Need Suggestions: New Exchange platform

[maxtra]

Hello,
I need some suggestions from bitcoin community, i researched a lot about the business model, still want to know from the community about how i can make maximum profit through the exchange platform.

I've a registered business, domain name with SSL, custom developed application, it will be going to be live within a few days.
Now whats the next step.

Assume, I start advertising & marketing campaign and people start depositing money through bank/payment gateways,
1. then what's the next step?
2. Do i need to buy bitcoin from somewhere else and deposit in the wallet address?
3. In case i've to buy bitcoins, from where?
4. About about buying and selling price? what's your suggestion?
5. Timeline would be important between payment deposit  and assigning them bitcoins, how to reduce to minimum?
6. Plan to charge only 5-7% of transnational amount, any calculation on profit?
7. Anything else you would like to suggest?

Thank a lot, I may ask a few more questions.

[1714681118]

1714681118

[1714681118]

1714681118

[1714681118]

1714681118

[Sammylezzy]

Buy additional coins at cheap rate, hold and trade them when it is at higher rate

[Afnan_faizah]

Do you create an exchanges site?
Then you should attracts more people to use your exchanges platform. Thrust me it isn't easy, people looking for something which will give them benefits. If you look at kucoin exchanges, then you will find that many people use that exchanges platform it's because they share 50% transaction fee that they collect for kucoin holders.

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[Novo]

where you can quickly buy / sell a lot of bitcoins at once?

[nsiman]

You've got great idea but I'll advise  you make sure all logistics  are in place first

[iddqd21]

it seems to me that you are going to start the business without a business plan. well, no one will do it for you for free; so calm down, think twice about what you want to achieve and then act

[GamerSky]

Don't take my advice without extra thinking, I'm mere saying what I think I'd do if I were you:

2. Do i need to buy bitcoin from somewhere else and deposit in the wallet address?
I guess you'll need to have a starting capital in all currencies that you'd like to add in your exchange, it'll allow you to initiate a faster flow of users, maybe you should look for users that sell/buy regularly and ask them to use your platform to kick start your trading volume.

4. About about buying and selling price? what's your suggestion?
I suggest you check the existing platforms and see their rates, then see your current and expected expenses, and from there you can start placing a range for exchange.

5. Timeline would be important between payment deposit  and assigning them bitcoins, how to reduce to minimum?
Do you mean confirmation time? if so, with segwit it should start getting lower, I believe all exchanges require minimum of 3 confirmations before crediting your account. However, if you have high volume and prepared to take small loses, you can credit deposits after 0~1 confirmation, just make sure to lock the user from withdrawing funds until the transaction confirms.

6. Plan to charge only 5-7% of transnational amount, any calculation on profit?
Guess you'll have to do it your self, hire a proffisional to do it, or wait until someone with more experience to answer it.

7. Anything else you would like to suggest?
Make sure you have legal matters covered, so make sure to discuss it with a lawyer depending on your location and your company location. Also, soon as you start rolling some profits, make a solid investment in security, because getting hacked will cost you lots. Finally, provide proper training for whoever works with you, and make sure they don't leak secrets, data, logins, or whatever, and try not to trust based on humanity, make sure everything is signed and documented.

Hope you find this useful.

[Slow death]

@GamerSky

Name: GamerSky
Posts: 2
Activity: 2
Merit: 0
Position: Newbie
Date Registered: Today at 04:46:36 PM
Last Active: Today at 05:15:56 PM


Your post history shows that you have good post quality, welcome to bitcointalk

Make sure you have legal matters covered, so make sure to discuss it with a lawyer depending on your location and your company location.

This is a very important point that PO should take seriously and should not ignore, which is seen in many services of the internet and it seems that the websites do not know the right that consumers are and constantly infringe these consumer rights

7. Anything else you would like to suggest?

Well, I believe that you should already know that many people suffer in exchange because many exchange has a bad service to the support and this is a great challenge for the exchange itself, so do some deep study so that you can provide a service to the support of high quality, you will win many customers