The first recorded instance of someone creating a cryptocurrency is with the creation of Bitcoin back in 2009. Not until 2011 will other rival cryptocurrencies emerge to provide an alternative to the original Bitcoin.
As the years pass by, critics and investors of cryptocurrency alike have seen its popularity steadily going mainstream. Although some cryptocurrencies have faded, there are still thousands of them out there.
People may seem wary about cryptocurrencies but there are plenty of ways to profit off of this industry. You can exchange cryptocurrencies either through a trading platform but pay attention with cryptocurrency exchange script and the properties it has.
However, if you really want to start a solid business out of it, one way to create a business in this industry is by creating a cryptocurrency exchange business website.
If you’re interested in building one for yourself, then hold your horses and read this guide first. Below you will find a couple of tips that can help you create an excellent cryptocurrency exchange site.
1. Choose the cryptocurrency carefully
As mentioned before, there are thousands of cryptocurrencies out there right now. As an exchange website for cryptocurrencies, it is your job to choose which fiat currencies or cryptocurrencies you would want to support.
The ideal situation would be that you could support as many currencies as possible. However, if you’re just an exchange site that is starting out, this can prove to be a difficult endeavor. You can start by supporting the major cryptocurrencies first before branching out.
Bitcoin is the most popular and reliable cryptocurrency to support on your exchange business website. Given the fact that it’s the one that started it all, it’s a safe bet to integrate this into your trading website.
The best way to identify which crypto or fiat currencies to include in your trading business website is by figuring out which investors you’re targeting. Although, again, going for the major currencies is a safe bet.
2. Develop a useful platform architecture
The next part of building a cryptocurrency trading website is focusing on the major parts that deal with the overall operation of the platform. In other terms, the parts of the website facilitate the trading process.
First, you will need a cryptocurrency exchange software which will be the heart of all transactions made on your platform. The software or engine is where most of the trading and exchange will be taking place so this is vital to your platform.
Second, you will need a user account management scheme that includes features that manage the transactions and digital currencies of a user. This part of the platform must be secure so that users can safely deposit or withdraw currencies.
Other major parts of the website should include the digital currency charts that are constantly updating to reflect the fluctuations in the market. The administrator’s panel is also a crucial part of a trading platform, particularly an excellent customer service that is available 24/7.
Much goes into the parts of a cryptocurrency trading platform and it requires the services of experienced developers to accomplish.
3. Invest in a good software
Cryptocurrency exchange software is what moderates the exchanges and transactions in your trading platform. Hence, it is vital for your reputation and your exchange business website’s success that you invest in an excellent software to do the job.
There are multiple ways to go about this. One, you can have a software developed from scratch. This option is a grueling choice but it will give you the most control over the software’s development and creation.
However, do note that this process will take significant time and money to complete. If you don’t have either, then you can try other options instead.
You can try open-source software that is available for everyone. The great thing about this is that it’s free of charge. However, you will still need to change it and modify it based on the needs of your trading platform. Thus, you will still need the help of developers.
The last option is purchasing a ready-made cryptocurrency exchange software. There are many reputable developers out there that make ready-made ones. Before you purchase their product, do try out a demo first to see if everything is exactly as you wanted it to be.
4. Choose a reliable bank
If you also plan on dealing with fiat currency, then it is best that you establish a good relationship with your bank of choice first. A reliable bank for this type of trading must have a considerable reputation as a digital facilitator of online deals and has favorable exchange rates.
5. Ensure a high level of security
Due to the fact that the entire cryptocurrency trade will occur online, it is absolutely crucial to ensure that these transactions are made in the most secure of ways.
Given the many instances of stolen Bitcoin and other transaction concerns, this should definitely be one of your priorities when making your cryptocurrency exchange business website.
Check all the touchpoints of exchange and its security levels, especially the withdrawals. A secure cryptocurrency website is what will make you last in this business for a long time.
Building a cryptocurrency website is a heavy endeavor that requires much study and preparation. Aside from that, you will need a significant amount of time and money to be able to create a truly excellent website that serves your target market’s needs as well as yours.
With the tips above, you’ll be able to remind yourself of the more crucial parts of building a cryptocurrency exchange business website. Good luck!