First three steps in the bitcoin eco system

[Bitcoin Marketing]

Hi,

Building a whole new exchange business for investor in one of the biggest Asian markets he came to our development team and asked this simple question:

Whats the first 3 steps i need to take, in order to be successful with bitcoin exchange ?

We have it as part of the initial market research and as part of the road map, but i would like to hear more ideas and comments from the forum member.


Thanks in advance

[OmegaStarScream]

If I got you right you are planning to open an exchange , right ? In my opinion there is shitload of exchanges around here so incase you will offer something new and unique then I don't see why would someone use your exchange in the first place .
Make sure to open in different countries , (not only europe , Asia , America etc ... ) Worldwide ! Make also sure to give pretty good fees comparing to the other exchanges , and finally .. make sure to accept different payment methods .

[notlist3d]

If I got you right you are planning to open an exchange , right ? In my opinion there is shitload of exchanges around here so incase you will offer something new and unique then I don't see why would someone use your exchange in the first place .
Make sure to open in different countries , (not only europe , Asia , America etc ... ) Worldwide ! Make also sure to give pretty good fees comparing to the other exchanges , and finally .. make sure to accept different payment methods .

The problem is it is very epensive to be a exchange.  They pay lawyers a lot to make sure they are legal, and set up in certain countries and pay for licenses and follow all kinds of laws.  This keeps them from money launering  or basically a lot of time in jail.

Most focus on a region as cost is so high to do, so they focus on certain areas.  A worldwide exchange will not happen unless rules change alot.

Only ones that seem to get around it are the ones that just do digital money, an never touch fiat.  But those you can not put money into from bank or  send to bank, etc.

[foxkyu]

I think the most important is you have to show your member your real ID. So member ca trust your exchange.

Then you have to follow legal stuff and regulation in your local country, to make sure you are legit service.

And make a good promotion to interest more people.

[gentlemand]

Will it alts only or involve fiat? if it's the latter then it'll all be for nothing unless you secure a rock solid banking relationship. That's where I'd begin.

[Mickeyb]

Security is first! People want that their money is secure, especially in crypto.

Second is transparency. People should always have insight into all of the exchange addresses so that they are sure their money is there. Btc38 alt coin exchange has this practice for example and they are one of the rare ones.

Third, you need to open your exchange as available to the most people around this world to use it. Of course, this depends where are you gonna open it, payment methods we you will accept, local laws that you need to respect and licenses that you need to obtain so you could operate in certain parts of the world, eg BitLicense in NY!

[rkandrades]

My points for the tree steps are:

1st: Security.

You should keep your bitcoins safe. Cold wallet are the best option. Use computers with antivirus and firewall and do not visit or interact with suspicious sites and users.

2nd: Don't be a scammer.

Don't try to get money samming other people. The bitcoin environment is growing fastly and we need people inentivating good deals and legit actions.

3rd: Read a lot.

Read all as you can. There a lot of important issues to understand before investing or handling with bitcoins. Always make intelligent and studied moves and you will profit.

Good luck!

[Harry Hood]

Most of you are not answering the question - the OP is not asking  for your opinion on how hard it is or how much it costs, they're asking  for your opinion on the first three steps to do it!

1. Have the funds to run the exchange and cover deposits .

2. Build the exchange to have the best balance of convenient use (i.e., good user interface and user experience) AND security

3. Build an efficient process to provide accurate and fair pricing

From here you can build your operation and brand. Good luck with your research!

[coinyoo]

Security. if you want to get trust, you must increase the security of bitcoin exchange as much as possible, in my opinion.

[Daisy14]

I think the most important is you have to show your member your real ID. So member ca trust your exchange.

Then you have to follow legal stuff and regulation in your local country, to make sure you are legit service.

And make a good promotion to interest more people.

Also, a signature campaign on bitcointalk.org and other bitcoin forums will be necessary to create awareness about the new btc exchange you've started.