I am impressed with your desire to have your own Bitcoin exchange.
building a bitcoin exchange is not as easy and simple as one might imagine. You must have a background that is able to overcome all kinds of technical problems in the exchange. Not only with capital of $ 10,000 and using the source code of exchange provided by others.
$ 10,000 dollars is still very little to build a good exchange and in accordance with current exchange standards.
Moreover, what is most needed by the exchange is a server that is used to accommodate all transactions carried out.
Building an Exchange is not that simple. Much has to be done and there will be many problems faced.
Topic: Should we invest in a bitcoin exchange? - page 5. (Read 866 times)
After many years of trading, I realized that I should have my own bitcoin exchange. With a volatile bitcoin market investing in a bitcoin exchange is really beneficial. I need more sincere advice? After consulting a number of suppliers. Only $ 10,000 for a bitcoin exchange. Details:bitcoin exchange source code . With such an amount, should an bitcoin exchange be invested?
I would say, it would not be a one time investment since an exchange requires continuous maintenance and upgrades over the period of time.Also, it requires trusted team members to manage the whole exchange and you can't compromise on anything for security.
Though you think that it will be a good investment but it will also bring in more responsibilities since you are directly investing into a business.
And business requires skill, experience, time and efforts without which your investment would be at stake.
After many years of trading, I realized that I should have my own bitcoin exchange. With a volatile bitcoin market investing in a bitcoin exchange is really beneficial. I need more sincere advice?
How? You won't be making any money from volatility. As an exchange owner, your source of income will be trading fees that you will charge on every trade. As far as I know, trading fees is charged as a constant percentage on orders. So no matter how much bitcoin fluctuates, you only gonna get fixed percentage on every order. Rather than volatility, as an exchange owner your target should be to get more users and trades on your Exchange.
Any how, having sole experience as a trader won't make you a good Exchange owner. Starting exchange is a business and need different area of expertise than the trading. About cost, well it took multi-millions for Gemini to be created and launched. Crypto-2-Crypto Exchange could be done within $10K but marketing will take much more money and without traders there is no fun! Fiat-Crypto Exchange will be comparatively expensive due to regulations and all.
You can have your own exchange, but you need to have a lot of money as a start because you need to buy or create the source code, hire some people to manage your exchange, and set everything. That will not be easy if you don't have a basic knowledge about programming or don't know much about the website. But you can buy the source code from the third party, so you only need to install the source code in your server, and test it before you launch your exchange.
But I don't suggest you buy the exchange source code from that website because you don't know if they give the right source code. It's better to research from the other similar website so you can get more information about the source code, and who knows, you can get the recommended website that selling the exchange source code.
But I don't suggest you buy the exchange source code from that website because you don't know if they give the right source code. It's better to research from the other similar website so you can get more information about the source code, and who knows, you can get the recommended website that selling the exchange source code.
It's not that easy as you think and that capital of $10,000 isn't actually much for different requirements that you have to comply as you build your exchange.
It might look easy to say and build it up but removing the actual capital that you will allow in the circle of your exchange. As said, for legal matters that amount won't even be enough to fix things including permits to operate.
Investing is not that easy. In investing you need a high amount of money for your capital. It may take time for your money to grow. Of course you will less the amount of your capital to the amount that you would get as your retun on investment. Legal permits are needed in exchanges and it costs a lot for you to be able to operate.It might look easy to say and build it up but removing the actual capital that you will allow in the circle of your exchange. As said, for legal matters that amount won't even be enough to fix things including permits to operate.
Many people are using bitcoin in their investment because it is the top performing coin currency. Investing in bitcoin is the most popular one. Bitcoin value varies it goes up and down so you better buy bitcoin when the price is low.
In nvesting, you can't be sure if it is beneficial or not. You can win or lose in here depending on the market of the coins.
It's not just about the return and growing his money but about managing the exchange and making it useful for most crypto traders. From the reaction of op, he seemed to be looking on it an easier outlook but little did he know, it's a complex thing to start.
If he wants to run the exchange as legit as possible, securing licenses is one of the initial steps that he needs to embark on. And there's a lot more in it not just buying the code. I hope the OP realized what it needs to run a legit and decent exchange. Even after setting this up, there are a lot of things to do. Or if he wants to run a substandard exchange without any existing license under it, maybe he can. But in the long run, traders will not trust this exchange and so it will just bite the dust of crypto.
Technically, yes. But in the case of OP, it looks like he/she is going to need more experience in how startups work, rather than just-buy-the-code-and-run-the-exchange. I'm not saying that OP should give up on this goal, I'm just saying that he/she should calm down and start slow. Probably getting a job on a fintech company would give him/her a lot of knowledge on how things work in a company, rather than just going in blind.
It's not that easy as you think and that capital of $10,000 isn't actually much for different requirements that you have to comply as you build your exchange.
