Topic: We want to Open An International Exchange site, Help us! (Read 298 times)

There are more then enough exchanges out there today and many are still fighting for new users.

If you and your friends got deep pockets, I would recommend getting rid of trading, deposit and withdrawal fees, or at least keeping it at bare minimum for the foreseeable future. This is precisely what quoinex did.

They will come if you:

1. drop the fees
2. decentralize the platform and coin storage (other latency issues may arise)'
3. accept credit card deposits with min verification (very tough)
4. hire an army of intelligent support agents! (train them properly!) support team should reply to tickets within hrs.. not days and weeks.
5. spent millions on advertising.. conduct seminars (not webinars). Gather large groups of people and feed them BS about how profitable trading is. This is how FX big time marketers attract new clients.

Keep in mind, facebook already banned all crypto related advertising, and there is more to come ...

Well, best wishes to your new business.

In my opinion, there are too much things needed to start up an International Exchange Site with "complete" functions.

There are so many Exchanges in the market, the leaders are professional and good enough for Ecrypt-to-Ercypt or Corrency-to-Ecrypt trading.

So I suggest, if  you can focus on something from the beginning, it maybe a better choice.

Try to use Paxful.com

From my personal experience you would need to partner with trustworthy local payout agents or financial institutions. This could be a tough now, since bitcoin is not regulated. That being said, there a few good ones out there. Secondly, your rates and fees have to be very competitive to make your customers interested in coming back to you. What you can do is to change your rates on a daily basis, check out the competitors trending rates/fees, strike and average then make mark yours for the day. This is very important to stay competitive. Thirdly, since you are going to be a new entrant, marketing is hugely essential, you will need a lot of social media marketing as well as promotions to attract customers to your services. I hope your investors have made a sizeable budget for marketing and promotions. They are very key!!!

As far as I know bitcoin isn't illegal/banned in any of those countries you mentioned. But let us assume that bitcoin was banned on those countries, you can still accept users form those countries as long as you are not operating your exchange within those territories. Though it might be better to avoid them as your exchange might get involved with legal issues which would be very unpleasant.

You can offer western union, moneygram, xpressmoney, ria or similar service for those countries where bitcoin/cryptocurrency is banned.
Afaik there is no need to declare anything while sending money to someone using above mentioned services.
And the receiver can also easily cashout by just providing ID, sometimes agents ask the receiver "the source of money", in this case, the receiver can say freelancing income/business etc.

But it has limitation on the (min-max) amount sender can send and on the other side receiver can receive. Do some google for more info, I hope you will get all the answers.
I don't know the exact limitation because I have only sent payments 2 times through WU & MG and also the amount was not big, below 1k.

noted!
what about those countries in which bitcoin are banned like Pakistan and Argentina!
how will we work good in these parts!
we want to cover all countries,

There are tons of exchange right now. So the competition on this field is extremely high. You need to provide something that most of the exchanges fail to do so.
When you want to open an exchange you need to focus on customers needs and feedback. You will need to have a very good support system that can get in touch with customers within few hours (I am not saying instant since its not possible to get in touch with everyone at a time if there are tons of request to handle. Moreover giving each users enough time will actually help support them better.). Most exchanges lack this good support system.
A good and easy to use interface is always preferred by everyone. No one wants to use a confusing and laggy UI.
Make sure to include only legitimate coins. Shit coins will just destroy the reputation of the exchange.

thanks for such essential tips !
these things are in our check list and we are working so hard to make this project successful, our projects mainly focuses on the benefits of customers and we provide everything we could to feel our customer safe to use our platform. we will also conduct a serve to collect important things which crypto users will need in every exchange site to make this exchange better then existing one.

Very wonderful tip clearly stated.!

This is nice. Just find out how payment works in other countries. You can make use of the payment applications that are already available to make your job less stressfull. Just set up a meeting with them and discuss all the terms of the contract. All the best.

I always encourage entrepreneurs of their startups and my best wishes for them. I consider the following things as essential and would like to suggest you for your new exchange.

- A strong support system, I mean almost instant. This is very very important for online business.
- To offer almost all online payment system in order to exchange from one another.
- Offering western union, money gram, xpress money, bank wire with the fastest execution in order processing.
- Low Fees and reward system will attract more customers.
- Offering top 100 coins in exchange of ? if possible.

Low fees, instant execution of orders and the instant response we as a customer like the most.

One of the main goals you should focus on achieving is to make it an exchange which stands out from the rest and part of that involves making a difference in terms of how customers or users are supported and treated when they need something resolved or addressed. If you have a look at the exchange section of this site you will find that there are countless unhappy and unsatisfied people. Their accounts and coins are locked and exchanges are giving them the silent treatment. Some have funds or coins in the 7 figure dollar range locked and inaccessible for months!

Another is the element of trust. Operating a new exchange will involve winning the trust of those who want to use your exchange. Scams are rife and people will naturally approach and join your exchange with caution. You will want to be transparent about your entire operation, including information about who's who running the exchange and those behind the scenes.

A good start I would suggest is to check the scams and exchange sections of this site. They will give you a wealth of information about what people are frustrated and unhappy about. Introducing real and lasting solutions will make a big change and if you can pull it off, you might see a record breaking migration from other exchanges to yours.

The idea came to my mind is if you will be able to integrate the withdrawals to different local banks? or do you have specific banks or countries that can do direct withdrawals/deposits from the exchange?

And what are the specific coins that you will accept? are you a bitcoin --> fiat exchange only or you will be the same like coinbase?

They are building a business that will give convenience to their users all over the world.

good day sir, can you please share to me whats your main goal for your project and your mission/vision. so that we could narrow down our inputs for your project. thanks

For me I would say you will need to exchange most coins to cash and offer different withdrawals like neteller, paypal and each country has 1 online payment method that is very easy for them to withdraw like netellef offeds instant withdrawals via Mpesa for some African countries, paypal is easier for US and other countries, bitcoin via luno is also very easy and takes a few hours to withdraw in countries it operates in. I have also seen that there is an issue finding an easy and reasonable PM/WMZ/Neteller exchangers.

There are so many factors to look at when it comes to becoming an international exchanger, but the thing I would say you need to look at are withdrawal option, people are more interested in finding an exchanger that can give them their funds within 24 hours.

hello everyone!
Me and My team are willing to start An international Exchange site, We have enough Investment to launch and control such huge platform. We need your suggestions and ideas and all other factors that may vary from country to country. I think this is the best place to ask for such suggestions because it is the only place where you can find crypto users from every country.
Come on go  ahead and share your knowledge!
feel free to share your personal opinions and experience.