I am Planning to make my own Exchange - page 3.

Slow death

legendary

Activity: 3038

Merit: 1100

Leading Crypto Sports Betting & Casino Platform

Quote from: digitx on October 26, 2017, 05:29:30 PM

Best of luck - remember - the first guy who built a canoe probably looked crazy to all his friends. Now, canoes are everywhere!

in my country is full of canoes, so full that I get headaches, and you know why I have headaches? because the people of my country build canoes for years and do not think of creating something more evolved, something like modern boats.

like @vod said, you need to win people's trust, but since you also said that you are still planning and from what I realized, it will not be so soon that your exchange will be launched so you have a lot of time to gain people's confidence and on that point "conquering people's confidence" I will suggest the following:

step one: you should create physical office

Step two: You must introduce yourself with your real name

do this, your exchange will be very successful

andohyeb

member

Activity: 287

Merit: 10

You need strong legal structure with a strict Anti money laundering and know your customer policy.

digitx

newbie

Activity: 49

Merit: 0

Best of luck - remember - the first guy who built a canoe probably looked crazy to all his friends. Now, canoes are everywhere!

Md Saad

sr. member

Activity: 584

Merit: 256

Obviously. You have made a great initiative for earning the profit, day by day this virtual exchange system is getting popular and acceptable whole around the world. but it doesn't an easy task. at first, you have to take a good review and estimate of this project. then you have to make a proper budget that will help you to make understanding about that type of project. you have to create a good team because without teamwork you must face huge difficulties. In order to create an exchange site, you need to learn a lot of things and build an expert team. Anyway Best of Luck.

moni3z

hero member

Activity: 899

Merit: 1002

Take all the money you have and put it in a multi key trust as insurance with somebody other people trust.
Now roll your exchange, slowly incrementing the insurance limit.
Grow it naturally, through superior customer experience since you can't compete on latency and features unless you have specialty features.

Expect to get robbed:
http://homakov.blogspot.ca/2015/01/bitstamp-problem-and-warm-wallets.html
https://sakurity.com/blog/2015/01/10/hacking-bitcoin-exchanger.html
https://medium.com/@homakov/introducing-failsafe-network-ea47ab476fe6

Take some basic security courses from CMU
http://www.cs.cmu.edu/~15122/schedule.shtml - programming with contracts
https://cmu-15-316.github.io/ - verifying programs/building failsafes

Rahar02

hero member

Activity: 910

Merit: 523

Build an exchange isn't for layman, you need a team and huge funds for it, as long as an exchange deal with banks and fiat currency; legal documents are required. AML and KYC policies are slightly different in every country, there's a certain amount refers to withdraw limit and even customers have to send their id and selfie photos to fulfill KYC regulation.

ichtyar

newbie

Activity: 42

Merit: 0

Index of the Indonesia stock Exchange too, fell. ... I myself asked SWA magazine to write ..

supperalio

newbie

Activity: 35

Merit: 0

nice idea!

Darklinkz

full member

Activity: 448

Merit: 100

An exchange that supports buy and sell between btc and your own currency will really work. We have a local exchange here that is very popular because we can exchange directly our btc to cash and the best part is it always update it's price every minute when prices move.

DamianHere

newbie

Activity: 42

Merit: 0

Quote from: Rebellious on October 14, 2017, 05:52:13 AM

Even thought the idea of making an exchange is really interesting, I believe there is a lot of legal work to be done, you would need to hire specialized lawyers to run such operations.

Totally agree. Apart from a lot of responsibility, it's about determination, lots of it.

Rebellious

newbie

Activity: 56

Merit: 0

Even thought the idea of making an exchange is really interesting, I believe there is a lot of legal work to be done, you would need to hire specialized lawyers to run such operations.

FUD Expert

full member

Activity: 434

Merit: 100

Quote from: AltCreators on September 12, 2017, 10:38:07 PM

Hi there.

I am wanting to make my own exchange.

Can you tell me some requirements I need to have in order to make one?
Do I need any legal documents in order to make my exchange?

Of course you need legal papers unless you want to get arrested. You just need the right persons to build it and a huge capital.

lady Royal

hero member

Activity: 720

Merit: 500

Quote from: AltCreators on September 12, 2017, 10:38:07 PM

Hi there.

I am wanting to make my own exchange.

Can you tell me some requirements I need to have in order to make one?
Do I need any legal documents in order to make my exchange?

And you may get arrested for running an exchange in your country! first you should know that it is allowed to run and deal in Bitcoins in your country then I suggest you to take any of the steps for making it.
Yes you should have legal documents in order to make any kind of exchange.

By the way, Are you going to run a Bitcoins exchange? Or some altcoin? Then you have to put some money in your exchange first.

carlfebz2

hero member

Activity: 2926

Merit: 722

CoinPoker.com

Quote from: arwin100 on October 05, 2017, 04:16:28 AM

Quote from: rhamzter on October 05, 2017, 04:12:47 AM

Quote from: carlfebz2 on September 28, 2017, 11:23:54 AM

Quote from: Kprawn on September 21, 2017, 12:14:40 PM

One of the weakest points in all Crypto currencies are the exchanges and their weak security and compromised code for the

software they use. Every time a exchange gets hacked, the Bitcoin price goes down. This has nothing to do with Bitcoin, but

rather exploits in third party software. A lot of people do not know the difference and they blame the technology. Your first

step would be to find developers you can trust and someone that can audit their code. {to prevent them from creating

backdoors in the software they created for you} Wink

Good suggestion this thing should really be prioritize first because if we do just hire someone randomly it might really put the risk on making some hidden agenda later on.Security is one of the most important matter on creating an exchange and as being said if theres a hacking incident prices would really be mainly affected and if you do plan without any single knowledge on exchange will really be a tough investment for you since there are lots of things to be considered first.

