Investing in cryptocurrencies such as Bitcoin is extremely trending recently. Many people have also benefitted from mining cryptocurrencies. And for that reason, more and more people are showing interest in this Crypto market. There is a strong potential for cryptocurrency exchange business in cities like Dubai.  

If you want to start your crypto exchange business, here is a simple guide to show you directions.  

• Get Your Crypto Company License In Dubai- Before you start your plan into action, it is important to get the company license. Money transmitter businesses must follow many rules and regulations. Therefore proper legal counsel is a must in the cryptocurrency exchange business. Without proper registration and license, you should not proceed with your venture. 

• Collect Capital And Funding For The Venture- Before you start your venture you must know how much money it takes to start a cryptocurrency exchange business. The initial cost includes government registration fees, Cost of hosting and cost of technology et cetera. Apart from the initial cost, you must plan for the future as well, so you must keep a certain amount of money in hand. 

• Get A Crypto Exchange Software Service Provider- You have to find a reliable software service provider for your exchange business. Always consider working with some experienced companies in the stock exchange business.  

• Make A Partnership With A Payment Processor- Every payment processor has a different fee structure and conditions. So before making a partnership with the payment processor make sure you consider their fee structure. You have to make sure that there are no hidden fees inside their contract. 

• Connect Your Exchange With Others For Extra Liquidity- You have to connect your exchange with others For extra liquidity which is essential in any business. To gain the trust of new customers you need an order book or trading activity with a reliable and renowned partner. It is best to broaden your network of exchange to avoid any issues regarding liquidity. 

• Implement High-tech Security Services- As this business is all about money and investments you have to provide your customer with high-tech security. Modern day customers are well aware of online threats and digital fraud. Therefore, they will definitely verify your company’s security service. If you can provide then high-tech security service then your business will prosper. 

• Go Live Via Beta Testing- You have already done all your licensing and documentation. You have implemented proper security for your customers. You have built a network with other exchange providers and payment processors. Now it is time to go live via beta testing and test your full range of capabilities. 

• Start PR Campaign- It is essential to plan your marketing strategies and that is where a PR campaign is useful. If you do not have a marketing budget you can consider free social media marketing for your business.  

• Offer Customer Support- The key to be in the good books of the customers in the long run customer support is essential. Your customer executive should be attentive and give proper solutions to technical or any problems. Try to provide 24/7 customer care support to your customers because the cryptocurrency market never stops trading. 

• Set Up A Legal Team To Manage Ongoing Compliances- You have to set up a legal team to manage all legal issues with efficiency.  

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Conclusion 

Starting any business needs a lot of planning and setup. You have to clear some legal documentation such as licence, certificates etc. If you have no clue about the process of crypto company formation and license in Dubai, you may take the help of experts. There are several companies that help people get all their paperwork done for businesses.  

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