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When one decides to create his own cryptocurrency, the first question popping up is how the users will have the possibility to get crypto assets. One of the best and most efficient options is to get the cryptocurrency listed on major exchanges.
At Innowise, we leverage more than 15 years of software development experience to not only maintain blockchain development services, but also assist our clients with listing their products on leading exchanges like Binance, Coinbase, Coinmarketcap, etc., or in finding an alternative way of distributing tokens.
On Binance, to list a currency, a user needs to fill in the application form for one of three options: direct listing, Launchpad, or Launchpool. One of three listing possibilities is chosen based on an array of criteria, for example, whether the project has certain token circulation or hasn’t yet held a token generation event.
Binance doesn’t have strict requirements on which currencies they accept or decline due to the fact that they’re open to every coin proving its relevance, team eligibility, and large user base. A coin should solve a particular problem (for example, the problem of slow transactions with significant gas fees) and prove its value by attracting interest from the audience.
The approval process on Binance is based on a comprehensive audit – the exchange team conducts a series of internal screenings, communicates with the project’s key person (CEO, project owner), and observes how the team treats the project community to ensure coin’s reliability and trustworthiness.
Coinbase provides users with a convenient web application that allows tracking all the coins applied for listing and their progress.
Moreover, Coinbase has built-in tools for introducing the assets to the exchange community.
Everything can be managed through a single application making their web interface a powerful and effective tool for listing and advertising a crypto coin.
When listing on Bitfinex, the key person of a project should fill in the contact form.
After the application is processed, a Bitfinex representative will reach out and inquire about the data they need to start reviewing the application.
Once the application is approved, crypto companies can start the capital raise event and distribute the tokens afterwards.
To get listed on Poloniex, a user should also fill in the application form as the first stage of the project review.
If the coin passes the first round of review, Poloniex launches a voting process for the coin. The Poloniex team believes that their community is the one to decide which tokens to list. Moreover, the community can initiate the listing process for any token they see potential in if it gains support from their fellas.
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Evidently, the listing process in its initial stage is fairly simple. Complications may occur after submitting the application form.
As a blockchain development services provider, we support our clients on every stage, from the application form submission to updating the data about the coin after listing, but if you want to do it yourself, here’s some advice on how to increase the chances of success.
After sending the application form, you should remain patient. Major exchanges receive hundreds of applications every day that physically cannot be processed rapidly. If you start messaging the support team or spamming into the head management’s inbox, you might lower your chances of successfully passing the review process or even get blacklisted.
Each piece of information is extremely valuable when applying for a listing. On most exchanges, the analytics and review team representatives ask to provide as much information as possible from the very beginning since it allows for a broader and more precise project review.
Community trust is a major criterion for listing a coin. Usually, exchanges ask for quarterly or monthly updates on the project’s development, but overall it’s a good practice to give regular updates on the state of affairs.
Swaps like Pancakeswap or Uniswap are decentralized cryptocurrency exchanges operated by smart contracts. There’s no particular listing application on such platforms, and any user can put their coins on the list by adding them to the liquidity pool of the blockchain platform used by the swap (i.e., Binance Smart Chain or Ethereum).
After this, you become a liquidity provider and receive income from transaction fees.
From this point on, users can freely trade your tokens. They just need to import them to their wallets.
When importing a token, you need to provide the address of the smart contract maintaining this token. This allows the swap to see the token.
After the token is imported into the swap, users can adjust settings like finding the balance between transaction speed and fees or setting slippage tolerance.
At Innowise, from our experience we can say that getting a new token listed on exchanges is no rocket science. Token creators just need to stick to the rules and procedures of the target platform and keep patient.
But when it comes to developing a new token and expanding its market, it’s better held by seasoned IT solution services providers.
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