This content originally appeared on DEV Community and was authored by ElenaAl
The global popularity and the explosive growth in cryptocurrency value, the numbers of ICO, and the nascent beginning of the fintech industry started with Bitcoin. People have become self-employed as traders in cryptocurrency. But can you make money by offering a platform for trading cryptocurrency? Today we will talk about the other side of the equation and examine how to gauge a cryptocurrency exchange development company to build you a cryptocurrency exchange from scratch.
To select a software development partner to develop cryptocurrency exchange for you, you must consider the following factors to identify the best cryptocurrency exchange development company for your venture.
The History of the Company
It is imperative to check the history and background of the company. Critical is the length for which they have been involved in the crypto software development. How much experience they have in developing and deploying crypto tokens, STOs, IDO, etc.
Are they able to provide you with a full development and deployment cycle? Are they able to implement elements for your platform's digital marketing and other promotions? Can they develop and deploy? Do they have an intuitive understanding of architectural complexity and scalability? Can they deliver and deploy cryptocurrency exchange apps that seamlessly support any communication logic you deem necessary? These are all the questions you must ask yourself and the tech company you are partnering with.
One of the best ways to gauge a development company is to see if their development team has an account on Github and allow you to look at their code repository. Now, you might not be technically inclined. But, if you are, this might be an excellent way to see how competently they code and how many tools/ frameworks they have worked with and how successfully they implemented past projects. If you are so technically disinclined that you do not know the answer to the question, 'What is a blockchain wallet?' this route is not for you.
Does the Company Understand Your Business Strategy?
More than developing a technological solution, it is crucial to see if the company developing your cryptocurrency exchange project understands your business strategy. How you plan to market, launch, and operate your business This is especially important because you are not choosing a group of developers, you are choosing a partner that knows the ins and outs of doing something that you have limited experience in doing and can guide you with the best advice in deploying your project successfully.
Verify the Quality of Service & Customer support
If you are not technically inclined it is mandatory that you make yourself thoroughly familiar with how the company plans to deploy, and support each and every piece of technology they have developed for you. That they answer and document everything in the case of solution failure or hardware failure. And what is the contingency plan in the event of a failure. Having a robust and competent technical team can be the difference between run-away success and abject failure. Go through all of the following steps to ensure the reputation of the company:
Must have a versatile portfolio with full scale deployment of projects..
A deployable and ambitious business strategy
Competent and professional Blockchain experts team
A detailed and well-tested marketing plan that fits both your vision and their expertise
In compliance with the Laws of the country
Deploy what is promised in Blockchain technology
Excellent team of Blockchain developers
Perform a thorough background check (reviews, feedbacks) of the company
The Company Has a Robust Marketing Plan
Creating a secure crypto exchange is a daunting task. It applies the same way with marketing the crypto exchange platform. You should have a strong marketing plan. One that covers all sectors where your potential clients are, marketing your exchange is critical to launching a successful crypto exchange. Thus, apart from mastering the technical side, you must also focus on the marketing plan of your chosen cryptocurrency exchange development company. Your marketing plans must detail how you plan to tackle the competition in the crypto marketplace.
Verify the Laws of the country
One of the biggest snafus that occur in deploying your project is if the country where your business is based does not allow selling or trading cryptocurrencies or have other prohibitions regarding crypto assets. The development company must have an in-depth knowledge of the applicable laws related to the cryptocurrency exchange development service. Also, your developing company must know the marketplace issues of the country’s jurisdictions. Instead of understanding cryptocurrencies, many countries are saying NO to digital currencies and crypto exchanges. Some of the countries have gone as far as banning trading cryptocurrencies. Things might split your way where there is no ban on cryptocurrency exchange development services. Thus, ensure that the laws of the country are in your favour before choosing a development company.
Deployment of the Most Current Blockchain Technology
In today's market of rapid innovation, Blockchain technology is one of the complex & progressive technologies and has applications and use cases in many industries. Due to the various use cases and applications, the technology is also changing and maturing very quickly. When it comes to your cryptocurrency exchange development projects, it is critical to implement the most cutting-edge blockchain technology and features in it. While choosing a development company, you need to ascertain and verify whether their developers have expertise in blockchain technology or not. Whether you choose to secure your project with a digital wallet or paper wallet ethereum, it is critical to do so using the most recent technology at hand.
Closing Words
The factors discussed above are the bare minimum of things you must consider before choosing a development company for your cryptocurrency exchange. Make sure that the company has a history of successful outcomes, it understands your business strategy and will help you in implementing it, has expertise in Blockchain use cases that are most recent in an evolving marketplace, and provides excellent customer support to overcome any problems when your exchange goes live.
This content originally appeared on DEV Community and was authored by ElenaAl
ElenaAl | Sciencx (2021-06-18T06:50:25+00:00) How to Gauge A Cryptocurrency Exchange Development Company?. Retrieved from https://www.scien.cx/2021/06/18/how-to-gauge-a-cryptocurrency-exchange-development-company/
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