The cryptocurrency world is exploding as every next company has been accepting payments through cryptocurrencies. It also increases the number of users of cryptocurrencies. The investors’ confidence level to opt for crypto white label exchange platforms has enhanced. The rise of NFTs gave birth to new reliable revenue sources. Recently, the value of the crypto market has reached 2 trillion. Thus, the growing concerns of crypto need to be addressed.
Most people are interested in embracing crypto. Therefore it has become crucial to learn about the efficient crypto exchange market.
Here in this blog, we will reveal the main steps before the launch of the white label exchange.
What is a White-Label Crypto Exchange?
Cryptocurrency exchanges allow users to buy, sell, and trade different cryptocurrencies. It plays the role of a stock exchange for investors to trade crypto into fiat, but instead of stocks, you buy or sell crypto assets. It enables you to perform trading using crypto into fiat.
White label crypto exchange software is a better choice than traditional cryptocurrency exchange software development. For starters, the white label exchange software takes less time and capital to develop. Also, a business can launch its exchange platform in a significantly shorter time. We can use exchange platforms in a more flexible and utilized way. Before launching the product on the desired blockchain, white-label exchange software developers test it several times.
– Decide the Platform to Operate Your Exchange
Finding the correct location for your exchange platform is the most necessary step. Therefore, it is crucial to explore a place where cryptocurrencies are owned legally and have no legal limitations.
– Choosing the Right Exchange Software Type
Currently, the market has three main types of exchange software such as decentralized, centralized, and hybrid. Based on the project requirements and needs, select the desired exchange type and proceed.
– Inquire the Legal Advice to Complete Licensing
The market of crypto is at an evolving stage. Thus, people are unaware of legal compliance. Seeking legal advice to complete the licensing process is very important. Legal advice will help you define the regulatory rules. Moreover, it can help you learn more about licenses and legal obligations.
– Collection of Liquidity
Liquidity is a factor that you will need to ensure the secure functionality of your trade exchange. It directly links the ability and the speed of setting orders for buying or selling cryptocurrency to liquidity. Further, it ensures the price fluctuation in the market. The bigger the liquidity, the faster the traders will set their orders.
– Integrating High-Level Security Features
Incorporate a high level of security features into your crypto white label exchange to prevent cyberattacks. As the cryptocurrency market is newly evolving, having no proper regulatory bodies.
– Beta Testing
Beta testing ensures the proper functionality of the features you deploy on the white label exchange platform. It will reveal the performance gaps you need to fill before going live.
– Marketing and Customer Support
Without marketing, brand reach and expansion are inevitable. The prime focus of the crypto exchange market is to provide services to clients and crypto traders. Thus, it is critical to maintaining a positive relationship with customers.
Must-Haves for White Label Cryptocurrency Exchange
You should assure the white label cryptocurrency solution comes with the following features.
– Robust Trading Engine
To increase user engagement or boost the trading volume, make sure you can carry out high-level transactions every minute in a faster way.
– Payment Gateway and Wallet Integration
Multi-currency payment gateways or wallets make it easier for each cryptocurrency exchange token to have its own wallet address for depositing and withdrawing funds.
– Know-Your-Customer (KYC)
Verify that all KYC and AML norms have been established and allow users to exchange funds only if these details have been filled correctly. You can use this to fight money laundering and terrorism financing.
– Interactive Charts or Graphs on Price Movement History
This information will enable cryptocurrency traders to predict future token prices based on past and present token prices.
Summing Up
Analyzing the surging popularity of cryptocurrency, businesses and investors are more inclined toward launching their crypto white label exchange. It gives you an ecosystem to perform secure and transparent trading of assets.
Hashlogics provides white label crypto exchange software with high-end features. It can help you launch a successful ecosystem for landing the trading platform. Contact us right away to start your journey on the exchange platform.
