Bitcoin Forum

I am creating a new bitcoin exchange where people can buy and sell bitcoin. The idea is a place where people can sell their bitcoin to other users and buy from other users.

What do you like in an exchange and what makes you choose one exchange over another?

I need advice and suggestions for things you would like to see in an exchange.

What is the main purpose of making a new exchange? How are you planing to gain traffic. Don't know much about your project but creating an exchange from scratch is not really simple. Good luck though.

I understand creating from scratch is not easy (nothing good comes easy) so I bought a script and improved it. I am hoping to create an exchange where people can exchange bitcoin with others privately with a wide variety of payment options. I will advertise to draw the initial traffic but I hope it will be good enough to keep the users coming back. I just hope I can create a service that is good enough to retain the initial users, I can send a link to your PM.

There are a lot of exchanges out there now so that if you want your exchange to grow up or be used, you must have some differences from other exchanges because they have been succeed for a long time, people got used to use them.

what is the difference of yours and others ?

you have to be different in order to live.

good luck

Make a exchange in facebook messenger bot!!

What you need?
Trust. People have to trust you/your company to deposit money / coins there.
Safety. You have to make sure people's money / coins are safe. Cold storage, insurance are things to think of.
Usability. Your exchange's usability has to be very good.
Coins. You have to get many coins, but each coin means wallet(s) eating up resources.
Fees. Your fees (exchange and withdrawal too) may have to be lower than the competition at least for the start, until you gain liquidity.
Liquidity. You have to invest and attract people with coins. If nobody has anything to sell/buy on the exchange, there's no reason to go there.

Quite a lot of work and money there. Much more than "having bought a script".

Hopefully  people will come to trust the exchange with time and positive feedback from the first time users, I'm implementing a feedback system where people can give feedback on each trader and they can know the reliable and trusted traders. I don't have any coins I just hope people are willing to trade there. My fees will definitely be lower than other exchanges.

Is this the best  place to find people who can test the exchange? And what is the best way to convince people with coins to trade there? I know it will take a lot of work and  I am willing to do the work.

IMO do we really need another exchange  ::)

This is not a new idea, there are many places to exchange bitcoin, nowadays, it has become so popular, so it is difficult for you to create new exchange and competition. Please make something new.

If users get more benefits from your exchange rather than others, so why not?
Just think over what makes your project special?
Maybe higher operations speed, better interface, guaranted safety, different bonuses for users? There're lots of things to attract both users and investors.
Good luck!  ;)

It is really hard to make a new exchange successful, people get more and more paranoid nowadays. We had many hacks in the past, many exchanges have been closed. If you want to be really successful, you have to measure the market and add something to your exchange that is not available in others or "simply" make it better. Good luck with it!

The only way is to make a decentralized exchange, It has to be safe.

Creating a simple exchange with basic features is easy. The important thing is its operation and security costs and  it requires very dedicated and skilled team people.

There are quite a few exchanges. It seems like the regulatory burden would keep most new exchanges from being developed unless you have a huge bankroll to get started.

Nice to see a new exchange project. Is it like localbitcoins.com? I have a suggestion. When creating a exchange site, to get more visitors, you should do a lot of advertising through ad networks like mellowads , cointraffic etc. Also add all the coins what faucets are using like litecoin, Blackcoin, ether, primecoin etc with less fees so that you will get a lot of users that uses faucet sites.

There are plenty fin. Instruments, not yet or only partially implemented: short selling, options, futures, warrants, etc.. And by options I mean no way these binary casino-like shit. Would be nice to see that.

I'd reconsider if I were you. Creating a competitive exchange requires lots of money, knowledge and resources, and even then it'd just be another exchange. It's not like throwing up a website and calling it good, the backend infrastructure needs to be bullet-proof, among so many other considerations it's daunting to even think about. It's also a tonne of responsibility, are you ready for a potential swarm of angry people baying for your blood when things go tits up? I'm not trying to be negative, more of a reality check.

You say you're implementing a feedback system so people know which traders to trust, so your exchange does not follow the usual order book system? What features are you implementing that requires there to be an element of trust between traders?

You have to invest in the layout. I think an exchanger with varying parity would be good for the market, parity with: XMR/LTC/DASH/Waves

The market needs new parity to make money circulate more.

At present, there are many exchange platforms exist in the world, however, with the current speed of development of virtual currency, there is not any difficulty if you want to implement your ideas, I always advocate similar ideas.

