Last Updated on April 5, 2021 by cryptocreed
Do you want to start your own cryptocurrency exchange in India? Then you are at the right place. In this article, I will guide you on how you can develop a bitcoin exchange platform in India.
Many people think that starting cryptocurrency is just all about a website. If you think like that then you are wrong. Starting exchange needs huge time and concentration else you will fail.
How To Start Cryptocurrency Exchange In India Step By Step Tutorial
Starting your own exchange is never an easy idea. To start your own cryptocurrency exchange in India you need to follow the below steps.
Step 1) Exchange Idea
There is already more than 8 active cryptocurrency exchange in India. If you are starting your own then you need to add something unique to it.
For that, you have to analyze each of the exchange platforms. By analyzing them you will definitely find something which most of them don’t have.
You have to check not only Indian exchanges but also cryptocurrency exchanges. Only a few exchanges have their own coin or token if you are planning then you can also create your own token and can use it to exchange.
Also Read: List Of Best Bitcoin Mixer List
Also Read: List of Best Multi Cryptocurrency Wallet
Step 2) Build Dedicated Team
To start any business you definitely need a dedicated team who dedicatedly works for you and with you. While hiring team members you need to be sure that your team members are good developers and good people too.
For an exchange site, you need at least 5-10 people in your team. Like a developer, marketing specialist, and managers.
You can find developers on Internet easily, comment or contact us in case you are facing a problem in finding a team.
Step 3) Do regulatory study
In India, Bitcoin and cryptocurrencies are not fully safe to use, I am not saying that it is illegal but it is not officially legal too.
I mean there is no proper law on this. Hence you need to register yourself properly. Registering as a company is a major factor that affects any exchange.
You must be in contact with a lawyer who has the professionalism in blockchain-related cases.
Step 3) Partner With Payment Processors
No payment processor provider will say No but In India, you might face a problem with this. Most people are not aware of cryptocurrencies and not even payment processor providers. They feel unsafe while working with cryptocurrency-related projects.
Step 4) Launch Beta Version
After checking with regulators, having an idea, payment processors detail, and building own team. You should go with the beta launch first.
Beta version lets you understand what users think about your exchange. You have to ask users to give you feedback. This will help you to build your platform more user-friendly.
Step 5) Launch The Main Version
After collecting all the information, now you need to launch your main version of the exchange. Make sure the user doesn’t face any issues. Try to solve all issues before, they come in the beta version.
If users will keep facing problems then they will not use your exchange even though you are highly trusted. Users want better service.
Step 6) Raise Funds
Running and growing cryptocurrency exchanges in India or anywhere around the globe is not an easy task. You have to spend lots of money on that.
Once you launch the platform you need to promote that and once you will start gaining users you have to spent lots on servers and security. Which is the real cost behind cryptocurrency exchange.
There are many investors who keep investing in cryptocurrency platforms including exchanges. If you have a better team, registered office, a better product then you will get investment without any issue.
Step 7) Do Marketing
You need thousands of dollars to promote your exchange, there are already many exchanges on the Internet, and adding one is not enough.
You have to spend money on partnerships and promotions. The simple way to promote your exchange is Advertising Networks. If you think Google Ads is good then let me tell you that you are wrong. I never suggest promoting crypto things on Google Adword.
There are many Bitcoin Advertising Networks that you can use to promote your exchange. Or you can contact crypto bloggers or vloggers directly.
Cryptocurrency Exchange Script
If you think you can purchase a script and can run your site then you are wrong. You still need to modify according to your idea. Because users will get to know that you are using a purchased script. And no one wants to put their fund in such a website which is not able to develop their own script.
Following are the some of the best script which you can use.
- Trademen 4.1 – 47 Sales and a 5-Star rating
- Crypterion – 133 sales and a 4-star rating
- Nishue – 415 Sales and a 5-star rating
Frequently Asked Questions
How much does it cost to set up a cryptocurrency exchange?
It all depends on your budget if you have less budget then you can purchase script, domain, and hosting to start but if you want to start a business then you have to spend at least $400K to $1M.
Best country to start a cryptocurrency exchange?
Definitely, India is currently the best country to start a cryptocurrency exchange unless you are ready to face authorities. Singapore and Malta are the best places to start your own cryptocurrency exchange.
How to start a crypto exchange in India?
Follow up the above steps to start your own bitcoin exchange in India.
Should I open my own crypto exchange?
Well, if you have huge money and able to solve the issues then sure you should open your own crypto exchange.
Conclusion: If you want to start your own Bitcoin or cryptocurrency exchange in India then you have a budget of at least $200K. Starting exchange is easy but keep it running is very hard you have to control your team, solve the customer issues, face authorities, and much more things.
In case you need any help or have any questions kindly use the Contact Us page to shoot us a message.