Setting up and running a cryptocurrency exchange is no doubt a time consuming and complex job. However, it can also be incredibly profitable. Information which has been released this week reveals that the Coinbase exchange had a turnover of $1 billion in 2017, which works out at a cool $2.74 million a day. Not that bad for a day\'s work.

Coinbase is the largest crypto exchange in America, which means that it\'s able to absorb a large portion of the money which is entering the market, as new investors try to get a piece of the bitcoin pie. In response to this unprecedented demand for new user accounts, many cryptocurrency exchanges have been hiring new customer service staff.

It is believed that the majority of Coinbase\'s profits have been generated by the fees it applies to users\' accounts when they perform transactions, which vary from 0.25% to 1%. While this may seem like a relatively small cut to take, these small fees soon add up. The other thing which benefits Coinbase, and no doubt helps to increases its profits, is how recognisable and trusted the brand is, which gives new users confidence to sign up with the platform rather than other exchanges.