As traders continue to mint money from the rising popularity of cryptocurrencies, this is the appropriate time to indulge in Bitcoin exchange platform development.
However, it takes time to build a successful solution. Factors such as choosing the right developers, implementing the suitable technology stack, hiring legal experts, complying with registration formalities, and launching promotional activities.
Some of the major expenses to incur in Bitcoin Exchange platform development are
Obtaining a licence - A lot of governments charge a hefty fee for issuing a licence to operate a Bitcoin exchange. Nations such as Kazakhstan levy low charges as they understand the business potential that lies in a cryptocurrency exchange. Discuss with your team members so that you obtain your licence by following a hassle-free procedure and incurring an affordable cost.
Getting advice from legal experts - The extent of regulations is changing and varies from country to country. Comply with the rules and guidelines issued by regulatory bodies with due diligence to avoid complications in daily operations. Some countries like China and Saudi Arabia try to avoid recognizing Bitcoin exchanges legally though they are fans of blockchain technology. Follow the KYC (Know Your Customer)and AML (Anti Money Laundering) norms.
Processing of transactions - Since a Bitcoin exchange platform is expected to handle huge trading volumes, the payment processing system must be efficient and quick. Make sure to comply with PCI standards.
Teaming up with a technology solution provider - If you are interested in acquiring white label solutions, hire an experienced provider for ensuring a bug-free platform. Get access to the full source code they use for auditing purposes. Ensure that they provide dedicated support services post the delivery of the package. Make sure to reduce your costs and time taken to launch your solution in the target market.
Security measures - Invest in robust security practices such as two-factor authentication and end-to-end encryption to prevent any incidents of cybercrime. Ensure a safe trading experience for your traders. Occurrences of a data breach can have a huge impact on the reputation of the exchange.
Have a sufficient amount of funds to deal with any unforeseen expenses that may have to be incurred in different stages. Reach out to the experienced developer team of Blockchain App Factory for getting world-class Bitcoin exchange platform developmentservices at an affordable cost.
Top comments (0)