Topic: Should I start own exchange website? - page 2. (Read 3182 times)
There's a lot of competition in this type of business and if you want it to be successful, you need to make it huge and not a small one. You are not going to get any profit if you are not going to step up. You need to exceed others and you better need a big investment for this.
To answer this question, you should look at the return on capital (well, if it is more than 5%). And to do this, u need to understand what is the average margin on the client, how much is it to attract the client, etc. In general, this is a very competitive market and you really need to give something unique to users other than low fee. For example, interesting UI (!!!), good support and strong security ...
Reasonable. business is business. I have the same thoughts
To answer this question, you should look at the return on capital (well, if it is more than 5%). And to do this, u need to understand what is the average margin on the client, how much is it to attract the client, etc. In general, this is a very competitive market and you really need to give something unique to users other than low fee. For example, interesting UI (!!!), good support and strong security ...
Setting up an exchange website in the crypto-currencies world is even harder than setting up a casino website, because exchanges would normally handle millions or even billion of dollars with all the customers funds on the site, so the top priority is to create a safe and secure environment to prevent hackers from accessing customer funds, and building a reputation for an exchange site is not easy, you won't find many users using an exchange that have no reputation.
What's going on here with exchange website. I see there is a lot of thread where people want to open your own exchange. so many offers like - open your own exchange in less than hour...
Is it only profitable bitcoin business? Probably we will have a lot of scammed people in next six months or year.
we need more exchanges!
Is it only profitable bitcoin business? Probably we will have a lot of scammed people in next six months or year.
we need more exchanges!
People feel that bitcoin will be the next future if their country does approve it or already approved it. So they want to build business around btc and one of them is the exchanges where people can directly buy and sell bitcoin and other cypto currencies and get the fees as their commission. Thus many are trying their hand on this business to see if this could be success if done with right intentions.
What's going on here with exchange website. I see there is a lot of thread where people want to open your own exchange. so many offers like - open your own exchange in less than hour...
Is it only profitable bitcoin business? Probably we will have a lot of scammed people in next six months or year.
we need more exchanges!
Yes there are many new exchanges in market and many people want sto start own exchange like me. Some of them for profit and some of them for work. Yes Bitcoin is profitable business. I don't think people will get scammed if they follow correct site. Is it only profitable bitcoin business? Probably we will have a lot of scammed people in next six months or year.
we need more exchanges!
You can make your own exchange site because a lot of Bitcoin users are looking for reliable and more secure transaction but if you're getting huge amount of fee then you're not different from other exchange sites.
You can always give it a shot but you've got to remember that the competition is fierce. And even if you get a solid exchange running you have to attract loads of volume and that's easier said than done.
I am thinking to start own exchange website like (coinexchange.io) , yes I want to build small exchange.
But before start I want to know something , hope I will get my answer.
Building exchange is profitable?
How much investment it's need?
Where I can promote it?
How can I avoid or put low transaction cost?
How much time do I need per day behind this project?
If you want to share any suggestions then most welcome.
But before start I want to know something , hope I will get my answer.
Building exchange is profitable?
How much investment it's need?
Where I can promote it?
How can I avoid or put low transaction cost?
How much time do I need per day behind this project?
If you want to share any suggestions then most welcome.
If you have to ask such basic questions, you are probably not suited to run an exchange. Sorry. :/
Thanks for your valuable reply.
If I want to start any business then definitely I know something about that business, but I have to gain more knowledge about that business to be success in same.
It takes a large investment and a lot of technical knowledge along with employees. Sure you could put up a cheap exchange run from a home server but who's going to want to use it? After you create a secure site and everything, you then need to spend on advertising and customer acquiring. With your background I think there are better options if you want to make money.
You are joking, why I should use cheap exchange for a big project.
I need advertising , can you suggest any best source of advertising for this project,if i start.?
I think it is hard to find people who are reliable if you don't have the know-how yourself to be able to do it even if they don't exist
Setting up that business might be easy but getting it running profitably would be the challenge. You would be competing with big players with huge funds and a big client base. For you to take a slice of the exchange pie would mean having to find innovative ways to attract potential clients. Also, try not be to a business that deals solely with exchanging. Add other services that people are looking for just so you would have an edge over your competitors. Once you've figure things out, promos and giveaways every now and then wouldn't hurt your chances of making it a profitable business that can run for a long time.
You are free to create an exchange site, however there's a lot of exchange are already opened in crypto currency society. If you want to compete them you should go and build new exchange site. But make sure that your exchange site are different from the others. I have a good idea why did you try to open the a exchange of newly coins and altcoins. I'm pretty sure that you can encourage a lot of people. Also invites a lot of investors to join in your project you want to build.
Here are my answers to your questions:
1. Profitable if you have a large following on your website. If there are not so many people trading on your platform, then it's a waste of time and money to even continue running it.
2. You can do a press release of your exchange on known media and news outlets online focused on cryptocurrency promotions, e.g., CoinTelegraph, TheMerkle, Bitcoinist, CryptocoinNews, CoinDesk, NewsBTC, News.Bitcoin.com, etc. But you need to have enough money or funding to do so, as some of these sites charge higher than 500 USD for a day promotion.
3. If you're talking about Bitcoin, then the transaction cost is largely dependent on the block size. The larger the block size, the higher the fee for the transaction.
4. It's hard to say. But if you want to monitor your exchange activities, then hire people to do it for you 24/7. These people will also serve as your support team, especially the ones who will answer inquiries and questions from your clients.
1. Profitable if you have a large following on your website. If there are not so many people trading on your platform, then it's a waste of time and money to even continue running it.
