We had our reasons for choosing a crypto exchange clone script. To aspiring entrepreneurs reading this…
Cryptocurrencies have become a staple of the financial market today. Almost all brokers now sell crypto in addition to stocks and bonds. Why? Simple, crypto is the current flagship with good profit margin for brokerage.
Interested in cryptocurrencies, I had been looking to enter the cryptocurrency market for a while. While looking for ways, I realized that all types of crypto exchanges came under fintech. And everyone knows that FinTech is a growing market.
With smartphones, apps and a thriving online consumer market, there has been a steady influx of crypto and stock trading apps that have flooded the market in recent years. I think this is a sign of a growing market. It is an area that has the potential to be within the reach of every person on the planet. And any entrepreneur interested in this emerging market wants to be a part of it.
In fact, the reason why I became interested in this is simple. If you look at the chart, the dollar value has fallen and continues to fall as the gold standard is no longer used. There are many reasons for this, but the fall of the gold standard gave countries the power to print more and more money. The law of supply and demand states that if there is more supply of a product without a respective increase in demand, the value of the product decreases. We are on the brink of an economic recession and I now realize that we have created a system that requires the constant printing of money. We left capitalism and ventured into creditism.
That’s why I decided to create my own cryptocurrency exchange to be a part of this new world under construction.
Last year I decided to start building a crypto exchange from scratch. I wanted to create a unique platform, different from any existing one. A hybrid crypto exchange that has all the advantages of decentralized and centralized exchanges, but none of the disadvantages. A more user-friendly and easy-to-use hybrid exchange platform for administrators, with features that no other platform could offer its users.
So I started researching blockchain, crypto exchanges and DeFi, and it took preparation time, a lot of preparation time. I contacted a friend of mine who is a software engineer and presented the idea to him. Since he was not working at the time, he decided to help me with the project. That’s how we started: two long months of preparation and research. At the end of the second month, we hired a few more hands to help us with our project. We have hired a professional programmer and UI designer. With a team of four we started building our startup.
We were inspired by the source codes of so many pre-existing platforms on Github and we worked on optimizing our idea and adapting it to the type of service we wanted to provide.
We knew the problem with hybrid exchanges was that they had low trading volume and low liquidity, like most DEX platforms. During the development phase, we couldn’t do much to fix these issues. But we wanted to provide limitless functionality like centralized platforms could, which is missing from most hybrid exchanges that exist today.
We had so many sub-projects running at the same time that we couldn’t finish them all in time to assemble them into a working model. Halfway through the process, we realized that we needed more staff and more resources to keep the project running. But we had limited resources and it was a dwindling money pool, so we needed investors. Getting the idea to investors was another problem because with so many exchanges already out there online, there was very little interest from most potential investors. It was the first roadblock.
For a while we considered launching an ICO and using the crowdfunding method to get the funds we desperately needed for the project, but online sentiment about ICO was also at an all-time low. With so many scams out there, we needed a marketing team for our ICO to convince potential users that we didn’t have the staff to do. We were developers, not online marketers. As trends like NFT grow unchecked, public opinion is killing ICOs. At that moment we knew that our project was stuck.
We spent some time thinking about other possible options, such as initial DEX offerings and crypto loans, but nothing came of it in the end. Starting a crypto exchange from scratch took a certain level of funding that we didn’t have.
Then Mark, a member of our team, came up with the idea of using a clone script. With no other option, we went to Github and looked for something that would fit our concept. We looked for scripts that used the languages we knew and trusted, such as HTML, PHP, SQL, JS, Sass, etc. Products with source code that we could adapt ourselves in the future. It took a while, but we found it.
If we had let the project run for another six months, it would have been another $50,000 without investors. And few of you have that kind of funds to invest in a startup. By finding a crypto exchange provider outside the country, we found a DeFi clone script for just ten thousand dollars. Once we had the source code, it took little to no time to get the platform live.
This is why I think you should go for a crypto exchange clone script instead of building it from scratch.
First of all, let’s talk about the elephant in the room, money. Having money is the most crucial ingredient needed for any startup. Few of us have the opportunity to start with a lot of capital investment. When I started I had about 100K savings I was willing to invest in my business. The majority of people I’ve talked to don’t have that many to begin with. So you have to be very careful with money management in general.
Everything needs financing. We started in a spare on our laptops but had to buy better systems to do the encryption. I had to pay the two experts we hired for the company. We had to pay the bills until we had a work platform, which was money paid out of our own pocket. We even had to max out our credit cards to keep things going a little longer before we started seeing returns. This is why using a crypto exchange clone script is the safest option especially if you don’t have a lot of capital to invest in your startup.
Building a cryptocurrency exchange from scratch is a labor-intensive task. I experienced that when we interviewed the staff. We needed experts who already knew the subject, but hiring them was a problem because they expected a salary we couldn’t afford. Instead, we had to choose people with similar expertise who were relatively new to the subject, and that presented a number of problems. They had to train and relearn the subject before they could help with the project and contribute, which took a lot of time.
With clone scripts this is no longer a problem. The software itself is out-of-the-box and getting used to the coding aspect of it is a much easier task than learning a whole new subject. And in our case, the company we bought our script from had their own in-house experts who were more than willing to help our team execute and launch it.
Time is the third problem. Building a crypto exchange from scratch is also a time consuming task. On average, the roadmap for any crypto platform project is planned for at least eighteen months. Several marketing events will be planned ahead of a software release of the platform for the beta testing phase, followed by the official release.
On the other hand, if you are using a crypto exchange clone script, now is the time to create a custom platform and officially launch it online in a few weeks. This adds to the benefit of the entrepreneur who needs time to promote the new platform to arouse interest from potential users. With an active platform already launched online, this is a much easier task to accomplish.
Finally, whether you have the expertise or not, upgrading to a clone script product is definitely the best option as clone scripts are designed for easy access and customization. When building a cryptocurrency exchange, encryption does not translate into ease of use. Programming is often purely for the function of the platform itself.
We had our reasons for choosing a crypto exchange clone script. For the budding entrepreneurs reading this who want to get into the crypto exchange industry, I can assure you that clone scripts are the perfect choice.
Most coding clone script vendors are also technical support partners who can help you with software services for a fee. In the long run, they are cheaper than you might think. This is one of the reasons why you should find one encryption exchange clone script provider because it is not just about the viability of the product, the expertise of the supplier is equally necessary, if not more important. Wait, expect!! My journey did not end there, the second phase of my professional journey could also describe what you were looking for. Here you would know how I managed with the help of a Crypto Exchange Software Vendor†