Would you like to setup your own crypto exchange if upfront costs are low?

judeafante

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Quote from: rationaltechoptimist on May 13, 2019, 05:08:28 AM

If upfront costs are low and there is revenue sharing model, would you like to start your crypto exchange and test your marketing/non-tech skills?

Of course, I would love to, but since you posted this, do you have something to offer to the community that has all the features you are talking, people would like to create their own business in cryptocurrency and an exchange is a good one, but you need a lot of coders and security experts to run one.

funcryptoco

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Setup exchange is too easy and not expensive, you can contact any freelancer and can develop a good exchange for you but............
Your exchange will hacked after few months, the problem exist in the security, secure your exchange will cost you a lot, so the expensive come from secure your exchange.

Supercrypt

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Quote from: rationaltechoptimist on May 13, 2019, 05:08:28 AM

If upfront costs are low and there is revenue sharing model, would you like to start your crypto exchange and test your marketing/non-tech skills?

There are so many things one can test his marketing skills on other than owning an exchange, there is no point wasting upfront fee when such exchange in this competitive market may not get the volume necessary to drive the exchange to success.

Whatever one will test ones skill on should be what we will have passion for, because it is when we have passion for such project that we will be able to try all our possible best to drive such project to its destination. Moreover, the exchanges w have in the market are still struggling to survive and no matter how low the upfront fee is, I would rather invest the money is something more profitable.

el kaka22

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The reason why I do not start an exchange is not the technical aspects of it, the reason why I don't start is I do not trust the security of it. If you can promise me a system where it is totally unhackable (nothing is unhackable these days) then yeah I would totally do it but right now even if given a super code that works perfectly and a designer that will design the best looking exchange in the world, I still wouldn't go into it even if its free.

After all, you are risking everyone's money and you are keeping so much money on your hot wallets and even more on your cold wallets and in case anything happens you are going to destroy thousands of lives in a single day, there could be even a person who commit suicide from losing so much money just because you got hacked. I am not taking that risk.

coinswebid

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Quote from: rationaltechoptimist on May 13, 2019, 05:08:28 AM

If upfront costs are low and there is revenue sharing model, would you like to start your crypto exchange and test your marketing/non-tech skills?

if we talk about exchange is not only about marketing, but more than that
because an exchange must have a good security system, a lot of exchange hacked then gone,
because, all thus exchange didn't have enough security system to keep their platform secure

CryptoBry

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Quote from: cabron on May 13, 2019, 05:10:58 AM

Its not just the marketing skills that you would need in managing an exchanges, its a constant battle for the hackers who are going to take your funds. Think about it, if binance which has a big team team of technical guys weren't able to protect 247 of the security of their exchange. For a new comer in the business, you'd have to under go so much problems with it. But I'd like to set up my own, if I have to be part of the good team with experience.

There is a big money to be made doing the cryptocurrency exchange business but this business is not for the fainthearted as we know that any exchange can be subject to constant attack and when they can find your weakness soon you can be dead. Unless of course you are as good as Binance. Then, of course, there is the nightmare of customer and technical support and that means that if you don't have good and able guys running the business you may not be able to sleep even 5 hours a day! However, we know that the big potential is really there. I am now looking at a model where the users are also the owners...this can be a good idea to pursue.

Docbee

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Quote from: rationaltechoptimist on May 13, 2019, 05:08:28 AM

If upfront costs are low and there is revenue sharing model, would you like to start your crypto exchange and test your marketing/non-tech skills?

Don't you think there are too many exchanges already and only few amongst them are meaningful, i don't see need to add to various exchanges already created.

creeps

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Quote from: mrdeposit on May 20, 2019, 07:41:44 PM

Exchange is not something that can be useful with just marketing. There is much deeper information that we do not know. After creating, keeping it intact is the greatest feature. Otherwise, each exchange would easily be number one.

