Since 2022, cryptocurrencies have captured the minds of many people. The increase in the value of some coins by tens and hundreds of times compared to January last year has switched the attention of many people to cryptocurrencies as a source of income, much more profitable than traditional ways of generating income on the Internet.
You can make money on cryptocurrencies in several ways: simply buy some cryptocurrency and wait for it to rise in price (“hodling”). You can “mine” (extract) one or more cryptocurrencies using powerful video cards or specialized devices (ASIC). You can buy cloud mining power or invest in a cryptocurrency fund. You can risk your money in cryptocurrency HYIPs.
One of the possible ways to earn money could be opening a cryptocurrency exchanger. Now many people are wondering: how to open your own cryptocurrency exchanger? Let's try to answer this question.
Why is it worth creating an online cryptocurrency exchanger?
When the need arose to exchange fiat money for cryptocurrencies, exchange offices and exchanges appeared.
Creating a cryptocurrency exchange is quite a long and troublesome task. Unless you plan to exchange billions of dollars every day and have a huge staff to maintain the exchange, forget about this option. Creating a cryptocurrency exchange is quite an expensive proposition and not suitable for the average enthusiast. Creating an online cryptocurrency exchanger is much easier, but this simplicity also has its downside.
In most countries of the world, there is currently no legislation regulating the circulation of cryptocurrency assets. Obviously, they are not going to ban the circulation of digital assets in our country, but they will regulate this market. It is still unclear how this will affect exchangers.
How to exchange currency at an ATM?
Some ATMs allow you to withdraw money from your card in foreign currency. Often the exchange rate can be more favorable than at the cash desk of the same bank. Some ATMs operate 24 hours a day. Therefore, if the mode allows you to withdraw funds only late at night or early in the morning, an ATM will be a convenient option for this.
However, not all ATMs offer cash withdrawals in foreign currency. This information must be clarified on the bank’s website. To avoid scammers who can take your money, withdraw it from ATMs at a bank office or large shopping centers.
Bankiros.ru
How to create a cryptocurrency exchanger: buy a ready-made one or write it “from scratch”?
There are two technical ways to create a private cryptocurrency exchange office. The first way is to write the exchange office code from scratch. For these purposes, you will need a qualified programmer who understands how the cryptocurrency market functions. Such development will cost a lot (from a few to tens of thousands of dollars) and will take a lot of time. As a result, you will have an original design of the exchange office (which users will immediately note) and a system built to suit your needs. What you put into the project is what you will get, since the code will be written according to your wishes (more precisely, according to the interests of clients, as described below). This path allows you to create flexible functionality of the exchange office, which can be changed when external conditions change.
The second way is to purchase a ready-made exchange office template. It will cost less (online amounts are quoted as no more than $5,000), but will have a standard, recognizable design (which its users will also immediately note). The second way is shorter (you just need to buy a script and configure it), but such an exchange office will not have flexibility, since you will not be able to change the script yourself. Accordingly, the functionality of the exchange office will be limited to what the script developer has included in it. Places where you can buy a ready-made exchange office script can be found on the forums of crypto enthusiasts.
How to exchange currency on the stock exchange through a broker?
This method is not yet the most popular among beginners, but it helps to save significantly when converting large sums into foreign currency. To use it, you need:
- Open ruble and foreign currency accounts in a bank.
- On the brokerage company’s website, you need to open a personal account and top it up from your ruble bank account.
- At special auctions it is necessary to buy various banknotes: not only dollars or euros, but also the currencies of other countries, for example, yuan or francs.
- After this, you can withdraw funds to your foreign currency bank account.
One of the main advantages of buying currency on the exchange is a favorable exchange rate. However, this method is not suitable in cases where you need currency urgently and in small amounts: you can only buy or sell currency in lots. On average, one lot starts from one thousand dollars. The money will not arrive in your account immediately - at best, the next day. The broker will charge a commission for his services. It is also assumed when withdrawing funds from a brokerage account. Be sure to clarify at the beginning what percentage the commission will be. In addition, the bank itself often assumes a commission when transferring funds to a foreign currency account.
