Topic: Forget about exchanger search! Use BestChange! - page 7. (Read 12043 times)

Thank you, Best_Change, for your interest in my suggestion and taking the time to answer.
I find your answer very logical in fact.
However, what I meant is just to help users know what is going on on the most important blockchain network in the crypto field, which is the Bitcoin network. And this is in the form of a simple notice in one of the corners of the site pages, since you cannot control all the portfolios, and you do not have powers to interfere with the operating systems of the platforms that you list.
My suggestion was based on the fact that your visitors are mostly looking for the appropriate platform for trading or for quick exchange, which means that they will necessarily deposit. Of course, not all users are good at dealing with fee changes on the network, and they always think that sending any amount will be as easy as every time. You are not required to secure the users' money in their wallets, nor are you required to inform them of every change that takes place in the blockchain due to the multiplicity of networks, which makes it impossible to track changes on all of them, but this will increase users' confidence in you, since it only pertains to the Bitcoin network, which is considered the most important.
Overall, this is just a suggestion and may not really be that good. Discussing the idea can open horizons for new ideas.

Thank you, coupable, we will thoroughly study your suggestions.

However, we would like to remind you, that if you mean outgoing crypto payments, in this case, such notification must be sent by the wallet’s provider, at least indirectly (through the establishment of a recommended commission), and if you mean incoming transfers, then the size of the commission should not concern users, since it must already be included in the proposed exchange rate, otherwise this is a serious violation and the exchanger may be excluded from the listing for hidden commissions.

If we go back to the problem of long transfers (if an exchanger lowers commission), then the issue is indirectly solved through the claims of users. If an exchanger would regularly create situations when users do not get their funds for a long time, we can exclude it from the listing. The owners of the exchangers know it and do not violate our trust.

At the same time, monitoring online wallets and transactions of over 200 exchangers to check the size of the commission in the last exchange does not deem possible yet. Currently, we do not have the technical possibilities to receive an exhaustive list of wallet addresses from online exchangers. If the problem becomes serious, we will definitely deal with it, but so far, the impact of what happened looks too exaggerated due to cognitive distortions (The Von Restorff effect)

There are no guarantees that what happened will not be repeated or that it can be determined at the rate of one week each year.  Adding a notice to users of the need to check the network status (whatever the blockchain they will use, not just Bitcoin) and this will be in a warning message that appears in one of the corners of each page.  In my opinion, this will not cost anything and is not technically complicated.  This is a suggestion from me, and I think the issue can be approached from different angles.

 About BestChange currency converter

On the monitor’s website there is a converter — service that allows learning the exact price of this or that currency in relation to the other currency. With that, the relevant market rate is calculated, without margins or exchangers or payment systems.

● Visit the converter at the link in the footer of the website or directly:
https://www.bestchange.com/converter/
● Choose two currencies that you wish to compare. Pay attention that you can even learn how much in bitcoins a specific amount of satoshi equals to.
● Enter the amount of this or that currency, and you instantly will see the result of calculation.
● Moreover, the results in other available currencies will be shown below.

The converter supports a vast choice of fiat currencies and popular cryptocurrencies. We take rates from reliable trading platforms and constantly update them. You can share the result you receive on social networks Facebook, Twitter, VK, and Telegram by clicking the corresponding button or manually copying the link generated after entering the amount for calculation.

Thank you for the provided information, we will make sure to check if the data transmitted to us by this exchanger is correct.
The thing is that we transmit information "AS IS", and if somebody deliberately or accidentally transmits incorrect data, they can get to the monitor. We have several layers of automized protections, but they are no good against such relatively small errors. At the same time, our moderators do not check manually as fast as we would like, we have almost 500 thousand downloaded rates.


Thank you for your suggestion, we will think whether we will be able to implement it. The thing is, that this function is needed approximately for a week in a year, that is why your overestimate its importance. As for Lightning Network, we have singled out this direction as a separate item in the list. You can work with exchangers that support this technology.

Recently, there was a crisis in the Bitcoin network, as fees rose insanely due to the accumulation of unconfirmed transactions, the main cause of which is the greed of miners. The increase in transaction fees on the network has also caused bitcoin withdrawal fees to be raised from platforms including platforms supported by BestChange.
I thought of suggesting adding information regarding fees on any pair in any of the platforms you support. This will help users to determine the best platform to choose and will raise awareness of network traffic, since platforms may raise withdrawal fees without informing users in advance, especially in special circumstances, as happened recently. The same proposal could include platforms that support the Lightning Network as well.

