Bitcoin Forum

Hey,

I just want to now - would you be interested in this exchange if there's no fees ?
It's impossible to buy/sell currencies when all of exchanges haves so huge fees.

At this exchange, there would be only 3 currencies:
 - BTC
 - LTC
 - USD

Fees:
 - 0% - transactions
 - 0% - widthdrawing
 - 0% - depositing

Features:
 - Quick & Secure servers
 - Absolutely without fees
 - SSL (https://)
 - more than 20 ways to Deposit/Withdraw funds
 - Trading bot!

So, would you like that idea? Would you trading at this exchange?

How can you make money without charging fees or introducing a spread? Exchanges are expensive to build, host and maintain. Deposits and withdrawals are even moreso, and you'll need to employ a number of people. How do you propose to fund this? Also, how would you maintain all those deposit/withdrawal methods with all the legal issues facing bitcoin today?

We have our own datacentre alredy. And answer for the rest of questions is: Donations.

Ok, well then to answer your original question, yes I would be very interested in trading on a fast exchange without fees and with easy ways of getting money in and out. Keep this thread updated if you make any progress on this goal. You might want to add a poll to this post to get better stats of the interest, though I think anyone would like an exchange as you described!

OK, Let's see.

By tricking prices  :D

who wouldnt be interested? but personally I wouldnt use it until it had volume and I suspect many others wouldnt either so it would be very difficult to get going, but not impossible

Yes, and that's the main problem. If I find someone who can help me with this when launched,  I can start this project...

Do you have any initial investment or a substantial amount of free time? Developing this could be very time consuming, and it won't be profitable for a long time especially without fees so you'll need some way to support this until that time. Perhaps you could consider building it off of https://github.com/buttercoin/buttercoin in order to save yourself some of the work?

Exchange that charges no fees and has no means of making money in their business model outside of 'donations' sounds like either a scam or destined to collapse and take all of the funds locked inside of the server with it (still a scam).

Thank you for posting, I know that script, but it's not PHP-based. I want purely PHP+MySQL script (on server side) and HTML/CSS/js on client side.
I can program this all by myself, but I agree it will be very time consuming, but I just want to help community to trading cryptos free.


Well, it may looks that way.
But reason why am I doing this is that I'm speculating with shares & commodity exchanges all the life. I just wanted to do something similar with BTC/LTC/USD. But in this industry there is only one big exchange (BTC-e) with huge fees, and it's impossible to trade with this fees.

So I decided to start exchange with no-fees. Mainly because me, so I can trade cryptos on my own exchange with no-fees. But I need more than one people to start this. ;)

Check out Kraken, it has no deposit fees, very small withdrawal fees, and its trading fees are at most 0.2%. They've only just opened from beta, so there's not a lot of trading going on right now. Obviously feel free to still make your own exchange, but check out what other exchanges can do in the meantime.

And what's the difference between Kraken & e.g. BTC-e?

Kraken is the first BTC exchange to support a lot of forex features, such as leverage, advanced order types and positions. Their API is very fully featured, and is better documented than any other exchange's. AML verification is also very simple and straightforward with Kraken (apparently BTC-e has none? that's very risky, BTC-e could be shut down at any time).

OK, then thank you for posting, it's good to know.

Anyway, my idea is about something different (mainly no fees)..

thank you for opinion. I'm glad to know that you don't like things with benefits like "free", etc.

The concept worked very well, it was called bitcoin24.com. Charged only for fiat deposits/withdrawals. Unfortunately shut down due to banking issues.

Our Service is momentarily not available.
All funds (EUR, USD, PLN, GBP & Bitcoins) are safe.
The Polish authority closed our Bank account in Poland.
The German prosecutor closed our Bank account in Germany.
Our lawyers are working with high pressure on a solution


 

Yeah, B24 had lots of volume. Having a good legal structure is key, so it's not only about software really. Most people have no idea what they are getting themselves into. Haven't you followed the headlines? B24, Bitfloor are two examples what can go wrong. You will have to study some AML laws, speak with governments, ...

You would have to front a very large amount of money for an exchange to work, to have enough capital to trade. Think in the $100,000 range.

Why? Capital is the part, which people must deposit..

Good idea，but difficult to achieve~

Right now Coin Market is free to trade, and supports LTC / USD, BTC / USD, and more!

https://www.coinmkt.com/

For how long? ;)

This projects is supposed to die from just start.

The main requirement for this projects to work is absolute independence on well-established money systems, banking systems, financial institutions and government. All of those wants to kill Bitcoin, and have no problem to block your accounts & freez your money whenever they want.

Russion servers or good & expensive lawyers could be solution.

There is no commission at CoinMKT until launch.

I don't think you understand the implications or the risks of working outside of the system. Inevitably, if you are independent of existing money systems, and trade for USD, you WILL have your accounts frozen, lose your customers' money, and be labelled as just another scam. Also, since you said you're not investing any capital, you won't be able to hire any lawyers to protect you.

If you want your exchange to trade fiat, you have to agree to the rules of fiat trading, which means you have to accept regulations. I very much doubt that CoinMKT will have their accounts frozen, as they have gone through all the correct protocols.

Sorry, I know this might sound harsh, but you really need to read up a lot more and understand these regulations before you go starting as massive a project as a new exchange. If you do not understand these regulations, and you do not register with the appropriate organisation, it will all end badly. Please don't put in any major planning or effort until you do, or you will inevitably bankrupt yourself, and receive a class action lawsuit from your customers.

You might be able to get away with a cryptocoin-only exchange (it's still risky though), but without accepting that you need to abide by AML and Fincen regulations you just can't safely trade fiat. Nor will you be able to have even one withdrawal/deposit method, let alone the 20 you want. Don't put yourself through this.

I didn't say that I dont want to invest some capital, only dont' wanna invest too much, until I musn't invest too much.

My answer is Russian money server. It's bad for USA non-russian speaking people, but BTC-e solved it same way, and people trading with BTC-e.

Hmm, well good luck then, but you should still be very careful.

Hi All,

I just had a chance to read up on this thread. I can say in short that:

We are working incredibly hard to be compliant in the US and provide a great service at the same time. A couple of points I'd like to make:

1. Just because it's hard doesn't mean we shouldn't do it.

2. The US market is the largest in the world.

3. We live here, and we want to trade cryptocurrency too.

4. So we're going to give it a shot.

We're doing everything we possibly can to lower risk, work with regulators, and build an awesome exchange. Is doing anything in the Bitcoin space "risky" by traditional standards? Probably. But we're willing to take that risk because we love the space, love crypto, and think we can provide a great service.

Personally I don't mind paying exchange fees, as long as they are reasonable. Exchange fees give me peace of mind that the exchange's business model is sustainable, and that my money will still be there tomorrow. I probably would never use a fee free exchange, for that reason.