2. You can do a press release of your exchange on known media and news outlets online focused on cryptocurrency promotions, e.g., CoinTelegraph, TheMerkle, Bitcoinist, CryptocoinNews, CoinDesk, NewsBTC, News.Bitcoin.com, etc. But you need to have enough money or funding to do so, as some of these sites charge higher than 500 USD for a day promotion.
3. If you're talking about Bitcoin, then the transaction cost is largely dependent on the block size. The larger the block size, the higher the fee for the transaction.
4. It's hard to say. But if you want to monitor your exchange activities, then hire people to do it for you 24/7. These people will also serve as your support team, especially the ones who will answer inquiries and questions from your clients.
I am sure the investment you need in exchange for how much profit is certain. But I'm sure there you have a lot of hard work behind it and it's a job for a hard-working person. Just like Vod says, from the looks of it you have no computer knowledge it will be a huge challenge for you to make it run smoothly.
Thanks for your valuable reply.
Where have you seen serious exchanger which was build by one man? Of course you need professional team here despite the fact you know or don't know many programming language. Technical team, support team and etc teams, the most valuable for you is security, usually people have much bitcoin in exchangers and security is what you have to care the most. It seems like you won't open exchanger but still remember, if owner sets low fees or no fees for some months with great promoting and security (and template of course, it plays big role), he/she will achieve success with his/her team.Thanks for your valuable reply.
If you can't do that, don't think about your own exchanger.
What's going on here with exchange website. I see there is a lot of thread where people want to open your own exchange. so many offers like - open your own exchange in less than hour...
Is it only profitable bitcoin business? Probably we will have a lot of scammed people in next six months or year.
we need more exchanges!
Is it only profitable bitcoin business? Probably we will have a lot of scammed people in next six months or year.
we need more exchanges!
starting exchange websites similar like you build new company.
you need some people to hire
daily project planning
target region
how to promotes?
media social its good promoting method
else you can open signature campaign here to promotes your exchanges
you need some people to hire
daily project planning
target region
how to promotes?
media social its good promoting method
else you can open signature campaign here to promotes your exchanges
I am dropping an idea of creating own exchange "FOR NOW" Maybe I will come back with sufficient funds to start and also the good team.
welcome for your suggestion, it's benefited for others and me also.
welcome for your suggestion, it's benefited for others and me also.
The truth is sometimes painful, but do not let their comments take your spirit.
I'm glad you want to develop your idea with more funds and assemble a good team.
The biggest costs to create an exchange is to establish web security, which your team should be able to do it.
Yes, no need to compete with other bigger exchanges but create an exchange that offers good service, faster and low fees will attracted people to use your site. Even $4000 will be enough to start a small exchange in the beginning, at least you could gain the trust from customers. May I ask, where do you live, which country to build this exchange site? Only accept bitcoin or people could trade altcoins ad well? And the last thing is; you should have a plan to deal with legal authority obviously.
The sure will tradable so users can trade alt to bit or vice versa.
I am dropping an idea of creating own exchange "FOR NOW" Maybe I will come back with sufficient funds to start and also the good team.
welcome for your suggestion, it's benefited for others and me also.
welcome for your suggestion, it's benefited for others and me also.
The truth is sometimes painful, but do not let their comments take your spirit.
I'm glad you want to develop your idea with more funds and assemble a good team.
The biggest costs to create an exchange is to establish web security, which your team should be able to do it.
Yes, no need to compete with other bigger exchanges but create an exchange that offers good service, faster and low fees will attract more people to use your site. Even $4000 will be enough to start a small exchange in the beginning, at least you could gain the trust from customers. May I ask, where do you live, which country to build this exchange site? Only accept bitcoin or people could trade altcoins as well? And the last thing is; you should have a plan to deal with legal authority obviously.
my question here might be slightly offtopic, but still related to exchange
to which point we start drawing a line between established exchanger business and
a regular person that pofitted from buy/sell btc by peer to peer method
is there a pre determined volume as to where a person started to be called as an exchanger business
and will be exposed/subjected to follow local fincen rules
if I start peer-to-peer manually-processed exchange transaction with tx volume ~20,000 USD/month
could I "get away" with saying I am not running a business (not complying as established business)
and only am just profiting from buy/sell BTC, then pay taxes on my profit/gain?
I know different country would have different rules, but please share what works in your country
to which point we start drawing a line between established exchanger business and
a regular person that pofitted from buy/sell btc by peer to peer method
is there a pre determined volume as to where a person started to be called as an exchanger business
and will be exposed/subjected to follow local fincen rules
if I start peer-to-peer manually-processed exchange transaction with tx volume ~20,000 USD/month
could I "get away" with saying I am not running a business (not complying as established business)
and only am just profiting from buy/sell BTC, then pay taxes on my profit/gain?
I know different country would have different rules, but please share what works in your country
Yeah it is not easy to build an exchange and make it trustable.. There are a lot of competitors for our niche at the moment, and why would anyone stop using bittrex, poloniex or any other main exchanger for using yours? That is the first question you might ask to yourself.
But sure you can do it, but you need too much money for developing it, and most of your money should go for advertising and marketing, that is the best source of trustable you will find out.
For trust no one is trusted from the birth, so hope people will trust me when they use my site. We will launch not for any competetion i am just thinking to launch small exchange site, nothing else. Users may not leave old and trusted exchang site but they may join my site because of low fee and attractive design.But sure you can do it, but you need too much money for developing it, and most of your money should go for advertising and marketing, that is the best source of trustable you will find out.
No need of "big" advertising we are sufficient to attract more people(small community).
I believe that to create something profitable you need to create something new and different from the current resources. Otherwise it will be difficult to attract many users. I think that ICO tracker is the best place to develope projects like this
What do mean by ICO tracker? Can we develop a project with their help?I visited their site it was ICO update site
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