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Author Topic: HOW TO SETUP/MANAGE A BIG CRYPTOCURRENCY EXCHANGE LIKE POLO/BITTREX/CRYPTOPIA  (Read 225 times)
Fivestar4everMVP
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December 05, 2017, 01:04:47 AM
 #1

HI ALL

ive got this few questions to ask as it is said in my country that "he who ask questions never misses his or her way Grin"

so here we go

Ever since i began my cryptocurrency journey, ive always had one desire which is to build a business around it, and after much taught about the kind of bussiness to build in crypto, i came up with one, owning a big cryto exchange like poloniex, bittrex, cryptopia (to mention but few).
i can actually say it came up to me cus ever since the first day i taught of owning a big cryto excahnge, ive not lived a minute without thinking about it even when i try to convince myself that i cant do it , something in me just keeps pushing me, telling me its hard but i can if only am willing to try.

the truth is that i have no knowledge at all what it takes to own a cryto exchange, but am very willing to learn, i what know all this , just some minutes ago , i was doing some research on this and i got to know about obtaining a licence which can cost pretty much depending on the country one is from, also security ,also buying softwares which i have no idea where to get them from if ever i decide to give this a shot.

i will be as dumb as ass if i say i dont know that building an exchange will cost a fortune, of course i already know this, and to be sincere,i dont have quater amount of money this will cost me if i decide to dive in but that not my problem, what i really want to know now is HOW ARE CRYPTOCURRENCY EXCHANGES BUILT? (i mean from scratch)
WHICH AND WHICH ARE SOFTWARES USED AND WHERE CAN ONE BUY THEM?
WHO AND WHO DO YOU THINK VERY IMPORTANT TO WORK WITH? (i mean professions like graphic designers and so on)

 this are th3 few questions i can remember for now ,  and i hope someone can be kind hearted enough to put me through in all this and many others questions i might have failed to ask here due to lack of knowledge,

thank you so much and i really do appreciate every comment that will come on here .

BitSend ◢◤Clients | Source
www.bitsend.info
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Segwit | Core 0.14 | Masternodes
XEVAN | DK3 | Electrum soon
Bitcore - BTX/BTC -Project












BSD -USDT | Bittrex | C.Gather | S.Exchange
Cryptopia | NovaExchange | Livecoin
Litebit.eu | Faucet | Bitsend Airdrop













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December 05, 2017, 01:52:24 AM
 #2

If you really want to start your own exchange but dont have you the experience to run one, or no experience to run a business then you have a very long road ahead of you including many failures and trials.

Having said that, you should first find a real job and gain some experience before going out on your own.



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crabby
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December 05, 2017, 03:08:29 AM
 #3

Oh wow, that is a big undertaking. There is a large misconception around here that you can just download a website like Poloniex and run a few scripts to have a multi million dollar exchange up. That is absolutely not the case. Each of those large exchanges has spent millions of dollars on security, infrastructure, support staff, buying reserves for each coin, and much more. If you want to start a multi million dollar exchange, I would suggest you start small. Pick something very focused and practical for you to implement and crush. Then keep expanding until you get to a larger scale. It will probably take 5-10 years, but that's really the only way it will happen.

Again, if someone tells you there is an easy way (such as downloading a simple script and website and running them) they are completely wrong. I can assure you there are no successful exchanges which downloaded their exchange online. The successful ones all built their exchange with a team of engineers they trusted. It can only be done through hard work and years of developing a sophisticated infrastructure.
Fivestar4everMVP
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December 05, 2017, 10:26:38 AM
 #4

If you really want to start your own exchange but dont have you the experience to run one, or no experience to run a business then you have a very long road ahead of you including many failures and trials.

Having said that, you should first find a real job and gain some experience before going out on your own.
thanks so you bro for your comment

Point to note, I never said I don't have any experience in any business at all,  in fact, to be sincere with you, am currently working in a polyethylene manufacturing company with 7 going to 8 years experience in the business/job, I also have an offline business which I manage when am off duty and my wife manages when am on duty, so that's to tell you I do have what it takes to succeed in business, I can assure you 99 percent that if am appointed a manager in a crypto exchange , I did manage it very well, efficiently and effectively, but being able to build my own crypto exchange platform is what I seek knowledge of how to do.

I do hope you understand the angle am coming from

BitSend ◢◤Clients | Source
www.bitsend.info
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███████████▄
██████████████
███████████▀
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Segwit | Core 0.14 | Masternodes
XEVAN | DK3 | Electrum soon
Bitcore - BTX/BTC -Project












BSD -USDT | Bittrex | C.Gather | S.Exchange
Cryptopia | NovaExchange | Livecoin
Litebit.eu | Faucet | Bitsend Airdrop













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Fivestar4everMVP
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December 05, 2017, 10:28:42 AM
 #5

Oh wow, that is a big undertaking. There is a large misconception around here that you can just download a website like Poloniex and run a few scripts to have a multi million dollar exchange up. That is absolutely not the case. Each of those large exchanges has spent millions of dollars on security, infrastructure, support staff, buying reserves for each coin, and much more. If you want to start a multi million dollar exchange, I would suggest you start small. Pick something very focused and practical for you to implement and crush. Then keep expanding until you get to a larger scale. It will probably take 5-10 years, but that's really the only way it will happen.

