Topic: [Script] Run your own exchange! (Read 356 times)

I just want to add something here to what you are saying, Having a lot of money to run a new cryptocurrency exchange is no basis for saying it will be well managed. I don't think so, in my opinion.

Because if you do have capital and you don't have any knowledge about it, it will be a bit difficult for you to manage it for sure, so you need a team here and if everyone's teamwork is good, you will for sure have a good relationship not only with community investors you in the long run but also to your teammates.

The amount of work it would take a new exchange to thrive enough to get to the list of top exchanges in the world is insane. In the recent years, exchanges have set some standards that determines whether it's a shitty exchange or top-tier exchange. Exchanges like FTX make it even harder since there's less trust in centralized exchange services.

My stance still remains the same: Creating the exchange product - "script" is the easier part compared to actually getting customers or users to use that exchange so it needs to be a well thought out decision.

Running your own exchange is one of the most trickiest businesses out there and it is not everyone's caliber to run an exchange successfully. Yeah, a bit of knowledge and the techy person may be built up the exchange with the help of this script, but the script won't help you bring the customers and reputation with it.

A person who has a lot of money may do better by buying a running exchange rather than building up a new exchange from scratch. The most difficult part is to gain the trust of the depositor in times when people are afraid to keep the money even in the top exchanges.

In the era of remote work, I wonder how the hourly rate would be relevant as long as there is a standard available in the market today. Also, it's worth noting that OP did mention that they have been building the product for over 6years. It means they have had multiple upgrades to the product (maybe based on feedback from people that have actually tried out the product).

Well, it's one thing to buy the script that powers the trading engine, it's another thing to take this product and transform it into a working business. 

500k in devlopment, what is the hourly rate in The country you are operating from?
You give astonishing little details away for a company which creates 500K Products. 

    -   Absolutely correct, even if we say that there is capital and you have a team to manage your exchange, the big problem there is how to deal with the top 100 exchanges that you can see on coinmarketcap?

Here, it is quite difficult for you to be included in the top 100 crypto exchange, and it will be difficult for you to get the attention of the crypto community that uses the platform exchange that is new, especially since it is new in this industry, here it is already very heavy competition actually.

The idea of building and running a crypto exchange may seem attractive but to be honest, it is not everyone's thing to run their own exchange business. It's not as simple as buying a domain, hosting a site, running a script and you're ready to go. There may be many legal complications to be fulfilled before you actually ma able to obtain a license to run a financial exchange. Having a lot of wealth is also one of the prerequisites of running a successful exchange.

Let's suppose you have everything stated above, still, how will you stand out among the hundreds of exchanges already up and running ?
A list of those competitors can be foud here https://coinmarketcap.com/rankings/exchanges/

Well, if you are really determined to build your own exchange in this crypto business, good luck with your thoughts and plans. Because as others have said in this section, it is no joke to build or manage an exchange in this field. It is really necessary in these circumstances that you have a large amount of money set aside for this and a group that will help you manage an exchange. Because you can't handle it or do it alone.

OP, you made it so simple, it seems that having $400 is enough to start an exchange business. Isn't much more money needed for the operational work of the exchange? I believe that anyone who wants to legitimately start this type of business must have a lot more money available, and in that case, a $400 script might not be adequate.

What you present here is not a bad thing as a kind of reference for your (or the team you are in) skills, but it would be completely frivolous for someone to start a business in this way.
We can all see that trends are regularly upgraded, new regulations are set, and significant changes in the functioning of almost every coin. Do you have the capacity to monitor something like that and do regular upgrades? I am talking about a longer period of time.

I use to see this script on codecanyon some times ago but it was suddenly removed, are you the developer ?

If your answer is yes, the script installations was never successful or completed due to the full Bitcoin and eth core installations, it's a fine piece of script but you need to make it easier to install and work with little maintenance.

Hi,

Thanks for your messages.

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We understand your concerns. The system does not send any kind of data to our servers other than license check request which only sends the domain, IP, and license number. All other data stays in your system and database. External provider connections like SMS use your account credentials. You can even delete the license checker but it would prevent you from getting the updates and our support.

At the base, it is a PHP script built with the Laravel framework. So if we were to purchase the script, what we would do is investigate the source code with git, staging each file one by one after checking. There are more methods you can use like investigating network traffic, using firewalls, etc.

While we agree with the concerns of users, we also claim that It can be used 100% risk-free by using a couple of methods.