VTB Bank, Lit. No. 1000
Multicard up to 7.00% on balance, Cashback
VTB Bank, Lit. No. 1000
Apply for a card
Bankiros.ru
How to open your own cryptocurrency exchanger taking into account the interests of clients
Exchange offices earn from commissions. The usual figure now is 1-5% of the amount exchanged. Much depends on competition. If there are many exchange offices operating in a certain direction (for example, exchanging rubles from a Sberbank card for bitcoin), the commissions will be small and the rates of different exchangers will be close. In this case, it will be difficult to make money. A person who needs to exchange fiat money for cryptocurrencies or vice versa will look for the most favorable rate and, other things being equal, will exchange his assets where the exchange rate will be the most attractive. For this reason, during the working day, the exchange rates of cryptocurrency assets for fiat money or for each other are constantly changing. Owners of exchange offices monitor exchange rates prevailing on the market and try to indicate their own exchange rate, which is more favorable than that of competitors.
In addition to a favorable exchange rate, the minimum exchange amount is important for clients. Depending on what assets are being exchanged, the minimum exchange amounts will vary between different exchange offices. To ensure that clients exchange assets at your exchange office, set minimum amounts for exchange.
The reputation of the exchange office is extremely important for clients. Most exchange offices are located in some aggregator of exchange offices, for example, in //www.bestchange.ru. It provides user reviews on the quality of services provided. If a person is dissatisfied with the way you served him, he will write a negative review, which can scare away customers. Therefore, it is important that the software works correctly, and that the exchange itself occurs quickly and without incident.
Also important is the number of assets exchanged and the direction of exchange. Some existing exchange offices have a small number of cryptocurrencies and a small number of exchange methods (for example, only WebMoney, Qiwi and Yandex-money). In others, you can exchange many cryptocurrencies in a large number of ways (including plastic cards from various banks, electronic payment systems, and even exchange for cash). It is clear that many people will exchange their assets in the second case - where there is more choice. Therefore, expanding the range of exchangeable financial assets is an important competitive advantage. You can make very good money by exchanging rare alcoins that are not available at other exchange offices. Here the commission may be higher, and clients may become regular.
Exchange offices work with users from all over the world, usually 24 hours a day. If your exchange office makes automatic exchanges and does it quickly, you will have more clients. If the exchange is carried out manually, then it is necessary to ensure round-the-clock operation of the exchange office in three shifts.
Also important is the stock of assets (reserve) for exchange. The more free assets (cryptocurrencies, fiat currencies) you have for exchange in your exchange office, the more transactions your clients will make. Often, clients choose another exchange office if they see that the available reserves (for example, cryptocurrency) are not enough to complete the transaction.
Of course, the interface through which the exchange office interacts with clients is important. It is convenient to use an exchanger if you do not need to perform many actions to exchange, constantly switch between the sites of the payment system or exchange office, or constantly check your mail or received SMS. If you write an exchange office yourself, rather than buying a ready-made script, you can think through these issues in advance and implement them better than competitors do.
All other things being equal, sales promotion tools work well, for example, providing customers with a cumulative discount. The greater the volume of exchanges a client makes with you, the greater the discount he is given next time.
Business Features
Before opening your own currency exchange office, you need to navigate the nuances of such activities. After all, there are many rules and restrictions, risks and pitfalls. You can earn money from the following types of activities:
- On the sale of foreign currency.
- Its purchase from individuals.
- Exchange of banknotes.
- Converted transactions, etc.
The main profit comes from the difference in the value of each currency and its profitable resale to the public. The main advantages of doing business at an exchange office are:
- quick return on investment, high profitability;
- setting up a workplace is quite simple and takes little time;
- there is an opportunity to expand the scope of activity by opening new points in favorable locations.
But not everything is so rosy. This business also has its drawbacks, which you should prepare for in advance. These include the risks of theft by staff, robbery, the need to adhere to clear rules established by the partner bank, violation of which will deprive you of your license, frequent inspections by regulatory authorities, etc.
Only by assessing all the risks, pros and cons of doing business, can you decide whether this project is worth pursuing. The final word is yours. But first, be sure to draw up a competent business plan, according to which you will organize all your activities step by step.
