8 Essential Things To Consider Before Launching Your White Label Crypto Exchange
The whole world is moving towards digital transactions. Especially, even after the pandemic threat had gone down, people consider digital currencies more effective than fiat transactions. For instance, I can go and get Starbucks coffee without taking my credit card. Yes, most of the well-known brands have started taking bitcoin and other altcoin payments.
With the emergence of cryptocurrency, many traders and investors are thinking about investing in it. But there is nothing wrong thinking differently, right?
What I am saying is, it is better to grab a fishing rod than grabbing a fish. Yes, starting a White label cryptocurrency exchange platform must be a wise choice rather than trading or investing in someone’s platform.
But you should consider certain things before launching your White label cryptocurrency exchange platform. Come, let us dive into it.
What is a White label Cryptocurrency exchange?
White label digital currency exchange, for the most part, is a software which implies that you can start your cryptocurrency exchange software from scratch. It is as easy to start as it is a pre-modeled software with all the inputs that the software needs. So, if a customer needs to instantly start the cryptocurrency exchange platform unique from other clones, he or she can start a White label software.
Generally speaking, in such frameworks, you can have your own workers utilizing your own space name, and you can cause your own look and to feel, custom illustrations, custom everything. Also, you can customize the entire software based on business needs without any hesitation.
Significance of the White label cryptocurrency exchange:
White label cryptocurrency exchange is preferred by most of the startups who want themselves to stand out from the clones. But why do they prefer the White label? Because it has some undeniable benefits where you cannot experience in any other software.
Privacy — White label page provides privacy to the users and to the clients. So the information is secure and protected. This does not mean like clone scripts cannot provide security. They do. But privacy features of White label are more effective compared to other clone scripts.
Global access — If your desired clone is a regional-based website, you have to edit to global access which will cost you some dollars. White label cryptocurrency exchange has global access and you can modify your software based on the region of operation.
Automotive KYC norms — In a White label page, the KYC norms will get automatically updated and the users will find it easy to update their KYC without any interruptions.
Security enhancement — With the basic security that we provide to aby crypto software, we can provide additional security options to protect the information and transaction of the users with the White label feature.
Ownership — If you own a White label cryptocurrency software, you are the owner of that particular website. Also, the White label has a unique source code that was not used in any websites before. This will not only help to move your business unique without getting tangled with legal issues but also help to improve without hassles.
8 Things before jumping into the white label crypto exchange: You have taken the right decision to buy a White label crypto exchange software. But before taking further steps, you need to slow down and know 8 important things to consider before launching your White label cryptocurrency software:
Construction and architecture — First of all, if a White label company urges you to buy a White label cryptocurrency software, you should look for the external appearance of the website and its usability parameters. The alignment of the fonts and the design along with the user interface and the application program interface should be well maintained to give a great picture of the software. To be more aware, you can request for a demo to take a tour on the White label page that you want to buy.
Splitting up modules — Splitting up different modules for different functions will make the work easy and effective. For instance, the user interface and the API along with some other technical areas can be referred to as a different module. Other Non-technical or other works associated with the software would be done in a different module based on specification. Also, the software and the hardware should have their software get separated. This will not only boost the performance but also maintain the reliability of the website.
How liquid the exchange platform is? — Liquidity determines the trading flexibility for the users. An exchange platform that is more liquid is manageable and effective for users. This also helps in trading easily with much ease. So, before getting your White label crypto software check the liquidity of the website. Your White label exchange development company follows certain steps to improve liquidity. Firstly, they will route the trade request given by the traders through other exchanges. Another method is to create bots to improve the familiarity of the exchanges.
Easy to handle User interface — What if your White label exchange software has all the options dumped in one section? What if the buy and sell feature is not present where it should be?
This will deteriorate the reputation, right? So, be careful with the user interface while you are buying a White label exchange. It is good for the company to create innovation in website creation, but it should be at the cost of your White label software. So, beware of the easy to load and handle the user interface to have a successful exchange platform.
What is on the table? — If you have checked the external features of the White label exchange website, it is more important to see what is in it. You need to check whether the top-notch and leading cryptocurrencies are on the list. It should get integrated with secured wallet features. That should help you to store different coins in different addresses to prevent confusion. Also, you need to integrate the new arriving digital coins after an optimal reach. This will improve the entire performance of the exchange software. But make sure they are legitimate.
Presence of features — A White label exchange should contain certain features to stand out in the competition. Certain notable features include application interface, Margin trading options, Wallet and IEO integration modules, Atomic swaps, etc. In an administration perspective, you should check with the effective working of the Admin console and traders console along with customer support and management, etc.
Administration of the website: It all lies with the site admin. Right from receiving payments to helping the clients in trade and dealing with the entire transaction, Admin plays a vital role in the functioning of the website. Also, if any technical issue or server related issues occur, it is the duty of the admin to report it to the developer team to resolve quickly and help the clients manage the business in an effective way. So, check whether the White label crypto exchange software has a secured and strong admin console.
Building your White label cryptocurrency exchange platform is well-appreciated but with these above mentioned 8 things should be considered before launching one of a kind. With many cryptocurrency platforms and clone script trading platforms were on the rise, you should have your software informative, updated, and clear to lead the cryptocurrency race. So, what are you waiting for? Once you complete this blog, you can initiate a plan and schedule a meeting with some renowned White label cryptocurrency exchange developers.