A checklist before launching a crypto exchange

You can get from a domain to the first order in about two weeks. What usually takes longest isn't development but waiting for providers to open your accounts, so start those applications first.

Here's what to have ready at launch.

Legal

• Whether you need a licence. It depends on the country your business is registered in and the currencies you work with. A platform can give you KYC and AML tools, but compliance with the law is the exchange operator's responsibility. Talk to a lawyer before you launch, not after.
• Exchange rules and a privacy policy. Clients should know what data you collect, how long an exchange takes and what happens if a payment doesn't match the order.

Payment systems, KYC and AML

Connect them on your own accounts. That way the contracts and the money stay with you, not with the platform vendor.

• payment gateways for fiat directions;
• a KYC provider to verify clients;
• an AML provider to check incoming addresses;
• the exchanges you'll take rates from and keep liquidity on.

Rates and directions

• Rate sources for every direction. Several are better than one: if one goes quiet, the direction pauses instead of trading at an old price.
• Markup and rounding. Check that rounding doesn't put you at a loss on small amounts.
• Minimum and maximum amounts for each direction.

Limits and manual review

Decide in advance what the system pays out on its own and what waits for an operator:

• an amount threshold for manual approval;
• the AML risk level at which an order goes to review;
• limits for clients who haven't been verified.

Team and access

• a separate account for everyone who works in the admin panel; no shared passwords;
• roles: operators, accounting and support see only their own sections;
• two-factor sign-in for everyone, and preferably a hardware key for the owner;
• an action log, so every change to a rate or payment details can be traced.

Test orders

Before launch, run a few real orders for small amounts in every direction. Check everything from the locked rate to the client's notification. Also test the unpleasant cases: a payment of the wrong amount, a payment after the order has expired, an order from a risky address.

Rate monitors

Most clients find a new exchange through rate monitors. Prepare a rates file in the format the monitor accepts, and apply once test orders go through without errors. Monitors usually check an exchange before listing it, so a launch with errors can delay getting listed.

Data

Make sure you can export the whole database at any time: clients, orders, directions. If you ever want to change platforms, that's what decides whether you start from scratch.

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We take Obminly early-access members through all of these steps to their first order. If you already run on another script, moving is included in the price, and your old site keeps working until the new one is ready.