The global economy today is unavoidably shifting towards a complete digital ecosystem. With the rapidly unfolding technological furtherance, everything is becoming paperless from information stored and transmitted digitally, to money transfers. One of the most promising and game-changing inclusion to this digitally evolving ecosystem and the financial sector is the advent of cryptocurrencies.
Cryptocurrency exchanges act as the middle ground that helps investors from all around the world exchange their cryptocurrencies and earn massive profit returns. Many investors have become millionaires with their cryptocurrency exchange software. The substantial growth cryptocurrency exchanges have achieved over the years and is still continuing to, is so evident that it intrigues newcomers to effect an entrance into it.
If you are one of them, looking to start your own crypto exchange, this blog is for you. Here, we are going to discuss everything you need to know to build a profitable crypto exchange, but let’s begin with a quick glance at what cryptocurrency exchanges are for starters.
What is a cryptocurrency exchange?
As mentioned before, cryptocurrency exchanges are the medium that allows traders to exchange their cryptocurrencies for other cryptocurrencies, digital assets, or fiat money. Cryptocurrency exchange platforms are underpinned by blockchain technology that helps record, secure, and verify every transaction that happens on the exchange platform. Blockchain is immutable in nature, which means transactions once recorded cannot be altered or interchanged.
Cryptocurrency exchanges alongside blockchain technology allow investors to conduct global transactions at ease, at warp speed, concurrently bound and determined towards utmost stability and security. This is why cryptocurrency exchanges are gaining enormous traction among global potential investors. Basically, cryptocurrency exchanges are of three types,
- Centralized exchanges
- Decentralized exchanges
- Hybrid exchanges
With the ever-changing technological advancements, cryptocurrency exchanges also further advanced into new forms, with the above three being the core characteristic. Currently, the most trending exchanges among them are,
- Leverage/Margin and Futures exchange
- P2P( Peer-to-peer) exchange
How to develop a cryptocurrency exchange platform?
Well, to commence your cryptocurrency exchange development, there are two ways to go about it. The first one is to build from scratch. When you go by this method, there is a basket full of steps involved that you shouldn’t miss such as,
- Determining the operational location of the exchange and complying with the regulatory and KYC norms according to the geographical area.
- Obtaining a legal license for the exchange to operate smoothly.
- Generating required funds for the exchange account to commence trades
- Partnering with a bank/ payment processor
- Finding a reliable technological partner
- Connecting the exchange to external exchanges for liquidity
- Implementing the best security practices for the exchange
- Planning the marketing structure
- Beta Live and testing for the exchange
- Constant maintenance check, and customer support.
In this fast-paced world, this would not be a viable option because to undergo all these steps and to get it over with, will involve a considerable amount of time. Also, the development process will cost you a fortune and demands quality technical assistance to build a strong base for your exchange.
An appropriate and the most fitting alternative would be acquiring White label cryptocurrency exchange solutions. Whitelabel exchange solution is nothing but a readily-available solution that is fully-featured and technologically stacked to make the exchange fully-functional. You can just purchase the software, and customize it according to your business needs. Why should you go with white label solutions? What are the key benefits? Let’s take a look.
Benefits of a white label crypto exchange
- A White label exchange is built by experts and is 100% pre-tested before delivery. Hence, they are more reliable and bug-free.
- You don’t have to worry about having technical knowledge as you can just purchase the ready-made software.
- As it is ready-made, it saves an ample of time and money involved with development.
- White label exchanges are very quick to deploy, in most cases, just 7 to 14 days.
- White label solutions offer broader customization scope for customers in terms of name, brand, logo, UX/UI, color themes, etc.
Features of a white label crypto exchange
- Multi-currency and multi-language support
- Automated KYC/AML verification
- Powerful Matching Engine
- High TPS( Transaction Per Second) Volume
- Advanced and customizable UX/UI
- Multi-currency crypto wallet
- Admin backend panel and user panel
- Liquidity API integration
- Advanced blockchain technology and smart contracts
- Payment gateway integration
- Multi-Factor Authentication
- Firewall/Firebase implementation
- Integrated referral program
- Mobile Application support
- Multi-layer security protocols
How much does a white label exchange cost?
With several benefits involved with white label exchanges, many entrepreneurs have started inclining more towards purchasing white label solutions for their business. But one question that intrigues them the most, is how much would it cost.
Well, the cost of white label crypto exchange depends upon a variety of factors, mainly,
- The type of exchange you choose for your business
- Technical and security features you choose to integrate
- Your personal customization preferences
Based on these factors, the costs might vary from company to company. However, white label solutions are much more cost-effective when compared to building the exchange from scratch.
At Infinite Block Tech, our seasoned, dedicated team of experts have carefully analyzed the market needs, competitors and have conceived three different packages with each ranging $21,000, $37,000 and it goes upto $50,000 based on the unique requirements of the customers and the project complexity.
We assure you that our white label exchange solutions will help you get rolling in the market in no time, at the most reasonable price, with no compromise on quality. Get in touch with our experts to find out more.