I think the first step you should take is have the capital/funds to start up available , do a proper research on what it takes to running an exchange to gain proper knowledge about running an exchange , have a good community and look for good software engineers.
We already have a lot of exchanges ,So ask yourself what problem are you coming to solve in the space and look into solving that problem which other existing ones and the exchanges that went bankruptcy has failed to solve and make it your priority.
Therefore, If you can look into these , I believe with good team of techs guys you're good to go.
Topic: I'm thinking of opening a few exchangers of cryptocurrency... (Read 143 times)
November 18, 2022, 09:04:57 AM
I'm thinking of opening a few exchangers of cryptocurrency and other electronic currencies, but I do not know how, are there such people among you who have been in this business? Can I have a word or advice?
without any experience in trading, do you want to create an exchange platform?sorry not to belittle, but it would be better if you try to trade on some well-known exchange platforms now before you do. so you will know how the advantages and disadvantages of each exchange. you can make it better on your platform.
the process will not be easy, you have to have people you can trust next to you and especially strong capital to help your platform compete with existing ones.
November 18, 2022, 05:40:09 AM
I'm thinking of opening a few exchangers of cryptocurrency and other electronic currencies, but I do not know how, are there such people among you who have been in this business? Can I have a word or advice?
You know dude, many people like you have created a topic here in the forum who planned to build their exchange in the cryptocurrency industry. But I just want to ask you, is it possible to know what is your main reason why you want to build an exchange? how much capital do you have? do you have a team with you for that matter?
to be honest, what you say is not easy, and for sure you know that too, right? Because the formation of this team is complicated, then before you can operate you must first complete the requirements so that you can operate legally, first know what that means.
November 18, 2022, 05:13:48 AM
I'm thinking of opening a few exchangers of cryptocurrency and other electronic currencies, but I do not know how, are there such people among you who have been in this business? Can I have a word or advice?
You mean creation of an exchange? Its more or less similar to creation of an website but needs to be regulated by the government and also need to ensure the security of the funds which people are going to deposit into your exchange so you also need to opt for wallet service provider with good security for all these to avoid hacks.
November 18, 2022, 05:05:37 AM
I confess that I have difficulties in understanding why you created this thread and why you are asking these questions when in a past post you posted your website:
https://rent.harconstruct.com/
looking at your site, I see that it is a site that offers exchange creation services, that is, you create exchanges, right? So what's the point of you saying this:
you say you don't know how to open exchange but you create exchange or is this site not yours? but assuming the site is not yours, but you could ask that person who owns the site how to create exchange or how to open exchange. anyway to open an exchange you will need a lot of money, reputation and above all you have to be a very well known person in that market, it is already proven that anonymous and random people when they create an exchange the exchange does not have many customers and in the long term it disappears, but if you are a person who is well known on social networks ( I am talking about being known by people who use cryptocurrencies ) then when you create your exchange you will have many customers and of course if you go bankrupt you have a greater chance of ending up in prison
https://rent.harconstruct.com/
looking at your site, I see that it is a site that offers exchange creation services, that is, you create exchanges, right? So what's the point of you saying this:
I'm thinking of opening a few exchangers of cryptocurrency and other electronic currencies, but I do not know how, are there such people among you who have been in this business? Can I have a word or advice?
you say you don't know how to open exchange but you create exchange or is this site not yours? but assuming the site is not yours, but you could ask that person who owns the site how to create exchange or how to open exchange. anyway to open an exchange you will need a lot of money, reputation and above all you have to be a very well known person in that market, it is already proven that anonymous and random people when they create an exchange the exchange does not have many customers and in the long term it disappears, but if you are a person who is well known on social networks ( I am talking about being known by people who use cryptocurrencies ) then when you create your exchange you will have many customers and of course if you go bankrupt you have a greater chance of ending up in prison
November 18, 2022, 05:02:27 AM
You only want to be a cryptocurrency exchange entrepreneur or you want to build your own platform?
From their post, op has a business where they make plug and play exchanges. It's not surprising that they don't know how to run as I imagine people who actually know how to wouldn't think of such concept (provided that they have good intention). Took a quick look at the website and it has fake stats and reviews from stock images, no surprise there.
Hi , if you want to have your own business , online cryptocurrency exchanger then you can already have without much cost.Rent a ready-made crypto exchanger and start your business in the cryptocurrency market now , earning over currency exchange .For information - rent.harconstruct.com
November 18, 2022, 05:01:00 AM
I'm thinking of opening a few exchangers of cryptocurrency and other electronic currencies, but I do not know how, are there such people among you who have been in this business? Can I have a word or advice?
Running an " exchangers of cryptocurrency" requires a large amount of money, experience, legal advisors, marketers, development team, security and protection team, customer service team, this team must be homogeneous and work from scratch on developing the platform.
