How We Built A Cryptocurrency Exchange With 200K Active Users
Hello! Who are you and what business did you start?
Hello from the SimpleSwap team!
SimpleSwap is a user-friendly and reliable service for cryptocurrency exchanges. We don’t require sign-ups to make exchanges and support 300+ crypto and fiat currencies. SimpleSwap is available not only as a web service but also as a mobile app for iOS & Android, that guarantees safe exchanges at good rates.
Our project came out of the idea of two crypto enthusiasts to make the process of a cryptocurrency exchange as simple as possible. At the same time, it should be safe and convenient for customers.
As the cryptocurrency topic is becoming more popular (Thank you Elon Musk), we also work on crypto adoption and want to do it in a simple and easy-to-understand way for everyone.
Furthermore, in terms of the economic crisis, we can see the flaws in the financial system we have. Undoubtedly, it makes us think if there is a better way. So, our potential customer is anyone interested in the phenomenon of cryptocurrency as well as in the current financial situation in general. Now there are over 200,000 monthly active users on SimpleSwap, and the average monthly revenue of the company is $50,000.
What's your backstory and how did you come up with the idea?
Our story of success is incredible! Actually no, although it is very simple, honest and most importantly it works.
Everything started with two people (founders of the SimpleSwap project) who used to work in the field of cryptocurrency as regular employees dealing with everything from Bitcoin mining to creating simple cryptocurrency services.
They worked in different places, on different crypto projects, and as a result, they got a great experience and a chance to see how things work from the inside. All the shortcomings of the competitors have been well studied. So, one day it just became clear that all you had to do to start your own successful project was to remove these flaws (such as the absence of a responsive support team that is always ready to help) and add your own cool features.
Two friends decided to act decisively. The idea of the crypto exchange seemed to be the fastest for them to execute as they had already had relevant experience working with other projects and knew how to do it. In a week an MVP was made, which allowed testing to take place. After a month of testing, it was finally clear that everything would work fine.
Mistakes are our best teachers. It's impossible to avoid them, and they help you learn the lessons very well.
That's how the story began.
Take us through the process of designing, prototyping, and manufacturing your first product.
Following the precepts of the classic startup, we had nothing in the beginning. We didn't consult a designer and had no smooth-running processes. There was just a clear conviction that the sooner we launch the project, the sooner we understand what to do next. So, our strategy was as follows:
- Choose a direction. We decided to create a simple, safe and comfortable crypto exchange.
- Analyze your competitors. It helped us to understand that there was a need for a reliable cryptocurrency exchange without complications. For example, our customers don’t have to sign up or store funds on our service. Furthermore, the SimpleSwap friendly support team will help you out when you need it.
- Select the moments you have to work on.
- Choose your main distinguishing feature. It was our main goal to make the process of cryptocurrency exchange easy and convenient for everyone. Hence the name - SimpleSwap.
- Close yourself in a room for a week and build an MVP.
- Get your ready-made MVP, test it, and launch the project!
Describe the process of launching the business.
The main resource we spent was our time and our own savings, it took us only a week to launch the MVP.
Our next important task was to attract the first customers and get real feedback. We registered our account on different social network platforms, appeared on crypto forums, and tried to attract people in this way. It worked and gave us a very quick result as we saw our first customers on SimpleSwap.
As soon as we got the first users it became clear that they liked our service, but there were a lot of problems to be solved. Next, we just communicated with our customers, listened to their comments and complaints, and improved the service by taking into account what people needed.
One of the main things we started working on at the very beginning was a better helpdesk.
We are really proud of our SimpleSwap support team and believe that it is the best! It is the fastest in the crypto market to solve any problems 24/7.
Since launch, what has worked to attract and retain customers?
There is only one good recommendation for the start: you need to start as soon as possible, get the first customers, and listen to what they tell you. Next, there is a lot of work to do, you have to work on market research, a huge number of changes, and add many features.
When the first customers appear, you need to figure out how to attract more people. We spent all day long looking for ways to get new users, trying everything we could think of. Then we started trying out different channels to attract customers, segmenting them, and getting to know them. For example, we found out which customers really used our service, and which came for marketing activities only. Now branded and SEO traffic works the best for us.
Finally, we started to grow insanely, there are over 200,000 monthly active users on SimpleSwap now. So, we were no longer concerned only with attracting new people, but with keeping our customers happy with the SimpleSwap service and making them come to us again and again and again.
How are you doing today and what does the future look like?
We are growing every month, we are getting closer to our biggest competitors and we don't want to back off.
We started to build a full-fledged ecosystem that would allow our users to interact with cryptocurrencies easily. Soon, we want to offer them a full range of cryptocurrency services that would cover all customers' basic needs.
We invite you to take a look at our roadmap to check all our past and plans and achievements.
Through starting the business, have you learned anything particularly helpful or advantageous?
We made a lot of mistakes, but because we didn't stop and did our best until we found a working solution the project survived.
Everything we've achieved, we've achieved by working hard.
There were very successful partnerships and channels to attract traffic, but there was no magic bullet that would put us where we are now.
Of course, we can not exclude the fact that we are growing with the market and it helps us a lot, but it adds new challenges too, as there are many new issues concerning the legal part, work with paid advertising on major services, etc.
The most useful lesson that we have learned is that you have to work fast as the market is developing at a tremendous speed. "Now, here, you see, it takes all the running you can do, to keep in the same place. If you want to get somewhere else, you must run at least twice as fast as that!"
What platform/tools do you use for your business?
We would not have survived without messengers and video chats, because they allow the team to communicate and always stay together even at a distance.
Advice for other entrepreneurs who want to get started or are just starting?
If there is a burning idea in your head to start your own business, you have to try! There is always a chance that something will go wrong or you’ll lose everything but you just have to try.
Mistakes are our best teachers. It's impossible to avoid them, and they help you learn the lessons very well.
Where can we go to learn more?
If you have any questions or comments, drop a comment below!
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