services. So plan a marketing campaign thoroughly: use web advertising, blogs, and social media to let them know about new opportunities, draw their attention and urge potential users to visit your website.
The Final Thoughts
Cryptocurrency exchange website is a way to expand your business into cryptocurrencies market. This is your chance to join the financial breakthrough and make your own contribution to it. With the help of skilled software development team, you can get the one-of-a-lifetime opportunity to succeed in the world of digital finances.