Again, if someone tells you there is an easy way (such as downloading a simple script and website and running them) they are completely wrong. I can assure you there are no successful exchanges which downloaded their exchange online. The successful ones all built their exchange with a team of engineers they trusted. It can only be done through hard work and years of developing a sophisticated infrastructure.
this is a very good point and advice, ive noted them down
Thank you so much

BitSend ◢◤Clients | Source
www.bitsend.info
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███████████▄
██████████████
███████████▀
████████▀
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Segwit | Core 0.14 | Masternodes
XEVAN | DK3 | Electrum soon
Bitcore - BTX/BTC -Project












BSD -USDT | Bittrex | C.Gather | S.Exchange
Cryptopia | NovaExchange | Livecoin
Litebit.eu | Faucet | Bitsend Airdrop













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null-zero-sum
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December 05, 2017, 02:17:45 PM
 #6

You should join Coss slack and get some inside information daily from Rune. He is very honest about what his dev team is currently working on.

1st aggregator of crypto liquidity https://stex.exchange/up/5jiebmsifio
Trade over 10,000 coins cross rates in one place - 100% dividend distribution
Fivestar4everMVP
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December 05, 2017, 06:28:08 PM
 #7

You should join Coss slack and get some inside information daily from Rune. He is very honest about what his dev team is currently working on.
I will definitely 😊

Thank you for the info

BitSend ◢◤Clients | Source
www.bitsend.info
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████████▄
███████████▄
██████████████
███████████▀
████████▀
█████▀
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Segwit | Core 0.14 | Masternodes
XEVAN | DK3 | Electrum soon
Bitcore - BTX/BTC -Project












BSD -USDT | Bittrex | C.Gather | S.Exchange
Cryptopia | NovaExchange | Livecoin
Litebit.eu | Faucet | Bitsend Airdrop













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tora
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December 05, 2017, 06:39:05 PM
 #8

At least you are honest enough to realise it is a big undertaking and you are lacking knowledge and funds. I had a retail business. Every business is looking for a Unique Selling Point to encourage customers to them as their competitors do not offer the same. There are many standard exchanges,both large and small, so why not try an exchange style that is not so competitive,and therefore not so expensive? There seems to be only one exchange that trades ERC-20 tokens. They have the monopoly. Why not give a rival exchange to them? Keep it small and simple to start with.

Fivestar4everMVP
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December 06, 2017, 01:54:24 AM
 #9

At least you are honest enough to realise it is a big undertaking and you are lacking knowledge and funds. I had a retail business. Every business is looking for a Unique Selling Point to encourage customers to them as their competitors do not offer the same. There are many standard exchanges,both large and small, so why not try an exchange style that is not so competitive,and therefore not so expensive? There seems to be only one exchange that trades ERC-20 tokens. They have the monopoly. Why not give a rival exchange to them? Keep it small and simple to start with.
you are very right, i have been trading crypto currency for a while now , i have used several exchangers and i have seen something very important which they all lack, thats where am going be working very hard on  if later later i decide to give this a shot, cus i believe with that alone implemented in my exchange, other exchangers can easily loss a good number of customers  Grin Grin

thank you for the heads up

BitSend ◢◤Clients | Source
www.bitsend.info
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███████████▄
██████████████
███████████▀
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Segwit | Core 0.14 | Masternodes
XEVAN | DK3 | Electrum soon
Bitcore - BTX/BTC -Project












BSD -USDT | Bittrex | C.Gather | S.Exchange
Cryptopia | NovaExchange | Livecoin
Litebit.eu | Faucet | Bitsend Airdrop













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illiki23
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December 06, 2017, 02:08:50 AM
 #10

HI ALL

ive got this few questions to ask as it is said in my country that "he who ask questions never misses his or her way Grin"

so here we go

Ever since i began my cryptocurrency journey, ive always had one desire which is to build a business around it, and after much taught about the kind of bussiness to build in crypto, i came up with one, owning a big cryto exchange like poloniex, bittrex, cryptopia (to mention but few).
i can actually say it came up to me cus ever since the first day i taught of owning a big cryto excahnge, ive not lived a minute without thinking about it even when i try to convince myself that i cant do it , something in me just keeps pushing me, telling me its hard but i can if only am willing to try.

