Bitcoin Forum

My name is Oleg, I am from Israel originally, residing with my family in Lithuania now.
I am doing professional software development for living for 8 years now.
I was part of several Israeli ventures as Tomigo.com (http://Tomigo.com) and VitaPersonal (https://play.google.com/store/apps/details?id=com.vitapersonal.proteins&hl=en (https://play.google.com/store/apps/details?id=com.vitapersonal.proteins&hl=en)).
I also spent some time working for rocket-internet.com (http://rocket-internet.com) in Berlin as a Senior Software Engineer.

For the past year an a half, Nexchange.io (http://Nexchange.io), right there below my family, was my entires life, day and night, and I appreciate the time you take to read into this post to all it's details.

My first encounter with Bitcoin was when my friend Boaz Bechar, who was back then the CEO of blocktrail.com, (http://blocktrail.com,) which later merged into Bitmain and became btc.com (http://btc.com) offered to pay me a some money
with Bitcoin instead of cash.
I was silly enough to decline and suggested PayPal instead, arguing that a whole Bitcoin is too much for what he owes me, and how can you possibly send a part of a coin, do you smash it and break it to pieces?!
That was somewhere in the beginning of the current decade.

Couple of years later, me a business associate of mine, recognised the high arbitrage opportunities in the global Bitcoin markets, and that's how Nexchange was born.

After understanding the principle and potential, I can genuinely and honestly say I was not as much excited about any technology in my left as much before in my life!
The first commits of the Nexchange service based backend (API), were made then out of modest AirBnb place in Florence, Tuscany, somewhere on late June last year.

Before I introduce you to our product, which is a pretty big deal for us, and took us through a miraculous time of sweat and hard work, and sometimes even tears,
I would like to write a sentence or 2 about what we stand for.

Nexchange is brought to you by crypto enthusiasts, for crypto enthusiasts.
Our five key principles are:

1. ZeroBalance - We will never take charge of your funds behalf of you without you explicitly asking us to do so, and even then we will educate every single user about security and the importance of an offline wallet.
An article about the importance of funds security was published by me earlier this year, and was selected for the keepingstock.net financial publication - https://medium.com/@IoOleg/your-bitcoins-might-be-at-risk-162ed1f1b725 (https://medium.com/@IoOleg/your-bitcoins-might-be-at-risk-162ed1f1b725)

2. Risk management - We will never take any position against our client, or in any way act in a way that can compromise the interests of our clients, the ZeroBalance described above is part of that philosophy.

3. Guaranteed execution - No trade will be rejected / refunded based on momentary market changes resulting in us not being able to capitalise on our customer's trade.

4. Full transparency - All of our platform's orders, transactions, real time and historic price data, as well as our financial reserves and addresses are fully available through out api, which is documented and tested by Apiary.io
http://docs.nexchange2.apiary.io (http://docs.nexchange2.apiary.io)

5. Open source - we believe in giving back to this great community, and that anybody that has sufficient knowledge and funds, can make his own exchange, based on our open source code, in conjunction with our API (or not).
We believe that this will enhance the diversity of the market an the distribution of Bitcoin and Altcoins, and will encourage competition, thus, enhancing the service every each and one of you receives.

Our ReactJS + Redux website (nexchange.io (http://nexchange.io)) is fully open source and available via GitHub under Apache2 license.
https://github.com/onitsoft/nexchange-open-client-react (https://github.com/onitsoft/nexchange-open-client-react)

This is just the start: our backend supports many more features which will be rollout gradually:
- Push notifications
- Referrals
- Limit orders (pre-funded, notification based)
- Auto executing orders (based on address)
- Fiat integration (for now only popular wallets that do not have anti-Bitcoin policies)
- Integrated multi SHA256, Scrypt, X11, X13, X15 mining pool
- Market based exchnage
- Market-traders would be able to enjoy part of the spread we charge on the instant option
- PaaS (platform as a service, also for market based exchanges)
- Microsoft Chatbot Framework client to enable trading by texting
- Many more coins - based on what you guys need!
- Whatever our users will tell us that is important for them, by words of tongue(email), but mostly with the clicks of their mice

Whichever features will rollout, and when, actually depends solely on your, so this is you choice vote with your feet.
We are committed to open source all of our frontend code, and some backend modules as we see fit.

Our goal is to become your one stop crypto shop, for all of your crypto-needs.
But to to do so, fairly, transparently, and with no greed.

Why should you use us?

Throughout September we will be offering 0 (Zero) fee trading, basically our price is the same as Kraken or Poloniex, but we always respond to API requests and do not take custody of your funds.

We are more than open to partnership proposals and generally any idea for improving our services and making this community bigger, better, and safer.