It might look easy to say and build it up but removing the actual capital that you will allow in the circle of your exchange. As said, for legal matters that amount won't even be enough to fix things including permits to operate.
Investing is not that easy. In investing you need a high amount of money for your capital. It may take time for your money to grow. Of course you will less the amount of your capital to the amount that you would get as your retun on investment. Legal permits are needed in exchanges and it costs a lot for you to be able to operate.It might look easy to say and build it up but removing the actual capital that you will allow in the circle of your exchange. As said, for legal matters that amount won't even be enough to fix things including permits to operate.
Many people are using bitcoin in their investment because it is the top performing coin currency. Investing in bitcoin is the most popular one. Bitcoin value varies it goes up and down so you better buy bitcoin when the price is low.
In nvesting, you can't be sure if it is beneficial or not. You can win or lose in here depending on the market of the coins.
If you think running a bitcoin exchange is just buying some pre-written code and running it on a server, you're totally wrong. It's going to take a lot of work, a lot of connections, and A LOT OF MONEY assuming you actually want an exchange that works decently and is secure. You're going to barely reach anywhere with just spending $10,000.
Take a look at the previously hacked exchanges. They couldn't even protect themselves even with all their earnings. What makes you think you will be able to do well?
Anyway, I'm not here to bring you down, but just for you to be more realistic here.
Take a look at the previously hacked exchanges. They couldn't even protect themselves even with all their earnings. What makes you think you will be able to do well?
Anyway, I'm not here to bring you down, but just for you to be more realistic here.
Yeah, that's right. Don't risk your money for a bitcoin exchange which is not that safe and secured enough. I want you to think critically before engaging to that. Bitcoin exchange is not the only thing you can do, there are a lot of coins that you can try in the exchange. You need a lot of maintenance and effort in order for your bitcoin exchange to become worth it and successful.
Are you aware about those exchange that failed?
Try to seek more information about bitcoin exchange, by that, you will have some idea about the advantages and disadvantages of bitcoin exchange in your asset. You need to learn a lot of details in an exchange that's why you need to do some research.
After many years of trading, I realized that I should have my own bitcoin exchange. With a volatile bitcoin market investing in a bitcoin exchange is really beneficial. I need more sincere advice? After consulting a number of suppliers. Only $ 10,000 for a bitcoin exchange. Details:bitcoin exchange source code . With such an amount, should an bitcoin exchange be invested?
I don't think that $10,000 is enough for you to create an exchange.Remember when Binance is starting, they've launched an ICO and token sale just to fund their project and look where they are right now. I don't know about Kucoin but what I'm trying to say is that amount isn't enough for you to create an exchange and there is also a chance that you're exchange that you will create (in case you will create one) will be just a useless exchange with no traders trading in your exchange. No volume, nothing interested in trading in your exchange. This can happen if you create your own. It would be better if you will just continue trading if you are profiting with it.
If you think running a bitcoin exchange is just buying some pre-written code and running it on a server, you're totally wrong. It's going to take a lot of work, a lot of connections, and A LOT OF MONEY assuming you actually want an exchange that works decently and is secure. You're going to barely reach anywhere with just spending $10,000.
Take a look at the previously hacked exchanges. They couldn't even protect themselves even with all their earnings. What makes you think you will be able to do well?
Anyway, I'm not here to bring you down, but just for you to be more realistic here.
Take a look at the previously hacked exchanges. They couldn't even protect themselves even with all their earnings. What makes you think you will be able to do well?
Anyway, I'm not here to bring you down, but just for you to be more realistic here.
If he wants to run the exchange as legit as possible, securing licenses is one of the initial steps that he needs to embark on. And there's a lot more in it not just buying the code. I hope the OP realized what it needs to run a legit and decent exchange. Even after setting this up, there are a lot of things to do. Or if he wants to run a substandard exchange without any existing license under it, maybe he can. But in the long run, traders will not trust this exchange and so it will just bite the dust of crypto.
If you think running a bitcoin exchange is just buying some pre-written code and running it on a server, you're totally wrong. It's going to take a lot of work, a lot of connections, and A LOT OF MONEY assuming you actually want an exchange that works decently and is secure. You're going to barely reach anywhere with just spending $10,000.
Take a look at the previously hacked exchanges. They couldn't even protect themselves even with all their earnings. What makes you think you will be able to do well?
Anyway, I'm not here to bring you down, but just for you to be more realistic here.
Take a look at the previously hacked exchanges. They couldn't even protect themselves even with all their earnings. What makes you think you will be able to do well?
Anyway, I'm not here to bring you down, but just for you to be more realistic here.
After many years of trading, I realized that I should have my own bitcoin exchange. With a volatile bitcoin market investing in a bitcoin exchange is really beneficial. I need more sincere advice? After consulting a number of suppliers. Only $ 10,000 for a bitcoin exchange. Details:bitcoin exchange source code . With such an amount, should an bitcoin exchange be invested?
