Bitcoin Forum

What do you mean by "With Opencex you can create your crypto exchange" for free? I'm not sure if I understand correctly, but do you want to convey to us here in the forum that any community here on the forum platform can have their crypto exchange in this industry?

       Because most people know that when you build your exchange, you must have a large capital for it, and you must also have a team, and so on, then from what you are saying, it seems like it is easy to have your exchange.

What's the catch?

You surely wouldn't spend your time and resources creating such a good platform only for you to provide it for people to use for free. Would you?
There's something we probably don't know about.

How are you going to get funds to keep the project running? Donations from well-wishers?

I do not think most big investors or bag holders will risk the use of the forum because they want something cheap, aside from the fact that online security for exchanges is too costly to be rendered free or cheap. Additionally, I don't think it gives users custodial rights to their coins, which is a very dangerous offer. If you are truly interested in making such a public offering, then provide a decentralised exchange, give users custody of their coins, and request transaction fees, anything free here is suspect

I'm gonna compete with Binance and Coinbase with OpenCEX? This is huge and the design is very human, lol. Well, take this as a criticism but ideas like this will surely not thrive considering it takes a lot more than just creating it from scratch with you alone. Yes possibilities are endless but it's difficult to position yourself in this industry unless you really made some revolutionary feature and consider it decentralized, the CEX has a different distinction here lad.

What we mean is that most solutions are paid: someone who wants to build an exchange has to either buy a white label or order custom development. All of this costs a lot of money. But our crypto exchange engine is free.
Of course, then the owner/company will manage the exchange with the help of their team, which involves costs. But this doesn’t apply to the initial cost of developing the exchange as an online platform.

We believe that by developing as an open-source product we can achieve much more. We want to make OpenCEX an industry standard, just like Wordpress has become for building websites. There are many examples of large-cap opens-source companies, and this is our way.
We want to give the crypto community an easy and simple solution, and then make money on complex implementations for institutional players (banks, brokerage firms, etc.).

We want the code to be public. Going forward, we’ll have it independently audited and keep it secure.
We believe that openness and transparency of the code is the best way to keep it good.

OK, we’re open to accept criticism.
Of course, you won’t be able to make a world-class exchange with our free open-source engine and become a competitor to Binance. But you can create a local niche exchange.

Hello, future crypto exchange owners!

💹 We’d like to share a video overview of a demo exchange running on OpenCEX, our free open-source engine. Take a look at how well it works:

https://polygant.net/wp-content/uploads/2023/03/video-preview-btt-v1.png (https://www.youtube.com/watch?v=81DQp9Aen2M)

💡 And then try it live: https://a.65.109.204.172.sslip.io/

🖥️ After that, you may want to deploy OpenCEX immediately on your server. Then watch how to do it:

https://polygant.net/wp-content/uploads/2023/03/video-preview-btt-v2.png (https://www.youtube.com/watch?v=c-WnQkvBwf0)

Thanks for the response.

Might I suggest that this Announcement is best suitable for Service Announcements (https://bitcointalk.org/index.php?board=84.0) board?

However, that's for you to decide.

Hi.
Maybe we’d have started the topic there. But the Service Announcements board is in the Marketplace section, and there are only paid services and apps there. Ours is free, so it didn’t fit there.  :-\

I'm personally trying to understand why a common trader or crypto investor needs to lunch his own crypto exchange if everyone has his own exchange then who is going to trade on it and from where the liquidity will come through? For a moment let's consider that OP is providing free crypto exchange business ideas to the Bussniess minded people in the industry who are thinking of lunch their own exchange but why would they even trust the free crypto exchange setup as it's not at all reliable for them even who is trying to make it in cheap won't prefer it. I think OP's project idea is mishandled.

Hamza2424 thanks for your opinion!

we target:

• - Token issuers - to start the exchange of the issued token.
• - KOLs (bloggers, etc.) - to monetize the audience, open a crypto business and earn on commissions.
• - Financial institutions (Banks, brokers, payment systems) - to provide additional functionality to customers. Embed the exchange engine inside an existing product.
• - Governments - to create state cryptocurrency exchange.