Key success factors of the exchanger
The main success factors for any exchanger include:
Reliability of cryptocurrency exchangers
Since the cryptocurrency market and transactions are largely unregulated, it is very important that clients trust you. Exchangers work in such a way that first the client transfers funds (fiat or cryptocurrency), and only then receives the funds into his account. If there are any doubts about the integrity of the exchanger, people will simply be afraid to make an exchange on this resource. The only way to earn your customers' trust is to work honestly and always ask for feedback.
It is also very desirable to have a 24-hour (or at least open until late evening) chat to quickly resolve all issues.
Reliable exchangers can be added to the Bestchange exchanger monitoring site.
Relevance of cryptocurrency exchangers
Your offer should be competitive, and the rate and size of commissions should be no worse than the average offer on the market. The average rate of cryptocurrencies can be checked on Coinmarketcap, but it also needs to be compared with the rates of competitors (in exchange offices the rate can be overestimated). Some exchangers inflate the exchange rate but charge a lower commission, others do the opposite.
The relevance of the exchanger is also determined by:
- number of cryptocurrencies available for exchange
- number of payment methods (cards, electronic payment systems and wallets)
- funds limit
- quality of support service
Online exchange rate calculator
On the main page of any exchanger you need to install a special calculator form. It will help users instantly calculate how much cryptocurrency/fiat money they will receive after the exchange.
Employees
You will also have to hire staff for work through the bank by drawing up a similar employment contract. For the smooth functioning of the kiosk, it is enough to have two cashier operators who work in shifts. Their work schedule is drawn up in any way convenient for you or them - 2:2, 3:3, 1:1, etc.
The most common problem is cash theft by staff. This issue can be resolved in several ways:
- The business owner independently performs all or part of the work and thereby controls how much revenue can be received per day.
- A video surveillance system is being installed.
- The following cooperation scheme is chosen - the operator undertakes to hand over a certain amount of money to the owner every day, and the rest remains to him as wages.
Security functions are performed by a specially hired person, or, what is more common, an agreement is concluded with a company or bank to provide this type of service. They are called using a panic button.
Here you can download a free business plan for a currency exchange office to use as a sample.
How much can you earn using a cryptocurrency exchange office?
Let’s take the not-largest commission value of 2%. If an average of $5,000 is exchanged every day, the exchange office's commission will be $100 per day, and about $3,000 per month.
It is clear that in order to achieve such a flow of clients, it is necessary to advertise the exchange office on the Internet and include it in the listing on exchanger monitoring sites. The most important success factor will be the flawless operation of the exchange office, taking into account the important consumer properties mentioned above. However, advertising is also important so that new clients, aggregators of exchange offices and bloggers who write about cryptocurrencies learn about the exchange office.
Recruitment of employees
When considering how to open a currency exchange office, you must understand that for this you will need qualified employees. You need cashiers. Moreover, they must not only be professionals in their field, but also have an impeccable reputation.
Situations often arise when “unscrupulous” employees of exchange offices rob their owners. The cashier's responsibilities include both performing currency conversion operations and verifying the authenticity of banknotes. As a rule, one mini-office is served by two employees, for whom a schedule is provided: “two in two” or “one day in one.” It should be emphasized that the cashier you hire is also required to draw up an employment agreement with the bank.
How much money do you need to open a cryptocurrency exchanger?
The costs of opening an exchanger consist of:
- expenses for setting up the exchanger site itself (the figures given above: up to 5000 for a template, original development costs more)
- purchasing the necessary cryptocurrency for exchange (fiat money must also be deposited into the account). It all depends on the ambitions of the owner. It could be 300,000 rubles, or tens of millions.
- advertising expenses. From several thousand rubles per month to hundreds of thousands.
Very roughly, you need to count on starting capital in the region of 1 million rubles and above.
Reviews
Sergey: “The most difficult thing in this matter is to find a good place for the next item. In all major cities, this niche is already so filled that there are simply no suitable plots left. And in order to attract clients, you have to work at the minimum rates of popular currencies, which is unprofitable for the entrepreneur himself.”
Valentin: “You can avoid damage from dishonest cashiers only by doing all the work yourself. And this is no longer a business, but self-employment. It is impossible to monitor people’s actions even through a CCTV camera. All that remains is to set an adequate limit on daily earnings, but not every employee agrees to this.”
