Topic: Is there a market for this? (Read 921 times)

It is a good idea. Obviously there are already many exchanges available, mostly Asia based. No problem with that. I would like an exchange that allows fiat to buy coins. Yobit does this with perfectmoney. It can be expensive to buy btc with $ from sites eg localbitcoins or paxful. People earn in fiat so at some point need to change to some altcoin via an exchanger.
 Your biggest problem is gaining trust.
Have you thought about how much you want/need to earn to keep site alive?
Best wishes.

I'm trading everyday on Poloniex and Bitfinex. I don't care about the .25% fee. That's peanuts. What matters is building trust. If you open a new exchange, I would not consider using it before at least one year of existence. That's your only problem. How would you convince people to put their coins into your exchange?

The exchange should be completed within 1 to 2 weeks

In keeping with the trend of naming crypto projects related to water (Ripple, Waves, Steem, Mist) we're branding it as Dew Exchange
I'll be posting more information soon, we're just working on some last minute finalizations

The more I think about this, the more interesting your service sounds.

In the wake of BTC-e, we see Bittrex (the main alternative after all of Poloniex's problems) freezing accounts and enforcing verification. They are implementing fiat markets and want mandatory verification.

I'm definitely interested and would risk a small deposit there to test out the service. I'd be especially interested if you added more coins. I'm more interested in alt/BTC markets, since USDT exposes you to third party risk with Bitfinex.

If you really workout this exchanger then there is a chance that it will be listed on top list for its fee structure.

You are implying only 0.1% fees for the withdrawal volume and no fees for the traded coins. That is just eye catchy factors that I saw when I was reading you thread.

Yup this could be the one exchanger everyone will have because of very less fees as compared to any other exchanger that I have used up until now. 

The screenshot there looks pretty nice.

Having a Yunbi clone would certainly help out a lot of traders who are used to Yunbi but want to trade with other pairs that are currently not listed on their site. I would definitely consider developing my own code instead of cloning everything, though. It makes you look more trustworthy, and will attract you more customers if you can optimize and customize the site a little better.

No trading fees will be a great feature for high volume traders, and this business model proved to actually be sustainable by big chinese companies like BTCChina.

Best of luck with your project.

There's not many, there are 7 no trading fee exchanges and 8 that offer USDT

Unrelated but I'm shocked how some exchanges are able to do such large volume. This horrendously designed website still somehow manages to do almost a half million in volume a day


Currently no plans of working on a mobile app, possibly in the next year. The website works best on desktop but it displays pretty well on tablets also

I have seen this option in several places and I think the market is there already because if not, how are people doing it before now. Also, I think there is need to be an expansion of what you have there because the amount of coins there are already in existence which there is a large market for but if you can create an avenue for developer with new coins so far they meet the set requirements, it will open it for several more new clients for your service.

I have opened the link of yunbi market, but it was slow respond be accessed by smartphone devices especially android
do you have plan to targeting user's smartphone devices to be your costumers?
If yes, please fix this problem because the user's mobile devices will get the problem to access your service
and they will not use your market to trade digital coins on there. Thanks

It's a good project, lets admit it. Who doesn't want to trade with no extra fees for every transaction? I guess anyone would love that.
IMHO, projects like this have a lot of potential to become big BUT,  also have a BIG risk to become a failure.

Support from the community will be the basis if this would work or not. If the site doesn't hit the interest of the people or I may say people don't want to trust you, then its over ( even proving that its legit, you're real and etc ).

The main objective of the project that removes fees on every transaction gives a double meaning ( I guess ). One, is that you really want to give the best trading experience for the community. Second is, you put it to gain followers, investors and traders and carry out a plan to run with their money after some time.

To make people believe in the first meaning requires a lot of hardwork and patience  . This is my untechnical input.
Good luck! I'm looking forward to see your site up and running.

I probably should have worded it a little bit different, it's not exactly a clone of Yunbi, but we are using the same source code that Yunbi started with. A Chinese venture capital called BitFundPE funded the Peatio project which is what Yunbi was created from. Peatio is open-source and anyone can use it's code. It's actually quite a bit of work getting the exchange working, by default Peatio only supports bitcoin 'out-of-the-box', we're writing all the code from scratch for Litecoin, Dash, Dogecoin, Ripple, Ethereum, and Tether. Actually, quite a bit of customization can be done, ACX for example is also built on top of Peatio, but looking at their user interface, you'd never know it.


