Topic: Online currency exchange idea (Read 153 times)
Fee rates are determined by companies according to their cost of security issues and people who they need to employ. In a sustainable business model, a certain amount of profit should be obtained, additionally. You dindn't tell how you make your cost lower than people who are already running this business.
From my personal perspective it's easy to buy bitcoins but it's hard to put it back into a card or cash due to the crazy fees.. security etc...
Withdrawing is expensive? it won't be if you are tied up with some partnered banks, you can have a talk with them which what most of the exchanges do. It only becomes expensive because of the card but transferring itself, not that expensive.However at the same time i want to go through this legally starting an exchange is not as simple as it looks
Operating as an exchange and business you have to comply all the requirements that most of the start ups do. You can do it alone, it may not simple as it looks but once you're on the process it's going to easier.
Now several ICO projects want to solve this problem. ARAW, WBB and NOTM. I think the most promising is the last project. They have an interesting idea with the synchronization of the bank account and the account on the exchange
First you should research the laws in the place you will be located really good or hire someone to do it for you.
Second the lowest fees than all of them is incredibly good but you need useful advertising so people see that you are legit and not a scam, since when it's too good to be true it normally is.
Third is just deliver what you promise and make sure that the business is profitable or you won't last that long.
Second the lowest fees than all of them is incredibly good but you need useful advertising so people see that you are legit and not a scam, since when it's too good to be true it normally is.
Third is just deliver what you promise and make sure that the business is profitable or you won't last that long.
However at the same time i want to go through this legally starting an exchange is not as simple as it looks
One big problem is issuing that card. For that you have to pass quite a lot of legal filters and also Visa/MasterCard requirements.
If you don't do that, somebody will have to pay fees to transfer the money to customer's bank account and you will become similar to the existing exchanges. I already withdraw from Bitstamp to card.
Then you said you will have lower fees. Lower than what kind of exchanges, all or only all the OTC ones? Hmm.. You have to sell somewhere and you have to sell at the moment the customer wants that money, not at a later point Bitcoin may rise (or not!).
This means you must have Bitcoin at the exchange ready to sell and probably sell at the price people sell Bitcoin, so already at a lower price than preev shows (of course, much better price than Wirex shows, that's for sure).
However, careful with what you claim / advertise
since false advertising may mean lawsuit, which you don't need.Then you need hardware and support people that has to be paid. I didn't mention the fees to withdraw from exchanges (even if you can bulk those, you still have some transfer costs in both directions).
Imho you should really add everything up and make sure you can do this. I'd love to see competition rising, just don't go head first.
Hi,
I can make a bitcoin currency exchange today, the idea was BTC to bank card.... but it's not as simple as it look's because of AML regulations...
From my personal perspective it's easy to buy bitcoins but it's hard to put it back into a card or cash due to the crazy fees.. security etc...
I am a small time player in the exchange game but i can put the fees lower than ALL exchanges... with less hassle, a simple 2 step plan that any person with no experience in bitcoin can follow...that's basically my edge...
However at the same time i want to go through this legally starting an exchange is not as simple as it looks
Any advice would be incredibly helpful
I don't find anything specific with the thoughts and access. Because, each and every exchange or providing the similar services. In the Op it is stated that the money gets added to cards. Every exchange has got a tie up with certain ventures, when you does the same you'll surely levy fee on transactions. I can make a bitcoin currency exchange today, the idea was BTC to bank card.... but it's not as simple as it look's because of AML regulations...
From my personal perspective it's easy to buy bitcoins but it's hard to put it back into a card or cash due to the crazy fees.. security etc...
I am a small time player in the exchange game but i can put the fees lower than ALL exchanges... with less hassle, a simple 2 step plan that any person with no experience in bitcoin can follow...that's basically my edge...
However at the same time i want to go through this legally starting an exchange is not as simple as it looks
Any advice would be incredibly helpful
Hi,
I can make a bitcoin currency exchange today, the idea was BTC to bank card.... but it's not as simple as it look's because of AML regulations...
From my personal perspective it's easy to buy bitcoins but it's hard to put it back into a card or cash due to the crazy fees.. security etc...
I am a small time player in the exchange game but i can put the fees lower than ALL exchanges... with less hassle, a simple 2 step plan that any person with no experience in bitcoin can follow...that's basically my edge...
However at the same time i want to go through this legally starting an exchange is not as simple as it looks
Any advice would be incredibly helpful
These exchanges are usually done through a reputable intermediary website like Remitano in Southeast Asia. But sometimes you will encounter some problems with liquidity because a large number of transactions in a short time will cause everything to become obstructed. I can make a bitcoin currency exchange today, the idea was BTC to bank card.... but it's not as simple as it look's because of AML regulations...
From my personal perspective it's easy to buy bitcoins but it's hard to put it back into a card or cash due to the crazy fees.. security etc...
I am a small time player in the exchange game but i can put the fees lower than ALL exchanges... with less hassle, a simple 2 step plan that any person with no experience in bitcoin can follow...that's basically my edge...
However at the same time i want to go through this legally starting an exchange is not as simple as it looks
Any advice would be incredibly helpful
From my personal perspective it's easy to buy bitcoins but it's hard to put it back into a card or cash due to the crazy fees.. security etc...
as far as i can tell there is no difference between buying or selling. the user still has to go through a bank whether it is receiving from that bank or sending money to a bank. and in both cases AML will come in.
I am a small time player in the exchange game but i can put the fees lower than ALL exchanges...
how? what exactly do you do that makes your business more profitable than other giants so that it allows you to lower your fees?
Hi,
I can make a bitcoin currency exchange today, the idea was BTC to bank card.... but it's not as simple as it look's because of AML regulations...
From my personal perspective it's easy to buy bitcoins but it's hard to put it back into a card or cash due to the crazy fees.. security etc...
I am a small time player in the exchange game but i can put the fees lower than ALL exchanges... with less hassle, a simple 2 step plan that any person with no experience in bitcoin can follow...that's basically my edge...
However at the same time i want to go through this legally starting an exchange is not as simple as it looks
Any advice would be incredibly helpful
I can make a bitcoin currency exchange today, the idea was BTC to bank card.... but it's not as simple as it look's because of AML regulations...
From my personal perspective it's easy to buy bitcoins but it's hard to put it back into a card or cash due to the crazy fees.. security etc...
I am a small time player in the exchange game but i can put the fees lower than ALL exchanges... with less hassle, a simple 2 step plan that any person with no experience in bitcoin can follow...that's basically my edge...
However at the same time i want to go through this legally starting an exchange is not as simple as it looks
Any advice would be incredibly helpful
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