Bitcoin Forum

Do you think it's worth investing in cryptocurrency? Namely, I want to make the cryptocurrency exchange online service very high quality.
What can you advise?
What do you think is the most important thing in an online cryptocurrency exchange service?
I want to implement the highest quality service.
How can I get customer confidence?

Do not require any kyc , like binance does (only for daily withdrawal higher than 2 btc)
Never freeze user funds
Try to list good coins.

You can make a campaign here in bitcointalk to advertise your new exchange. If you pay with Bitcoin, much better.

Just by looking at the questions you have and how you deliver it I can quickly assume that you are a one man team and you have nobody else helping you. If we are talking about a " high quality" exchange then we are talking about company operated exchanges like Binance or UpBit these exchanges are run by companies with thousands of employees and they make sure that they have the best thing to offer for their users. If you want to battle them out and grab a piece of their market share I believe that you can't do it on your own and you need to have a team under you where you can battle them out by having a better service or rates for you to attract their users towards your platform. Other than a good UI, good rates you also need to have your exchange to be reliable meaning you won't have any down times happening 24/7.

You are on right place. Most here have some crypto investments.


Users fund must be safe. almost all exchange has been hacked and in some cases, his customers ran out of money.
Withdrawal must be easy and cheap. Not possible to withdraw must not happen.
as in any business, you have to do business fairly, no one will entrust his money if there is any doubt that they will be scammed.

All the above users have said almost everything I have in mind but I will add some few words.
 You need to make your exchange site easy to use, secure users fund or create an exchange where user are the bolder of their private keys, have mature customer support 24/7, make your trading fee cheap and dont use min withdrawal fee of 0.0005BTC (I hate exchange site that does it)  let mempool status determine withdrawal fee.

Why don't you set up a lightning exchange platform? Exchange platform using the lightning network with less than $ 100 value.
You can set a minimum acceptance of payments, an exchange between BTC/altcoins, and the possibility of withdrawing deposits at any time.
I believe that using the lightning network will bring you publicity, and you can gain trust by putting 1 BTC as a guarantee from a trusted person.
Trading fees will be Satoshis, and you can also add some games that make you win some Satoshis.

It's hard to start a new crypto currency exchange right now since as of now there is estimated 504 exchange has been existing right now here read this https://www.cryptimi.com/guides/how-many-cryptocurrency-exchanges-are-there and also you should read the pros and cons before putting your investment on that selection also here is an article about it  https://born2invest.com/articles/the-pros-and-cons-of-creating-new-cryptocurrency/

We would not be here in this forum if we thought the opposite. If you are looking for an unbiased answer to this question then you should ask somewhere else. Here more than 90% will answer yes because of what I said.

Sure very high quality. But do you have anything special in mind that other exchanges do not offer that makes you unique?

Get a development team but have something unique to develop on. You wont get any good ideas by asking in a forum. Ideas are "sold", not shared.

Several things are important, but I would say having a good support team and least delays in depositing and withdrawal is what attracts people. Again this is a personal choice. The reason why the recent exchanges went bankrupt at one time is that they failed to gather a business big enough to pay their employees and keep up with the market.

Everybody wants that. Do you have a working product already? Or are you looking for a team to develop one?

Confidence is earned by giving sincere service. It wont come overnight.

It's worth investing investing in the right coin, but not all the coin in the market, if you want to create an exchange, you should check the competition first, because some of your would be competitor, are more like a big corporation with huge funds and a lot of resources.
But if you are that serious security is one of the best feature that you should work on,

Yes

I dont really understand the type of advise you need but do what you have passion for.

Trust, safety and security of users funds.

Just check those already existed exchanges and see how you can improve on their weakness.
 
Register with appropriate financial body and do some PR.

It will help you make more positive wave if you can make available some real cash, which you will use to airdrop some good tokens in your exchange.
You can also provide a token swap service for those that don't want to go through the hurdle of trading.
Also, apply to new project to run their IEO in your crypto exchange,  this will for sure make it popular and reliable after series of project succeeds through it.
I also know that managing a crypto exchange is expensive,  but try to make your charges moderate so that small amounts of tokens won't be worthless after exchange. Possibly, get your crypto charges from a fraction of the exchanges token to build confidence on every token listed.

Then you're going to need a team of experienced professionals within that line. The web developer, advisors and so on.
You should start your exchange with lesser fee and a good UI and a Not too strict KYC.

Regardless what some of the other people are saying here, I think you should enforce KYC, since this would mean your exchange is compliant with AML regulations. Unless you plan to open a DEX that is.

Not only this, but I think you should list only the highest quality, most battle-tested digital assets. There should be very few coins derived from ICOs.

Lastly, it would be a welcome change to find an exchange with good customer support, this is usually seriously lacking on current exchanges.

I believe what most of the crypto community want now is a crypto exchange site that will offer better crypto to fiat transaction anonymously than Bisq which their services is somehow complicated and with the inclusion of good customer support, fast withdraw and competing fees.
Mind you, doing a signature campaign will make more crypto investors and traders aware of your exchange and it will slightly create some confidence either.

That's wrong information you've there mate. There is no way a company like Binance will have thousands of employees. If they did, it wouldn't take them ages to answer user queries or get "hacked". Don't know why one believes these are proper white label corporate companies. They're just temporary operations that have no certainty about tomorrow. I mean check their webpage they're too afraid to even disclose their team.

Indeed, no need to have thousands of employees to run a high-quality exchange, even with 7-10 people will be enough for the start. The most important thing to run exchange is sufficient funds to fund all initial and continuous exchange needs. Start to offer the services within a country, taking care of legality is the main thing for running a business. However, kyc and AML policy maybe required.

if an exchange requires KYC for some user, there is nothing stopping them from forcing everyone else to submit their KYC documents. even if you are getting away with not doing it for so long, there will come a day when they block your account until you hand over your documents.

Well, the same line of thinking applies to an exchange which doesn't requires any kyc now.

If an exchange does  not requires any kyc from any use,, there is  nothing stopping them from forcing everyone to submit their kyc documents.  Even If you are getting away with not doing so for years. There will come the day when they block your account until you hand over your documents.

Lol

There is no solution for this. Just use the exchanges until they block your account  and keep the balance empty

unfortunately that is very true. as long as we are using "centralized" exchanges our funds are going to be at risk and not just KYC risk, a lot of other risks such as the exchange scamming us.

but in my experience when an exchange has resisted this far and has not yet asked for KYC, they are not going to change specially if the exchange was created to fill that gap. for example BTC-e existed for many years and they never wanted KYC. the only thing that happened was that FBI kicked their door down and closed their exchange for good :D