Now is the time to start your own Cryptocurrency, if you are looking for a business opportunity in the forex industry.
We aren’t lying. If you think so, just look at its estimated market growth for the upcoming 5 years.
The Cryptocurrency market is estimated to be reaching about 1.4 billion before 2024. Meanwhile, do note that this was valued at 1.03 billion USD by the end of 2019.
A Cryptocurrency exchange is much similar to the traditional Stock Exchange Trading where trades take place. However, Cryptocurrency replaces the FIAT currency (like USD or EUR) here.
They act as a middleman between the traders and the market; moreover, they would get paid for each trade.
This is the firm that trades your funds through a dealer’s network. On the whole, they pool up your funds with other traders with a large pool of Cryptocurrency looking to sell profitably.
Moreover, this is faster than a Crypto Exchange actually.
Let’s now look into the things that you should do to start a Cryptocurrency business.
License & CRM:
Take a legal counseling from a local expert before you start off as jurisdiction differs from country to country. Consequently, most countries are yet to understand Cryptocurrency properly.
Hence, deciding the region plays a vital role in starting your Cryptocurrency business.
Furthermore, a user-friendly Customer Relationship Management (CRM) is the backbone of any brokerage business. This is equally important as licensing. So, make sure to opt for an efficient technology provider who can provide you the advanced CRM/back-end office, Crypto Trading platforms, traders room etc.
Any client will never leave a provider who showcases sufficient liquidity. Initially, it is advisable to partner up with a crypto liquidity provider who could offer you a deep liquidity pool.
Establish an institutional relationship with a payment service provider who can give you faster transactions and fund settlements subsequently.
Eventually, implementing such payment solutions with a low transaction rate would attract more traders towards you indeed.
Find your ideal technology provider who could offer you with white label solutions. In fact, they specialize in developing custom Cryptocurrency exchange solutions which saves you time and money.
Furthermore, make sure that you have got the best security practices as the Cryptocurrency market is the major target of hackers nowadays.
To excel in the industry
Currently, starting a Cryptocurrency business is just the beginning. Thereafter, the business needs a strategic approach not only to retain the clients but, to get more new clients.
Additionally, digital marketing is advised which is equally important as a social media approach. In fact, this brings you your expected number of clients than the latter one.
Thus, you could become a successful Crypto-exchange if you genuinely consider all these above mentioned points.
On the whole, LaunchFXM can cover all the above requirements for you! You receive end to end support to start your own Cryptocurrency Business.