If you were in charge of a CEX, one that was just starting out...

If you were in charge of a CEX, one that was just starting out, what strategy would you use to make it competitive with other CEXs?

hard mode: must follow the law, must do KYC.

i'm CEO of a CEX and im out of fucking ideas

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You ain't shit fool.

CEO of chump change town nogga

create a cult following around it

& have actual good tech that can adapt to new narratives

good luck tho it takes years to build a solid community

For 10 btc, I'll give you the answer

how do you create a cult following around it? thats like saying "get popular" "get famous" but how? what can I do as a strategy?

bump for ideas

is this australia

no

>hard mode: must follow the law, must do KYC.
Welp, good luck with that.
That is what killed Poloniex and Bittrex despite being the biggest exchanges in 2017ish. It's what opened the door for Binance, but they're going down the same path with shit like Binance.us

Literally the most common way I've seen exchanges get big is just that: wait until authorities start clamping down on the most popular exchange, and when everyone starts complaining about KYC, getting locked out etc, an exchange catches the fallout with an extremely lax/nonexistent KYC policy.

Then they just clamp down like everyone else after they're popular.

believe me i've pitched that strategy. its a no go because we want to get licenses. my own feeling on the matter is...similar to yours.

im wracking my brains to think of something to make our exchange unique, something to make it newsworthy

>KYC
There's your problem.
When they forced KYC I withdrew everything from Binance and stopped trading on their platform.
I WILL NOT BE PAYING YOUR UNFAIR TAXES GOVERNMENT GET YOUR HANDS OFF MY MONEY.
In saying that I moved to using all DEFI and learning the no-KYC tools, I won't be going back to any CEXs as they are all going to end up as datamining honeypots. The way to stand out is to give people what they need, which is financial privacy, it is too difficult a problem for your competitors to solve. Is it too difficult for you?
Pivot into being a place where you can still facilitate trades and take a tiny % of the action while presenting minimal attack surface to the governments of the world - decentralise your operations - a good way to do this and fly under the radar is to change your UX to be more game-like, connecting Peer to Peer trades. Hey it's not your fault two people met on your game world then did a transaction with metamask wallets. You're just an educational game site with great UX that helps people learn how to use privacy preserving blockchain tools. Oh they think it is your problem? OK we are shutting down... and spinning up the next webserver in the next jurisdiction

If you’re serious: easily composed advanced orders.
For example, I want to buy and asset and as fast as I can set a stop loss. Those moments between buying and feeling like a twitch gamer trying to put in the stoploss, worried to hell I’ll type something wrong in a hurry. If your cex allowed me to put in a buy order and a stop loss that would be entered as soon as my buy order was filled I’d go to your CEX. That use case is just the start.

if you aren't a globally recognized CEX your days are numbered, industries that scale always consolidate in the long term
the only way to get ahead from this far behind is scummy shit

The commercial writes itself, someone with a panic trying to put in their stoploss, fiddling, and they’re too late, losing 90% in 30 secs (it’s crypto!)

If you have to ask how to be charismatic then it's too late for you. Every attempt you make at being charismatic from here on out will be disingenuous and everyone will be able to tell.

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How long has your CEX been running? How many coins do you offer? Show it to us so we can help.

Want it to be newsworthy? Apply the LUNC tax burn to in-house transactions lol. It's hard to implement and a total meme, nobody will care except the LUNC tards for 1 week but it'll put your name out there.

you could try to do a kucoin style but more by-the-book, many shitcoins and a profit sharing token but regulators seem to have already picked their winners and if blackrocks broker (coinbase) is getting fucked around with over security regs then i can only imagine what theyll do to a more vulnerable startup

>make it competitive with other CEXs
you can't compete, they'll outspend you with their inferior tech. You have to carve out your own niche and make them come compete with you before the market figures it out. You should try an AI strategy that caters to an underserved population like opening a CEX in a country with high fraud rates

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Hello Kevin.

Honestly for starters I would enforce a price floor on my own token without providing liquidity for said price floor.