Everyone is used to exchanges, where users create orders and trade among themselves. In fact, there are several platform architectures. The procedure for executing transactions and the methods of trading depend on it.
Admin User. One of the easiest options in which the site owner sells the cryptocurrency directly with the user. So, he puts the price at 11,000 for the purchase, and 10 for the sale. The difference of a thousand will be profit.
Peer2peer. Sites, which are mentioned above. Such exchanges are only a place to bid. The owner only controls the process, and earns on commission.
Decentralized Exchanges. Similar to peer-to-peer platforms. The difference is that transaction data is stored only on the blockchain, and not on the servers of the service. Read more about this form in the previous article.
Margin Trading Exchanges. Analogue of stock exchanges. Instead of stocks, users sell futures and derivatives consisting of cryptocurrencies. These sites have several times greater turnover with fewer users.
First of all, you need to have good composure and be patient. It is likely that there will be many obstacles and mistakes on the way. On the nerves you just do not quickly understand them. Therefore, remember that success begins with the human factor, namely - work on yourself.
It is very important to put together a good team. Do not forget that success is not in quantity, but in quality. When searching for developers, carefully check each of them, both on the subject of skills, and on the subject of diligence and responsibility. This is the only way to get the best in your business.
Now specifically about the platform. All elements can be divided into two conditional subgroups: internal (direct work on the project) and external (working with the public and popularizing the project).
Internal elements of the platform
The hardware and software components create a level of stability and correctness of work. Because each of them need to be given a lot of time. It is recommended to work on each module simultaneously. However, there is some priority for each of them.
The key part is the trading engine. Exactly it provides the functionality and performance of the main task of the exchange platform - the purchase / sale of digital assets. Thus, it executes transactions, records the order history, transmits information about operations to the server, after which this data is sent to the blockchains of the corresponding cryptocurrencies.
High-quality trading engine - the path to 100% successful trading on the stock exchange. Accordingly, the platform will have the emergence of new users, which will positively affect the profits of its owner.
The range of possibilities, to some extent, also depends on the trading engine. Thus, it determines the types of orders (stop loss, take profit, etc.), the presence of margin trading, the sale of assets through futures or derivatives.
But by the range of possibilities, I mean the number of trading pairs and methods of depositing funds. It depends on the wallets module. It is important to understand that adding a regular coin takes a long time. After all, for this the platform needs to be connected to the corresponding blockchain.
Be sure to take care of fiat wallets. After all, the initial purchase of cryptocurrency is possible only for real money. Lack of Fiat on the platform will create more inconvenience to users. They will have to turn to third-party services, which means additional time and money spent on commission.
I hate waiting long. Therefore, with delays in the service, I simply leave it. I assume that you often do the same. To your service was not like this, you need to provide stable and continuous operation. Each module is better placed on multiple servers. This will increase bandwidth, and therefore eliminate delays.
The exchange of digital assets is not the most interesting process. But it is always more pleasant to carry out in a comfortable environment than on complex services. Navigation bar, multilanguage, location of key sections, and in general - the workspace - what the user sees. And he wants to feel control over it all. Because you need to develop a better web design.
When registering a person gives at least his email address. On exchange platforms, he also keeps some of his money. Therefore, safety is an integral part of the site. Hire a hacking specialist and let him maximize the security of the service.
Speaking of trading should not lose the liquidity factor. Users go where you can earn quickly. In the case of the exchange, this requires high trading volumes and a filled glass of orders. This requires a liquidity provider. Read more about their search here.
Do not forget that you are managing the service. Therefore, it is necessary to create conditions under which you can quickly view the history of operations on the platform, find out the total profit, block violators and the like. Administration should be complete and simple.
Advertising and communication today are the most important in promoting any idea. You can create a cure for cancer. But if this is not reported in the media, then no one will know.
Therefore, for a good start, a PR campaign should be conducted at the development stage:
- bring your idea to the public;
- highlight the main features of the project;
- if possible, demonstrate ready-made components;
- tell about your advantages.
Popularize your project in all possible ways. Then at the time of launch you will already have several thousand users ready to register.
Part of this promotion is SMM. Facebook has more than 2 billion people. Even if you deduct users with multiple accounts, you get at least a half billion. Instagram is about a billion, LinkedIn is about 500 million. Information through social networks scatters in seconds: the main thing is to submit it correctly.
The recognition of a brand as a well-known person or cooperation with a large company always has a positive effect on any project. People are used to following someone they already trust. For example, if Brad Garlinghaus (CEO Ripple) says that your platform has its own flavor, it will certainly attract several thousand users. Because you need to be mastered in the circles of large sharks.
One of the main rules of any business is to find the target audience. In this case we are talking about the place of residence of users. After all, on the basis of this it is necessary to place the server closer to the corresponding terrain for a better connection. In addition, as an owner, you will need to comply with local legal regulations when conducting your business.
Therefore, here it is necessary to study two factors: the popularity of a cryptographic market in different countries and the attitude of state bodies to cryptocurrencies. While the platform does not receive the status of world-wide use, the volume of trades and daily activity depend on the target audience. These two factors are very important for the exchange rate rating.