Starting a digital currency exchange business?

[Etini]

One business that I am sure would thrive nowadays is the business of exchanging one digital currency to another or to fiat for a few. You could exchange select cryptos to fiat or you could exchange virtual currencies that have value to fiat. What do you need to start up?

The first thing you would need to start up is an online medium through which your digital currency exchange services would be reached. Are you using a dedicated website for that, a social media page or a forum page. The medium must be easily accessible to you and your potential customers. When you set up your medium, you would have to promote it to create awareness.

Next step is for you to stock up the digital currencies your exchange services would deal with in the respective wallets.

And last but not the least, you must have a means to withdraw the digital currencies you hold to fiat in order to assess your profits.

 

[niche]

There is a demand for this service, I am wasting a lot of time daily trying to find a suitable exchanger, since I make some crypto daily and wish to convert it into fiat currency. You should advertise your service, so that those who require fiat currency are aware of the your service and can easily contact you whenever they require.

 

[Activator230822]

This business is deemed very lucrative and profitable in the truth of the the matter. For me l have tried to provide the financial services on one of the paid site that l was working on..
l had a great time as l was conducting the same business.l realized that participating on that business is even more advantages than the actual partipation on the site as usually. However the issue of credibility is not a problem as the violating and misbehaving users are being penalised by the website owners.

 

[Etini]

There is a demand for this service, I am wasting a lot of time daily trying to find a suitable exchanger, since I make some crypto daily and wish to convert it into fiat currency. You should advertise your service, so that those who require fiat currency are aware of the your service and can easily contact you whenever they require.

I really wish to advertise my services here on Trendri but it seems that the site doesn't have a market place or member to member exchange section here. I would agree that there is a demand for the service but there are lots of risks too.

You could be stuck with a digital currency that no one wants to buy. Or the digital currency keeps losing value because of volatility.

The truth is that if you don't have a multiple value proposition for your digital currency exchange business, you are running a risk of incurring losses. Like every other business, it has it's prospects and it's risks which I just outlined.