How to Have a Lucrative Side Hustle Through a Crypto Exchange?

In the era of inflation and rising cost of living worldwide, people are exploring various options to supplement their income. A side hustle, or formally a side job, is one such option where a person takes up an extra job to boost their income. A crypto exchange is now the most favorable option. Sometimes, people take up an informal job and extend their working hours, which is informally called moonlighting. Inflation, wage stagnation, unstable jobs, low wage growth, the rising cost of living, and huge hikes in rent and household expenses are compelling people to take up a side hustle, especially in several metropolitan areas of the world.

However, many side hustles require a significant amount of time and dedication that most people either do not have or risk their mental and physical health to fulfill. The destruction of work-life balance is already severely affecting the lives of many employed people. Therefore, launching a crypto exchange is one of the best alternatives that requires less dedication and effort. 

Statistical Facts on Side Hustle

80 million people in the US have a side hustle. In percentage terms, that is a whopping 39% of working Americans. Among millennials, around 50% have a side hustle. Around 17% of the working-age population plans to start a side business. 70% of Generation Z want to start a side hustle, while 64% want to earn money through projects on social media. The boomers are not far behind either, as 24% of them want to have a side hustle.

In the UK, 39% of millennials and 42% of Gen Z will have a side hustle. These are some of the common reasons why people want to have a side hustle.

• Extra income to save, invest, and spend.
• Extra money to meet their needs.
• Exploring one’s creative talent.
• Pay the debt quickly
• Creative outlet
• Emergency

Launching A Crypto Exchange Is A Lucrative Side Hustle

There are several options before people choose their favorite side hustle. However, when analyzed objectively, launching a cryptocurrency exchange such as PayBitoPro is one of the most lucrative options. These are some of the reasons why launching a cryptocurrency exchange is the wisest choice.

Fast Launching

PayBitoPro takes only 3 minutes to launch. Other cryptocurrency exchanges may take a few weeks to launch. Unlike other side hustle options that take substantially longer time, crypto exchange companies have white-label, ready-made exchange software for faster customization and brand launching. 

Earning Becomes Easier With Every Transaction

Crypto exchanges make a lot of money through trading fees. Whenever a user buys, sells, or trades, the platform earns money ranging from 0.1 to 0.5%. Therefore, if there are 1000 users carrying out trading transactions worth $100 daily, they are eligible to earn a 0.2% fee, which is $200 in daily income. Some companies offer earning opportunities (depending on their fee policies) for deposits, withdrawals, listing new tokens, and premium features. 

Booming Crypto Market

In 2024, the crypto market will be booming. Millions of users are using cryptocurrencies and are looking for reliable options to trade, sell, and buy cryptocurrencies. In some regions, local crypto exchanges are in high demand. Some, such as PayBito, allow users to launch their white-label cryptocurrency exchange within 3 minutes. Amidst the boom, people are also preferring platforms that back local currency, payment systems, and language. 

Steps To Begin With A Crypto Exchange

A crypto exchange can only become profitable if the users follow these steps diligently. These are as follows:

Select The Right Exchange

There are three categories of cryptocurrency exchanges. These include the following:

• Centralized Exchange (CEX): Users can control the platform and have more authority over funds. These are more credible than the rest.
• Decentralized Exchange (DEX): Users do not require any middlemen and operate mostly through smart contracts.
• Peer-to-Peer (P2P): One can connect both buyers and sellers directly and charge transaction fees for the same.

It is advisable to choose either a CEX or P2P exchange because these are safer and easier to launch. 

Have The Target Audience

One has to find niche markets and, during the initial phase, focus on underserved markets or groups. It can range from choosing people who require local currency support or seeking alternatives to fiat. Ideally, one should have specific language speakers and niche crypto communities, such as non-fungible token buyers and meme coin traders. It is preferable to select known territories, target language speakers whose language the user understands, and collaborate with niche crypto communities.

Choose White-Label Crypto Exchange Software

Regular cryptocurrency exchange software is too expensive. Therefore, people struggling with their primary source of income will naturally find it hard to select a regular exchange. Instead, they should select white-label solutions. White-label solutions are more affordable and have more customization options, such as wallet systems, KYC/AML integrations, user dashboards, and trading engines. There are companies like PayBitoPro that offer customizable packages for both new and existing users, along with small businesses.

Fulfill Legal Obligations

It is indeed a lucrative side hustle to launch a cryptocurrency exchange, and do business. However, it is a hard fact that crypto regulations are ambiguous and vary from one country to another. In some countries, there are regional variations, too. Hence, one must fulfill all legal obligations and follow strict rules such as KYC (Know Your Customer) and AML (Anti-Money Laundering). 

Platform Marketing Is A Must

Once the exchange is live, one has to take steps to persuade users by implementing marketing strategies. These include referral programs that encourage sharing, social media campaigns in local languages, forging partnerships/collaborations with other crypto communities, and Telegram communities. It is also necessary to compare the fee-trading to have an early onboarding process. 

Few Challenges That Must Not Be Ignored

Having a side hustle is a great option, and cryptocurrency exchanges offer several benefits. However, these are some of the challenges that deserve attention and must be addressed.

• Liquidity issues
• Credibility deficit
• Frequent changes in laws and tax rules
• Online Security Threats

Final Thoughts on Crypto Exchange

The cryptocurrency industry is rapidly evolving. Therefore, there is no dearth of opportunities for those who wish to have a side hustle with it. Supplementing income with the least effort and time is one of the best ways of achieving financial freedom. By choosing a crypto exchange, one can make money easily without investing too much. In an age where inflation and the cost of living continue to increase and devalue most fiat currencies, cryptos are the solution. It becomes a safer solution when one carefully manages their security apparatus and is passionate about the world of digital assets. Therefore, do not look back; launch your cryptocurrency exchange now, and boost your income.