December 5, 2020

Cryptheory

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

Binance Cloud – Everything you need to know about setting up your own crypto-exchange from Binance

3 min read
Binance Cloud - Everything you need to know about setting up your own crypto-exchange from Binance

Binance is a relatively clear leader in cryptocurrency markets. One of the many recent developments that Binance has brought is the Binance Cloud. It is B2B2C solution for smaller crypto-exchanges. According to promotional materials, it is possible to start a new exchange in just five days. If you’ve ever thought about launching your own cryptocurrency exchange, Binance Cloud is maybe just for you.

 

Why Binance Cloud

 

Binance cloud is a B2B2C solution for running your own cryptocurrency exchange. This means that Binance as a crypto exchange provides another business with a solution to easily start the exchange and the new business can then offer Binance services in its own guise in its local environment.

 

Binance cloud is such a complex solution to start your own crypto exchange. The whole project has the extreme advantages that Binance actually offers its own know-how and shared liquidity. By launching your own exchange, you basically connect to the Binance system and the exchange operator immediately gets liquidity. And this is critical for any stock exchanges or crypto exchanges.

 

The operator of the crypto exchange also gains additional options. Binance Cloud works on well-proven Binance systems, and so the matching engine is part of what a new operator gains. At the same time, the exchange will have a top security solution, which is also created directly by Binance. Last but not least, the new operator will also be given the opportunity to create his own, modulable version of the exchange. This means that only those coins that the owner wishes will be traded at the crypto exchange.

 

What Binance Cloud can do

 

Binance Cloud has several declared features that are likely to remove many wrinkles from the faces of exchange operators. As mentioned, Binance Cloud exchange operators will have access to shared liquidity within the Binance system. This is absolutely critical for a functional crypto exchange.

 

In addition to matching engine, the KYC system will be part of the Cloud, making it much easier to meet local regulations. Exchanges will have a system for identifying their customers. The basic service is spot trading, which is classic trading, which you know from individual exchanges. This is also associated with the API interface, which allows the connection of external systems to the exchange.

 

A massive advantage is fiat currency financing and trading in fiat currency pairs. However, this does not stop the services and another offered option is Futures trading, even with the possibility of using the lever up to 125x.

 

What it takes to establish a Binance Cloud Cryptocurrency Exchange

 

If you are now considering setting up your own exchange office, then you need to find out what is really needed. Most of the information can be found in the FAQ section of the official Binance Cloud website. Here you can request official support with the exchange office.

 

First of all, the operator of the new crypto exchange must have all legislative matters in order. This means that they must be allowed to operate a cryptocurrency exchange in their country of operation and have all their documents in order. To start cooperation with Binance, it is also necessary to have a exchange name, domain, logo and SSL certificate.

 

Once the conditions required by Binance are met, the actual exchange work can begin. This should be directed by Binance itself, when its engineers implement their solutions. The owner of the exchange has the choice of optimizations and can choose the coins to be traded at the exchange.

 

After the final agreement on cooperation should start the exchange only 3-5 days and the whole will be in cooperation with the team Binance. The goal of the project is to attract more customers for Binance in locations where the stock exchange cannot reach itself.

 

Summary

 

Binance continues to confirm its leading position among cryptocurrency exchanges and will now allow penetration to sites that were not necessarily covered. However, binance is still a centralized service and it should be remembered that it has a center that may fail. That is why it is reasonable to be cautious about Binance.

Leave a Reply

Your email address will not be published.