Here's what I posted previously about trust and security practices





We're hoping to attract traders of all sorts, gaining volume is going to be one of our top priorities. Mutually beneficial, more profits for us and more profits for traders

I have also voted my opinion about your proposed project, i belief it can be successful if you can spend good money on advertisement regardless of the few coins listed, btc-e had just a few coins listed and they were successful while they last.

Decent idea since Yunbi's got a big market within China and you could possibly take advantage of that.

However, since you're just building a Yunbi clone have you got Yunbi's permission to use their code? I think it is best to just develop your own site from scratch as it will be easier to customize in the future and plus, people won't confuse you with say, a phishing site.

I think the no trading fee is going to be a great selling point. Whales can use your service comfortably without worrying about paying excessive fees.

Only thing is trust, why should you be trusted? You probably need to gain some more trust before people feel okay with depositing thousands of dollars in their savings to your website. Good luck otherwise.

Hopefully by mid-September!  


That's really not that substantial, on Poloniex for example users pay either 0.15% or 0.25% every single trade (vast majority of users at least).

As for building trust, I'm going to try be as transparent as possible, I'll post information about my own identity and several documents about the business. I'm currently planning on forming the company either in BVI or the USA.

We know for sure the datacenter where we'll be hosting the exchange is secure, we're positive we won't have issues like Bitmit. Currently all crypto wallets use cold storage, we're also looking at BitGo integration with BTC using bitgod https://github.com/BitGo/bitgod
Multiple keys are needed to access the servers, even if one of the keys was somehow compromised, it would be impossible for the hacker to simply drain the wallets

Also, we're planning on making it possible for users to verify solvency, it'll be pretty similar to the way Kraken does it


It'll be difficult, yes, the first few months we don't really plan on making any significant profits. Currently we're estimating it will cost about $8/day to host the website. So 2 BTC a day in withdraws would pay for this. Again the 0.1% withdraw fee isn't set in stone, we might do something else, but the end-goal is become a ultra-high volume, ultra-low fee exchange.


Exactly.

Although, I'm not opposed to having pairs such as LTC/BTC and ETH/BTC

because in 99% of the times 1 USDT is equal to 1 USD which means those who don't want to go through the verification process or endure the high fiat deposit/withdrawals fees can easily trade with USDT or tether and the transactions of it are also fast, much faster than fiats are! so you can easily deposit and withdraw fast and trade whenever bitcoin (or other altcoin) prices are moving and don't miss out.

but eth price is too volatile and there aren't that much interest in these types of markets even in bigger exchanges.
although I personally like having this option, specially with LTC market (meaning altcoins/LTC)

Why are you making a lot of pair to the USDT, it seems no good in my opinion, it will be better for you put ethereum pair. It will be encourage a lot of users. But i don't know why must USDT.

i see three good features:
1. no trading fees
2. no fiat so no verification
3. low withdrawal fee specially if you don't make a withdrawal every day.

if such exchange becomes trustworthy enough, i will use it. but the problem is that trust part. it is hard to achieve. people aren't going to run to a new exchange and start trading just because of those 3 above.

It is pretty hard to create a new exchanger platform now because on the market already are a lot of them . Of course, it is possible to make a better exhanger but it is going to be hard to promote it and also gain some trust. I like the idea of your low withdraw fee, if for you it is not going be a problem than its perfect. I wish you the best

Your idea is quite interesting and I think, you are in a good starting point as you are already asking for other people's opinion to make it better. But one thing I'm not sure is this one:


I know that you're thinking that this would provide you some edge over the existing exchanges that we have right now but wouldn't this hurt your exchange itself? Where would you get your income to maintain this exchange if you wouldn't get no fee from all the trading volume that it would deliver?

Hmm, that hasn't stopped new exchanges from popping up before. It's a question of marketing and incentives for traders.


I'd agree that this is the big hurdle for any new exchange. While the vacuum left by BTC-e does need to be filled, it'll be tough to gain trust.


Considering the position of Okcoin and Huobi in the Chinese markets (as mentioned above) that might not be true.