Cryptocurrencies have gained unprecedented popularity lately. One of the factors that have played a significant role in this is the ability to profitably sell them at a high price. This can be done using a cryptocurrency exchange. The earnings of the owners of top cryptocurrency exchanges are hundreds of thousands and millions of dollars. If you also hope to be one of them someday, we suggest you read our article on the nuances of creating a cryptocurrency exchange.
Step-by-step Instructions for Creating Your Own Anonymous Cryptocurrency Exchange
1. Legal Aspects
You should immediately understand for yourself that the creation of even a minimally successful anonymous cryptocurrency exchange is not a quick process, it requires the application of enormous efforts and significant financial investments, the amount of which is hundreds of thousands of dollars.
Before you start solving technical issues on opening a cryptocurrency exchange from scratch, you need to familiarize yourself with the legal aspects of the operation of such exchanges in the country where you want to register your business.
There are countries where regulators have worked out the regulatory framework for the functioning of cryptocurrency and cryptocurrency exchanges quite well. For example:
- Japan;
- USA;
- Canada.
Or, you can place your exchange in a country that does not yet have clear and full-fledged legislation in this area.
The other side of the coin here is that sooner or later, but the position of the state will become more definite, which may lead to the need to legalize the exchange or transfer it to another country, and, possibly, even to its closure.
2. Software
The next step is to prepare the software for future exchange. Here you can use both ready-made samples, adapting them to your needs, or ask for help from professional programmers who will write it for you from scratch. In the first case, you will spend significantly less money on payment, but you will get a more crude product that has yet to be finalized to a more or less workable version.
Whichever method you choose, after the end of the work, it will be necessary to comprehensively check the received software for fault tolerance and the presence of various bugs and software bookmarks.
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Next, you will need to purchase or rent a server that will host your exchange. Although, of course, renting will cost much less than buying, but only you will have access to the information stored on the server.
3. Target Audience
The next step will be the selection of the target audience of your cryptocurrency exchange: it will work only with users of one country or be international. The adaptation of the interface to several languages, the type of supported fiat currency, and the restrictions imposed on users of some countries, according to the legislation of their state, depends on this.
4. Agreements
Next, you will need to try to conclude agreements with banks and payment systems, and do this on the most favorable terms. This will determine the amount of commission that users will pay for withdrawing their funds from the exchange. And anyone will try to choose an exchange with minimal commissions.
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5. Promotion
The final step will be to promote your exchange through advertising. The better the advertising campaign is designed and carried out, the more chances that the user will register on your exchange, and not from competitors.
These steps are fundamental to creating your own anonymous cryptocurrency exchange, however, they are all necessary to successfully launch your project.
