Bitcoin’s growth has become increasingly high, attracting investors of all kinds. While some people prefer investing in Bitcoin infrastructure enterprises, others love direct investments such as creating a crypto trading platform. And, of course, this might get you wondering how one can make money by owning a Bitcoin exchange. The good news is you can make a fortune from your cryptocurrency exchange platform. Remember that trading sites process various transactions daily, thus generating a lot of revenue from fees and commissions.
Remember that most of the leading Bitcoin billionaires are also owners of some of the most renowned cryptocurrency exchanges in the sector today. So you can also join the growing list by starting your Bitcoin exchange and managing it well. Yes! Owning and running a Bitcoin trading platform is exceptionally lucrative, but there’s a price to pay. And this entails the legal paperwork, the technical bit, and marketing, to mention a few.
You may need a few months or even a year to prepare, create, and perfect your Bitcoin exchange. Getting to the top of the industry will require that almost every cryptocurrency enthusiast knows about your Bitcoin trading website. And you must be ready to undertake any task or take any risk that will make it work. That’s where this expert-proven guide kicks in. We want to show you everything it takes to build a successful Bitcoin exchange. So take your notebook and a pen, and let’s jump in!
- Conduct a Market Survey
There’s no doubt that the cryptocurrency sector already has numerous exchange options. Therefore, you must create something better than what’s there to succeed. An upfront market survey is vital when developing your Bitcoin trading platform. Visit some leading cryptocurrency exchanges like www.immediate-edge.live to see what makes them unique. After surveying and understanding what’s already in use, you can note down a few things you can do better on your site to give you an added advantage.
- Define Your Region of Operations
This step involves deciding the countries where your exchange website will operate. As an upcoming company, you may start with one country, especially if you need more resources. But if your finances are sound, then you can target multiple countries. Choosing a country also comes with legal requirements. And for things to work as you desire, you must read and understand all the legal provisions governing the cryptocurrency industry in your target countries. And this will ensure seamless operations and boost your success rate.
- Analyze End-User Challenges
Understanding the problems your target end-users experience with the current Bitcoin exchanges can help you to create an ultimate platform. Your work is to address all the challenges they’ve raised when developing your cryptocurrency trading platform. Doing so is crucial because it will make your site more appealing and promising than the current ones.
- Obtain the Core Software
You can use numerous options to obtain your Bitcoin exchange’s software. The most popular ones include; downloading an open-source code and customizing it to fit your requirements or developing a new crypto exchange from scratch. Using open-source code to create your Bitcoin exchange is fast and affordable. However, the resulting trading platform won’t be unique because other companies already use the same source code. Plus, you can only meet some of your desired requirements. You’ll most likely have to forgo some of them.
As you might already know, coding from scratch is the best way to go, as it will produce a unique cryptocurrency exchange with all the features you want. Unfortunately, it can take up to one year to create a new Bitcoin exchange from scratch. Not to mention, coding is a highly demanding task that requires professional blockchain developers. As a result, you’ll need a lot of money to finish the exercise. But that isn’t an issue because your Bitcoin exchange will ultimately generate decent revenues once it becomes operational.
Owning a Bitcoin exchange is among the best approaches to investing in the cryptocurrency ecosystem. Yes, it’s relatively safer against price fluctuations, and the trading platform can be more lucrative once it’s operational. And success here means doing everything correctly before beginning the exchange development project.
Some of the things you must do include; studying the already existing Bitcoin exchanges to get ideas, defining your region of operations, studying the problems users face with the current cryptocurrency exchanges, and then developing your Bitcoin trading platform. Extensive marketing and reliable customer care services will significantly boost your platforms’ growth.