Exchanges must be fundamentally good and of course you can't just create and think for the easy money. If the upfront cost are low, it is still not good to build your own crypto exchanges not unless you're with the serious team and have some funds to assure that your exchange are secured. Deeper information to make exchanges better are being done by the professional, not everyone can build their own exchange even if its a cheap one.

eternalgloom

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Not a chance, I really wouldn't want to deal with all the regulatory issues that come with running your own exchange.
Upfront costs are just a very small part of overall costs and the market is already quite saturated.

Just think of all the fines you can receive, just from not having all your 'paperwork' in order, you'd really need to hire a lawyer and a good accountant to get everything in order.

babicena14

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If I had the necessary experience and a team of experienced developers, I think it has become a good business. But given the fact that the exchange is constantly suffering from hacking, I think it is best to develop a DEX platform.

Lawrenzoo

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Quote from: Ailmand on May 21, 2019, 02:47:11 AM

Quote from: rationaltechoptimist on May 13, 2019, 05:08:28 AM

If upfront costs are low and there is revenue sharing model, would you like to start your crypto exchange and test your marketing/non-tech skills?

No, it requires a lot of work, skills and effort. Not to mention you will have to find trust worthy people to work along woth you to be able to create an exchange.

And finding these people you mentioned also requires its own cost, so high cost of running an exchange is still not what one can shy away from. So i would not dare risk testing my skill on what i am not sure of and wasting money unnecessarily.

Simple_Plan

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Just as a worker wants to start his own business, a trader wants to sets up his own exchange. However, things are not easy in both cases. If a worker can leverage his old experience, a trader doesn't necessarily leverage his trading experience to launch an exchange. Marketing is seriously important in this case.

ryan992

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until now, never cross in my mind about set up my own crypto exchange, because I know its difficult make that one, at least you need a team, but if said about future, mybe I will do it, who know about future

Mighty_crypt

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No I can't because I'm not a software security professional ,they are the ones that can be capable of securing users fund ,even any techs that are low in price aren't ever good enough so if you find a way of making an exchange with low cost believe me its garbage setup and just in weeks hackers will torment and haunt your exchange

Ailmand

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Quote from: rationaltechoptimist on May 13, 2019, 05:08:28 AM

If upfront costs are low and there is revenue sharing model, would you like to start your crypto exchange and test your marketing/non-tech skills?

No, it requires a lot of work, skills and effort. Not to mention you will have to find trust worthy people to work along woth you to be able to create an exchange.

coin-investor

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Quote from: rationaltechoptimist on May 13, 2019, 05:08:28 AM

If upfront costs are low and there is revenue sharing model, would you like to start your crypto exchange and test your marketing/non-tech skills?

Running a crypto exchange needs a good team of security experts, we have seen so many hacks from company run exchange if hackers can do this easily on big companies like Cryptopia and the latest on Binance what more on a new non-tech run exchange, of course, I wouls like to have an exchange too but how much really is low upfront in an exchange like this.

labilaab

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If I have the skills to do it and resources to complete the process for it then why not? Since honestly I really like building one of omy own. Though it requires solid team and patience to enter crypto nature.

Genemind

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It's possible and it's a great idea as well but the risk is if people would have a knowledge about it and if people would know how to earn through it, there would be a lot of exchanges that will exist and there will also be a problem in the number of traders needed. There are lots of risks to consider upon making or managing our own exchange so it will surely be hard.

BlackFor3st

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If it will be available then the market should be crowded with countless number of exchanges as I will surely setup my own also knowing that I have the experience in marketing and other stuff that can help my exchange to grow.

But even if it is possible there are still plenty of things that we consider before deciding to setting up our own exchanges like security to battle any attacks, 24/7 customer support to provide solutions to any problems from the customer and etc. But if you are hard working and you like to research then nothing is impossible.

lyks15

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No I think this is too risky and the way to waste money. You see the bigtime investors that already creat their own crypto exchange most of them are now loss. I am marketing management graduate but still I am afraid to take a risk to create my own crypto because there are so many factors that need to consider in dealing in a very huge capital investment.

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