Maybe some years too late. There were many others with this idea. And some of them are open-sourced.
Google "exchange cryptocurrency github" and fork the code you like most. No need to "buy a script" (whatever that might mean).

Most of the platforms that I have tried offers USD/Coins only. If you want your exchange to kick ass, try offering some other fiats such as YUAN/COINS, PHP/COINS, USD/COINS, EUR/COINS, and so on... I know that sounds very crazy but you were asking Ideas how to be different from the existing ones, right? With this concept you could attract investors to use your exchange as forex too.

The first thing is, why people should trust your exchange? As there are some famous and reliable exchanges right now.
- you need to assure that people funds and coins are safe
- easy to deposit, fiat currency and bitcoin
- no problem regards withdrawal and
- people easily to contact your support, customer service.

In case of good conditions why not to have few more exchanges? :)

Can you name several issues with current exchanges or you are definitely satisfied with their perfomance? 

Do you plan to create an exchanger for bitcoin to real world currency, or bitcoin to alt coins?

It needs to have 2FA, no shitcoins (like yobit) and smooth experience.

I think it's not a good idea, there are too many exchanges on the market today, we do not need the same things. However, we need something new, which is the only way for you to compete with them.

Security and low fees are the first things I want to see in an exchange. The users must be able to trust your exchange in order for them to deposit BTC to start trading.

Open a ico , and put your coin made on your exchange :) , by the way i want also to see a good security from a exchange , there are lots of hacking on exchanges and losing bitcoins

Indeed, there's nothing wrong to create your own exchange as long as you have enough money to build a great one.
I totally agree if your exchange offer a better experience compare to most exchanges such as Poloniex which has bad service right now or high fees on bittrex. In this business, if you can provide; fast, friendly and reliable service for customers, then you've win their heart to always use your service.

Creating an exchanger is a bit difficult nowadays, getting trust of the people just for depositing their bitcoins in your exchanger is not easy, there are a lot of exchangers being seized or just hacked. That is why i prefer to do my own exchanges, if i wanna buy waves, i buy them on their platform, if i wanna buy ethereum, i bought them through a safe wallet. I dont use exchangers anymore because i dont trust them anymore.
If you are gonna to create a new one, then make it trustable, otherwise, nobody is gonna deposit in there.

In my point of view to wrap up the things if you are gonna set up a new exchange portal then it must be safe, specialized may be decentralization would be an option for that. But  if you decided to set up as a competitor so you should have a good pricing, at least same quality of service and this is a must that you have to do some point differnent.

Creating an exchange is very hard because of the security , as a crypto exchanger, security will be the hardest. unless you wanna become mtgox

Do you want that exchanger to be widely known or for just a small amount of people. I think for wide audience, you need a lot of money because of so much and popular exchanger exist here.
On exchanger all I am looking for is low fees, optimized website, high speed connection and good support + many coins exchange.

Topic starter should think about

1. Cheap and safe solution for personal use
2. UX is monster either.
3. Mobile first

In case of these 3 points even) he can develop a killer platform at existing market.
Listen what people say about current platforms! There is a huge gap between perfect platform and what we have today.

Take care.

I wanted that there would be an opportunity on the stock exchange to buy different coins not only for bitcoins, but also for dollars...

Would you be glad to have all of this features handy IOs/Android?
Do you have example of app the app you are running on daily basis?
What fees may suit you, exactly?

Be honest my friend)

it would be a good idea, make a descentralized exchange like i saw posted here...

For me things you need to consider are what platform to be used?, are going to enter an ICO? Who will be your existing partners or supporters?, can you offer lower transaction fees than the others or maybe what make you better than the existing exchanges.

Would I look for is the same thing and everyone else is going to look for, the fact that you are going to be keeping up with the laws. That means know your customer, and that means that you're going to need a master Services baking license, that's it sit around $350,000, and a full inspection of your office.

I think may do exchange as yobit.net,many pairs,with withdrawals and deposits no only bitcoin.

You could use our API (we use it for ourselves @ www.nexchange.io, all open source btw) and i suppose we could help you with some other things needed to have your exchange project up and running. You're welcome to get in touch with me mantas@nexchange.co.uk

I'm think that's a good idea. I spent some time exploring it. Did you came across any working examples you could share?

Nice website, since this is not a third party exchanger, wondering how do you determine the price?

My friend just started an exchange this week. He aims to mainly buy/sell cryptocurrency to fiat, mostly sell. In my country the cryptocurrency has not been adopted widely, then its price always higher than price in other country.

This post will help him very much. Thank you.