Quote from: buysellbitcoin on July 15, 2013, 05:10:37 AM

Quote from: devansh1991 on July 14, 2013, 07:21:23 PM

3) Our operational costs will be pretty low since we'll be operating from our colg. Therefore we would like to charge then smallest possible commissio that would be just enough to cover our costs. As per my calculations a commission of 3% should be sufficient. I need your feed back on the commssion rate.

Best of luck with your new initiative

Couple of things I will suggest :
1. There is no way you should expect operating costs low. Think it like if you have 1000 BTC in deposits, you are storing almost 45 lacs of cash. How you want to protect it is on you, because its not your money. Its your depositors money and scammers/hackers here are really creative

2. Banking infrastructure. Thats most important.
3. Accounting. You can not touch depositors money to pay your expenses. YOU CAN NOT. You can transfer your commissions, profits daily, weekly, monthly to your expense accounts and pay your expenses from there. So your expense account must have enough cash reserve to make sure your run at least for next 6 months. Get investors or invest your own money.
4. Form a company. Dont do it with your personal accounts and personal obligation. You must have either PVT LTD or LLP.
5. Try to be in this economy for at least 6 months to understand how it works, what are benefits and on top of everything where you can fail.

You can start with this. Better start with Crypto only exchange. Dont touch FIAT in the starting.

I remember a line from user "Wisard" here : Running an exchange or handling people money, you can not start with lean start up concept.

Cheers

Thank you for ur wishes. Great advice. Could you please elaborate the scammers/hackers part.