Relevancy of Starting Cryptocurrency Exchange in 2019
The Internet has provided us with plenty of opportunities to earn money online, while cryptocurrency advent even boosted chances to increase profit. Operations with blockchain, the backbone of cryptocurrency, have opened the gate for many people to get constant income and encouraged enthusiasts to build own stand-out hi-tech products.
The story of cryptocurrency began in 2009 when group of advanced users decided to create payment system where no fees required and all the transactions are anonymous. The very first cryptocurrency was dubbed Bitcoin – a digital currency that hit an all-time high in 2017 and now its price is steadily sinking. Still, it remains the “gold standard” for crypto, having the most robust infrastructure of any cryptocurrency and the simplest use case.
Through years till now, digital cash has been drawing a lot of interest for new ambitious investors carrying one trivial goal to make profit. Anyone today can be engaged in operations with cryptocurrency. Keeping in mind great perspectives for profit, more and more people dare to try themselves in crypto business despite the high risk of investing.
Thus, an increasing number of fintech companies and entrepreneurs are focusing now on developing their business by building and launching own crypto based products and services.
Launching a cryptocurrency exchange platform is one of paths entrepreneurs may go in seeking profit and telling example of the synergy between the blockchain and regular things we know.
And that’s the topic we’ll discuss in their article.
What is Cryptocurrency and How it Can Make World a Better Place
So why cryptocurrency is a big deal for a whole world today, despite being a relatively new and unstable thing?
Here are the key features making cryptocurrency so well-known:
- Digital: Currency exists on computers only and has no representation in physical world .
- Decentralized: Cryptocurrencies are distributed across a network of thousands of computers without having central server.
- Peer-to-Peer: Users make deals with each other directly online without any third parties interference.
- Anonymous: There’s no need to provide with any personal data to own and use cryptocurrency.
- Encrypted: Due to special codes user’s information is protected from hacking. This is called cryptography.
- Global: Cryptocurrencies operations can be carried out all over the world with ease. Cryptocurrencies are boundless!
New cryptocurrencies are being crеated daily and there are thousands of them available now. Some of them serve for general purposes while the others are aimed to solve specific problems across industries.
Let’s find out how cryptocurrencies can make the world the better place:
- Solving fraud
With blockchain tracking all transactions that occur electronically cryptocurrency makes fraudsters unable to steal credit card or any personal data
- Expanding crowdfunding
Crowdfunding is an effective way for entrepreneurs and startups to attract funds for their ideas/products. ICO is used as the source of capital for a startup company.
- Improving money transfer process
Be it national or international money transfers, cryptocurrency transfers are instant, feeless and can be tracked and stored in the blockchain.
- Making e-commerce secure
Cryptocurrency reduces the risk of fraud not only for those who buy but also for those who sale, empowering this way the worldwide business.
- Enabling scientific advancements
Cryptocurrency and blockchain are to change radically the way scientific investigations conducted. The main idea is to provide everyone access to real-time data to participate in making advancements
- Stable alternative to unstable currencies.
Despite shocking inflation and instability of currencies in some economically volatile countries, cryptocurrency is accepted throughout the world and has potential to become a stable standard currency to overcome poverty.
Briefly, these are the main points of what cryptocurrencies are capable of with letting us see how it can change the world. Cryptocurrency has also turned game changing for trading industry, so let’s figure out the details.
Why Crypto Trading is so Alluring?
Buying and selling cryptocurrencies is considered to be the fastest way to become rich in a short period of time with minimal investments. Cryptocurrency market is a frantic and uncontrolled place, where traders can win ton of money overnight… or turn bankrupt.
So, what exactly excites so many investors in crypto trading?
- High volatility of cryptocurrency market which provides with high rates on transactions;
- Opportunity to start with minimum investments;
- Opportunity to make high profit by investing in new crypto based projects;
- Large selection of currency pairs;
- Ability to trade online anytime 24/7;
- Wide variety of marketplaces;
- Low transactions fees.
But surely, aside from these goodies above that pull new market players there are high risks that should be considered by both traders and entrepreneurs.
