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.
Topic: Should I start own exchange website? - page 3. (Read 3182 times)
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 I can avoid or put low transaction cost?
How much time 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 I can avoid or put low transaction cost?
How much time 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. :/
Don't let this type of comments put you back! A motivated person can do anything and he will make it!
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 I can avoid or put low transaction cost?
How much time 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 I can avoid or put low transaction cost?
How much time 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. :/
Don't let this type of comments put you back! A motivated person can do anything and he will make it!
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
It can be quiet complex, please keep in mind you're dealing with other peoples value so a portion of your money should go to auditing your code, there are consulting companies out there that are respected already who can provide you with a great audit of your final code but I think they cost 25 Eth per audit. However, developing an exchange I definitely profitable, the market volume will only increase with time and this will affect you as well if you develop the project properly the first time and it gains traction.
You could add a few 0s to your budget and still fall short of being able to start an exchange.
This is right op should add more 0's as seen above 2000 usd budget would just like be a dust and would only sufficient just on website creation templates and etc. I dont know how much would be the script though. Experience is really a must on this kind of big projects because running an exchange isnt really an easy job or thing to do.If you dont have experience then better to skip on this one. I have enough budget to start own "small " exchange website and it not cost more as i have programmer friends. and sure i will cross check if i will start .
I hope you have some legal friends too if you plan on operating in the US, furthermore in NYC.
You could add a few 0s to your budget and still fall short of being able to start an exchange.
Seriously, you want to open a cryptocurrency exchange with a $2k budget? It won't even cover your advertising budget, even if you want yo make a "small" exchange.I don't want to discourage you but better you invest those $2k in another project more realistic with a budget like your.
Can you please tell me which project will most profitable with my budget? Gambling site? Or any Else?I think that's up to you and how much you want to put into a project. I'd recommend spending the $2K or just your time into learning how to develop websites. Learning PHP or Python, maybe an MVC framework (such as Laravel for PHP or Django for Python respectively) and HTML/CSS/Javascript. You can cut out a large budget requirement for setting up / developing websites if you learn how to create / develop the websites yourself. If you become a seasoned-enough developer, you can begin to charge for website development, or build these types of websites yourself for profit.
Good luck!
Seriously, you want to open a cryptocurrency exchange with a $2k budget? It won't even cover your advertising budget, even if you want yo make a "small" exchange.I don't want to discourage you but better you invest those $2k in another project more realistic with a budget like your.
Can you please tell me which project will most profitable with my budget? Gambling site? Or any Else? 
Seriously, you want to open a cryptocurrency exchange with a $2k budget? It won't even cover your advertising budget, even if you want yo make a "small" exchange.I don't want to discourage you but better you invest those $2k in another project more realistic with a budget like your.
Have u ever run any site before? If not such big project could be to hard for u.
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.
Glad you got your answer.
Still I noticed quite a few people want to start their own exchange, because they think it's easy and are attracted to the potential gains. To them I would say they should lower their expectations, unless you have a strong team of people your trust and some substantial initial investment.
Building is not the hardest part.
You also have to:
- maintain it
- support your customers
- follow the law
- mitigate hacks and monitor suspect activities
- be prepared to collaborate with your government
Not to mention there is already quite a few exchanges already pretty well implemented in the business and with a strong user-base. You're stepping in kinda late in the game, and unless you have a few things that distinguish you a lot from your concurrents, there is no point for people to use your service.
I'm gonna finish by saying that trust is the hardest thing to build, but also the easiest to loose.
Still I noticed quite a few people want to start their own exchange, because they think it's easy and are attracted to the potential gains. To them I would say they should lower their expectations, unless you have a strong team of people your trust and some substantial initial investment.
Building is not the hardest part.
You also have to:
- maintain it
- support your customers
- follow the law
- mitigate hacks and monitor suspect activities
- be prepared to collaborate with your government
Not to mention there is already quite a few exchanges already pretty well implemented in the business and with a strong user-base. You're stepping in kinda late in the game, and unless you have a few things that distinguish you a lot from your concurrents, there is no point for people to use your service.
I'm gonna finish by saying that trust is the hardest thing to build, but also the easiest to loose.
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 I can avoid or put low transaction cost?
How much time 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 I can avoid or put low transaction cost?
How much time 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.
Building exchange is profitable?
Yes, it is profitable, mostly from charge fees for customers transactions
How much investment it's need?
Consider how much you want to invest into an exchange, domain, web servers, SSL and have to hire some pro about IT or programmers which mean; at least you need more than $7,500.Where I can promote it?
You can promote it in this forum by using your own signature and make an ANN thread about your exchange, or through every social media such as telegram, facebook, twitter, etc.
How I can avoid or put low transaction cost?
You can't avoid transaction cost, but you still could apply low transaction, BTC0.005 for withdraw bitcoin and 1% for withdraw fiat currency are convenient and fair in my opinion.
How much time I need per day behind this project?
In the beginning, you need 24 hours a day, 7 days a week, keep an eye to your web and maintain it.Yes, you need to sacrifice your time and effort to build an exchange.
But, for small exchange, maybe 15 hours per day is enough.
It's not so easy...you need a good security expert first. You need time to profit
I'm a developer on Peatio the open source Bitcoin exchange, trying to make it more usable and working. The project has been forked, dont know what happened to the original Chinese developers anyway here it is at the moment https://github.com/muhammednagy/peatio . Good progress is being made so consider a donation we want to make it easier to add new cryptocurrencies other than that its working (for Bitcoin) and integrates with Bitgo and AWS. I'm formulating a security tutorial and looking for people to help me with this allot of which is reliant on AWS.
You had better cover your ass if you try to make an exchange. This guy tried to buy and sell bitcoin, fincen loses his paperwork as a money transmitter, his idiot attorney told him to plead guilty to operating an unlicensed money transmitter business, now he is going to prison for over four years.
https://www.youtube.com/watch?v=9pX7IQ6UOVM
https://www.youtube.com/watch?v=9pX7IQ6UOVM
NO MORE WORTH exchange site in this day too many scammers
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