When I read the name of the thread I thought it would be about investing in bankrolls of top crypto exchanges, and that certainly sounds like an opportunity worth considering. A few years ago I had thoughts about investing into casinos, but found out that if you choose a top casino, the yearly returns are very small, especially given the volatility of Bitcoin. I am not sure it's possible with crypto exchanges, however. If it is, perhaps we could discuss that here. As for spending $10k on an exchange of your own, I agree with others that it sounds like a terrible idea. The market is very competitive, reputation is everything (and building one is hard), security has to be on top (otherwise you'll get in a lot of trouble because of hackers), depending on the region you might have serious legal problems. 
Don't. At best, you'll lose 10k. At worst, you'll lose other people's money as well. So yeah, just don't.
It's a bit like saying 'Amazon is doing really well. I think I should start one too.' It seems like a no brainer until you actually think it through.
I remember using somewhere that was clearly working hard to succeed. It wasn't a con, the owner was responsive. As exchanges go it was better than some of the big ones. Out of curiosity I added up all its volumes, which were clearly not faked, and the owner was earning about $10-15 a day. That's after no doubt months or years of work and a lot of outlay in time or labour.
You may not need to care about legality if you start off small, enough places ignore that. If you start to make proper money then you certainly will and that could cost tens or hundreds of thousands or millions of dollars depending on where you are.
The one you cannot ignore no matter what is security. There are thousands upon thousands of people scouring the crypto space looking for ways to drain money from exchanges. You'd better be seriously good at fending them off otherwise you're looking at rapid ruination.
I remember using somewhere that was clearly working hard to succeed. It wasn't a con, the owner was responsive. As exchanges go it was better than some of the big ones. Out of curiosity I added up all its volumes, which were clearly not faked, and the owner was earning about $10-15 a day. That's after no doubt months or years of work and a lot of outlay in time or labour.
You may not need to care about legality if you start off small, enough places ignore that. If you start to make proper money then you certainly will and that could cost tens or hundreds of thousands or millions of dollars depending on where you are.
The one you cannot ignore no matter what is security. There are thousands upon thousands of people scouring the crypto space looking for ways to drain money from exchanges. You'd better be seriously good at fending them off otherwise you're looking at rapid ruination.
That would basically be throwing away 10.000 USD and asking for legal problems.
Running an exchange is not a one man operation. You need a cyber security team, automated deposit/withdrawel systems, you need marketing (how else will you get people on your exchange?), probably a lot of cash to fund promotions to even get people trading there to get enough volume.
Ask yourself: Why would anyone trade on your platform? It would have to be better then the large and established exchanges or offer more (e.g. lower fees).
Running an exchange is not a one man operation. You need a cyber security team, automated deposit/withdrawel systems, you need marketing (how else will you get people on your exchange?), probably a lot of cash to fund promotions to even get people trading there to get enough volume.
Ask yourself: Why would anyone trade on your platform? It would have to be better then the large and established exchanges or offer more (e.g. lower fees).
a bitcoin exchange is not something that you can afford to be cheap about its security. searching the internet and finding random newbies or random not-reviewed source codes is like begging to be hacked on the first day. you'll also need a much bigger budget than $10k to hire competent developers and security experts to both design and maintain a secure platform constantly.
Keep an eye out of this platforms that offers bitcoin exchange source code especially if you do not have a deep background or extensive technical knowledge on this matter since building a cryptocurrency exchange is not as simple as we might think.
Building an exchange should be done deliberately and having the control of people's money, and being the intermediary of their trades needs a well-educated technical team behind a complex project. Secondly, it is a no-brainer that opening an exchange also needs to consider the legal implications as it will serve as the protection for people who uses the platform especially if the source code you will be using is not originally created by you.
In fact, people with no programming background should not use an open source code of a bitcoin exchange because of the possibility that it might have a backdoor written on it which can cause a catastrophic failure of funds being lost.
Building an exchange should be done deliberately and having the control of people's money, and being the intermediary of their trades needs a well-educated technical team behind a complex project. Secondly, it is a no-brainer that opening an exchange also needs to consider the legal implications as it will serve as the protection for people who uses the platform especially if the source code you will be using is not originally created by you.
In fact, people with no programming background should not use an open source code of a bitcoin exchange because of the possibility that it might have a backdoor written on it which can cause a catastrophic failure of funds being lost.
After many years of trading, I realized that I should have my own bitcoin exchange. With a volatile bitcoin market investing in a bitcoin exchange is really beneficial. I need more sincere advice? After consulting a number of suppliers. Only $ 10,000 for a bitcoin exchange. Details:bitcoin exchange source code . With such an amount, should an bitcoin exchange be invested?
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