BitCoin Exchange - page 3. | Bitcointalksearch.org

pinkflower

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Quote from: Dmitry.Vastov on March 01, 2017, 07:44:46 AM

Yup. Its profitable business. Excahnge usually gets profits for every transactions has been made. Some exchange takes .02% or more. I think China exchanges the cheapest fee for every transactions. Actually China exchanges are not charging fees. But they are forced to take fees because of PBOC. If you want to create an exchange site. I think fee is the key to make it successful. So make the fee cheap.

May I know of you have some experience in running or managing an exchange? Its so easy to say that its profitable however there are costs and expenses to think about. I think most of the exchanges are barely making some money.

pooya87

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Quote from: shamzblueworld on March 01, 2017, 03:07:36 AM

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

for a local bitcoin exchange to be profitable it has to be offering bitcoin at prices with a big spread meaning buy very low and sell very high compared to online exchanges. and this means less people are going to be willing to buy/sell there but at the same time if they had no other choice they will do it.
in other words, as you said it depends on the location.

batang_bitcoin

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Quote from: shamzblueworld on March 01, 2017, 03:07:36 AM

Is making a bitcoin exchange a profitable business? Has anyone have any experience?

Yes it's profitable because you can adjust the prices of the your coins for buying and selling though I don't have experience with it. I just know how business works.

Quote from: shamzblueworld on March 01, 2017, 03:07:36 AM

And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?

In my country, there are a 4 I guess local exchanges that are competing. But there is one that is standing and shining. Think about it, if you there's a competition in your country and if there is make your site the best with services.

Quote from: shamzblueworld on March 01, 2017, 03:07:36 AM

I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

If you are going to aim with this too, yes it's a good help. Attracting people to bitcoin and making business with them.

X-ray

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Quote from: Avametra on March 01, 2017, 04:27:46 PM

Quote from: szpalata on March 01, 2017, 03:48:58 PM

Quote from: shamzblueworld on March 01, 2017, 03:07:36 AM

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

A friend of mine was in that business in Singapore but they relocated to Canada last year, from our conversations it was doing well but left it after the halving last year when he sold all his Bitcoins for fiat and relocated.

I also have a friend who worked on this. He is still in this business, because it is profitable. Only such a business need a large start-up capital

For providing the money to make your users can get money for instantly. But this business very worth on the eastern countries. many of my friends were opening that service and really profitable. They are take 0.5 percent for the every transaction.

Gotottack

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Quote from: angaper on March 01, 2017, 04:44:44 PM

Quote from: shamzblueworld on March 01, 2017, 03:07:36 AM

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

I use to sell some coins to my friends but I don't use to charge any fee for these exchanges. However I also know some other friends that do use to charge some commissions (around 10% of that transaction) and it is really profitable for them, even some friends have been able to make a living from this business because of the great amounts and number of transactions that they use to carry out.

Well they are lucky to fool other people with 10% transaction fees. In the exchange I use, they don't charge for a fee. They make money though from buying low and selling a bit higher. Like a money exchanger. They just do a 3% difference in the buy and sell of bitcoins which is nice, aside from that there is no other fee.

angaper

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Quote from: shamzblueworld on March 01, 2017, 03:07:36 AM

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

I use to sell some coins to my friends but I don't use to charge any fee for these exchanges. However I also know some other friends that do use to charge some commissions (around 10% of that transaction) and it is really profitable for them, even some friends have been able to make a living from this business because of the great amounts and number of transactions that they use to carry out.

Avametra

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Quote from: szpalata on March 01, 2017, 03:48:58 PM

Quote from: shamzblueworld on March 01, 2017, 03:07:36 AM

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

A friend of mine was in that business in Singapore but they relocated to Canada last year, from our conversations it was doing well but left it after the halving last year when he sold all his Bitcoins for fiat and relocated.

I also have a friend who worked on this. He is still in this business, because it is profitable. Only such a business need a large start-up capital

szpalata

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Quote from: shamzblueworld on March 01, 2017, 03:07:36 AM

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

A friend of mine was in that business in Singapore but they relocated to Canada last year, from our conversations it was doing well but left it after the halving last year when he sold all his Bitcoins for fiat and relocated.

olubams

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Quote from: shamzblueworld on March 01, 2017, 03:07:36 AM

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

Exchange is actually profitable but there is no way one can excuse the online factor in other to reach more client speaking from the situation of things around here, having a location might be totally out of couple as the awareness is low couple with the cost of getting a location, running an office among others where one can do same thing from the comfort of your room or office in addition to daily job... That for me is just the right way to go about it...

chaser15

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Quote from: shamzblueworld on March 01, 2017, 03:07:36 AM

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

So like a trade or p2p? Or something that all customers will deal their buy and sell right directly at your funds?

You must have a decent amount of capital at the early phase and willing to take the risk since at first you only have few customers. You also need some good staff since you can't take it as one. It will just become profitable if many users will use that services.

And quite agree that it can boost knowledge too to those other people who really didn't know bitcoin. Good example is our local exchanger, without their good and unique services, I doubt we will have a good numbers of bitcoin users here in our country.

maku

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Quote from: Doamader on March 01, 2017, 01:29:54 PM

The last time i checked there were around 200 exchanges, and well just few of them has some good volume, but they made their reputation with time, soo besides huge competition you will find you need to have a good staff team to update or add new coins, delays are a problem at some exchanges, as well their poor support system. If you able to reply almost all issues that may have daily and add almost all coins you will be fine.

