Bitcoin Forum

Hi!

We're in the process of building an exchange from garlicoin to bitcoin. It'll be a bit more p2p - much closer to localbitcoins than binance for example.

What you look for in an exchange? Have you any ideas on how we can make this successful? Our intention is to provide options to the market. We expect to roll out to other new altcoins if it goes well.

Thanks!



Edit: Sorry I've realised I may have posted this in the wrong board!

I've never heard about garlicoin before, is your exchange only or mostly support garlucoin to bitcoin?

The most important thing to build an exchange is 'how to gain trust?' in order to attract people to use the exchange. If you can provide some information such as where the headquarter located and who is the owner, it will be good as a start.

Don't list a shitcoin, list only those major coins that has serious developers.

Have you ever heard of robinhood? They have millions of users already because of they have been known from other services (stocks) but now they are ready to jump to cryptocurrency. What's good with their service is they offer free charge.

IMHO, you're in the right board.

Thanks for the thoughts CyberKuro! Yes agreed building trust will be tough. We're hoping the more p2p nature of it will make it more relaxed and less "stock markety" like the bigger players such as binance.
Yes it's mostly to support garlicoin to bitcoin at the moment but we do plan to either add coins to it, or spin up different websites with other pairings.

Thanks botptc - yes I know of Robinhood. Ok thanks - we were looking at making it free for a time being also.

Good luck with your project, you know robinhood is a big shot already so they can earn from other source and not only with the fees but one day I know they will start charging. You can try out their strategy but make sure that you will be dedicated to it.

I like myetherwallet - multible coins
I like Airdrops
For value I use coinbase.
For buy/sale major coins I use gdax limit sale becase no fee and I can set the price.

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I am missing
- an exchange that support all airdrops / forks if airdrops when you coins is there
- POS - the exchange automatic set up a masternodes, get staking coins etc and give to coin holders
- iPad app
- iPhone app
- NO ref system for fee. I don't like to pay more just because I clicked a ref link
- licens/based in Europe

Try and include an app for Android and IOS as soon as possible.

Make it easy to trade on the go.

security and good customer service are two very important things that an exchange should have.




You should already be aware that almost all exchanges take a lot of time just to answer support tickets and take even more time to solve your customers' problems. It's not easy to fix this support issue because it requires you to hire many staff to ensure that support tickets are taken care of as quickly as possible. so you should focus on providing good support service because this will help you get more customers.

would be nice if you had physical office, you can use this (physical office) as a good advantage over other exchange... having physical office can attract big players to use your exchange.


You can add as many altcoins as you want, but do not forget to focus on the biggest problem "render good service"

It can never be fully p2p,that would only led the traders to scams and con-artists.There has to be a certain level of centralisation over the trades to maintain the integrity and security of an exchange.

- Great customer support.Write that in big bold words in your development room,your developers are of no use if you can't hire a GREAT support team.
 - Less service fees and obviously not ripping off money in form of 'this' or that fees.
 - To stand out from the existing services,you need to be extremely customer focused.
 - As an exchange,you strive to make a traders life easier and not stress him with unwanted support emails.

Thank you everyone for your thoughts - it's very useful!

Yes agreed support is extremely important. One of the things that we're trying to avoid is changing terms without notice. We got bitten by this on various exchanges.

Yes @Patatas agreed, it won't be completely p2p. It'll be a bit like an escrow service I suppose - a place to make offers and bids, but ultimately you're dealing with the buyer/seller but with our platform to ensure trades go through .

Some options are common but others are not valid to consider specially an exchange that do support all airdrops? then most likely that exchange would be shitty as hell overcrowded by shitcoins. All i can suggest is just based on majot altcoins and no othsr thsn thay.  The only thing i do like i do seek always on an exchange is a very active and responsive support.

For me exchanges are perfect for trading, so when I think on an exchange I only think on trading possibilities. For instance, I think that if coinbase didn't had Gdax, it would be a terrible exchange. I will start with interface:

- It should have a ladder with the ask and bid orders (just like Gdax).
- It should have charts with multiple time frames, and some indicators for you to choose from.
- It would be great to calculate the profit/loss of your current position, as the market fluctuates, since it helps you to make decisions, specially when you need to close a trade fast.
- Having a button with some default stakes you can use for your trades, and a "current stake" (the last amount used) would be great as well. I like scalping the market, and these are great shortcuts to have.
- You should be able to drag your orders from the ladder to different prices as well, or simple cancel them.
- You need an option to set up stop losses as well

On top of all these things, we need the basics of course, like a good connection with no lag, and fast price updates.

Will the exchange implement atomic swaps? Can you describe more how it will  be p2p?

I guess security is really essential?

Good luck to your project and we are here to support and give some comment ..