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 userâ€™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 userâ€™s queries fluently.Â
- 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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