We also plan to launch an educational crypto exchange based on OpenCEX engine with virtual cryptocurrencies in the near future to teach people how to trade.

I have a question, if I wanted to sell crypto (as an exchange) or invite people to sell theirs on mine... why would I choose OpenCEX rather than just use an open DEX?

Liquidity is going to be a major issue for anyone who wants to open their own CEX am I right?

I ask this honestly and out of real curiosity.

Thanks for your comment! We value every opinion.

You can use the DEX to start trading your token, but what about a coin with its own blockchain? DEX won't help you here.
In general, liquidity will be required in any case - it does not matter if you use DEX or CEX.
You can use special liquidity robots for this.

But if I want my token that has its own blockchain, then I would have to list it on an exchange, I cannot expect people to come to a new CEX just to buy my token, right? :)

Then it is a cost, whereas to create erc20 and go to DEX = free.

Liquidity is "half" the problem in this case for DEX, I already have my token, I need to only provide the other side of pair. But on CEX?

Thanks for your answer but I'm just super curious now to understand why anyone would want to build a cex whitelable now :)

Why not? :) Your coin, branded exchange - very synergistic! We receive a lot of requests from people who would like to issue their own token and make their own exchange.
At CEX, everything is the same. For example, to launch a TOKEN-USDT trading pair, you will need a certain amount of TOKENS and a certain amount of USDT. However, in the case of CEX, you have many more tools for market making. In particular, you don't have to freeze all liquidity, you only need it when a user wants to make a withdrawal from your platform.

I'm curious about the KYT implementation with scorechain. Could you explain how it works exactly and how customizable it is for an exchange owner?

Every incoming deposit can be verified for KYT. If the deposit did not pass the verification (came from a bad source), it will not be collected and an alert will be sent. You can then contact the user and carry out the necessary additional checks and take the necessary actions.

In order for KYT to work, you need to buy a service package from Scorechain and add the necessary keys.
We also plan to add Crystal Blockchain for KYT verification (exchange owner also would need to buy the package) .

Binance is down...  :-[
While @cz_binance is dealing with it,
make your own exchange with OpenCEX. 💹  8)

Hello friends!

 8)
OpenCEX v.1.2.0 is here!
The biggest and long-awaited release is already available! It has cool features you asked for and even more:

✔️ TRX and BNB coins, TRC-20 and BEP-20 tokens support
✔️ Light and dark themes
✔️ Customisation of the colour scheme
✔️ New crypto deposits system
✔️ New actions for deposits in admin panel
✔️ Minor fixes and improvements.

P.S. our OpenCEX account on Bitcointalk is blocked, will be grateful if you donate some merit to this account so that we can publish extended posts.

OpenCEX v.1.2.2 is here!

Here's what's inside:

✔️ Fixed multisig BTC transaction signature
✔️ Added Deposit button to the header
✔️ Added info about deposit fee on the Deposit page of the Wallet section
✔️ Made minor fixes.

https://polygant.net/wp-content/uploads/2023/03/OpenCEX_white_banner_960px.png


🎉 OpenCEX v.1.3.0 is here!

The big and long-awaited release is now available! It has cool features you asked for:

✔️ Adding custom tokens
✔️ Minor fixes

Hope you will enjoy it ;)

OP, good work! You're a blessing for the Bitcoin community! Although the exchanges built using your code/software will be centralized, the code itself being open source will make the creation of exchanges built with OpenCEX have less deterrent, and more permissionless.

"No-KYC exchanges built easier".

 8)

Find a GitHub alternative, OP. Your project might need it.

Plus the thread should probably be in Project Development.

OpenCEX can move this thread to a more relevant board. I agree with you that a Project development (https://bitcointalk.org/index.php?board=12.0) board is good for it now.

When the exchange officially goes live and operates, the OpenCEX team can create a new thread and choose a Service Announcements (https://bitcointalk.org/index.php?board=84.0) for that new thread.

When they release the exchange, the team can submit a request to https://kycnot.me/ team to list OpenCEX on that website. It will be like a free marketing on kycnot.me website that is a destination of non KYC enthusiasts.