So, you are encouraged to start your Bitcoin exchange because of the financial benefits it offers? This article will help you to understand how to start Bitcoin or any cryptocurrency exchange easily.
There are only six steps you need to familiarize yourself with to start a Bitcoin exchange.
- Pick a Location
Whether you plan to establish a Bitcoin exchange in foreign countries or your local area, you should acquire approvals and licensing that will allow you to operate in your chosen area. Take note that the rules and regulations for this kind of business vary depending on different factors. So, you need to work with a legal expert.
- Check the Rules and Regulations
You should know the compliance requirements and regulations of the country you want to operate in. Also, most government entities require business owners, especially those who want to enter the currency exchange industry, to adhere to the KYC (Know Your Customers) norms. This is important as the KYC will help your business to determine your customer’s identity by checking their passports or government-issued IDs.
Adhering to the KYC norms is an essential step to avoid money laundering. So, before you start your Bitcoin exchange, make sure that you are using the right customer verification process.
- Payment Processor or Bank
This is also a vital step to help you convert the payments to fiat money. It would be best to work with a bank that has lots of online facilities. However, if your operational scope is in developing countries, you may expect delays in bank transactions. In most cases, the banks in these areas usually take more than two days to process the transaction.
- Liquidity and Transaction History
To operate your Bitcoin exchange, make sure that you will show liquidity. Take note that customers these days are wiser. They don’t easily give their trust to anyone. People don’t want to deposit a huge amount of money in a bank unless you provide them with a history of your trading activities.
- Customer Data and Transactions Security
When it comes to fiat or digital currency exchange, having a high-quality security system is important. This is to ensure that the funds of both trader and operator will remain safe and secure. The same goes for your client’s private information, including their bank account details and KYC data.
- Customer Support Channel
Last but not least is to build a perfect customer support channel. This plays an essential role in a successful bitcoin or cryptocurrency exchange. Customer support is needed, especially when processing the withdrawal and deposit of fiat money, assisting the customers, approving the client’s KYC requests, and a lot more.
Superb customer support will help you succeed. This also makes sure that your customers are having a good time working with your company. Good customer support also assures that your clients will generate a good amount of revenues from the time they start working with your business.
Doing a business related to currency or cryptocurrency exchange isn’t hard. By following the steps listed above, you can now start establishing your Bitcoin exchange business. Start your bitcoin exchange business now and see it boom in the future. If you want to learn more about Bitcoin Exchange, then visit https://bitcoins-evolution.com/