Define the exchange service
Agree the intended client types, countries, assets, trading pairs and order workflows. Identify the relevant operating entity and who contracts with clients. Spot trading, assisted dealing and any other proposed products should have an explicit scope rather than being inferred from a general platform label.
Map the complete client journey
Describe registration, verification, funding, trading, transaction records and withdrawals as a connected process. For each step, define the information required, the visible status, the next action and any staff review. Include delays and rejected or incomplete requests, not just the successful path.
Agree liquidity and client pricing
Identify the liquidity relationship, quote or execution basis, funding requirements and settlement terms. Define client markups, separately charged fees, authority to change pricing and the records needed to explain a transaction. Under Lumora’s qualifying model, the no-platform-licence-fee option is linked to exclusive Lumora spot liquidity. Other costs and responsibilities are agreed separately.
Build the operating workflow alongside the interface
Client review, trade records, funding queues, treasury, reconciliation and support need owners. Staff access should reflect responsibilities, with an escalation path for exceptions. Decide which functions your team operates and which are part of a managed service. Document any proposed regulatory arrangement against the actual entity permissions and jurisdictions.
Make launch readiness testable
Use an acceptance plan that follows an approved test client through onboarding, funding, trade validation and settlement. Include failed requests, duplicate actions, stale prices, access boundaries and provider outages. Agree which evidence is required before the business accepts live clients. A polished interface alone is not a launch decision.