Creation of a cryptocurrency exchanger. How to open an exchanger for webmoney and other electronic currencies

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There are more than enough ideas for business, but first of all you need to consider options related to current trends. Cryptocurrency is currently at the peak of popularity.

Many people open farms for mining altcoins; there is an alternative and very interesting option to launch a project, providing in-demand services.

How to open a cryptocurrency exchanger? Anyone who has already realized how high the turnover of these assets is knows that this is a gold mine. Users exchange billions of dollars worth of coins every day.

Even if you receive 0.0001% from these operations, There will be a good profit. Just don't rush to conclusions, starting such a business is not easy.

Open a cryptocurrency exchanger as a business

The idea itself is very promising and profitable. Now the crypto market is very popular, and numerous transactions are a potential income for intermediaries. Without them, it is impossible to use altcoins, so the owners of exchangers and cryptocurrency exchanges are raking in money with a shovel.

You can scale such a business as much as you like, increasing reserves, connecting new areas of exchange, providing loyalty programs, and so on. It will be much better if your exchanger supports not only cryptocurrencies, but also fiat money.

This is more difficult to implement, but otherwise the demand for services is unlikely to be high.
To promote quickly and effectively, you will need to set courses so that they remain attractive to customers and at the same time, generate income for the creator.

Finding this line is not easy; you need to know in advance where you can make a more profitable transaction in the future to sell the received coins (or buy them to replenish reserves).
The main difficulty for most beginning businessmen is starting capital.

To launch a high-quality exchanger, a lot of money is required. It is necessary to provide a decent reserve, and in several currencies at once. And if people change small amounts, then the commission on transactions will be minimal.

How do exchange offices work?

It's surprising that some beginners try to get into this topic without even understanding the basics. They don't know exactly how exchangers work. In general, nothing complicated, but you need to decide in advance what mode will be used:

Manual– the client creates an application, the operator processes it and provides details for the transfer. After receiving funds, the exchange currency is manually sent to the client's account.
Semi-automatic– this mode has two types. Firstly, after receiving the application, the operator only checks the data and approves the execution of the operation. Secondly, small transactions can be carried out automatically, and when large amounts are exchanged, an operator connects and carries them out manually.
Auto– all transactions are automated, the client submits data, the application is instantly processed and the algorithm checks the receipt of funds, after which it sends them from another wallet.

In the first couple of times, it is better to use manual mode, slowly, but definitely without failures. You will have to spend personal time and process transactions.

If you have a competent programmer, then you can immediately set everything to automatic, but be prepared for various nuances (for example, when one client exhausts all reserves).

Pros and cons of cryptocurrency exchangers

When opening any type of business, you need to evaluate the idea and consider it from all sides. Digital money exchange services are now in demand, but in addition to exchange offices, there are other projects.

Cryptocurrency exchanges, wallets with built-in exchange, other services. Why do people choose exchangers?

with their help it is easiest to exchange electronic money and cryptocurrencies;
Cash transfers are available at some exchangers;
you can even use cryptocurrency exchange codes for exchange;
To carry out an exchange, you don’t even need to register;
instant exchange transaction;
receiving discounts and bonuses for activity.

In each of these areas you need to work separately so that your exchanger does not lag behind competitors. And to make it even better, It is necessary to correct popular shortcomings:

small selection of exchange directions;
small reserves (you cannot exchange a large amount);
in manual mode the exchanger does not always work;
overvalued or undervalued exchange rate (not profitable);
low level of security.

Here's a list of things to work on. Improve your reputation, provide guarantees, connect more currencies, automate transactions and offer impressive reserves.

Some users evaluate exchangers based on how much money they have in circulation.

Instructions - how to open an online cryptocurrency exchanger

To open such a serious business as a cryptocurrency exchanger, you need to perform a lot of steps. First of all, you need to study the theory, read forums, similar articles and learn something. Only when you gain some knowledge, start acting:

Search for start-up capital.

The costs of developing a website, purchasing a script, domain, hosting, server - all these are trifles compared to how much money needs to be added to reserves.

Without a large supply, it will be impossible to carry out many operations, and users will not wait for you to get promoted; they need everything at once. Therefore, beginners rarely use this idea, and we’ll talk about how much money it requires separately.

Company registration.

Cryptocurrencies are not regulated by Russian legislation, so you can start without official registration.

However, other electronic money that you plan to connect falls under the law. It definitely wouldn’t hurt to solve this problem right away, one of the options:

Japanese license– costs a lot of money (maybe over $100,000), and is more suitable for those who plan to launch cryptocurrency exchanges.
Registration of individual entrepreneur– register a company in the field of information technology and legally provide cryptocurrency exchange services. However, with the advent of new laws, difficulties may arise.
Permanent loan agreement– this is exactly how most exchange offices work. Such an agreement does not require notarization, but it is better to draw it up with a competent lawyer.