Do you really think that I'm so inattentive to post that without strong observation?
FixedFloat has two option, one charges 0.5% and another one - 1%. On this image, you see 0.5% float rate, even if you choose 1% fixed rate, there is a significant difference in price. Just try yourself, wait more than 15 seconds, wait more than 1 minute and tell me if results match.

It's true that I have to visit the exchanger but when someone sees on Bestchange that FixedFloat has bad rate and isn't on top of the list, they'll ignore that exchange while in reality FixedFloat has better rates than some top ones. Also, I had a case where Bestchange was showing me 1BTC equals 59K XRP on certain exchange and when I visited that exchange, their actual rate was 1BTC = 57K XRP.
I don't know if you want to pretend that that's fair and okay but from an user's perspective, this isn't high quality service. It's a problem that needs to be fixed, I think one should be grateful for me for highlighting that fact instead, not offended.

Yes, it is just you.

Fixedfloat has two options: Fixed rate and float rate, Clicking on each of the two brings 2 different rates and one of the rates is close to what BestChange displays on the monitor. So which on had you choosen?

Secondly, the minimum time bestchange updates the prices is 15 seconds. In crypto exchanges, a lot of price change can happen in 15 secs.

Thirdly, you will still have to visit the exchanger in order to make a trade. Bestchange is just simply a price monitor.

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is it just me, or I am seeing E-scrooge as inactive?

Guys, do you monitor exchange rates and update statistics correctly?
For example, have a look at this:

And now have a look at this:


Images are taken at the same time and before I'd publish them here, I have been monitoring prices on both websites and BestChange definitely has slightly wrong statistics.

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Here you can see that according to your claims, E-Scrooge has two icons that means two highlighted features: This exchange does not fix the exchange rate in the order and the 2nd one - This exchange runs in the manual or semiautomatic mode.


Then there you have another exchange called OpenChange with one different, key icon that means: This exchanger requires registration before creating a request for exchange.


This claim about OpenChange requiring registration to complete exchange is true but so is the true for E-Scrooge while on your website E-Scrooge isn't tagged with that claim/key icon.

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There are a lot of similar mistakes on your website, hope you'll fix them.

Sometimes I think you can never really tell the benefit lying about reserve funds offers to them, you can only wonder. It is not impossible that some exchangers lie about the amount of reserve funds they have but for Bestchange with a very reliable and consistent record over the years, they can be trusted.

To be able to have maintained such an impeccable record over the years and get good organic reviews, nobody needs to be told that Bestchange has been committed to ensuring good conduct and to have ensured that some defaulters along the way have been punished and others have learnt.

As you correctly noted, we cannot have a reliable way of checking this information because even with these powers, there are lots of loopholes to show more serious reserves than they have. We check such data using indirect signs, but we do not have live-time access to accounts and wallets of services in order to confirm the amount of reserves with high accuracy.

Meanwhile, we thoroughly check feedback from our users, and in case of finding out a discrepancy between the data sent to us with reality, moderators check everything and, if necessary, punish the exchanger for the discrepancy. A typical punishment for the mistake in the date is exclusion from the listing from several hours to several days (which means losing clients and money for their business), in extreme cases, we can completely refuse to work with a service that often and deliberately tries to deceive users even in less critical information.

It must be specified that we are not talking about mistakes in the exchange rates. We have more severe punishments for these kinds of mistakes including exclusion from the listing until the difference between the exchange amount and the transferred data is fixed. But as for such insignificant information as reserves, we are more flexible, although we can apply more severe penalties.

However, as Bitcoin_Arena correctly notes, there is no gain to make the real numbers higher, it happens very rarely and does not affect users. Most often, such errors are not intentional but purely technical: due to a delay in updating information about the status of their accounts.

But then, why would an exchanger lie about the amount of reserve funds they have?

Why would someone who has only 5 BTC lie about having a reserve of about 500 BTC?

I am seeing as though the status of your exchanger is active on Bestchange or am I missing something?

We believe an error has occurred, and we're actively addressing the situation.

I saw your exchange as excluded from monitoring on the BestChange service, what happened there?

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I just noticed that there is no possibility of searching for exchangers here. So if I want to find someone specific (not through a trading pair), I can only use the browser to find a matched word for such a search. Maybe it could be added in the next update.

