With cryptocurrencies being the talk of the town and widely prevailing all over the world, at least one in ten people wants to be associated with them, especially trade them on an exchange platform to double up their profit returns. This intrigued many entrepreneurs to start their own cryptocurrency exchange. Each passing day, new entrepreneurs enter the market with their own exchange, and the white label crypto exchange software volume is growing drastically.
Even though executing cryptocurrency exchange development all the way from scratch has been the commonly implemented method for a while, and has turned out successful for various entrepreneurs around the world, it is not as easy as it sounds and it takes some doing. The process involves a lot of intricacies, consumes an ample amount of time, money, and resources. Mainly, requires strong technical skills to withstand over the competition.
These evoked entrepreneurs look for an alternative solution that will make the process quick, and efficient for them to get upto to speed in this intensely competitive market scenario. This is how a white label crypto exchange came into existence. If you are an entrepreneur looking to launch your own exchange as well, you should also go with a white label exchange. But why? What is meant by a white label exchange and what are its core benefits? Let’s discuss further.
What is a white label crypto exchange?
A white label crypto exchange software is a readily-available software that is integrated with every key feature and functionality essential to get the exchange up to and running seamlessly in the shortest possible time. The software will be designed, developed, and even deployed by the team you acquire the solution from in some cases. All you have to do is purchase the software, and customize it according to your specific unique requirements to launch it in your desired brand. There are various benefits a white label exchange offers to your business. Let’s take a look at the primary ones.
Why should you choose a white label crypto exchange software? Benefits:
- Quick Deployment
As mentioned above, a white label crypto exchange is readily available with all the essential elements to run smoothly. Therefore, it is very quick and easy to launch. In most cases, a white label exchange is launched within seven days to two weeks.
- Strong Technical Expertise
You don’t have to possess technical knowledge in the case of a white label exchange. It is custom-built for you by a team of experts with strong experience and expertise and they will be with you throughout the process to assist you with the whole technical aspects of your exchange.
- Better Reliability
As your white label crypto exchange is crafted by experienced developers it is more reliable and less likely to be prone to faults than an exchange built from the ground up. Also, a white label exchange is usually pre-tested before being handed over to the customers. Therefore, it ensures bug-free operations than an exchange built from scratch.
- Flexibility to boost brand visibility
The whole design and development process is taken care of with a white label crypto exchange which allows you to focus more on customization and brand visibility. A white label exchange is more flexible and scalable, and you can customize the exchange with aspects like name, brand, logo, UX/UI, color themes etc, to create a unique identity and more visibility for your exchange.
- Time-saving and cost-effective
A white label exchange is ready-made and it helps you save a lot of time, money and resources incurred for developing an exchange all the way from scratch. The cost of the whole purchasing and deploying process of a white label exchange is to a much lesser degree compared to an exchange built from scratch.
What are the core technical features to look for in a white label exchange software?
- Powerful Order Matching Engine with high TPS( Transaction Per Sec)
- Automated KYC verification system
- Multi-currency and language support
- Multi-currency wallet integration
- Robust Admin and User Panel
- Intuitive, Customizable UX/UI
- Liquidity API
- Advanced blockchain and smart contracts integration
- Payment gateways
- Mobile applications support
The core security features to be integrated in a white label exchange software
- HTTPS Authentication
- Jail Login
- Data Encryption
- Two-Factor Authentication
- DoS( Anti-Denial Of Service) Protection
- DDoS( Anti-Distributed Denial of Service) Protection
- CSRF( Cross-Site Request Forgery) Protection
- SSRF( Server-Side Request Forgery) Protection
- HTTP Parameter Pollution Protection
- Escrow System
How to launch a successful white label crypto exchange?
Launching a white label exchange platform is an easy-peasy process. Here are the crucial steps you need to give importance to,
- Ample research, ideation and making sure your business requirements are unique from that of your competitors.
- Choosing the type of exchange that you want to launch.
- Analyzing the legal requirements according to your geographical location and ensuring the white label exchange you acquire adheres to it.
- Analyze the blockchain implementation of the exchange, technical stack used, and if the tools required for the software are in-built or outsourced.
- Check if the white label platform lets you host it on your own server.
- Check the pricing package of the white label exchange package, and whether it is monthly or yearly.
- Verify the top trending features required for a white label exchange software and make sure you purchase one that offers them.
- Make sure you protect your exchange from hack threats or fraudulent activities by analyzing the security features implemented in the white label exchange.
- Analyze which white label exchange offers the flexibility for you to modify the exchange, features and functionalities as per your preferences, for example, add or remove any cryptocurrency according to the changing market trends.
- Make sure you procure a properly tested white label exchange to avoid glitches in the future.
- Verify the customization options available with the white label exchange platform
- Check if the white label exchange package comes with marketing solutions
- Analyze what sort of post-launch and maintenance support is offered.
Above all these, the last but the most important step is to conduct extensive research to figure out the right white label crypto exchange solution provider that will help you achieve everything else mentioned above. Thoroughly analyze the reputation, previous successful projects, customer reviews, and every other essential aspect before you choose your company, to ensure secure and successful solutions.
White label solutions are the key to achieve traction, potential, and profits at the shortest turnaround time. Therefore, choose your crypto exchange software solutions provider promptly, effect an entry into the market quickly, and relish a million-dollar business opportunity.