I have an exchange Project that I have been running for some time, The biggest problem has been Capital. I just raised $25,000, I plan on adding a special coin built for the exchange with some added features ( I intend to do an ICO for this coin).
I would really try to be very careful when it comes to launching an ICO for the said coin. There was a time when Exchange coin ICOs were a thing, BNB coin, Kucoin shares, Huobi token etc but that time is long gone.Recently people have totally lost interest in ICOs, Projects have failed to raise money due to total lack of interest and all one can get is a bunch of airdrop and bounty hunters in their telegram and other social media channels other than the real investors.
I guess this was all due to the recent bear market that taught people lots of lessons. So i would hate to see you spend, arrange and market and ICO which would fail without you meeting your goal.
IEO would be the biggest bet right now but it's also losing hype real quick. Maybe you could wait for the next tide to move with. Just my observation and opinion
I'd have to agree with this, but to address your question :- Marketing is paramount to successfully getting people to take a look at your exchange. Once they are there they need a reason to pick your exchange over others. If your exchange has a good UX and back-end then you should try to focus on adding good viable coins, no fake volume and avoid scandals. The recent hacks also re-enforce the importance of security and insurance.
Good luck!