Organizers of projects on the Internet do not always work within the law, and as long as the money is small, this is not necessary. However, creating a cryptocurrency exchanger involves using a large amount of funds, so it is better not to delay in completing the paperwork.

Launch of the site.

The platform must be of high quality; there is little trust in exchangers, especially new ones. Therefore, it needs to be tested, every detail worked out, an excellent design and user-friendly interface made.

As for hosting and domain, everything is obvious here, you can’t skimp, buy a dedicated server and a beautiful name for a reputable exchange office. We will also talk about the development of such sites separately; there are several options for creating them.

Promotion of the exchanger.

The competition in this niche is serious, it will be difficult to break through. Allocate part of your budget for advertising and be sure to add the service to popular monitoring systems - BestChange and KursExpert.

The influx of customers, and therefore the company’s income, depends on how effectively the marketing campaign is carried out. It’s not enough to make a high-quality website, you also need to show it to a large audience.

This is a simple action plan, but you will need to follow more steps. We have combined everything into 4 points so that you have a general idea and know what you will have to work with. Looking ahead, think several times whether it is worth implementing such an idea at all.

Subtleties of business on cryptocurrency exchange

All the nuances are related to the regulation of altcoins. Now various bills are already being prepared in Russia, some politicians are in favor of banning cryptocurrencies, because they give a free hand to scammers, have no real value and are high risks for those who invest money in them.

A number of countries already have laws on cryptocurrencies. In the USA it is prohibited to invest in ICOs; in Vietnam, Kyrgyzstan, and Indonesia it is generally prohibited to use altcoins. Who knows what our government will do.

Of course, they won’t be able to completely cut off the oxygen, because blockchains are decentralized, but they won’t be able to work within the legal framework.

Therefore, additional risks arise for businessmen. Yes, now there are no difficulties, you register as an individual entrepreneur and pay regular taxes like other companies. But you always need to think ahead.

Is it easy to create a cryptocurrency exchanger?

Exchanger sites look simple, some of them are one-page. But they contain algorithms that help automate operations, and this point requires increased attention.

After all, there is a risk of becoming a victim of hackers. Development of the necessary software is possible in one of these ways:

You need to be sure that not only well-written code is used, but also security remains at a high level. That is why it is unlikely to be possible without a professional on the team. You can find it by creating a vacancy on one of the freelance exchanges.

How much money do you need to open a cryptocurrency exchanger?

In this article, we have repeatedly talked about starting capital and how large it should be. The topic is serious, you will have to invest heavily. Let’s put aside the development of the site, you will only have to spend thousands of rubles monthly on advertising.

Some people have a budget of up to 10,000 rubles, but to effectively promote the project, you need to invest 100,000 rubles or more.

The main expense column is replenishing reserves. To conduct exchanges, you need to buy many different currencies. The more directions are offered, the more you will have to invest.

To give you an idea of the amounts we are talking about, just look at the reserves of the most popular exchangers:

The minimum is $30,000, and at the current exchange rate this is 2 million rubles. There are also more respectable projects, where the turnover is 1.85 million dollars, which is 124 million rubles.

Of course, you can get by with at least 300,000 rubles at the start, but you will have to constantly keep them in circulation and not count on quick income.

Is it worth creating your own cryptocurrency exchanger on the Internet?

The idea of opening a cryptocurrency exchanger as a business is an excellent option. It’s possible to earn a lot of money from this, especially since a huge audience uses the services of such services. But first you need to take into account all the nuances, is this business right for you?

Not everyone can develop a high-quality and secure website, and moreover, large investments are required.

If you are passionate about the idea and are ready to invest substantial sums, then in conclusion we will present the key factors for the success of exchangers:

impeccable reputation, customer support and responsive support;
favorable rates, loyalty programs, bonuses for active clients;
presence of an exchanger in popular monitoring sites and catalogues;
profitable affiliate program;
relevance of connected cryptocurrencies and other electronic money;
ease of use of the exchanger, quality of design;
speed of processing applications;
sufficient reserves to carry out large exchanges.

For many entrepreneurs, it all starts with private exchanges. They offer people exchanges in personal meetings, through guarantors, without commission. Perhaps you should also try this at the start. The main thing is to think through everything in terms of safety.

We will not dissuade those to whom the idea of creating a cryptocurrency exchanger seems ideal. She's really good, but it's hard to implement such a project.

Start by looking for partners; your team will definitely need a competent programmer and marketer; entire teams of employees worked on the development of some exchange offices.

I recommend visiting the following pages:
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Currency exchange as a business idea

- Hello! You are such a young guy, but you have already found a way to make money exchanging currencies on the Internet. Tell us the story of creating your business, where did you start, what mistakes were there?

Hello! You definitely noticed about youth; I will only reach adulthood next year. This is my very first project. I had never been involved with any type of business before, but the idea of creating it appeared suddenly.

— And yet, how exactly did such an idea come about?