We highly recommend checking out Bestchange if you're looking for an efficient and reliable aggregator to help you get the best rates for your crypto trades as well, as trust to them.

liquidity is very important, considering that the exchangers deliver the data themselves, is there room for manipulation? I mean, is there a reliable method of how you can check the validity of the information they have passed on to you?

We witnessed that some of the largest exchanges manipulated the transfer of funds between themselves in order to show liquidity.
How do you react to such things? Do you want to state it publicly with some consequence or does everything end with just a warning?

Why is it important to monitor exchanger reserves?

Available reserves is a total amount of money in certain currency the exchanger has for further operations.

Absolutely all exchangers timely provide us with the information about the quantity of funds in their reserves, so that the data on our website would be maximally up to date.

👉 It is important to pay attention to the required exchanger reserves, because when you withdraw funds

As a rule, exchangers in the BestChange listing do not have any problems with having funds in reserves.

You can find detailed information about every exchanger on our website: https://www.bestchange.com/

No problem, typos happen 

Sorry about that. My intention wasn't to confuse anyone, in fact it was the opposite, but then I missed out the critical word when I was typing.

I actually wanted to say "I am Not part of BestChange staff but let me try to answer" but the mistake instead made it look even worse like I was some sort of impersonator 

Today we would like to tell all crypto enthusiasts about a prospective business: launching your own crypto exchanger

SPOILER: How much money do you need to open a cryptocurrency exchanger?

26K dollars is the minimum capital for a confident start from scratch

The total costs are made up of:

● Expenses for setting up the site itself: ready-made script $7990 to buy or $275 per month and hosting from $200 per month.

● Creating the necessary stock of cryptocurrencies and fiat for exchange. From hundreds to tens of millions of dollars. But the total reserve for listing in BestChange must be at least $10,000.

● Advertising expenses. From several hundreds of dollars a month for successful work.

Can you spend less? You can start with almost any amount, but you will need at least 10.5K dollars in order to at least "squeak" into the ranks of serious players and start expanding your business with an increase in the number of customers. With smaller amounts, it will take a long time to grow to the required level, but it is also possible.
Website

The first thing you need is the website itself. This includes buying or developing a script, ensuring security, anonymity, automating the exchange process, developing a pleasant design, fine-tuning protection against fraud, spam, hacking and DDoS attacks.

There are two main ways to create an exchange site. The first way is to write the exchanger code from scratch. For these purposes, you will need a qualified programmer who understands how the cryptocurrency market functions. Such a development will cost from several tens of thousands of dollars and will take several months. Although at the end you will have an absolutely original design of the exchanger and a system built for your own needs. But do not forget that you will have to constantly maintain and improve your software from the technical side, so you will have to pay for the work of the developer throughout the existence of such a project.

The second way is to buy a ready-made template of an exchange office. It will cost from $8000. The second way is simpler and shorter, and the functionality of the exchange office will be supported by the script developer, which will save on site support in the long run.

From the experience of our partners, we can recommend the engine from the developer "PremiumExchanger". The software from this developer uses more than 2/3 of the total number of exchangers listed on our BestChange monitor.

► Hosting and domain

We recommend choosing a dedicated server rather than virtual VPS/VDS hosting, and the data center should also have protection against all known DDoS attacks at the network and transport levels of information exchange. Your hosting provider must have activity tracking enabled in the root folder of the site with a notification about downloading or changing files.

Data centers with a questionable reputation should be avoided.

The domain should also be chosen in an area where unilateral division is impossible, and the registrar himself should have a good reputation and be located outside politically biased jurisdictions. In other words, we recommend buying a domain and hosting outside the CIS and only from large, trusted companies.

► Wallets

The next part is setting up wallets for payment systems, bank cards, accounts, registering accounts on exchanges, developing a scheme for storing reserves and general mathematics of the project.

Recommendations: you should not use custodial services (centralized exchanges and payment systems) when working with cryptocurrencies, and if this cannot be avoided, then you should carefully study the sanctions policy of the service used. If you are using an exchange that often freezes transfers for political reasons, you should avoid working with citizens of a country that is at high risk of audits.

Legal part

► Registration

The legal entity does not have to match your location, registration of exchangers in "crypto friendly" countries is a common practice.

The list of such countries is quite wide, for example, Estonia, Malta, Japan, Cyprus, Gibraltar, Mauritius, the United Arab Emirates (namely Dubai), Puerto Rico, the Cayman Islands, Switzerland (namely Zug), Poland, Finland and even Belarus with Slovenia.

Estonia has traditionally been the most popular option for those on a tight budget.

