What you need to set up a cryptocurrency exchanger

Progress in cryptocurrencies and the growing number of cryptoasset owners are encouraging more and more businesses to invest in blockchain solutions. For example, a startup like Binance has managed to attract several tens of millions of crypto traders in just a few years. Other cryptocurrency platforms are also regularly attracting more users. And if you are planning to create your own cryptocurrency exchanger, you have come to the right place.

What is a cryptocurrency exchange?

Before we tell you how to create a cryptocurrency exchanger, let's talk about what it is in general. A cryptocurrency exchanger is a service that allows users to exchange one cryptocurrency for another or for real money (dollars, euros, and so on). With the help of an exchanger, you will be able to buy or sell crypto taking into account the exchange rate that the platform has set.

Types of crypto exchanges

To create a cryptocurrency exchange site, you need to first understand the types of such platforms. Among them stand out:

1. Centralised exchanges. In other words, CEXs. They are platforms where all transactions are conducted through a centralised system. CEXs are controlled by a centralised authority. To use them, you need to register on the platform.
2. Decentralised exchanges. DEXs are not subject to a centralised system, so it is possible to transact directly with each other using these platforms. Smart contracts are used for this purpose. Exchanges of this kind are safe, as only users control their funds and all transactions. But they also have disadvantages - low liquidity and some difficulties for beginners.
3. OTC trading. ATS is an alternative method of crypto trading that is conducted off-exchange. This type allows for privacy and has high liquidity. But since there is no system of control and regulation, the rates will be less transparent and the risk level will be high.
4. Hybrid exchanges. Such exchanges combine the CEX and DEX approach. For example, in this case there may be an opportunity for decentralised transactions using a centralised asset storage system. Here it is very important to carefully understand the structure of the platform in order to avoid conflict situations in the future. 

Each of the above types of platforms has its own disadvantages and advantages. Some people prefer centralised exchanges because they are easy to use. For some people, privacy is important, so they prefer decentralised exchanges.

Advantages of cryptocurrency exchangers

Cryptocurrency exchanges have their advantages, including:

1. High profits. Cryptocurrency exchanges give their owners the opportunity to earn, regardless of the state of the market. The platform will function and make a profit as a result of setting transaction fees.
2. Low price. You don't need a large investment to make your own exchanger. And any investment will pay off very quickly. 
3. Success. Experts claim that there will soon be more and more crypto transactions, which means that the chances of exchanges succeeding are quite high.

Steps to create a cryptocurrency exchange

How to make an online exchange? Creating a cryptocurrency exchanger is a rather complicated process, which is better to entrust to professionals. It includes the following steps:

1. Market Analysis. Before creating an exchanger, it is necessary to thoroughly study the competitors' market, to determine which services are in demand among users and which are not. It is necessary to understand the strengths and weaknesses of competitors and use this. Such an analysis will make it possible to make your platform unique.
2. Legal aspects. The second step is to study the legal aspects of setting up an exchanger, the legislation of exchange activity in those countries where you plan to carry out operations. And do not forget about the need to obtain a licence.
3. Design development. It should be not just visually appealing, but also user-friendly for platform users. The platform should have simple navigation and accommodate clear instructions.
4. Architecture development. Once you have decided on the type of exchange, you need to develop the architecture. Take care of secure data storage and smooth operation of the exchange.
5. Technological aspects. The programming language, database, and other technological aspects that will meet the project requirements should be identified.
6. Software Testing. Security, stability and performance should be tested before launching the platform. If problems are identified, they should be fixed before launching the exchanger. 
7. Maintenance and support. Once the platform is launched, you need to provide support to your users. Ensure that there is a feedback form on the platform and always keep an eye on it. User issues need to be addressed promptly. 

The launch of the cryptocurrency exchange will be successful if the platform works properly and without interruptions, and all possible problems of users will be eliminated in time.

Where to order exchange development?

How to create your own cryptocurrency exchange? BoxExchenger is one of the best in the field of cryptocurrency exchange website development software. Our team will help you with website creation and customisation. The company's experts provide support, training, and the resources you need, and resolve issues before they become a threat to your business. 

We will not only help you understand the admin panel, but also make adjustments according to the specifics of your business. You can also buy a ready-made cryptocurrency exchanger from us. Our experts provide a list of basic modules, parsing rates, which are already integrated into the script currency exchanger. To contact us, please fill out the contact form on the website.