I had small savings. I wanted to invest money in some event to increase my capital. I started investing through exchanges. In general, everything was quite successful. But sometimes there were situations when it was necessary to very quickly withdraw funds from accounts to crypto. I did a little research and realized that 10% is the minimum rate of the exchange rate, and this is not very profitable. In addition, most exchangers operate manually through instant messengers; you had to wait several hours for a response from operators.

Exchangers located on websites often call numbers to verify documents, and this is very annoying. I do not recommend using your personal number for work! In general, I concluded that it is easier to create your own business plan for a cryptocurrency exchanger. The service will include blackjack and bitcoins. This will allow me to avoid all checks and make a more acceptable course. I wanted to receive a large number of applications at a lower percentage of profit for them.

Start-up investments in a currency exchange business

— What was your starting capital?

To make money from exchanging currencies on the Internet, I needed $1,500. At that time, I had all the electronic wallets prepared, as well as the server where I decided to install the exchanger. But this is not the minimum cost; you can start with less capital, gradually increasing your turnover.

— What important points can you highlight in building this business?

What I didn't do at the very beginning was take care of the advertising campaign. As soon as I launched the exchanger into the working process, I waited for requests, updating the service every 5 minutes. Without proper advertising, achieving any result turned out to be problematic. Only two weeks later I received my first application - the result of topics posted on bitcoin forums. I decided that things wouldn’t work that way, and started spamming everything I could: exchanges, currency trading forums and various services.

Difficulties in starting a foreign exchange business

— What problems accompanied the creation of the exchanger?

I'll list everything in order. There are 3 main points that make it difficult to conduct a foreign exchange business:

Creating a cryptocurrency exchanger is only half the battle. In order for it to generate income, you need to promote it. I hardly invested in advertising. I bought several banners and displayed exchanger themes. There were not many visitors due to such manipulations.
The manual mode of operation of the exchanger is quite problematic. Our exchanger works from 6 am to 12 midnight, and it is not always possible to be in business. The automated operation of an exchanger is very dangerous. There are fraudulent schemes that can cause you to lose all your money. Even large projects are not immune from this. If a fraudster manages to gain access to the admin panel in my exchanger, then he will not be able to penetrate the wallet. Therefore, a manual exchanger is safer.
To make money on electronic wallets, at the first stage all applications will have to be processed independently. From my own sad experience, I was convinced that without 100% trust it is impossible to hire an operator. During the first month, I serviced all requests myself. Then I could still cope with such a task, since there were not very many of them. Then he finally took the risk of hiring a cameraman. It turned out to be a guy I knew who was complaining about the lack of work. He served applications for about 2 months for a nominal fee. He contacted me only to find out the codes for SMS confirmations.

While he worked, the amounts gradually increased. At one point, the guy cut off 8 bitcoins from me (at that time it was 280 k). I lost more than 50% of my total turnover and lost the partner I considered one. I didn't make such mistakes again. He hired a close friend to work with him, but retained control of all funds. The wallets contain small amounts (on average 2-5 k), and if they tell me that there is not enough or unforeseen circumstances have arisen, I am not lazy, I check everything myself and top up the account.

Exchanger client base

— Now there are a lot of exchangers. How do you plan to expand your customer base?

Great question! Everything turned out very interesting here. At first, I planned to create income by exchanging bitcoins. The strategy involved advertising on crypto forums, posting topics, etc. Then everything changed dramatically.

While wandering through the onion nets, I came across a very popular large drug forum. There I saw an inscription in large letters, which stated that all operations are carried out only through Bitcoin. I became interested and started reading. My surprise knew no bounds when I saw that my exchanger was one of the trusted ones and was recommended. I began to study further and found about 20 reviews. I actually didn’t expect an audience, so I was very happy. At that time I already had about 2 completed applications, and there were only 10 reviews on all forums. I didn’t understand why people didn’t leave reviews, and then it dawned on me. The exchanger has a completely different audience. My further research led me to the conclusion that more than 80% of users received information about the exchanger from onion networks. I didn’t post the topics there, but that’s for personal reasons.

How to promote your exchanger to the top

Use left courses. Internal commission is not taken into account by bestchange. Let's consider exchanging Yandex money for qiwi. There is an option in which 1 unit of Yandex money is 1.02 qiwi (conditional example). When submitting an application at the very last moment, we learn that we also need to pay an internal commission of 0.5 units. And this is no longer profitable at all. There are countless such exchangers. I don’t know whether the administration is taking measures to combat them. But the fact is that people come.

— If you create your own electronic currency exchanger, what kind of profit can you expect? What will the costs be?

In this niche, income consists only of percentages of turnover, so it is different in each specific case. I will leave my numbers secret, I will only say that using the method of semi-passive income I have 1000 dollars a month. The costs are only associated with advertising, and where and how to use it is up to you.

Is it necessary to register an exchange business?

— Does making money from exchanging cryptocurrencies imply registration of activities through legislation? Do I need to pay taxes?