Our service based backend is actually ready to serve any business clients (shifters or exchanges) already today, using simple, header-based authentication.
Check the specs here: http://docs.nexchange2.apiary.io (http://docs.nexchange2.apiary.io)
And shoot us an email with with any question or clarification - support@nexchange.io

My personal email is oleg@nexchange.io

Thank you for your attention guys, and for having this forum as a stage for new ventures to reach out to the community.


P.S
This is my LinkedIn https://www.linkedin.com/in/oleg-belousov-b4112145/ (https://www.linkedin.com/in/oleg-belousov-b4112145/)
However, all the credit should go to our amazing team which you can learn more about on our website  ;)

P.S 2
We are also on ProductHunt
https://www.producthunt.com/posts/nexchange (https://www.producthunt.com/posts/nexchange)

Very nice service and completely open source frontend, like it a lot!

Had a quick look at your exchange. Personally, I'm looking far into 2018 and beyond, hoping that decentralised exchanges take off and we can somehow rely on them better. You mentioned transparency a few times and I think that will resound well with a lot of users frustrated with being kept in the dark about developments at the major exchanges.

My only advice to you is this. Keep a very close eye on your userbase. If it grows, and it surely will, if you perform, the demands on customer service and support will grow beyond the capacities of your Airbnb apartment and your skeleton crew. Invest early in customer support. Train them now, and keep on taking them on to maintain clients. I tell you what: people don't care much about anything else on exchanges. They'll even set aside high fees if you process payments quickly and respond efficiently to problems.

Simple tracking of customer enquiry resolutions will help you identify your needs. If you can keep tickets down to 12 hours or less, you're good. Once the window increases to 24 hours, you want to do something about it before it escalates out of hand.

Thanks for your feedback, it is highly appreciated.

We actually have a full-time community manager, and 2 guy's with purely administrative duties.
I hope we will be fine for now.

In 3 months we hope to conquer 1% of the instant crypto-to-crypto market (controlled mainly by ShapeShift - 30%, Changelly - 50%, and other small exchanges - 20%).

Other than our commitment to contribute 10% of our profits to open-source continuously, on a monthly basis, the rest will obviously be invested in making the company better, more relevant for the users' demands, emphasising uncompromising excellent service.

One thing you cannot do in a 'decentralised exchange', is cold signing, you will always have to use their integrated warm wallet for traded funds.

While with our platform, when  trading 100 ETH, in case you do not trust us enough yet, you can split it to 100 separate transactions (or 10), the first one will require opening an order, while the 99 others will convert automatically according to the terms on the original trade (we use unique deposit addresses).

You can read more about no-custodial exchanges Vs. Decentralised exchanges on my Medium post:
https://medium.com/@IoOleg/your-bitcoins-might-be-at-risk-162ed1f1b725

Thanks man!
That means the world to us!

Thanks for being transparent with us first of all, I really wish your project all the best and when you're building a project like this that are dealing with other peoples value, then please make sure to invest a chunk of the money into a contract audit from a reputable person. It is better to have it all sorted out so you can rest assured that you've brought life to an amazing project.
Best of luck to you, if you need any sparring in the future, please feel free to PM me, I'm a blockchain developer and I've coded an exchange previously :)

Hello AdisBegic,
Thank you for your feedback.

What exactly are you suggesting to audit?
Our code? our cold storage?

As mentioned in the post, the exchange is done on an on-the-spot basis by our backend, we do not withhold any of our customers funds.
We only accept orders up to the current amount we have in our reserves, and there is a cryptographic proof of fact for that as part of our API.
Given those facts, it is hard for me to understand which part of the platform you would like to audit for us, but feel free to contact me via LinkedIn with any further suggestions for business cooperation.

Kind regards,
Oleg.

1% would be an amazing market share to capture, good to have such ambition. You already win hands down when it comes to spreads - and if you want to offer instant change like ShapeShift or Changelly at Kraken rates, you better expect the deluge of customers!

I did say that I'm throwing my support behind dexs, but I still see a lot of value in having a centralised exchange - if you could find a way to eliminate some of that centralised control issues, while maintaining some of the features polo and bittrex have (margin and lending among others), that could be another ingredient for success.

Re your comment about splitting 100 ETH into 100 separate txs... I don't think I understand what you mean. How would 100 txs into 100 unique addresses make my ETH any more secure? I'm still depositing to your exchange addresses?

I've visited your site, but I'm still confused to trade there. If you wish you can make a short video how to trade and use your exchanger. Thanks

Hello dealung,
Thank you for your feedback!

We are looking for a professional presenter for that purpose, however the person must be a native English speaker with a pleasant voice and pronunciation.

I am my-self is biased, and far from being a good fit for that job, as for me, every system I have ever built was self explanatory.