Andrey: “Not a bad business. My brother and I opened this store, and we work in turns. Due to low competition in a residential area, it is possible to receive a decent income every month. And although it would be possible to earn more in the center, it seems to me that the costs of rent and advertising would “eat up” this difference.”
Stage 2. Premises and equipment
The best location for an exchange office will be a place with high traffic.
Before opening, you need to assess the peculiarities of demand for currency exchange in a particular place. Exchange offices located in shopping centers, places of entertainment, hotels, train stations, and airports are more popular; exchange offices are in less demand in residential areas.
Interesting: How to open a gardening store
In addition to assessing demand, you can also characterize currency prices; if the price of a currency is above average, this indicates good demand.
All documentation of the exchange office is registered in the name of the credit institution, including the rental agreement. The room for the exchange office should be about 6-7 square meters. It can be either a built-in room or an armored cabin located separately.
The cost of the cabin, with finishing work, both outside and inside, ranges from 3,000 to 6,000 thousand conventional units. The premises of the exchange office must be arranged in accordance with the rules and regulations:
- Armored window, doors;
- Availability of hood;
- Availability of fire and security alarm systems;
The exchange office will need the following equipment:
- Software that controls the movement of money (this software is provided by a credit institution, which simplifies interaction);
- Currency detectors (check originality);
- Safes;
- Cash counters;
As for the exterior design, it is necessary to place a stand outside, on which all the necessary information for the client would be located.
The room can be either a built-in type room or an armored cabin located separately.
What information does monitoring provide?
On these sites you will find:
- Rating of verified exchangers that people use most often;
- The latest data on exchange rates for all services;
- Reviews from real users about electronic money exchangers that they personally used;
- List of digital currency exchangers that work both with Russia, Ukraine, Belarus, Kazakhstan, and with non-CIS countries;
- Opportunities for working with various types of digital cash , from WebMoney, Yandex Money, Bitcoin, Litecoin, Qiwi to MoneyMail, OkPay and AdvCash. All these Internet observers provide their clients with the opportunity to work with the withdrawal and deposit of funds to bank accounts using Visa, MasterCard, Privat24, Russian Standard, Alfa-Bank cards.
- All kinds of loyalty programs for regular customers, as well as affiliate programs.
conclusions
To successfully organize earnings on the exchange, you must:
- Know the factors influencing changes;
- Be aware of events in the world of economics and finance;
- Be able to predict the exchange rate, find out the exchanger ahead of time and begin to act in accordance with the forecast;
- Be realistic, don’t believe in the fairy tale about instant 100% profits;
- Coolness and prudence.
The latter is useful when the price is steadily growing, so as not to rush into selling, but to wait for an even more favorable moment, and vice versa.
Those who follow the news and understand what influences it and how can predict fluctuations in the market. The public debt has increased - expect foreign exchange prices to rise, exports have increased - and the ruble will become a little more expensive than before. There are a million events happening in the world every day that affect the income of traders; it is important to understand what should be taken into account when analyzing.
Thanks for reading the article. I hope it will save you from making rash investments. Don't forget to share it on social networks, especially with those who decided that they could easily get rich from it. Subscribe to updates so you don't miss anything important. See you again!
How to pay abroad with a card?
You can pay for goods and services abroad using a plastic card. Typically, ruble cards are issued on the basis of the Mir, Visa or Mastercard payment systems. When you pay for an item online, you immediately see a list of systems whose cards you can pay for it with. If you plan to use your card abroad, check with your issuer to see if your card can be used abroad. In addition, you can apply for a special travel card in advance. You can choose the best option for yourself and submit an application for the production of a card in our special section.
A significant disadvantage of this method is the user’s dependence on the exchange rate of the card manufacturer. In addition, in most cases, the bank withholds a commission for paying for services in foreign currency. If your card is already opened in a foreign currency account, there will be no conversion fee. You can choose the option that suits you best and apply for a card in our section.
Bankiros.ru
Alfa-Bank, Lit. No. 1326
Alfa Card up to 8.00% on balance, Cashback
Alfa-Bank, Lit. No. 1326
Apply for a card