To be honest, I am not competent in this matter. I myself have never paid taxes; the company is not officially registered. All servers are located outside the territory of the Russian Federation, operations are carried out under the same conditions. It may be necessary to register, but I have not encountered such requirements.

— Can this business be considered as an additional source of passive income if there is free money? Or does this niche require a lot of attention?

Each exchanger has a different control system. I think it is quite possible to use your own business model. The niche that I am associated with has a narrow focus. But there are many exchangers that do not work with crypto. The more competition, the more offers, so you can try.

In this post we will talk about issues related to earning cryptocurrency through an exchanger. We will also try to figure out how to open your own exchanger. Be sure to read this post cover to cover. It is quite possible that you will gain invaluable knowledge that will help you in the future.

What is a cryptocurrency exchanger called?

What are cryptocurrency exchangers? Online services that provide the opportunity to exchange one crypt for another can be called exchangers. Moreover, it is not necessary that only cryptocoins should participate in this exchange. It may well be possible to exchange fiat money for crypto and vice versa.

Suppose there is a need to perform an exchange operation in the direction of RUB – Litecoin or BTC. In addition, you can change it back, that is, crypto-rubles.

Main types of exchangers

All exchangers can be distinguished by the type of service they provide:

Offline . This type of exchange office allows you to exchange crypto coins for regular money (rubles, dollars, euros). On the website of such a service, the client needs to leave a request, then come to the physical branch and receive fiat money from a live cashier there;
Online . You can exchange fiat for crypto and vice versa. Moreover, all operations are carried out remotely via the Internet. Such an exchanger often cooperates with currently popular electronic payment systems such as Yandex.Money or Webmoney.

Exchange schemes

Before carrying out transactions involving the purchase of cryptocoins, you must first create a cryptocurrency wallet for yourself. After all, all credits will be made to it after the exchange.

It is logical to assume that in order to conduct exchange operations involving cryptocoins, the owner must have several wallets for the most significant cryptocurrencies for him. Also some of them should not be empty.

Then the client needs to carry out a simple registration on one or another exchanger. Usually the user specifies a login, email and password.

Navigation of such exchangers is extremely simple. Most often, on the main page of such a resource you can see something like “I will give” and “I will receive.” In the “I’ll give” window, the client enters the amount in the currency that he intends to exchange. In the second field (“I will receive”), the amount that is credited to the account as a result of the exchange transaction is usually automatically entered.

Note that most often on such exchangers the size of the commission is displayed next to the “I will receive” field.

Sometimes, if the client has not previously registered with the exchanger, you will need to enter some of your personal data (details). After all, the exchanger needs information about where and where to transfer funds.

He will also need to check a small box. This way he confirms that he agrees with the rules of the service. Then you need to click “Exchange” or “Create an application” (each exchanger has its own button names).

All transaction operations are duplicated to the email address.

In what modes does the exchanger operate?

In addition to online and offline exchangers, it is worth noting their classification according to the mode of service provision. Not everyone knows that an online exchanger can provide services in various modes, namely:

Manual . Banknotes are transferred by the client to the specified details by the exchanger employee. After they arrive in the account, he checks their presence in the wallet. Then the service employee sends funds to the client in the specified currency. There are some disadvantages here. An exchanger employee will provide exchanges only during business hours. In addition, with a large influx of customers, there will definitely be a delay in the exchange of at least 60 minutes. At the same time, there are a large number of exchange services operating around the clock.
Semi-automatic . A person enters such a service, makes a request for an exchange operation, after which the employee of such an exchanger checks whether the funds have arrived in the account of the exchange resource and only after that, if all is well, he sends the money to the client. As you can see, it’s not much different from “ manual” operating mode.
Auto . The most comfortable mode is considered to be the one that carries out exchange operations automatically. The client needs to fill out all the fields and click on the “Exchange” or “Create application” button. After this, after a few minutes, the funds will be credited to his wallet/account.

Main advantages and disadvantages of exchangers

In order to successfully open a cryptocurrency and electronic currency exchanger, study all the nuances of exchange services that provide exchange transactions in cryptocurrencies and more. Few newcomers know that there are certain cryptocurrency exchanges that perform the functions of exchangers. There you can buy any cryptocurrency for fiat money.

The crypto platform, in a sense, acts as an intermediary between buyers and sellers of the crypt that is listed on its listing.

The merchant is the exchanger. Its clients do not interact with each other. They all conduct transactions with the owner of such a service.

If you agree with the opinion expressed in the quote, then it’s time to outline the main disadvantages of working with exchangers:

Great exchange rate. Often the rate on the exchanger is higher than the exchange rate. What did you want? Everyone wants to eat bread with caviar.
Not very convenient work schedule. Not every service that provides services manually or semi-automatically will work, for example, at night. And if there is a need for an urgent exchange after 00 hours. Such problems do not arise on crypto exchanges.
Limitation on cash reserves. Often on the website of an online exchanger you can see the display of small reserves, both in crypto and in fiat funds. In total, the reserves of the exchange office can be up to $10 thousand, while the reserves of cryptocurrency exchanges amount to millions, and sometimes even billions of US dollars.

