While Blockchain is stated as probably the most ground-breaking technology that has witnessed massive adoption and advancement in the last decade, blockchain-based cryptocurrency exchanges are not far behind. Today, there are a multitude of cryptocurrency exchanges prevailing in the market, and the demand for more is incessant. Exchanges are currently the talk of the town, and many entrepreneurs have turned millionaires by launching their own cryptocurrency exchange. This has evoked everyone’s interest in getting their hands on the business.
In today’s fast-paced world, and with the highly competitive crypto exchange atmosphere, how quickly you launch your exchange is the key to gain a competitive advantage, mark a place for yourself, and utilize favourable market conditions to reap substantial profits. This is how and why a White label crypto exchange software came into play. If you are a novice entrepreneur in the crypto space, this blog will help you understand everything you need to know about a white label crypto exchange and what it offers to your business. So, let’s go ahead and get started.
The idea behind a white label crypto exchange
White label in general terms means a product that is sold by one company which is rebranded and sold by other companies. Similarly, a white label cryptocurrency exchange is a readily-available software sold by a company, which is purchased by the users and launched in their desired brand. With the competition in the crypto exchange market intensifying and the number of exchanges multiplying with each day, white label exchanges help entrepreneurs to quickly and efficiently set up their exchange, and get the exchange up and running in just a matter of days to get up to speed among their competitors.
In simple terms, a white label crypto exchange is just an upgraded version of a cryptocurrency exchange which brings in more speed, efficiency, and seamlessness for the exchange owners. White label exchanges are currently ruling in the market among global potential investors for this reason, and for the many benefits they offer. Let’s find out what they are.
What do you benefit from a white label crypto exchange?
As mentioned earlier, a white label cryptocurrency exchange software is a readily available software integrated with every feature and functionality required for the exchange, all set to launch and get up running error-free. It ensures a quick start for your exchange. In most cases, a white label exchange is ready within just seven days to two weeks.
• Technical Expertise
You do not have to worry about not having a strong technical background anymore to create and launch a cryptocurrency exchange. With a white label exchange, the entire development process is taken care of by the company you associate with, allowing you to concentrate on other enhancements to further uplift your business.
• Time-saving and cost-effective
White label exchanges relieve you from the years-long, tedious, development process and vastly reduces the cost incurred for the labor to develop your exchange.
• Enhanced Reliability
White label exchanges assure more reliability as they are mostly developed by experienced developers with strong technical expertise. They are completely pre-tested before delivery and ensure bug-free operations. They are highly flexible that even if there is any bug issue, it can be resolved quickly and easily.
• Extensive Customization Scope
White label exchanges are highly scalable and customizable compared to an exchange built from scratch. Customers can mould the exchange according to your desired preferences with aspects like name, brand, logo, color themes, UX/UI etc.
What are the must-have features for a white label crypto exchange software?
- Multiple cryptocurrencies and multi- lingual support
- Automated KYC/AML verification
- Multi-currency wallet with multi-signatures
- Dominant trade matching engine with high TPS( Transactions Per Sec) capacity
- API and SDK integration
- High Volume Liquidity
- Robust Admin Panel
- Cutting-edge blockchain technology and smart contracts
- Firewall and Firebase implementation
- Payment gateways integration
- Transaction history
- Integrated Referral program
- Mobile Application support
- HTTPS Authentication
- Jail Login
- Encrypted Data
- Multi-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 choose the best white label exchange for your business?
With white label exchanges gaining immense demand and popularity among potential investors, numerous companies have started offering them. To choose the best white label cryptocurrency exchange software for your business, here are some crucial factors that you need to analyze,
- The first and foremost thing is security. You need to ensure that the white label exchange system network is one hundred percent safe, reliable and not implemented with out-dated technology.
- The software should have an appealing, intuitive user interface to help you enhance your user experience and gain more traction.
- The exchange software should be applicable and user friendly to both experienced and novice exchange owners and users.
- It should allow the flexibility needed for you to host in your preferred server
- It should give the flexibility of adding/removing cryptocurrencies as per the users’ preferences
- You have to analyze the license package of your exchange provider, whether it is monthly or yearly basis
- Make sure the white label exchange software is legally compliant
- You need to verify the past hack history of the software, the reputation and experience of the exchange provider.
- Analyze the technology stack used to build the exchange
- Verify what kind of maintenance solutions are offered by the exchange provider
- Analyze if the exchange offers round the clock customer support
- Analyze what customization scopes are available in the exchange.
In a nutshell, a reliable white label exchange platform must provide high functionality, speed, safety, efficiency and enhanced user experience. In order to achieve that, you need to go through deep research and choose an experienced company that offers completely optimized, tested solutions that will give you a headstart over your competitors. Therefore, kick off your research, choose the right partner whose solutions fit your requirements and budget, and launch your white label exchange in no time, to gain prolific benefits for your business.