You don't necessarily want to create no. 1 top exchange with the highest possible volume. Aim rather at niche market of local currencies.
Asia (beside China and Japan), Africa or South America is still unsaturated market exchange-wise.
If you are located there and has time and resources to build and maintain an exchange your business can be huge in the future.

bajing

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Quote from: shamzblueworld on March 01, 2017, 03:07:36 AM

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

You will get profit if you can get a lot of customer are made transaction sell/buy bitcoin but i don't understand you dont want build online exchange??

rickadone

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Quote from: shamzblueworld on March 01, 2017, 03:07:36 AM

Is making a bitcoin exchange a profitable business? Has anyone have any experience?

Before altcoin industry got boomed, if you have got idea for running an exchange that must be a very right time for a profitable business model. Still you can make a profitable exchange but you need to dedicate your full day on this forum so that you can catch new altcoins to get listed in your exchange.

When you are actively providing support, you can find your exchange becomes famous and profitable.

Doamader

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The last time i checked there were around 200 exchanges, and well just few of them has some good volume, but they made their reputation with time, soo besides huge competition you will find you need to have a good staff team to update or add new coins, delays are a problem at some exchanges, as well their poor support system. If you able to reply almost all issues that may have daily and add almost all coins you will be fine.

The_Dark_Knight

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Quote from: shamzblueworld on March 01, 2017, 03:07:36 AM

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

There is no point in creating a physical exchange if you want to deal with persons close to you then use localbitcoins, besides if you really want to create a physical exchange business you are better of exchanging dollars, euros and your local currency and offering bitcoin just in case.

Pettuh4

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Quote from: shamzblueworld on March 01, 2017, 03:07:36 AM

Is making a bitcoin exchange a profitable business? Has anyone have any experience?
And I don't mean an online one, but a local one where people can go and buy/sell bitcoin.
What do you think?
I can understand that it will depend upon the location, but I think it can help in inviting more people to bitcoin too, right?

That's one of the most Lucrative businesses out and it's actually part of my plans to open an exchange in the UAE this year. The verifications and bureaucratic systems the local Bitcoin exchanges use here are just irritating and this has motivated me to create a system that can be user friendly and easy for all to use. The commission on the exchange of Bitcoin prices are huge profits that you can take advantage of plus conversion from the USD to the local fiat also fetch the exchanges some more money.

erikalui

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Not everytime. There are too many exchanges these days and most of them are unable to handle requests of trades and hence delay their transactions which causes users to change the exchange site. Many exchange websites have shut down or been hacked too (recently coinsbank, coinbase and snapcard faced the same) and hence these websites are more vulnerable to hacks. Exchange websites only earn from the transaction fee and hence it's better to have a website like localbitcoins and paxful where users can themselves open trades and use the website only for transactions.

Oralmat

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Quote from: Casanova18 on March 01, 2017, 10:10:09 AM

Quote from: bamboylee on March 01, 2017, 09:39:01 AM

Bitcoin exchange can be profitable business. But what will be the difference of your exchange against an online exchange site?If you cannot present a remarkable difference or advantage against online exchange, your business may die because of lack of customers. Personally, I prefer to do transactions online in the comfort of my home. But if you can present an advantage that can convince customers to get out and go to your store to exchange bitcoin, maybe your business have a chance to thrive and make profit.

It's a good idea, but firstly it requires a large investment, and secondly, where you have a guarantee that people will want to change bitcoins from you? I for example will never change to a new exchange, or where I or my friends have not changed. I better change more on a proven exchange the cheaper on is not checked.

Bitcoin exchange which covert bitcoins to altcoins and vice versa is a very good idea as most people complain that they could not find any such proper exchanges.
These days mostly people trade with people who are trusted. Profile of such are easily available though Facebook and local bitcoins but we need exchange for proper buy sell of bitcoins to Fiat.

Gotottack

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Quote from: Ayers on March 01, 2017, 11:55:52 AM

Quote from: Toyking on March 01, 2017, 03:35:28 AM

if you have many customer, you sure can earn money from an exchange.

this is the problem all the major exchange have all the customers, will be very hard for a new exchange to get trusted and do proft from customers that have high loyalty to other well established exchange, and fee on a new exchange need to be very low to attract new investors, it need an hard work for security and customers service, people hate when there are no proper customers service, for me it's not worth the risk for now, maybe if crypto become very very big in the world

This is the case right now. The industry of exchanges is not saturated but the problem is that there is only quite a few exchanges that control majority of the volume of trades. I think the main reason this is the case is that there have been quite a lot of problems trusting new sites and also that the features and usability of most new sites is lacking. So that is why it is hard to penetrate this market. However, if you do succeed then you will profit big time. Poloniex does roughly 50,000 BTC trades a day and he gets around 0.15% in fees per trade. Which means Poloniex earns around 7,500 bitcoins a day.

Ayers

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Quote from: Toyking on March 01, 2017, 03:35:28 AM

if you have many customer, you sure can earn money from an exchange.

this is the problem all the major exchange have all the customers, will be very hard for a new exchange to get trusted and do proft from customers that have high loyalty to other well established exchange, and fee on a new exchange need to be very low to attract new investors, it need an hard work for security and customers service, people hate when there are no proper customers service, for me it's not worth the risk for now, maybe if crypto become very very big in the world

Topic: BitCoin Exchange - page 3. (Read 3248 times)