If you think you are a good match for this assignment, please contact me via LinkedIn, as I like to see who I am in business with.

Hi buwaytress!

Thanks for the follow-up!

First of all no, 100 txs of 1 ETH are not more secured than one tx of 100 ETH.
Nevertheless, there is less risk involved in sending 1 ETH and waiting for the counter-transaction to appear in the blockchain every time, than exchanging the entire amount at a single time.

With that said, a cold-signed transaction is always more secure than a hot-signed transaction!
Whether it is 1 ETH or 100 ETH, the advantage of cold-signing to the security of your private key is obvious, and there is no decentralised exchange that allows you to enjoy that advantage.

Nevertheless, we do.

I've used Nexchange.io several times and it's been really fast and reliable...very nice service for quick exchanges.
Can't wait to see more choices there. Works way faster than waiting for exchange deposits and withdrawals.
I am watching this project with a lot of interest. Keep up the good work!

Thanks for your feedback!
You are always welcome!

O.

https://blockchain.info/tx/1bc911feb892bbb61911ccf74326161ef2c0fff68b95415300fcc4f134295614

What about this tx? 10 USD exactly ;)

Sorry, but I do not understand this transition. What exactly did you mean by this?

Ignore if this does not apply to me ...

Sorry, that was a TX id for a user that said that he did not receive the bonus.
Was not meant for you!

Have a great weekend man!

I would like to notice that while our Beta Testing campaign was removed for no evident reason by the administration of the forum, and no notice was given.
Our Beta Testing campaign still continues via our Facebook page (http://facbook.com/NexchangeIO).

A member of the community had contacted us and suggested that our campaign was perceived as a give-away.

In a few days, we will launch a new campaign, including:

1. Bug bounty ($1000 US in BTC minimum for an accepted bug submission).
2. Penetration testing bounty (We will double any funds you will be able to extract from the Exchange, anonymously).
3. Beta testing - 5$ USD per Beta tester, and a chance to enjoy a great product while it is still making it's first steps.

Kind regards,
O.

Pleased to hear that you are taking a good steps to make your exchange even more powerful platform. Is there any plans to add support for more coins into your platform?
Too bad for the Beta Testing campaign. I hope next time it will be better. Maybe you can submit a query to moderators how to formulate such a campaign properly?

Good luck with your service!

I went through the website and I must say you have a nice interface and even very mobile friendly platform at that. But the issue I saw was that, there is no way to create an account in other to really have a feel of the website without placing an order. I think that should be looked into in other to see the charts and all others. Also, there are few coins one can convert to there. Hopefully to see several added in the coming days.

Another thing to commend is the transparency you boast of which I see no one is hiding behind anonymity in the team but my concern is.

1. What's your site concern about KYC considering the various eye brows such issue have generated in the industry?

2. What are your procedure to adding a new coin to the list of what you already have?

Hi audaciousbeing,
Thanks for your feedback!

Our answers to your questions are below:
1. At the moment the site is completely anonymous, we might add accounts later on but only if we have a really good reason.
Hence either if many users request it, or if many users request a feature that cannot be implemented without (optional) registration (for example, fiat integration).

In short, we will never force people to identify themselves, as it is against the principles we stand by.
As for the eyebrows being raised, in our jurisdiction (UK), no KYC procedure is required as long as we do not transact in fiat.

2. As for adding new coins: if enough people request a coin, we add it, it's as simple as that.
Next coins in the queue to go live are zCash (ZEC) and Monero (XMR).

It would be my pleasure to answer any follow up questions below!


Kind regards,
O.

And, it's live!
https://bitcointalk.org/index.php?topic=2165808.0;topicseen (https://bitcointalk.org/index.php?topic=2165808.0;topicseen)

That's great news! Let me see what I can do.
Keep up the good work!

There is something particularly strange about the transactions listed on the front-page of your site. For these ones:

https://image.ibb.co/iMVdbv/image.png

They are all initiated from seemingly unrelated BTC addresses but withdrawn to the same Ethereum address - 0x677355689AA4c809Def879eA06f66939db782F47. However, those BTC addresses are not unrelated; they all have 0 BTC balances and have 0 transactions.

---

Here are the images for the first 5 (images link to Blockchain.info/Etherscan.io)...