► Trademark

The next item is not mandatory, but it will be a good bonus in possible legal disputes, including with cybersquatters or support in advertising networks. It is worth registering the site name and logo as your own trademark.

► Staff

When hiring staff, special attention should be paid to signing agreements that establish the level of responsibility of employees, including a confidentiality agreement (the so-called NDA). Be sure to instruct the staff that if it is necessary to accept any files from users, these files are uploaded and viewed on devices not related to the workflow of the exchanger, except for bitmap images, this usually happens using the appropriate hosting.

It is worth conducting regular security audits, including an assessment of the financial condition of employees. It may not be superfluous even to conduct tests using a polygraph.

► Marketing part

Contrary to popular belief, marketing is primarily not about traffic, but about the quality of services. The most important link in this aspect of the business is the staff.

The first thing to do is the preparation of instructions for operators, as well as a streamlined process of training and certification of personnel. The instructions should ideally be comprehensive and written for each payment system so that the staff is familiar with all the nuances and can quickly understand the essence of the work of each stage of the transaction, even if everything is automated.

Also important will be the development of "soft skills" of operators, primarily empathy, emotional intelligence (EQ) and good manners. It seems such an obvious banality, but it seems to be neglected by half of all market participants. The staff is the face of your business.

► Reputation

From here, the narrative flows smoothly into securing an excellent reputation. Constant scandals and disputes are "a road to nowhere." An attempt to cash in on mistakes or create cunning schemes will eventually lead to the exclusion of the service from most monitors, that is, traffic will become more expensive for you and there will be less of it.

In general, one of the most important requirements from our monitor for exchangers is an impeccable reputation. We value our own reputation, which we have been developing for more than 15 years, therefore we refuse to work with services that can negatively affect it.

Lack of reputation (a trace on the internet) is also a bad signal for us, most often it indicates a lack of real experience in the activity. Therefore, as part of working with reputation, it is important to have accounts and pages in all popular review sites, monitors and thematic forums. Collecting truthful feedback from real customers should be one of the most important tasks at the initial stage of the work of the exchanger.

► Monitoring competitors

All owners of exchangers monitor the exchange rates in the market and try to set competitive commissions. To do this, many people set up parsing of rates from monitors in order to receive up-to-date rates automatically and be able to keep their rates in certain positions relative to competitors.


But we will warn you in advance that parsing of the pages of our site is prohibited, your script will quickly get banned if it is not previously blocked by DDoS protection. If you need rates from our site, please contact support to request access to a special API designed for this very purpose. In the request, you will need to specify what the rates will be used for, as well as a link to your project.

► Traffic

In order to monetize your by-now finished product, you need effective promotion. There is a fierce struggle for the attention of users in the market and a lot of efforts will have to be made to make your exchanger recognizable and popular.

You will need an experienced marketing team to promote yourself on social networks, telegram channels, YouTube and blogs. To increase indexing in search engines, you will need excellent SEO optimization and organization of interaction with the media, "influencers" and the purchase of advertising space. You cannot neglect the placement of the project on industry forums. You should also consider a referral program. And launching targeted traffic by setting up targeted and contextual advertising is one of the most important tasks until it gets into the BestChange listing.

To increase demand, on the one hand, you need to have the necessary and popular currencies for exchange. But in fact, it is very easy to solve, just open the "Popular exchange directions" tab on our monitoring. On the other hand, expanding the range of exchanged assets is an important competitive advantage. You can make very good money on the exchange of rare destinations that are not represented by competitors. This is access to more profitable commissions, and customers in such areas become permanent.

What's next?

For many, the end point of the process of launching a crypto exchange is getting into the BestChange listing. This does not guarantee success, but on the one hand, it is a sign of involvement in the "elite club" of the largest services with an excellent reputation, and on the other hand, it allows you to get access to our traffic.

We will not describe in detail the conditions for including an exchanger in BestChange, they are described in detail on a special page.

We will only briefly mention a couple of the most important points: we include in the rating only well-known and experienced exchangers that have worked in active mode for at least 6 months; the name, domain and design of the exchanger must be unique, including the same in sound and spelling as other exchangers; and the total currency reserve must be at least $10,000.

But even if all the parameters are met, due to the large number of applications and thorough checks by the integration department, the waiting period for adding can take about a month, in rare cases even more. Therefore, it is important to apply immediately, being completely ready for integration, so that you do not have to finalize some important points for inclusion for many weeks.

If you use our tips, you will definitely succeed in this business!