Limited listing of crypto coins. Sometimes you can see no more than ten different cryptocurrencies in online exchangers. Moreover, the most popular ones are presented there.
Low level of protection. The degree of security of exchangers compared to crypto exchanges is considered not high enough. Crypto exchanges have developed sophisticated functionality to protect users’ personal data, which cannot be said about online exchangers.

Now it's time to list main advantages of exchangers:

Ease of operation. There are exchange services where you can carry out exchange operations without entering personal information into a special form. It should also be noted that exchangers have a more simplified user interface.
Relatively fast exchange. Typically, TOP exchangers have an automatic customer service mode. Therefore, all operations will take no more than 2-3 minutes.
There is support for popular payment systems. Mostly promoted exchangers use the most popular electronic payment systems, which cooperate with many banks, among the exchange methods.
Discounts and bonuses on exchange. If you frequently make exchange transfers, the exchanger may give bonuses in the form of a reduction in the commission percentage, as well as provide other interesting bonuses.

How to create a quality exchanger: step-by-step plan

To create your own personal exchange service, you will need to familiarize yourself with the following information:

We count expenses . Want to open a cryptocurrency exchanger as a business, first carry out a calculation to create it. After all, it may happen that you will not be able to manage its opening from a financial point of view. The first thing you need to do is buy a domain name and hosting. This will cost 2-3 thousand rubles. Then you will need to develop a unique design from 5 to 50 thousand rubles, or there is a free alternative - a template. Custom software will take a lot of time. In addition, you will have to invest in search engine promotion, as well as an advertising campaign. Here the numbers can start from 10 thousand and above. And think about reserves. Thus, the total costs for everything can be up to 1 million rubles.
Lawyer and business registration . There is no clear definition of exchange transactions via the Internet in Russian legislation. Many exchange resources provide their services without any documents. But this is a huge risk, since the service may be closed sooner or later. They did a better job of protecting the legal framework. We mean opening one of the types of individual entrepreneurship:

— Permanent loan agreement. To provide electronic exchange services, it is best to enter into an open-ended loan agreement. Most Russian exchangers now provide services using this method. Moreover, they do not need assurance from a lawyer. But it is better to entrust the drafting of the contract text to an experienced lawyer.

— Register an individual entrepreneur . To legally work with exchange transactions, you can register an individual entrepreneur in the field of information technology. However, the main provisions of such an agreement do not provide for exchange work with cryptocurrencies. From a theoretical point of view, such operations may raise unnecessary questions in the future.

— get a Japanese license . This is the most expensive way to work legally. The cost of a Japanese license can be several hundred thousand US dollars. Most often, such licenses are taken by cryptographic exchanges.

Launching the site . We choose high-quality hosting. Don't even think about saving money here. Otherwise you will lose clients. Although until the moment of promotion on the Internet, you can set some cheaper tariff. The main thing is that it displays your website online without any glitches. It is better to select hosting tariffs for a separate Internet resource. The hoster will most likely provide separate servers for this tariff and increase the reliability of vulnerabilities.

Also, as an option, you can purchase a ready-made website on some exchange or order its creation. Every good exchanger should have a unique script. You will also need to order it from the programmer. For more details, see the video at the end of the article, as well as in the “Difficulties of technical implementation” section.

About prohibitions and other points

According to some forecasts of cryptocurrency market experts, crypto will most likely be banned in a number of states key to its development. Some countries have already passed laws completely banning the use of cryptocurrencies. Among them are Indonesia, Vietnam, Kyrgyzstan. Regarding other countries, they will probably come to this point as their national currencies are replaced by “digital gold”.

Suffice it to recall how in the fall of 2017 the head of the Kremlin asked the government to make several amendments to the legislative document providing for the management of the crypto market.

The ministers easily carried out this instruction and approved these amendments in July 2018. Now the Central Bank must make its own amendments to allow cryptocurrency trading.

In turn, Rosfinmonitoring protested the decision to freely exchange cryptocurrency assets on the territory of the Russian Federation, explaining that its real value has not yet been substantiated by anything, and the risks of losing funds cannot be excluded.

But if you look at it, the government does not like certain properties of cryptocurrencies, specifically:

Lack of administrative boundaries. Cryptocurrency transactions cannot be tracked. No country has yet been able to determine their movement by flogging. Normal countries deliver on promises of interest rates that are backed by high returns and stability.
Complete anonymity of use. The shadow economy with complete anonymity of crypto-payments will only grow in development. The state will not be able to collect taxes from cryptocurrency exchanges. All actions of the authorities in this area are useless. To solve this issue, it is necessary to completely replace the system of operation of the state machine.

Difficulties of technical implementation

The main problem of each exchanger is high-quality software that allows you to quickly track a number of stock quotes.