It’s important to keep in mind what attracts new players and what are the odds when building a cryptocurrency exchange platform.
How to Make Money on the Cryptocurrency
There are various ways to earn on cryptocurrencies with the new ones appear every other day. The most well-known though are:
- Building Crypto Startups
- Building tools for trading cryptocurrencies
Surely, the most easiest way is to become crypto trader, but let’s think outside the box. While traders win or lose, you can facilitate traders’ life, build a whole own crypto-based product and get regular income.
Right you are – we are talking about launching cryptocurrency exchange.
This is a perfect way to scale up your business and achieve success. But, you should know that the development of crypto trading software is a complex process and takes time and money.
Let’s have a closer look at what key features should cryptocurrency exchange trading platform include.
Cryptocurrency Exchange Must-Have Features Overview
It could be like a year or more before the development and debugging processes of the cryptocurrency exchange will be completed.
Yeah, the development process is highly complex and time-consuming, however much depends on your tech team professionalism. But sometimes you need to go slow to go fast, so your cryptocurrency trading platform must be crafted to perfection.
Let’s go through key components that powerful crypto exchange platform should include:
- Access to customization options;
- Graphical UI;
- Cryptocurrency wallets;
- Easy-to-operate system for admins, moderators and owners;
- Low latency.
User-friendly intuitive interface is important for enjoyable crypto trading platform experience. Platform design should invoke positive emotions from the users. Good design is good business. The interface must adapt to different screen sizes, including mobile, tablets and other devices. What is more, customized mobile apps will enhance the user experience, making it more attractive and user-friendly.
An effective interface should include the following features:
- fast registration process
- interactive infographics & charts that display volatility index
- order lists
- statistical monitoring
- full access to trading accounts
- a complete review of historical data for qualitative analysis
- deposition and payout of crypto and fiat currencies
- 24/7 customer support
Don’t forget about the wallet creation which must be a secure place for traders to store and use cryptocurrencies. This is a vital part of any cryptocurrency exchange development.
Security issues are no less important. You have to acknowledge that security, protection and data privacy can be violated by hackers, so it’s better to choose reliable and quality development partner.
To make your platform a stand out service that attracts more traders, you can facilitate their life by introducing trading bots, that much automate trading processes.
The more your cryptocurrency trading platform is flexible and completed, the more traders will choose it as a main medium for trading.
Understanding all the nuances of launching own crypto trading platform, you should also remember that cryptocurrency market has a very strong volatility and the crypto exchange rates are highly variable and hit nearly any news.
Nevertheless, by having own cryptocurrency trading platform, you provide traders with the possibility to grow and you grow yourself.
So is it Sensible to Start Crypto Exchange?
Short answer: Yes.
Long answer: Yes, but…
But you should accept the risks. The recent drop in price of Bitcoin and scam cryptocurrency projects e.g. BitConnect have raised the level of skepticism and distrust to the industry to its historical maximum.
Being an emerging technology, blockchain still lacks practical applications while the volatile nature of cryptocurrency caused enthusiasts to become much more careful and hesitant in their investitions.
But despite everything, cryptocurrency is here to stay. Unless it can’t be redeemed to any physical asset, traders will continue to trade and make money, while you can be the one to get the share of their profits.
How to Launch Cryptocurrency Exchange the Easy Way?
The main ingredients for a successful cryptocurrency exchange launch are:
- industry expertise
- thorough plan
- good development team
While two latter points concern your mental and financial resources we have no impact on, we – the Fintatech team – can help you with the experience, planning, and development.
Fintatech is backed by an expert team with 10+ years of experience in delivering A-class desktop and web based trading software. We designed a comprehensive set of high-performance ready-to-use solutions tailored specifically to ensure you get the best for your business.
These powerful Fintatech products compound cryptocurrency trading platform skeleton:
Designed and perfected to support the trading of traditional financial assets, they work flawlessly with cryptocurrency data too. We’ve established connections with the most popular cryptocurrency feed vendors.
Fintatech team is happy to share experience and provide with a ready case study if anyone interested in launching solutions for cryptocurrency trading.
Feel free to contact us anytime via email@example.com or by filling a “Contact Us” form above.