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How to Make Online Cryptocurrency Exchange Service Development Successful for Business?
28 FEB 2023

Currently, the global cryptocurrency market continues to develop and gain momentum. The data from the report from Stratview Research, presented below, is proof of this.

Cryptocurrency exchange development. The size of the cryptocurrency market in the world (in billions of US dollars).

The size of the cryptocurrency market in the world (in billions of US dollars).

In addition, one of the trending areas for business is cryptocurrency exchange development. Due to the relevance of this topic, in this article, we will consider:
  • What is a cryptocurrency exchange service and how is it different from crypto exchange trading?
  • Special qualities of P2P cryptocurrency exchange.
  • 3 ways to make money on a cryptocurrency exchange service.
  • How much is it real to earn on an online cryptocurrency exchange service?
  • Development of a crypto exchanger from scratch vs. buying a ready-made solution.
  • 4 advantages of developing your own cryptocurrency exchange service.

What is a cryptocurrency exchange service and how is it different from crypto exchange trading?

Cryptocurrency exchanger is an online P2P platform where users can exchange cryptocurrency for fiat and withdraw the received funds to their bank account or card.

The peculiarity that distinguishes the exchanger from the exchange is that on the exchange platform, sellers and buyers of cryptocurrencies are selected by an intermediary. While on the exchange, this process is performed by the system itself.

Cryptocurrency beginners who want to buy or sell cryptocurrencies fast and/or do not want to understand trading in detail usually prefer exchange services because they have a simpler set of tools.

Thus, we’ve explained the basic concept and its distinctive features. Now, briefly about the P2P cryptocurrency exchange.

Special qualities of P2P cryptocurrency exchange

The main advantage of the P2P business model is the security of transactions. This is achieved through a built-in rating system, which is set immediately upon completion of the exchange process. With their help, a rating of sellers and buyers is formed. Therefore, the higher the user’s rating, the more confidence in them and the more reliable this exchange participant is.

During the exchange through P2P, virtual money remains in the system for some time. And after confirmation of the transaction by users, they go to cryptocurrency wallets.

Another advantage of such a service is that it can be used by participants from different countries and it contains the maximum number of payment methods.

Transactions during P2P exchange are carried out without additional commissions from the system.

Due to the decentralization of such platforms, a random error does not disable the service. This fact distinguishes the P2P platform from the traditional one.

There are also disadvantages to the P2P exchange of cryptocurrencies. For example, the result of the exchange may be the arrival of “dirty” money that was obtained illegally. In this case, law enforcement agencies may block the user’s account. Most often, this happens when a user selects a participant with a low rating to complete a transaction. To avoid such situations, you can configure the verification of all incoming transactions.

If you need more detailed advice on your idea of a cryptocurrency exchange as a means of earning, please contact our specialist.

Now let’s talk about how a business can make money using a cryptocurrency exchange service.

3 ways to make money on a cryptocurrency exchange service

1. Placement of advertisements of third parties

In order to maintain the loyalty of users and so that banners do not irritate them, it is important to consider the number and size of advertisements placed.

2. Commission charging

There are also 2 options here:
  • withholding a percentage of each transaction;
  • deducting a percentage of the monthly profit of each participant.
Both options are able to generate income for the owner of the crypto exchanger.

3. Referral programs

This is a great way to attract a new audience and increase the profitability of the service. It is important to consider the conditions carefully here so that they do not become too confusing for users.

Below, there is a list of the cryptocurrencies that are the most popular among users.

The most popular cryptocurrencies of the market for crypto exchange development.

How much is it real to earn on an online cryptocurrency exchange service?

There are no specific limits here. The profitability of a crypto exchanger can be tens of thousands of dollars and even more. It all depends on the methods used by the service owner and promotion methods. After all, the wider the audience, the higher the profit of the business.

If you still have questions about how you can earn money with your own online cryptocurrency exchanger, contact our specialist, and we will tell you how to open a cryptocurrency exchanger or select an already working project for you.

What is better: developing your own cryptocurrency exchange from scratch or buying a ready-made solution? Let’s analyze this further. 🙂

How to open a cryptocurrency exchange: developing from scratch vs. buying a ready-made solution

The very initial stage for starting the operation of a crypto exchange, of course, is to decide on the jurisdiction, collect the necessary documents and take care of the availability of the server part.

Then it’s time to decide on the site, app, wallet, trading engine, hack protection, and many other details, which also include preparing marketing and hiring a team.

You can buy a ready-made solution by choosing from those available on the market. There are already many such options. And you can develop an individual solution from scratch. To do this, you will either need to assemble your own development team or contact an IT vendor – a provider of such services.

In the case of the first option – buying a ready-made crypto exchanger – there are important nuances:
  • limiting the capabilities of the purchased product,
  • reduced chances of separating from competitors using the same solution.
But at the same time, this option will help to save significantly on initial investment and launch time. Here, the launch can take as little as 1 month.

Creating your own cryptocurrency exchange service is a longer process and takes more time to put the product into operation. But there are a number of undeniable advantages here:
  • keep the possibility of finalizing the exchanger,
  • create a unique service, thereby standing out from the competition,
  • retain the ability to scale in the future,
  • leave room for expanding the functionality of the service.
Important theses from what’s written here have been put into a table for convenience. 🙂
Buying a ready-made solution Crypto exchange development from scratch
  • Money saving
  • Time saving
  • Opportunity to create a unique product
  • Scalability
  • Ability to improve the product and expand its functionality
  • Limited earning and scaling opportunities
  • Lack of uniqueness
  • Higher cost
  • Longer launch time

4 benefits of developing your own cryptocurrency exchange service

  1. There are no territorial restrictions. If the service is developed in the international language – English, then a high-quality solution can attract numerous users from all over the world.
  2. High speed of replenishment of currency reserves due to the fact that fiat currency does not run out online.
  3. Possibility of cooperation with many exchanges. This allows you to adjust rates quickly and offer the most favorable exchange conditions to your customers.
  4. The simplicity of the software. A cryptocurrency exchanger is an intermediary between clients and exchanges, so there is no need to create complex software, unlike exchange services.
So, let’s summarize the above information. 🙂

The most important

The cryptocurrency exchange industry is currently particularly relevant and in demand. It follows that in the near future, this sphere will develop not only quantitatively but also qualitatively. This means that the opportunities for earning on the exchange of cryptocurrencies will remain.

Creating software for a cryptocurrency exchange service is a voluminous task and requires the participation of an experienced team of professionals.

Our Brivian team has been working in the information technology market since 2014. We are ready to offer you our services and assistance in the implementation of your idea.

How can we help?

  1. Providing a full development team.
  2. Providing individual specialists to strengthen and/or expand the composition of developers who are already involved in the creation of the project.
  3. Providing technical support services:
  • improvement of an existing service;
  • expansion of the functionality of the solution;
  • product scaling;
  • maintenance of the service, its maintenance.

Our experts are always happy to answer your questions. You can contact us either here or at the bottom of the page.

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