Bitcoin Forum

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?

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.

Why not if I have adequate knowledge on how exchange are set up and run, exchange is similar to mining and their set up capital are high there is no two ways about that and to operate a good and effective exchange you need both the material and human capital. Which can be costly.

I think this is for the guys that are already aspiring and having such dream for that, then if cost is reduced, it will be an advantage for them. Because, it is not just those with marketing skills, they also will understand the technology of the business.

If everyone has their own crypto exchange then who is going to trade on. ;D

It is not easy to make a successful crypto exchange and it can't be done by a single person you need team with appropriate skills.

you have to be really bad that economics to want to set up your own crypto exchange platform even with no costs up front!
like any other business, starting an exchange business requires a lot of money to spend to first create a very secure platform that people can have their money in it safely and without risk of getting hacked every day. and then you have to spend a lot of money advertising it to get people find out about your exchange and come test it out.
there is a lot of other considerations  too. but won't get into them. long story short, for the inexperienced it would be a waste of a ton of money and time.

Of course if i have got the chance to do this, it's a great opportunity. However i do understand there is so much more to put in place. If any opportunity arises, am gonna take good chance of

Why not? I mean there are so much great ideas among the crypto community that are not done by the major exchanges because firstly they want only to increase their profit and secondly they do not really hear to us. I would be a great idea to launch great exchange for regular users.

For sure yes, I would like to test out my marketing skills whether the community will use this exchange just like the top and respective ones. And cryptocurrency exchange is very profitable even though its bear or bull market. Traders are everywhere despite of the market condition.

Each person on their own crypto exchange! We deserve a personal crypto exchange  :). But seriously I am for the fact that the decentralized exchanges trading volume was more than now.

I would love to have an exchange 2 years ago.

But right now it is a dead job. Hundreds of exchanges which the only a couple are getting used.

I not preffer to set my own coin, because if something happen and the price drop i will be sorry for all investors and i can't do nothing to help them, maybe an exchange could be a good option but also need a lot of work and security to stay away from hackers.

Setting up an exchange is like taking responsibility for users funds ,that's gonna be on your neck ,and the truth is any low cost cyber security is shit ,it will be easy hacked so this is not a good opinion to me

Nope, I understand that this kind of business doesn't fit me and won't work well for me. The competition is very tough if its about the exchanges and I don't care those upfront costs would be that low. It isn't the sole basis that you need to consider when building up an exchange.

I would like to test my marketing skills but I can excel in some other type of revenue sharing model rather than with this industry.

Of course, I want to have my own crypto exchange if the price does not cost too high because I think we will have another potential source of income from our own exchange.
But how much that cost to setup the crypto exchange and what needs to be prepared?
I only think about how much budget I need to prepare if the price is low cost.

If you are doing this alone then marketing/non-tech skills wouldnt be enough unless if you do have a partner which do really have the knowledge and
skills on building and handling an exchange.This business isnt really just a simple as others,you do need lots of consideration or factors needed to be
maintained specially on building a platform which do involves lots of users/traders.

Well that is the best pint some one could pick lol. I think having a crypto exchange is a key towards making big and I mean big money but again, having an exchange is not as easy as possible. You need to have the best security system besides many very important things. This is why Binance got hacked right but they had the ability to fund back the victims. In order to have an exchange, you would have to take people in trust and confidence as why should they use it.

What about a dex? A self-sustaining model.
But when I think about it, both etherdelta and cryptobridge had the same problems as any exchange would have around KYC.

Profit from the market during this time is easy, it is too easy for the forex and stock markets. For those with knowledge I think their profits will be higher than those of fomo investors

For me, its like what Uncle Ben of Spiderman says



If you can actually set up an exchange worthy of low costs but is hackable, I would rather not. Security breach is one of the issues being faced by the blockchain industry. Plus, you really have to put in some good money for it to actually work. So what you said is actually contradictory to the truth.

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.

To be perfectly honest I think there are far too many exchanges and not enough good decentralized ones. If I could find a decent decentralised exchange that lists every coin and has reasonable levels of trading volume I would simply trade at that one exchange and forget about all the others. I have accounts at over 50 exchanges and my reason for opening the account in almost every instance was they were the only place to trade the token I wanted to trade. This industry needs consolidation not expansion.

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.

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.

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.

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.

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.

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.

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

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

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.