Cryptocurrency trading is attracting more people and businesses than ever before because the potential profits can be far above traditional financial assets. As the sector grows into this fascinating and lucrative new sphere, the trend is expected to continue.
There is no better moment than now to cash in on the tremendous development in the crypto exchange market, with some of the major bitcoin exchanges continuing to generate millions of dollars in sales.
If you’re thinking about starting your own crypto exchange business, there are two things you should consider first. To get at the optimal solution, the best available White label exchange software and the internal architecture of your exchange should be evaluated.
What is a White Label Exchange?
The software for white label exchange has been thoroughly tested and shown to work. One of the most significant benefits of having a white label solution is that you don’t have to worry about technical requirements, deployment, or ongoing maintenance.
In general, exchange software should have components that function together, such as the trading engine, user interface (UI), liquidity, Wallet, and admin panel, to create the foundation of your exchange.
Blockchain Development services these days offer several turnkey brokerage and exchange options, allowing companies to set up and run their bitcoin exchange in as little as a month.
Aside from the white label platform, these development services also provide legal services, access to numerous platforms, and liquidity. Furthermore, every aspect of the solution, including the user interface, is configurable, allowing users to modify the color, navigation, and buttons, among other things, making it an excellent choice for launching a bitcoin exchange.
The following are the essential components of an ideal White label Cryptocurrency Exchange:
Web/Mobile Trading UI which should be fully customizable and includes all of the essential features for both expert and amateur traders.
Clients, affiliates, papers, and cash flow should be under the Admin’s control so that they can ensure fair practices. Get a detailed report on all exchange transactions.
The integration of the KYC Module API with any external KYC provider is essential. It should be noted that more API integration should be made possible within the platform. However, it should not leave any scope for a security breach.
Wallets are divided into three levels: cold, warm, and hot to manage security threats.
Additionally, DDoS mitigation and two-factor authentication for users Anti-throttling, Arbitrage protection, and Anti-spoofing systems should also be available on the platform.
Things to consider when starting your own Bitcoin Exchange.
Given below are the important things to consider during white label exchange development.
1. Learn about the important licensing rules that apply to your geography.
The initial step in the establishment of a white label Bitcoin exchange is to obtain your license rules. When it comes to legal procedures, essential licensing regulations must be understood.
Every country has its own set of legislative requirements that must be met in order to start a cryptocurrency exchange. Obtaining and completing the necessary licenses and applications assure that future processes are simple and straightforward.
Nonetheless, there are a few areas where particular regulatory agencies lack precise restrictions since they could not predict them. Furthermore, authorities in some countries, such as the United States, have developed various laws and regulations that must be obeyed.
As a result, if you want to start a cryptocurrency exchange in the United States, you’ll need to register as a money transmitter and observe the Securities and Exchange Commission’s as well as the Commodity Futures Trading Commission’s rules.
2. Partner with a reputable White Label Crypto Exchange Development software provider.
When it comes to launching a cryptocurrency exchange, partnering with a well-known exchange development company is essential.
Even if you have no understanding of the technology’s complexity, company employees must be adaptable when dealing with such advanced technologies. Furthermore, confirm that the company of your choice will be able to adjust its white label solution to meet your needs, and select a turnkey solution that can meet your business needs.
3. Focus on the liquidity of the exchange
Traders who put their money into your exchange will be expected to withdraw the funds at any time using their preferred method of payment. To meet your clients’ needs, you’ll need to identify multiple connecting partners who can ensure your exchange’s high liquidity. To gain a competitive advantage, aim for higher liquidity than your competitors.
4. Integrate security features into the exchange
Because you will be dealing with a big sum of public funds, security becomes the most important consideration. Adding the right security measures to your white label exchange software becomes a must. Two-factor authentication, automatic withdrawal restrictions, and encrypted user access are all security features that improve the protection of your exchange.
5. Conduct beta testing
Beta testing is a type of software testing in which a specialized audience tries and tests the product, exposing issues along the way. Beta testing allows you to address issues that arose during the development phase and assist you in resolving them before going live.
After beta testing, the next best thing to do is market your exchange to potential clients; make sure you use multi-channel web marketing tactics to raise knowledge of your white label Crypto exchange. Press releases and attractive material posted on various social media platforms also help to attract the target audience.
6. Provide customer service
By providing consistent customer assistance, you ensure brand equity. Make sure to hire qualified employees to handle your clients’ questions; using a live chat function to quickly resolve a client’s issue will be extremely beneficial. The happiness and satisfaction of your clients will attract more users to your trade.
7. Get the help of an apt legal team.
Understanding all legal etiquette and complying with ever-changing standards is critical. You can always hire a legal team of professionals familiar with the local norms and regulations. Typically, bitcoin exchanges strive for a larger value than a certain place; as a result, your legal team must adhere to multiple jurisdictions’ norms and regulations.
Last but not least, hire an expert team of blockchain developers to start developing your own Crypto exchange, which delivers customer delight and satisfaction to attract a large user base and volumes for your venture.
At Antier Solutions, we can guide you on how to start a Bitcoin exchange business successfully. In addition, we offer end-to-end crypto exchange development services to help you launch a custom exchange from the ground up. We also specialize in providing a white label exchange solution fortified with institutional-grade security and market-leading features.
Schedule a free demo of our white label exchange software or connect with our subject matter experts to share your business needs.