In other words, we are talking about the fact that each exchange service must have its own unique robot, which will monitor the rates of cryptocoins, as well as fiat currencies, every second and display them on the exchanger’s website, taking into account the markup.

Therefore, choosing the right software is a big challenge for the owner of a crypto exchanger.

Let's consider 2 types of software:

For automatic operation. Such software will be able to control all rates and exchanges. The owner of the resource may not monitor its functioning. Clients will certainly appreciate the prompt work of the service and will definitely come back to change their funds more than once. The price of such software is quite high.
For semi-automatic operation. The operator will have to check the presence of banknotes sent by clients in the account, then the operator must manually send the amount of money specified in the “I will receive” field. Such software costs much less than automatic software. Surely this can be explained by the fact that those interested how to create a cryptocurrency exchanger, first study this particular software.

Conclusion

Despite all the difficulties of starting a business related to cryptocurrency exchange, it is quite a profitable business. The main thing is to approach the organization of this business with full responsibility.

At the same time, we should not forget that cryptocurrencies can be banned in the Russian Federation at any time. Naturally, activities related to its translations can also become punishable.

If you have funds of a million or more, try to create your own crypto exchanger and earn money on commissions.

Cryptocurrency exchanger is a promising line of business. It’s quite possible to create it on your own; you just need to know some of the subtleties and pitfalls of the process.

How the cryptocurrency exchanger works

First you need to understand what a cryptocurrency exchanger is and how it functions.

As you know, all cryptocurrencies exist only in the virtual world, without having a physical embodiment in the form of banknotes or coins. Therefore, all actions with them are carried out only online.

The functions of the cryptocurrency exchanger are identical to those of regular banking. There are four of them:

Purchase. It can be carried out for the currency of any country, but in practice it is advisable to use rubles, dollars and 2-3 more common currencies.
Sale. All of the above is true for this point.
Exchange. The number of cryptocurrencies in the world is gradually increasing. Even countries such as Venezuela and Belarus have announced the creation of their own.
Transfer from wallet to wallet. Today there are many services that provide users with the “electronic wallet” service. The most famous in Russia are Webmoney and Yandex.Money. But different services are popular in different countries, and not all of them work with bitcoins and other cryptocurrencies, so translation services are always popular.

For all of the above services, the intermediary site takes a commission, which can range from 2 to 10%.

Where can I get the script to create an exchanger?

You can download, buy or write the script yourself

There are three ways to get the script. Each of them has its own pros and cons.

Download for free. The simplest and most attractive method due to its low cost. For a request like “download a script to create a cryptocurrency exchanger for free,” any browser will display a lot of options: from a full-fledged website to a script that is installed on an existing website or blog.
This option for obtaining a script is perfect for a trial run of a project in order to gain experience. For serious business, free scripts cannot be used for two important reasons:

Quality. Many free scripts have a lot of bugs and shortcomings, and not all of them are harmless. For example, one of the free scripts allows a client to deposit 100 rubles into his account in an exchanger, select the currency “dollars”, and he will have 100 dollars in his account. This bug can quickly ruin the owner of the exchanger;
Safety. Free scripts may be vulnerable to DDoS attacks, or, worse, include spy code that allows you to gain access to the administration panel or the database of personal user accounts.

Buy. The disadvantages of this method include the price. A good script can cost several tens of thousands of rubles. However, there are more budget options:

Rent. Some developers provide their software for a monthly subscription fee;
Partnership programs.

Write on your own. The safest option. In addition, the script obtained in this way will be completely customized to suit the needs of the future owner. However, this method will require at least one programmer on staff, and work on the script will take at least a month.

How to register correctly

To legalize a cryptocurrency exchange, you may have to fork out for a license from the Japanese central bank

Those who like to do everything according to the law can be upset - at present it is impossible to legalize a cryptocurrency exchanger in Russia. The law regarding cryptocurrencies has not yet been adopted, so it is impossible to obtain a license - there is no legal basis. Until the adoption of the law, all online cryptocurrency exchangers exist outside the legal framework, operating at their own peril and risk.

None of the domestic banks works with cryptocurrencies - this is the policy of the Central Bank.

In Ukraine, PrivatBank works with cryptocurrencies, but there is no single algorithm for how to negotiate with it.

However, there are several loopholes to minimize the risk:

Buy a license from the Japanese central bank. It will not be cheap - more than one hundred thousand dollars;
Register a startup in any state where transactions with cryptocurrencies are not prohibited.

If finances allow, it is worth hiring a good lawyer to participate in the project. If not, engage an outsourcing specialist. A lawyer specializing in the intricacies of the state licensing process will help draw up documentation in such a way as to minimize the risk of falling under the steamroller of domestic justice.

Before starting the project, it is useful to conclude agreements with payment systems and electronic wallet services that will be used for transactions with cryptocurrencies. So, using the Webmoney Guarantee Agency and their exchanger is convenient for working with wmr and wmz wallets.

Features of servicing a cryptocurrency exchanger

In general, servicing a cryptocurrency exchanger is not much different from administering a website that deals with user finances, but there are some nuances.