Let's assume that we decided to commit a crime to steal exbita users' funds. You can prevent this easily no matter what we put into code by using many methods. Some of them:

- Use coinpayments for all tokens/coins. This does not even require any edits to the code. You just set this from admin. By using Coinpayments for all deposits and withdrawals, you can turn the hot wallet into a cold wallet managed by Coinpayments. In the Coinpayments system, you have the option to manually approve withdraws so even if your entire system including your Coinpayments API credentials are stolen, there is no way to get any funds out of the system without your manual approval from coinpayments.com.

- Exbita supports cold storage. You can just use the cold storage support and don't keep any funds in the hot wallet other than a small amount to cover transfer fees. When the system receives a withdrawal request that the hot wallet cant cover, exbita will ask you to fund the hot wallet from cold storage to process the withdrawal request. You can set an amount to your hot wallet to send the extra funds to cold storage when a deposit is received.

We did not add any technical solution here, but using some firewall support, it would be impossible to get hacked, no matter what we release in updates. Please contact us for more options on security if you have concerns.

But in the end, the trust issue happens due to being a small company. For example, the Wordpress plugin WooCommerce also deals with financial stuff, collects credit card details, etc, and huge companies use it, We don't think any of them checked the source code for any foul play.




Also, Exbita is a starter, if you can find an opportunity and grow with it, you can hire your dev department, and they can handle the rest.

Hi,

Thanks for your messages.

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Yes, it would be better to build your own if you have a strong development team and budget.

We started developing Exbita in 2017 and being developing it for 6 years already and the development cost of it easily passed 500k. To be able to create such a project from scratch requires a lot of experience, we have been doing development agency for 20 years before switching to product so we had an established team already.

We built Exbita to overcome this problem.

Here is our mission which I am pasting from the company page of our landing site:

“Our mission is to deliver an all-inclusive crypto exchange script and substantially lower the barrier of entry to this market for entrepreneurs. We meticulously developed this product, paying particular attention to security and ease of use, and created a top-notch service so that our clients can focus their attention on growing instead of reinventing the wheel.”

As a software company, we realized that entrepreneurs needed an easier way to enter the crypto exchange market, without having to go through all the technical challenges, which we could solve for them through our expertise in blockchain development.

But even after all the development we are doing, you still can't compare it with a platform like Binance based on the features it has. And this feature gap will continue to increase as it's not possible to match their development resources.

Not an expert yet I think it's risky.
I mean something concerning finance should be built from scratch but then if the script is verifiable by all, it is a good one to start for beginners but I doubt it's scalability in terms of security.

It is wonderful to see how technology is advancing and you can literally have “scripts” for everything. It’s like a ready made skeleton and all you need to do is customise it as per your needs and start the entire workflow. GitHub is giving similar ideas and almost every written code is available as open source.

The only concern is how this script will run? You have mentioned all the KYC authenticaties and SMS verifier. How the ownership is transferred for this code considering its gonna fetch and store data for thousands of users in the future. Does it go to your servers and how is safety or data integrity is kept considering it’s a complicated code.

Nice development but script for something related to financial domain is risky bet. Hope to see expert opinions on this.

I think it's better to create your project from scratch for security reasons.

Well, if someone is going to build a crypto exchange now in the US, I don't think that's a good plan or idea. The SEC is putting too much heat on crypto exchanges in their jurisdiction. They should just find another place or country to start their crypto exchange, not the US so that there will be no hassle problems later like what is happening now.

As long as they build a local exchange, that's fine as long as it's legal and helps the government and the people, why not, right?

Hello!

Thanks for your message. I agree all of your text. Currently it is not possible to giants like Binance with an Exchange script but different concepts and specialized concepts still can gather users if promoted well.

We also have an unique market starter liqudity provider that can even own tokens that are not listed anywhere. So using this with stake and also automatic token deposit on joining system can give value to a token.

Thanks for your input.


Regards

Haha well I think it's a given now - do NOT take the risk of operating an exchange for US users right now. As far as I've seen, it's only the SEC that seems to seriously have a problem with exchanges, I mean you don't see other countries suing exchanges left and right like the SEC.

Quite beautiful web design, so good job on that. I wish more altcoin communities would set up and run their own exchange - an exchange focused on simply that coin itself. The project could figure out a way to disburse dividends to the coin holders, or the team could simply use it to fund their development. I know there are becoming more and more scripts for sale for launching an exchange, so it might be worth it to tailor and brand an exchange script for that specific purpose. It'd be neat to see for sure.

It's not easy to build and run your own crypto exchange, although it's challenging to look at but it's hard to do apart from the need to spend a lot of money, there are actually a lot of things to consider here. Although, if you do it right you can expect to make a lot of money here.

Just in terms of complying with the laws and regulations so that you can operate, there is a lot to be followed and done here. The secure funds must also be fixed, and the management of the possible risks that can be faced here.

But this is just my opinion based on the title you made here op that's why I said it.