If you want to make an exchange sites, I suggest to encourage first a investors or sponsors that support to your project and sustain the needed of your exchange site. Moreover advertise it into different social media and to bitcoin site to easily determine your project and to encourage also bitcoin users to support it.

Yes that's right and also he should provide a good promotion or maybe he should sent a huge amount for escrow on few months of running so that people could determine and see that his intention is not to scam people. And a good media promotion will be helpful for him to became known and he really need that since he's plan exchanger is new.

Marketing stuff would always be there and should really be prioritize because this is the thing will make exposure on your exchanger. If you put less attention into this then for sure you would really have a hard time on getting potential users or traders on the site. Escrowed funds is somehow a good show up regarding on your credibility and transparency.

MARK 888

newbie

Activity: 35

Merit: 0

you mean exchange site Huh

prefer to use paxful.com or localbitcoin and make your own rules

Smart programmer

newbie

Activity: 41

Merit: 0

You should have $ 1000 000 to start this business. elsewhere you need more yhan 20 years to earn interesting sums of money on it

RedArcher

newbie

Activity: 101

Merit: 0

Yes, you should build trust in order to succeed as an exchange. But I suppose it will take an awful lot of time to integrate all the popular payment proceessings: banks, visa, master, union pay, jcb, skrill, neteller, and cryptocurrencies as well. If you integrate them as well as exchange functioning then it would be magnificent exchange

arwin100

hero member

Activity: 2632

Merit: 787

Jack of all trades 💯

Quote from: rhamzter on October 05, 2017, 04:12:47 AM

Quote from: carlfebz2 on September 28, 2017, 11:23:54 AM

Quote from: Kprawn on September 21, 2017, 12:14:40 PM

One of the weakest points in all Crypto currencies are the exchanges and their weak security and compromised code for the

software they use. Every time a exchange gets hacked, the Bitcoin price goes down. This has nothing to do with Bitcoin, but

rather exploits in third party software. A lot of people do not know the difference and they blame the technology. Your first

step would be to find developers you can trust and someone that can audit their code. {to prevent them from creating

backdoors in the software they created for you} Wink

Good suggestion this thing should really be prioritize first because if we do just hire someone randomly it might really put the risk on making some hidden agenda later on.Security is one of the most important matter on creating an exchange and as being said if theres a hacking incident prices would really be mainly affected and if you do plan without any single knowledge on exchange will really be a tough investment for you since there are lots of things to be considered first.

If you want to make an exchange sites, I suggest to encourage first a investors or sponsors that support to your project and sustain the needed of your exchange site. Moreover advertise it into different social media and to bitcoin site to easily determine your project and to encourage also bitcoin users to support it.

Yes that's right and also he should provide a good promotion or maybe he should sent a huge amount for escrow on few months of running so that people could determine and see that his intention is not to scam people. And a good media promotion will be helpful for him to became known and he really need that since he's plan exchanger is new.

rhamzter

sr. member

Activity: 420

Merit: 282

Quote from: carlfebz2 on September 28, 2017, 11:23:54 AM

Quote from: Kprawn on September 21, 2017, 12:14:40 PM

One of the weakest points in all Crypto currencies are the exchanges and their weak security and compromised code for the

software they use. Every time a exchange gets hacked, the Bitcoin price goes down. This has nothing to do with Bitcoin, but

rather exploits in third party software. A lot of people do not know the difference and they blame the technology. Your first

step would be to find developers you can trust and someone that can audit their code. {to prevent them from creating

backdoors in the software they created for you} Wink

Good suggestion this thing should really be prioritize first because if we do just hire someone randomly it might really put the risk on making some hidden agenda later on.Security is one of the most important matter on creating an exchange and as being said if theres a hacking incident prices would really be mainly affected and if you do plan without any single knowledge on exchange will really be a tough investment for you since there are lots of things to be considered first.

If you want to make an exchange sites, I suggest to encourage first a investors or sponsors that support to your project and sustain the needed of your exchange site. Moreover advertise it into different social media and to bitcoin site to easily determine your project and to encourage also bitcoin users to support it.

carlfebz2

hero member

Activity: 2926

Merit: 722

CoinPoker.com

Quote from: Kprawn on September 21, 2017, 12:14:40 PM

One of the weakest points in all Crypto currencies are the exchanges and their weak security and compromised code for the

software they use. Every time a exchange gets hacked, the Bitcoin price goes down. This has nothing to do with Bitcoin, but

rather exploits in third party software. A lot of people do not know the difference and they blame the technology. Your first

step would be to find developers you can trust and someone that can audit their code. {to prevent them from creating

backdoors in the software they created for you} Wink

Good suggestion this thing should really be prioritize first because if we do just hire someone randomly it might really put the risk on making some hidden agenda later on.Security is one of the most important matter on creating an exchange and as being said if theres a hacking incident prices would really be mainly affected and if you do plan without any single knowledge on exchange will really be a tough investment for you since there are lots of things to be considered first.

Topic: I am Planning to make my own Exchange - page 3. (Read 3590 times)