Particular attention should be paid to the security and proper operation of personal user accounts. Any error in client identification and failure of the movement of funds in his personal account can lead either to losses to the exchanger or to accusations of fraud;
It is important to check the responses from payment systems via IP and the correspondence of the currency type set during the transaction to the one actually sent to the account or withdrawn from it;
Newcomers to the cryptocurrency exchange market are advised to take a percentage close to the minimum for their services. This will reduce profits, but will attract new customers. When the daily turnover exceeds a thousand transactions per day, the percentage can be raised.

Despite the fact that there are many nuances in creating and maintaining a cryptocurrency exchanger, a well-organized business can generate stable passive income with minimal costs for administration and support.

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Currency exchange has always been considered a very profitable business. To be convinced of this, just look at the number of “underground” money changers in the markets. And the number of exchange points is growing exponentially.

The history of currency exchangers dates back to the times of the USSR, when all transactions with currency were held in great secrecy, and for illegal transactions with “overseas” money you could go to prison. Immediately after the collapse of the Union, the exchange business was legalized, because most citizens of the Russian Federation were able to travel outside the country. In order not to waste nerves and time on exchanging funds abroad, many residents of the Russian Federation tried to change money before leaving. The currency has also become popular as a store of capital. We all know the result - increased demand led to the emergence of the first exchange offices.

Functions, pros and cons of the exchange office

Modern exchange offices conduct the following activities :

Buy foreign currency from individuals (non-residents and residents);
- sell foreign currency to individuals (usually residents);
- carry out reverse currency exchange from national to foreign (for non-resident individuals, taking into account established rules and regulations;
- carry out converted transactions with foreign currency;
- exchange banknotes of one country's currency.

Pros of opening a currency exchange office:

Fast payback;
- maximum simplicity from a technical and organizational point of view;
- the possibility of expanding activities and increasing profits by opening new currency exchange points.

Disadvantages of opening a currency exchange office:

Large investments, which are caused by the need to prepare documents and organize reliable protection of the exchange office;
- high level of competition (especially in big cities);
- difficulties in finding a visible and profitable place to open a business.

The main risks of opening an exchange office:

High risk of theft of funds by staff;
- the likelihood of losing a license due to violation of operating conditions;
- the danger of robbery due to the low level of security (this is why it is not recommended to save on this aspect);
- frequent inspections by a representative of the Central Bank and the Department of Economic Crimes.

How to register a currency exchange office?

The main problem with this type of business is the design. According to the laws of the Russian Federation, only a bank (credit organization) has the right to organize an exchange office. The procedure for opening such a business is carried out taking into account two documents:

Federal Law of Russia “On the Central Bank of the Russian Federation”;
- Federal Law of Russia “On Currency Regulation and Currency Control”.

Thus, the Central Bank of the Russian Federation independently regulates the processes of opening currency exchange offices, completing their activities, organizing work, as well as the list of permissible operations and other transactions using national and foreign currencies with the participation of individuals.

A private individual has access to this type of business only if an employment relationship with a financial and credit structure is officially formalized. Banks that have the right to open exchange offices issue a license to individuals. After this, newly minted entrepreneurs have the right to open a currency exchange office. The advantage is that the issuance of licenses has recently become available even to small banking institutions.

How to proceed? To start an exchange business, you need to get a job in a banking institution and take the position of manager or manager of a currency exchange office. Next, an application is submitted to the banking institution to open an exchange office. The following documents will be needed here:

Employment agreement with a banking institution;

An agreement confirming the fact of opening an exchange office;
- a list of the bank’s requirements for its partner (following the instructions of the Central Bank of the Russian Federation, timely submission of reports, payment of commissions once a month, and so on).

In turn, the entrepreneur takes on the following issues: :

Finding a suitable office for an exchange office and arranging its lease;
- selection of equipment for the premises and its installation;
- searching for suitable employees and resolving issues regarding their employment.

In practice, the relationship between a banking institution and the owner of an exchange office can be organized in different ways. For example, the bank itself can search for premises and arrange for sublease. At the same time, the owner of the exchanger makes payments once a month for collection, packaging of cash, their recalculation, software maintenance, and so on. Total payments can be 40-60 thousand rubles. In addition, you will have to transfer 50-60 thousand rubles to the bank for servicing the cash register.

During the period of operation of the exchange office, the partner bank is engaged in generating reports, making tax payments, and so on. If the owner has violated the requirements of the agreement, the bank has the right to close the exchange office by notifying the Central Bank of the Russian Federation. If problems arise with the bank itself (for example, it was deprived of its license), then it is not necessary to close the exchanger - you can contact another banking institution.

How to choose a room for a currency exchange office?

It is best to place an exchange office in a crowded place where there will always be customers. For example, it could be a train station, bus station, business district, market, and so on. The exchange process itself largely depends on the location of the point. For example, if an exchange office is open in a residential area, then a popular conversion will be the exchange from ruble to foreign currency. If the exchanger is placed in a shopping business center, then the process will be reversed.

