Steps Required To Launch A White Label Exchange Software
The cryptocurrency world is exploding in popularity as many people shift towards this digital currency as an investment opportunity. The surge in traffic and the rise of NFTs as a new revenue source increased the need for reliable cryptocurrency exchange software. This need led to the emergence of several cryptocurrency exchanges. There is always a need for robust cryptocurrency exchange software; hence many businesses want to develop and launch their platform.
Typically, the process of developing cryptocurrency exchange software takes a lot of time, resources and capital. Overcoming this challenge required an inventive approach and this challenge led to a white-label crypto exchange. White label exchange solutions provide several benefits over the typical crypto exchange software. Hence, businesses are now investing in white-label cryptocurrency exchange development.
What Is A White-Label Crypto Exchange ?
White label exchange is a better choice than traditional cryptocurrency exchange software development. For starters, the white label crypto exchange software takes less time and capital to develop. Also, a business can launch its exchange platform in a significantly shorter time. These platforms can satisfy more requirements and can operate on any network. White label exchange software developers test the product several times before launching it on the desired blockchain.
“ The Key is not in spending time, but in investing it “
How To Start Investment In A White Label Crypto Exchange Platform ?
Step 1 :- Decide where the platform operates from
The first step to a white label exchange software is finding the correct location. Presently, several countries outright ban the use of cryptocurrencies, while others have some restrictions. It is essential to develop and launch your platform in a country that accepts it and has no limits in place.
Step 2 :- Choose the white-label exchange software type
This step requires you to choose the legal cryptocurrency exchange software type you want to develop. Presently, several types exist on the market, and every cryptocurrency exchange falls into these categories. Decide if you’re going to build a decentralized, centralized or hybrid exchange platform before proceeding.
Step 3 :- Design the architecture
Now, it is essential to start designing the platform’s architecture. This step requires several components working together in harmony. These components include a trade engine, an engaging user interface, a multi-cryptocurrency wallet and a robust admin panel.
Step 4 :- Contract a legal team
Any exchange must adhere to the country’s regulatory rules. These rules are subject to change, and stay updated on these changes can be arduous. Hence, it is better to hire out a legal team. They can ensure the platform adheres to every rule and mandate.
Step 5 :- Find a reputed white label crypto exchange platform developer
This step is an essential step to take during the development process. Now, you have to find a reputed white label crypto exchange developer who can translate your idea into something tangible. Several white label script providers are available, and it is essential to find an experienced and reliable provider.
An excellent team will handle the process from start to finish and keep you updated throughout the development process.
Step 6 :- Team up with a leading payment processor
This step is essential as it requires you to partner with a payment provider for processing fiat currency payments. Research and find a trustworthy payment processor that provides several online facilities and benefits. Consider partnering with a leading bank as they can quickly process the funds. This step can give convenience to the user base.
Step 7 :- Integrate top-notch security protocols
White label exchange software must have a robust set of security features. Presently, cryptocurrency exchange software is the primary target for hackers. Several exchanges have loopholes and security flaws, and it is easy for hackers to run away with large sums of cryptocurrencies.
Your platform must have features such as data encryption, two-step verification, SQL injection prevention, HTTPS authentication and Jail Login. These features increase the site’s safety and build trust among the users.
Step 8 :- Beta test the product before launch
By now, the development team has created an outstanding white-label exchange software and are ready to launch it. However, now is not the time to do that, and instead, it is better to beta test the product. This step helps find any errors or glitches in the product. That way, you can remove these issues and have an error-free product.
After completing the beta testing, the white label crypto exchange is ready to launch. Now, the development team will deploy the product on the desired blockchain network.
Step 9 :- Stay relevant
The post-launch work requires a dedicated customer support channel. Users who are unfamiliar with your product’s operations can clear their doubts through the support network. Also, consider regular updates and QOL improvements and ensure the platform stays relevant among the users.
Conclusion :
Developing a white-label crypto exchange requires you to go through these steps. The increasing demand for cryptocurrency exchange software means that now is the time to capitalize on this trend. Hence, it is essential to develop and launch white-label exchange software and start earning.
