With digitization being the talk of the town, cryptocurrency businesses have quickly emerged in multiple locations around the globe. The blockchain technology that powers the white label cryptocurrency exchanges has become more decentralized, resulting in the multiplication of interest levels in the virtual asset.

Cryptocurrency exchange development has become a profitable business providing tailor-made solutions for every industry. Entrepreneurs are also reaping the benefits of the rising demand by strategically entering markets and rendering feasible advice.

The white label exchange software is the backbone of the burgeoning crypto market. Let us get to know more about it.

What is White label cryptocurrency exchange software

It is a well-rounded package consisting of all the necessary features. With pre-testing of the software done before delivery, it can be readily deployed into operations. Every exchange owner has to pay the required fees to the service provider and obtain the White label software right away.

Customization can also be done by the firm according to its brand name, logo, UI/UX design, and color themes. The company can experience immediate benefits in the form of improved efficiency and offer a better trading experience to users with improved security standards.

Discover the types of White label exchange software

White label cryptocurrency exchange software comes in different shapes and sizes. It is available for a range of exchanges that provide Bitcoin services, Peer-to-Peer transactions, and leverage trading.

Advantages of acquiring a White label cryptocurrency exchange software

1. It can be launched quickly in the competitive market in a hassle-free way. This enables a firm to race ahead of its rivals. The quick deployment will attract more investments and get a stranglehold of the market.

2. Mostly, white label exchange software is bug-free as they are pre-tested multiple times by experts. This guarantees optimum performance and sustainability in the long run. Small glitches can be resolved in a time-bound manner.

3. Businesses can experience massive savings in costs by using White label software. A company can concentrate more on achieving its business goals with core operations by outsourcing the development of the exchange to experts.

4. With ample scope for customization, it enables companies to carve its own unique identity. This helps in product differentiation and improves a firm’s position in the market among rivals.

5. Cryptocurrency exchange development from scratch requires several months and years of constant work. Heavy investments in manpower by hiring specialist blockchain analysts and cryptocurrency developers are needed. However, with white label exchanges, barriers to entry are few as the package can be developed within a few weeks itself.

6. Technical issues can be solved immediately as most of the exchanges provide 24x7 support in numerous languages.

Factors to keep in mind before choosing a White label cryptocurrency exchange software

1. Though white label exchange software provides state-of-the-art customization, every company must check if the providers ensure control over the operations of the exchange. Lack of having a check over the day-day functioning of the exchange would prove to be a dampener for the company. Flexibility to host the exchange on the company’s own server would prove to be an additional advantage.

2. Inspect if the platform offers any maintenance support. Some firms may charge extra expenses for revamping the existing operations. Free technical support for a limited time can become a benefit for companies.

3. The user interface must be easy to handle for the clients irrespective of their age group. Basic functions must be self-explanatory for both amateurs and experienced cryptocurrency traders. Compatibility with multiple devices is a plus point.

4. Verify the present security protocols and check its compatibility with accepted standards in the industry. Results from pre-testing must also be made available. An exchange with outdated technology and not 100% secure will cease to exist in the long run. Mismanagement of funds will cause huge damage to the reputation of the industry.

5. Check the type of license that governs the distribution of software and its validity. It can vary across different countries and continents.

6. Enquire if there are facilities to add or remove cryptocurrencies and availability to use fiat currencies as and when required.

7. Probe the availability of wallets (hot and cold) and multiple payment facilities (debit card, credit card) to process transactions and manage trading activities.

8. Explore if norms related to KYC (Know Your Customer) and AML (Anti-Money Laundering) are being adhered to. It helps in preventing fraud and preserving the reputation of the exchange.

9. Check out the number of cryptocurrencies and languages supported by the platform. It enables improved user retention.

10. Look if the software provides networking with well-known external exchanges as it helps in improving the liquidity of the exchange. Adequate liquidity boosts investment climate and shoots up the trading volume.

11. Analyze the extent of customization provided. Too much personalization can take away the freedom involved in daily operations and hamper a firm’s functioning.

12. Test the efficiency of the trading engine. It should manage orders with perfect precision. Higher speed would boost the overall trading experience. The presence of different order types such as market order, limit order, stop-loss order will enable better fund management.

13. Availability of special features such as token swap, peer to peer exchange system with popular cryptocurrency coin pairs. Additional options, such as futures trading and exchange-traded funds can attract the interests of traders.

After going through the above factors, more confidence can be imposed by companies in the business of Cryptocurrency exchange development. It has become an ideal opportunity to trade profits in the digitized world where uncertainty has become the new normal.