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Author Topic: BTC/LTC/USD no-fee exchange!  (Read 2467 times)
johny1976
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September 09, 2013, 07:08:41 PM
Last edit: September 09, 2013, 08:03:26 PM by johny1976
 #1

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?
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nitrous
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September 09, 2013, 07:43:54 PM
 #2

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?

Donations: 1Q2EN7TzJ6z82xvmQrRoQoMf3Tf4rMCyvL
MtGox API v2 Unofficial Documentation: https://bitbucket.org/nitrous/mtgox-api/overview
MtGox API v2 Unofficial Documentation Forum Thread: https://bitcointalk.org/index.php?topic=164404.0
johny1976
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September 09, 2013, 07:51:08 PM
 #3

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.
nitrous
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September 09, 2013, 07:53:39 PM
 #4

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!

Donations: 1Q2EN7TzJ6z82xvmQrRoQoMf3Tf4rMCyvL
MtGox API v2 Unofficial Documentation: https://bitbucket.org/nitrous/mtgox-api/overview
MtGox API v2 Unofficial Documentation Forum Thread: https://bitcointalk.org/index.php?topic=164404.0
johny1976
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September 09, 2013, 08:01:10 PM
 #5

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.
MarCoin
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September 10, 2013, 01:24:40 PM
 #6

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?


By tricking prices  Cheesy
sukiho
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September 10, 2013, 05:50:08 PM
 #7

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
johny1976
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September 10, 2013, 07:28:21 PM
 #8

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...
nitrous
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September 10, 2013, 10:31:31 PM
 #9

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?

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ironstove
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September 11, 2013, 03:42:04 AM
 #10

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).
johny1976
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September 11, 2013, 06:46:46 AM
 #11

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?

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.

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).

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. Wink
nitrous
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September 11, 2013, 09:17:14 AM
 #12

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.

Donations: 1Q2EN7TzJ6z82xvmQrRoQoMf3Tf4rMCyvL
MtGox API v2 Unofficial Documentation: https://bitbucket.org/nitrous/mtgox-api/overview
MtGox API v2 Unofficial Documentation Forum Thread: https://bitcointalk.org/index.php?topic=164404.0
johny1976
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September 11, 2013, 09:32:50 AM
 #13

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?
nitrous
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September 11, 2013, 09:49:08 AM
 #14

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).

Donations: 1Q2EN7TzJ6z82xvmQrRoQoMf3Tf4rMCyvL
MtGox API v2 Unofficial Documentation: https://bitbucket.org/nitrous/mtgox-api/overview
MtGox API v2 Unofficial Documentation Forum Thread: https://bitcointalk.org/index.php?topic=164404.0
johny1976
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September 11, 2013, 01:46:33 PM
 #15

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)..
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September 13, 2013, 04:56:19 PM
 #16

Doesn't sound like it would work to me. 

johny1976
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September 13, 2013, 05:15:27 PM
 #17

Doesn't sound like it would work to me. 

thank you for opinion. I'm glad to know that you don't like things with benefits like "free", etc.
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September 13, 2013, 08:37:18 PM
 #18

The concept worked very well, it was called bitcoin24.com. Charged only for fiat deposits/withdrawals. Unfortunately shut down due to banking issues.
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September 13, 2013, 10:10:29 PM
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The concept worked very well, it was called bitcoin24.com. Charged only for fiat deposits/withdrawals. Unfortunately shut down due to banking issues.


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September 15, 2013, 06:36:17 PM
 #20

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, ...
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