Creating a crypto exchange like WazirX is assuredly a great decision. to understand how to start a crypto exchange like WazirX, you would first like to know more about this exchange platform.
WazirX P2P exchange platform is exclusive from other exchange platforms. WazirX P2P exchange platform helps you purchase and Sell crypto using USDT.
USDT rope may be a stable coin that is an equal amount for traditional fiat currencies, just like the dollar, euro, or Japanese yen.
The workflow in the WazirX exchange platform
If you would like to shop for bitcoin in wazirX, you need USDT. WazirX primarily recommends that you deposit money in UPI(Unified Payment Interface). It's fast, free, and you'll deposit up to Rs 2 Lakhs. You would like to check in an account in UPI employing a mobile number already registered within the WazirX exchange platform. Then, the UPI account automatically adds to your WazirX wallet, and you'll deposit money also in the IMPS/NEFT/RTGS platform.
You can search the vendor who is prepared to sell their USTD for the currency.
After buying the USTD then you'll give the USDT to the WazirX escrows for safekeeping till your trade ends.
If you meet the vendor then, trades are going to be confirmed within hours. If you pass quite a 60-minute business will automatically cancel.
After the deal, the customer wants to click the "I have paid" option on an internet site.
WazirX escrow won't release your crypto to the customer until you send the receipt of payment to the vendor.
If there is any problem between a buyer and seller, you'll raise the button "dispute resolution" system identifies the matter and resolves it.
To create an exchange like WazirX, you've got to think about these basic steps:
This is the primary step to fixing a cryptocurrency exchange anywhere within the world. But since Cryptocurrency isn't recognized as an actual 'currency' by RBI, the regular licenses cannot be applied to Cryptocurrency trade.
Certain experts opine that Cryptocurrency also can be treated as an import of computer software/program in India and may be covered under the framework of exchange regulations.
RBI's clear cautionary advisories state that the creation, trading, or usage of Cryptocurrency as a medium of payment isn't authorized. Any entities carrying either of those activities haven't obtained any approvals, registration, or authorization.
Verify the Identity of consumers
Adhere to the Know Your Customer(KYC) policy and verify your exchange users through identification methods like Adhar/PAN card etc. You don't want to get on the wrong side of the law by encouraging malpractices like concealment etc.
Partnering with a Payment Processor
Given the present directive issued by the Federal Reserve Bank of India to all or any of the Financial Institutions/Banks, it isn't possible for a Cryptocurrency exchange to partner with banks for online transactions. During a normal situation, partnering with an honest bank ensures faster clearances and settlements of fiat funds.
An alternate choice to banks is to partner with an open Payment Gateway for adding and withdrawing Fiat Funds. One also can search for P2P remittance of Fiat Funds in the absence of bank remittance.
Creating a Customer Base
Once you've established all the above steps, it's time to bring users to the exchange. you'll confirm there's enough liquidity for users to trade effectively together with your business. you'll increase the supply of crypto coins on your exchange by connecting to an existing cryptocurrency exchange to start with.
Security of Customer Data
Security is the most vital element for any cryptocurrency exchange. Top-of-the-road security measures should be in situ to ensure that the customer's private data and, therefore, the transactions are safe.
Customer Support Center
Finally, it's essential to possess a correct Grievance redressal system in situ for any customer issues. An efficient customer service center goes an extended way in ensuring customer satisfaction and Loyalty to the exchange.
If you would like any clarifications with cryptocurrencies and ICO's, get in-tuned with one among reliable and reputable cryptocurrency exchange development companies.
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