We had our reasons for opting for a crypto exchange clone script. To aspiring entrepreneurs reading this….
Cryptocurrencies have become a staple of the financial market today. Almost all brokerages now sell crypto alongside stocks and bonds. Why? Simple, crypto is the current flagship with a good profit margin for brokerage.
Interested in cryptocurrencies, I had been looking for a while to get into the cryptocurrency market. As I searched for ways, I realized that all types of crypto exchanges fell 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 for the past couple of years. I believe this is a sign of a growing market. It is an area that has the potential to be within reach of every person on the planet. And every entrepreneur who is interested in this emerging market wants to be part of it.
The reason why I became interested in this is even simple. If you look at the chart, since the gold standard is no longer used, the dollar value has gone down and continues to go down. 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 cusp of an economic recession, and I realize now that we have created a system that requires the constant printing of money. We moved away from capitalism and ventured into creditism.
That’s why I decided to create my own cryptocurrency exchange to be 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 all the existing ones. A hybrid crypto exchange that has all the benefits of decentralized and centralized exchanges, but none of the drawbacks. A more user-friendly and easy-to-use hybrid exchange platform for admins, with features that no other platform could offer its users.
So I started by 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 pitched the idea to him. Since he wasn’t working at the time, he decided to help me with the project. This is 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 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, modifying it to suit 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. There was not much we could do to fix these issues during the development phase. But we wanted to offer unlimited functionality like centralized platforms could, which is missing in most hybrid exchanges that exist today.
We had so many sub-projects running at once that we couldn’t finish them all in time to assemble them into a working model. Halfway through the process, we realized we needed more staff and more resources to keep the project running. But we had limited funds, and it was a dwindling pool of money, so we needed investors. Getting the idea to investors was another problem because with so many exchanges already existing online, there was very little interest among 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 badly needed for the project, but the online sentiment about ICO was also at an all-time low. With so many scams prevalent, we needed a marketing team for our ICO to convince potential users, which 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 point, we knew our project was stalled.
For a while we thought about other possible options like initial DEX offerings and crypto loans, but none of that came to fruition in the end. Starting a crypto exchange from scratch required a certain level of funding that we didn’t have.
That’s when Mark, a member of our team, came up with the idea of using a clone script. With no other option in our hands, we went to Github and started looking for something that might fit our concept. We looked for scripts that used the languages we knew and were familiar with, such as HTML, PHP, SQL, JS, Sass, etc. Products with source code that we could possibly modify ourselves in the future if necessary. It took a while, but we found it.
Keeping the project running for another six months would have spent another fifty thousand dollars 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 only ten thousand dollars. Once we had the source code, it took little to no time to get the platform live.
Here’s why I think you should opt for a crypto exchange clone script rather than building it from scratch.
First and foremost, let’s talk about the elephant in the room, money. Having funds is the most crucial ingredient needed for any startup. Few of us have the ability to start out with a lot of capital investment. When I started I had about 100K savings that 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 requires funding. We started in a spare on our laptops, but had to buy better systems to do the coding. I had to pay the two experts we had hired for the company. We had to pay the bills until we had a working platform, which was money paid out of pocket. We even had to max out our credit cards to keep things running 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 resource-intensive task. I experienced this when we interviewed the staff. We needed experts who already knew the subject, but hiring them was a problem because they expected a salary that we could not afford. Instead, we had to choose people with similar expertise who were relatively new to the subject, and that presented a set of problems. They had to train and relearn the subject before they could help with the project and contribute, which took a considerable amount of time.
With clone scripts this ceases to be 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 an entirely new subject. And in our case, the company we purchased our script from had their own in-house experts who were more than willing to help our team run 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. There will be several marketing events planned before 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 cloning script, the time to create a custom platform and launch it officially online in a matter of weeks. This adds to the benefit of the entrepreneur who will need time to promote the new platform to generate 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, creating an upgrade for a clone script product is definitely the best option, as clone scripts are designed for easy access and customization. When building a cryptocurrency exchange, coding does not translate to ease of use. Programming is often purely for the function of the platform itself.
We had our reasons for opting for a crypto exchange clone script. To 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 encryption clone script vendors are also technical support partners who can help you with software services for a fee. In the long run, they’re more affordable than you might think. This is one of the reasons why you should find a cipher exchange clone script provider as it is not only about the viability of the product, the expertise of the supplier is just as necessary, if not more so. Expect!! My journey did not end there, the second phase of my professional journey could describe to you what you were looking for as well. Here you would know how I succeeded with the help of a Crypto Exchange Software Provider.