The hard part is liquidity. A perfectly coded exchange with no order book depth is just a website. Before writing a line of contract code, figure out how you'll bootstrap liquidity, whether through market makers, a hybrid CEX-DEX model, or partnerships with existing pools.

Security architecture comes right after. Cold wallet splits, multi-sig custody, and real-time anomaly detection aren't nice-to-haves anymore. Exchanges that skip this in year one usually pay for it in year two.

Compliance is the third piece people underestimate. KYC/AML isn't just a checkbox, it shapes your onboarding flow, your supported regions, and even your token listing process.

If you're scoping this out, a good [crypto exchange development company](https://www.craitrix.com/cryptocurrency-exchange-development-companyitalicised text) will walk you through all three before touching the tech stack, not after.

What's tripping people up most right now, liquidity, security, or compliance?