the truth is that i have no knowledge at all what it takes to own a cryto exchange, but am very willing to learn, i what know all this , just some minutes ago , i was doing some research on this and i got to know about obtaining a licence which can cost pretty much depending on the country one is from, also security ,also buying softwares which i have no idea where to get them from if ever i decide to give this a shot.

i will be as dumb as ass if i say i dont know that building an exchange will cost a fortune, of course i already know this, and to be sincere,i dont have quater amount of money this will cost me if i decide to dive in but that not my problem, what i really want to know now is HOW ARE CRYPTOCURRENCY EXCHANGES BUILT? (i mean from scratch)
WHICH AND WHICH ARE SOFTWARES USED AND WHERE CAN ONE BUY THEM?
WHO AND WHO DO YOU THINK VERY IMPORTANT TO WORK WITH? (i mean professions like graphic designers and so on)

 this are th3 few questions i can remember for now ,  and i hope someone can be kind hearted enough to put me through in all this and many others questions i might have failed to ask here due to lack of knowledge,

thank you so much and i really do appreciate every comment that will come on here .

If you can't already answer these questions then you are definitely not anywhere near prepared to build an exchange.

It is not like making a web site.  There are some serious security considerations to consider.  Exchanges are also targetted more than normal.

If you don't already know these security issues and how to approach them then you should not even try.  There is just too much to learn and years of practice and experience to catch up on.  You won't just lose your own money but other's as well.

Fortunately there are many other ways to build a business around crypto currencies!  

Fivestar4everMVP
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December 06, 2017, 02:18:58 AM
 #11

HI ALL

ive got this few questions to ask as it is said in my country that "he who ask questions never misses his or her way Grin"

so here we go

Ever since i began my cryptocurrency journey, ive always had one desire which is to build a business around it, and after much taught about the kind of bussiness to build in crypto, i came up with one, owning a big cryto exchange like poloniex, bittrex, cryptopia (to mention but few).
i can actually say it came up to me cus ever since the first day i taught of owning a big cryto excahnge, ive not lived a minute without thinking about it even when i try to convince myself that i cant do it , something in me just keeps pushing me, telling me its hard but i can if only am willing to try.

the truth is that i have no knowledge at all what it takes to own a cryto exchange, but am very willing to learn, i what know all this , just some minutes ago , i was doing some research on this and i got to know about obtaining a licence which can cost pretty much depending on the country one is from, also security ,also buying softwares which i have no idea where to get them from if ever i decide to give this a shot.

i will be as dumb as ass if i say i dont know that building an exchange will cost a fortune, of course i already know this, and to be sincere,i dont have quater amount of money this will cost me if i decide to dive in but that not my problem, what i really want to know now is HOW ARE CRYPTOCURRENCY EXCHANGES BUILT? (i mean from scratch)
WHICH AND WHICH ARE SOFTWARES USED AND WHERE CAN ONE BUY THEM?
WHO AND WHO DO YOU THINK VERY IMPORTANT TO WORK WITH? (i mean professions like graphic designers and so on)

 this are th3 few questions i can remember for now ,  and i hope someone can be kind hearted enough to put me through in all this and many others questions i might have failed to ask here due to lack of knowledge,

thank you so much and i really do appreciate every comment that will come on here .

If you can't already answer these questions then you are definitely not anywhere near prepared to build an exchange.

It is not like making a web site.  There are some serious security considerations to consider.  Exchanges are also targetted more than normal.

If you don't already know these security issues and how to approach them then you should not even try.  There is just too much to learn and years of practice and experience to catch up on.  You won't just lose your own money but other's as well.

Fortunately there are many other ways to build a business around crypto currencies!  
yeah , i know in crypto exchange, security should be ones number one primary concern, i alrady know about this , like a friend told me , a cryto exchange is always under attack 24/7 , so without strong security, one just gonna loss everything he or she spent millions of dollars to build .
i understand this and i do have it at the back of my mind

thank you

BitSend ◢◤Clients | Source
www.bitsend.info
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████████▄
███████████▄
██████████████
███████████▀
████████▀
█████▀
█▀












Segwit | Core 0.14 | Masternodes
XEVAN | DK3 | Electrum soon
Bitcore - BTX/BTC -Project












BSD -USDT | Bittrex | C.Gather | S.Exchange
Cryptopia | NovaExchange | Livecoin
Litebit.eu | Faucet | Bitsend Airdrop













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cryptonx
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December 06, 2017, 02:22:36 AM
 #12

you should find a professional and trusted team members for a big exchange like poloniex and bittrex
if you don't have enough skill or funds on it

B O

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Fivestar4everMVP
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December 07, 2017, 10:14:10 AM
 #13

you should find a professional and trusted team members for a big exchange like poloniex and bittrex
if you don't have enough skill or funds on it
definitely yes, it's a must, I hope to start working on this by next year, hopefully by then, I did be able to find some good guys with the same interests as me with more experience than me to work with

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