#1 - 1 BTC to 14.17 ETH

Transaction Details In Nexchange API:

http://image.ibb.co/k7UUGv/image.png (https://api.nexchange.io/en/api/v1/orders/OOGL9V/)

Depositing BTC Address:

http://image.ibb.co/ioco9F/image.png (https://blockchain.info/address/17ysr7C2ZwrKY7SwdQxMPma5sP5qovUcfE)

Withdrawal Eth Address:

http://image.ibb.co/ddsYbv/image.png (https://etherscan.io/address/0x677355689AA4c809Def879eA06f66939db782F47)

#2 - 0.02 BTC to 0.282 ETH

Transaction Details In Nexchange API:

http://image.ibb.co/czcc3a/image.png (https://api.nexchange.io/en/api/v1/orders/OIVLAR/)

Depositing BTC Address:

http://image.ibb.co/nGMvOa/image.png (https://blockchain.info/address/1Ac5TruFxfHG6DQezU3jVoPNFpHprhyTBs)

Withdrawal Eth Address:

Same as above

#3 - 0.02 BTC to 0.282 ETH

Transaction Details In Nexchange API:

http://image.ibb.co/jxSibv/image.png (https://api.nexchange.io/en/api/v1/orders/O2T1ST/)

Depositing BTC Address:

http://image.ibb.co/gORvOa/image.png (https://blockchain.info/address/1Aiuofa3k8GQvujyMTzptWoTKY7mn1Hiv4)

Withdrawal Eth Address:

Same as above

#4 - 0.02 BTC to 0.283 ETH

Transaction Details In Nexchange API:

http://image.ibb.co/g0zRUF/image.png (https://api.nexchange.io/en/api/v1/orders/OYW6ZI/)

Depositing BTC Address:

http://image.ibb.co/fgv3bv/image.png (https://blockchain.info/address/16TZqm56rRpJ3NjJSvFdmK1GRKqKfviyv9)

Withdrawal Eth Address:

Same as above

#5 - 0.02 BTC to 0.283 ETH

Transaction Details In Nexchange API:

http://image.ibb.co/kvVVOa/image.png (https://api.nexchange.io/en/api/v1/orders/OYRFHQ/)

Depositing BTC Address:

http://image.ibb.co/czuDbv/image.png (https://blockchain.info/address/1AKn7uS5nqPdbVQf38GUHMJmyccHw6cmjf)

Withdrawal Eth Address:

Same as above

---

Care to clarify what's going on?

I have noticed the same thing. I think these are initiated but not completed orders.
This would explain 0 transactions at the recipient address. Each time a new order is initiated, a new receiving address is generated.
And since the ETH address is always the same I assume it is the same user, but he initiate exchange multiple times for some reason.

That's the thing, it's the depositing address that has 0 transactions and 0 BTC balance not the recipient address. Every single one of them with 0. Perhaps they may not be completed but if you look at the API page, the completion deadline is 15 minutes after the transaction is initiated and all of them are at least 1 hour old now.

It looks like a good exchange. As you already mentioned the competition is tough (shapeshift and changelly) but if you start offering a good and reliable service you should acquire more than 1% of the market share.
Anyway, for the time being, before trying it, I would suggest you add byteball to your platform.
 ;)
Good luck

That's what I meant - depositing address. Every time a new exchange is triggered, a new order and new depositing address is generated.
If you do not send the funds to that address in specified period, the order will remain in API log but will not have any traffic.

You can test it yourself. Start a new exchange, and don't make a payment. You'll see a similar entry in the list of orders.

Oh, I understood "recipient" as literally recipient.


I just tried it and yeah, it generates new BTC addresses so that explains it:

http://image.ibb.co/gWmUzF/image.png

It seems whoever owns that Eth address is a beta tester.

I take it that everything is understood and OK now?
Please do not hesitate to contact us personally with any questions or concerns

mailto:support+bitcointalk@nexchange.io (http://mailto:support+bitcointalk@nexchange.io)

Also, we have launched our API explorer today, as we got feedback that reading JSON responses in the browser is annoying:

https://api.nexchange.io/en/api/v1/orders/ (https://api.nexchange.io/en/api/v1/orders/)

Are you planning to add Zencash?

Possibly, though top 100 coins (by cap) have a much higher priority ATM.

Kind regards,
O.

ZenCash Team would like to talk about terms of listing on your exchange, please inform me about procedure.

https://bitcointalk.org/index.php?topic=2047435.0
https://zensystem.io/
https://www.bittrex.com/Market/Index?MarketName=BTC-ZEN

ZenCash is at 154 position at coinmarketcap.com, but things are changing, better look at some other indicators such as miners and community. We have over 2250 members on slack channel. Daily volume of trade Bittrex is between 50-150BTC's..

hello, I have ordered an exchange from ETH to XVG yesterday. I sent the ETH but nothing received. I sent an email to support team but nobody has answered. Is there any delay in weekends? The exchange form has not refund address field. How you determine who has send the money?
update: I received the XVGs after 24 hours. The answered my email and said sorry for delay!

The UI looks pretty good!
Good luck with this.