How can you start a bitcoin exchange?

How can you start a bitcoin exchange?

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A bitcoin exchange can be set up right away in a market by following some basic steps. Every company must decide whether it wants to launch a Centralized or Decentralized exchange.

Some of the important steps to be considered are

  • The type of cryptocurrencies to be listed on the platform. Most exchanges allow the issue of Bitcoin. The availability of more coins shoots up the cost.

  • Hot and cold storage wallets embedded with multi-signature facilities. This is important for the storage of user’s coins.

  • High-level security features such as two-factor authentication, protection against DDOS to curb incidents of hacking, identity theft, and data breach.

  • Presence of adequate liquidity in the exchange for order management and regulating trade activity.

  • Marketing your platform through well-curated campaigns by networking with other established exchanges.

  • 24x7 technical support in multiple languages to clear user’s queries fluently.

  • Teaming up with a payment processor for handling transactions between buyers and sellers.

  • Implementation of the above measures can help a firm to start a Bitcoin exchange quickly.

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