Posted by forex at 6:21 AM
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1. Determine if you need a license. Based on the size of your potential operation, you may need a Series 7, 63 or 65 license. If you are interested in becoming an E-Currency processor for yourself or friends and family, you may not need a license. Instead, consider forming a limited liability partnership with your peers, which will officially mean you are all working together. This way, you do not need a license to trade their money into E-Currency (see Resources).
2. Develop or buy a script. Your website will need to be programmed to be able to perform E-Currency exchanges. If you are able to write computer programs, then you can create this script yourself. More often, purchasing the script will be part of your start up costs. Scripts can cost anywhere between $10,000 and $20,000 and should be nice looking and easy for customers to understand and use. If you do not know any computer programmers, browse websites designed to connect freelancers together with clients (see Resources).
3. Find a web server. Your website will need extensive hosting to handle the traffic, security measures and amount of transactions processed daily. Server costs can range anywhere from $400 - $4,000 a month. Speak with several hosting providers to find a plan that best meets your needs.
4. Advertise and market your new business. Your advertising costs should be highest when you first begin. Buy advertising space on websites and print publications that are relevant to your E-Currency service. Use your advertising capital wisely.