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Author Topic: How to create an exchange  (Read 941 times)
Blawpaw
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August 19, 2015, 03:12:35 PM
 #1

I'm currently interested in gathering some information about what it takes to open a Bitcoin\ digital currency exchange.

I would like you to direct me to the best info available!

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August 19, 2015, 03:14:50 PM
 #2

You need first to hire a coder if you have no idea how to set the infrastructure yourself.
Then you need to think if you are going to be doing crypto->crypto or fiat->crypto as well.
If you do fiat->crypto be ready to study a lot of laws, but ideally host it in some island to bypass all the shitty regulations.
Go on the marketplace section or in the development section for more help.
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August 19, 2015, 05:24:09 PM
 #3

You need first to hire a coder....

lol! funny.  First hire a lawyer.  Then hire another lawyer to tell you the first lawyer was full of shit.  The code is the least of your worries.  Regulation is the first issue.

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August 19, 2015, 05:35:47 PM
 #4

you just need a bank account and a hot wallet. ask Mark Karpeles.

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August 19, 2015, 05:40:37 PM
 #5

I'm currently interested in gathering some information about what it takes to open a Bitcoin\ digital currency exchange.

I would like you to direct me to the best info available!

I'm curious too about how make bitcoin digital currency exchange, then I found an old thread about this https://bitcointalk.org/index.php?topic=35812.0
Actually I'm not sure if that method still can be used for now since it was made in 2011, but maybe it can give you atleast a little information about that Cheesy
Or you could take a look this http://www.quora.com/How-do-I-create-my-own-Bitcoin-Exchange-business
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August 19, 2015, 06:08:37 PM
 #6

need to view the bitboat system, look good for average volume ... (use a CASH deposit post account and receive bitcoin in the hour).  Cool
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August 19, 2015, 08:29:35 PM
Last edit: August 19, 2015, 08:41:08 PM by Mickeyb
 #7

I warn you, there is a lot of work involved. You need to code one or hire a coder, you need to secure it very well.  Then you need to place your servers in the country where it won't be affected by all kinds of laws. After this, if you plan on exchanging Fiat as well, you need to find banks that will work with you while you all are obeying the laws of the country you operate from.

But after all of this, comes the hardest part. You need to earn the trust of the customers. For this, sometimes you need years!

Good luck!
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August 19, 2015, 11:24:08 PM
 #8

There will be several regulatory hoops to jump through, and expensive ones at that. I've heard it costs as much as 5 million dollars per state in the USA

Lawyers, banks, insurance. Not cheap. The code is the easy part (as long as your security is top notch)

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August 19, 2015, 11:46:16 PM
 #9

The coding part should relatively easy. I would be more concerned with physical security of your wallet, the security of the website and of course the law. An exchange is a big project.

Signatures? How about learning a skill... I don't care either way. Everybody has to make a living somehow.
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August 20, 2015, 04:35:46 AM
 #10

But after all of this, comes the hardest part. You need to earn the trust of the customers. For this, sometimes you need years!
Yeah, our efforts will be useless if we cant get trust from people, although we have spent million dollars on building this exchange. Its be harder nowadays after Mt Gox and My Coin went bankrupt years ago.
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August 20, 2015, 06:11:25 AM
 #11

I think its going to take a bit, its similar to launching a start up.

And this time you really need money to back you up, so looking for investors to issue out money will be the hardest part outside from smaller technical stuff like website security and design etc.

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August 20, 2015, 07:03:22 AM
 #12

You need first to hire a coder....

lol! funny.  First hire a lawyer.  Then hire another lawyer to tell you the first lawyer was full of shit.  The code is the least of your worries.  Regulation is the first issue.

if you open an excahnge which work with cripto only lawyer is the last of your worry, i doubt OP can compete with the Bitcoin big exchange, it's better for him to start small with an altcoin exchange, that reguire less troubles to be established
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August 20, 2015, 10:37:11 PM
 #13

To start an exchange, you need to have a well made script. The script must be free of exploits entirely. Since exchanges are prone to attacks, you have to use an ddos protection service. The script should preferbably he unique to your buisness. The trust of an exchange has to be built slowly. The trust would be very low if the script isn't custom made. You would still need to comply with your local KYC and AML regulations.
In case of an attack, you should have enough funds to cover it.

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