When choosing a place for premises, you should focus on the presence of competitors in the nearest areas, their exchange rates and popularity. If there are other exchange offices in the area, it is easier to figure out which currency is most in demand and what to focus on during the first time of work. If the rate of a particular currency in an existing exchanger is too high, then the offered currency is simply not in demand.

After choosing an office, a lease is issued. The legal entity of the partner bank acts as the tenant. To conduct normal activities, the area of the exchange office must be 6 thousand square meters or more. Mandatory requirements are the presence of an armored door, the same windows and walls. Fire and security alarms must also be organized. Ready-made booths can be sold ready-made - their price ranges from 150 thousand rubles and above.

What equipment to buy for an exchange office?

Basic equipment that you can’t do without even at first include:

Currency detectors (check cash for counterfeit);
- safes (for storing money);
- cash counters;
- a computer with software whose task is to control the movement of money. As a rule, the supervising bank acts as the software supplier.

It is important to take into account a number of other requirements of the Bank of Russia, according to which the exchange office stand must have:

Information regarding the telephone number and address of the authorized banking institution that opened the exchange office;

Data on the exchange rates of those currencies that can be exchanged at a given time;

List of operations that the exchange office can perform (with currency and national money);

Operating mode of the exchange office. As a rule, the operating hours of the exchange office coincide with the operating hours of the banking institution (operating day). There are exchange offices that operate around the clock;

An extract showing the commissions of the partner bank for conducting cash transactions;

A standard book for consumers where you can leave your complaints and suggestions;

Rules for the exchange (acceptance) of damaged banknotes and other documents.

How many staff will be needed to operate the exchange office?

For one exchange office, two cashiers are enough. The work schedule is every other day or every other day. At the same time, it will not be possible to directly register new employees at a currency exchange office. All employees must obtain an official position as a currency exchange manager or bank teller.

The main problem of all exchange offices is theft by staff. When a client hands over any money in foreign currency, the cashier can keep the difference from the exchange. As practice shows, there is little trust in this type of business. So at first, the ideal cashier is the owner himself. But, of course, you won’t be able to work like this for long.

An important issue is the control of cashiers who work 12-18 hours and pass large cash flows through themselves. There are two ways to do this:

Install a video surveillance system;
- make test purchases.

In practice, both of the above options work poorly, because it is impossible to watch 12-18 hours of video, and catching a neat cashier in deception is a very difficult task. It is easier to set a limit on the daily earnings that an employee must hand over. The rest is his income. To determine the average amount of daily revenue, the owner himself sits in the cashier’s seat and works for several days.

Profit of a currency exchange office

The main income of an exchange office is the spread (the difference between the sale and purchase of currency). In addition to this amount, the exchange office may impose additional commissions. As for the rates, the exchanger sets them independently, taking into account current supply/demand. At the same time, for normal operation, the point’s cash desk must have cash for the purchase and sale of various currencies.

The bank administration has the right to control the work of the exchange office and make adjustments to its activities. If you deviate from the rules, the bank may issue a warning or close the point altogether.

With proper business organization, the annual earnings of an exchange office can reach 3-3.6 million rubles. All this money is the owner’s net income. They must be at the exchange office and cannot be collected.

Who checks the currency exchange office?

Owners of exchange offices need to be afraid of three main authorities:

TSB RF;
- OBEP (department for combating economic crimes);
- tax service.

Most often, the inspection is carried out on the first day of activity. The main attention is paid to compliance with all rules and regulations (mentioned above), the presence of panic buttons, reliability, notification functions and the presence of an alarm.

The risks associated with inspections of the Central Bank and the Department of Economic Crimes can be reduced. All that is required is to conduct honest business, avoid fraudulent transactions, and clearly declare the exchange rate. If you comply with all the requirements of OBEP, then there will be no problems with the partner bank and the Central Bank. The only downside is that doing business honestly inevitably leads to additional costs. On average, this is 5% plus taxes on income reflected in the documents.

How much money is needed to open a currency exchange office?

When organizing such a business, two main types of costs can be distinguished:

1. One-time expenses:

Purchase of equipment (safe, PC, software, telephone line, detector, etc.) - from 200 thousand rubles;
- organizing a work cubicle - from 250 thousand rubles;
- installation of video surveillance, alarm systems, access control systems (access control systems) - from 150 thousand rubles;
- personal funds for turnover - from 1.2 million rubles.

Total - from 1.8 million rubles.

2. Monthly expenses:

Commission to the curator bank - from 50 thousand rubles;
- rent for premises - from 30 thousand rubles;
- salary of two cashiers with taxes - from 30 thousand rubles;
- payment for security services - from 50 thousand rubles.

Total - from 160 thousand rubles.

With an average monthly income of 250-300 thousand rubles, the costs of organizing an exchange office can be recouped within a year.

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