Creating your own cryptocurrency exchange service is a very profitable, but at the same time- time consuming process that requires certain knowledge and capital investments.
All transactions related to cryptocurrency, by definition, must be carried out on the Internet. Cryptocurrency exchange platform performs functions similar to bank exchangers:
Buying and selling. The virtual currency is exchanged for various national currencies. The most common fiat currencies are used – dollars, euros or rubles.
Exchange. This operation is carried out based on the cryptocurrencies denominated in the exchanger.
Transfer. The function of transferring to an electronic wallet is performed by services, such as Webmoney, Kiwi and others.
All services discussed above are paid. The commission charged (2-10%) is the revenue side of the exchanger’s budget
There are three absolutely legal ways, and each has its own advantages and disadvantages:
For the legal operation of a cryptocurrency exchanger, legal business registration is required. There are currently several ways:
High competition leads to lower fees. The client is looking for exchangers with the most profitable rate. Therefore, constant monitoring of the market is necessary to supply the most favorable terms of exchange.
Providing the widest possible range of services – exchange from cards of any bank, using various payment systems and accepting cash. It is also useful to expand the number of cryptocurrencies available for exchange.
The cryptocurrency exchanger must work around the clock, and the exchange process itself is completely automated for real-time operations.
On the main page of any exchanger, you need to install a special form of the calculator. It will help users instantly calculate how much cryptocurrency / fiat money they will receive after exchanging
The following factors should also be taken into account:
Several elements have to be included at your exchange platform in order to function efficiently:
User interface. First think who is your clients of your exchange and customize your platform it for your target needs . Clients who is proficient in crypto exchange will require chart analysis and preview of recent and current orders. But the ones who is new to crypto exchange will look for simple and intuitive interface.
Matching engine. At the heart of every exchange is responsible for calculation balances and settling purchase and sale transactions, creation an order book. Since the matching mechanism is closely related to the transactions being performed, any error can potentially have a large impact on the correctness of the transaction across the entire exchange, so be sure to find reliable and proven technology.
Admin panel. The place where all the tools needed to manage the exchange.
Wallet. Deposits and withdrawals in cryptocurrencies are supported.
Let’s take not the largest commission value of 2%. If every day exchanges are made on average for a total of $ 5,000, the commission of the exchange office will be $ 100 per day, and about $ 3,000 per month.
It is clear that in order to achieve such a flow of customers, it is necessary to advertise the exchanger on the Internet and include it in the listing on monitoring sites of exchangers. The most important factor for success will be the flawless operation of the exchange office, taking into account important consumer properties. However, advertising is also important so that new clients, aggregators of exchange offices and bloggers who write about cryptocurrencies know about the exchange office.
However, given the huge worldwide interest in the cryptocurrency market, the result may be worth the effort.