Therefore, your question indicates a weakness in one of the teams above, and this weakness means that the probability of your platform failing is 100%.
Try to run a peer-to-peer trading activity on one of the platforms.
November 18, 2022, 04:15:37 AM
but I do not know how, are there such people among you who have been in this business? Can I have a word or advice?
You only want to be a cryptocurrency exchange entrepreneur or you want to build your own platform? I think you just want to be an investor because you are not talking like you have an idea of what way to go but you are seeking knowledge from here. I guess you have your money and looking for where to invest in, rather buy some bitcoin and hodl. You have not shown any knowledge and skill. I believe it goes beyond just having capital.
Wouldn't it be better to act as an investor for some sort of exchange company instead of building one from the ground up? It's going to take an enormous amount of effort and funds for you to build one up, not to mention a lot of years would probably pass while going for development. Especially considering how you yourself said "you don't know how", just learning about the stuff that goes on might take you a lot of money and time already, not to mention building the exchange/s itself. There's also the legal stuff involved for the licensing of the exchange itself which may vary from country to country afaik.
I'm thinking of opening a few exchangers of cryptocurrency and other electronic currencies, but I do not know how, are there such people among you who have been in this business? Can I have a word or advice?
Do you mean a few exchangers? 2 or more exchanges?Well, your intention isn't wrong but running a business with a lack of knowledge and capital is really hard. I suggest that you start and focus on 1 exchange, I know some people could help you with that. I believe there are some business experts in your place, you can get some ideas from them as this is not all about strategies and capital but also some legal documents. It is really tough to start a business, especially in crypto which is why it needs someone who would accompany you.
If you're asking this, you're probably not capable of starting and running your own exchange. The only way you can start a successful exchange while knowing nothing is that if you have a crap ton of money and you can afford to hire a good number of competent people — with you ending up being an investor rather than a CEO.
I'm thinking of opening a few exchangers of cryptocurrency and other electronic currencies, but I do not know how, are there such people among you who have been in this business? Can I have a word or advice?
What is your target market? This business need a lot of commitment because it needs tons of funds for the initial liquidity of orderbook and also the code on the exchange that can process huge TPS from the user. Failing to do an excellent job on the matter above will result to a shitty exchange and waste of money because user will not entrust there money on exchange that is mediocre at its core.
I remember SBF is the one who’s coding FTX exchange before during the early stage of there exchange and CZ has a knowledge too on his tech to develop such top notch exchange. Ypu should not enter on business if you don’t any idea on it since sooner or later one of your employee will just backstab you. Consult a legal advice first if your plan is feasible.
Don't start a business where you are unable to run it and depend a lot on other people's abilities, because this will reduce your business when that person leaves you. Making an exchange is not easy besides your ability you also need to have big funds, even when you just want to start a P2P exchange in a local community you need at least thousands of dollars
You think it’s that easy running an exchange? You need loads of funds. You need market makers. You need skilled developers who won’t create a website full of bugs.
If it was this easy to be the next FTX then everybody would be doing it but it’s not. We probably got 100 exchanges and maybe top 10 are used by 90% of people. The rest are all small and no volume.
If it was this easy to be the next FTX then everybody would be doing it but it’s not. We probably got 100 exchanges and maybe top 10 are used by 90% of people. The rest are all small and no volume.
Launching the platform is quite complicated, some complex preparations up front and not to mention the platform maintenance costs.
I'd rather offer manual p2p services like people on currency exchange board as a first step to building a portfolio. Only rely on trust, try to serve trusted users and involve escrow if necessary.
I'd rather offer manual p2p services like people on currency exchange board as a first step to building a portfolio. Only rely on trust, try to serve trusted users and involve escrow if necessary.
For what purpose, with what coins and with what capital?
I think the best way to start doing something like this is by using a peer to peer exchange to start with and accrue an investment. If you already have investment funds big enough, get legal advice on making one, you'll likely get the initial consultations of whether a solicitor/attorney's office is hapoy to deal with sorting the paperwork - you could also check if you're able to do this yourself or if your government offers funding/free advice on how to do it.
Also learn how to code if you're going to make a website, if you're using code you can't verify yourself you're probably going to end up getting scammed and getting your customers scammed too.
I think the best way to start doing something like this is by using a peer to peer exchange to start with and accrue an investment. If you already have investment funds big enough, get legal advice on making one, you'll likely get the initial consultations of whether a solicitor/attorney's office is hapoy to deal with sorting the paperwork - you could also check if you're able to do this yourself or if your government offers funding/free advice on how to do it.
Also learn how to code if you're going to make a website, if you're using code you can't verify yourself you're probably going to end up getting scammed and getting your customers scammed too.
I'm thinking of opening a few exchangers of cryptocurrency and other electronic currencies, but I do not know how, are there such people among you who have been in this business? Can I have a word or advice?
Jump to: