FINTECHSERVICE
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How to Choose the Best White Label Crypto Exchange Solution
Introduction
Between being a crypto investor and being a crypto trader, many internet users would choose the former option. The idea is that being an investor allows them to worry less because they are not directly engaging the market. For those that would prefer being a crypto trader, the choice is determined by their growing proficiency in trading, using a variety of strategies to forecast price directions and other components of the crypto market.
But trading and investing are not the ultimate categories of crypto users. You can also be the owner and manager of a crypto exchange platform like Binance or KuCoin. Yes, you can create a marketplace for crypto trading or, more specifically, a crypto white label mobile solution.
This article explains some of what you need to know about choosing the best white label cryptocurrency exchange platform, and how to create your own crypto exchange via the services provided by crypto fintech companies like FintechService. So, the article first elaborates on the use and value of white label crypto solutions and then highlights factors you should consider before making your choice of said solutions.
What is a White Label Crypto Exchange Solution?
A white label crypto exchange is an online platform that has been designed for the sole purpose of crypto trading and other crypto activities like crypto price reports and analyses, education on the ABCs of crypto, and more. The concept of a white label crypto exchange derives from the combination of the idea of white labels and crypto exchange platforms.
A white label software solution typically refers to any application of software development to an existing problem efficiently. The ‘white label’ in the concept refers to the fact that the software solution in question has been developed as a building block of the actual software, like the template of a website with a completed back-end code. All that needs to be added to the white label software is a brand name, as well as other personalized elements that distinguish it from others.
So, a white label crypto exchange is a web/software application that is modifiable and available for sale. When you purchase such an application, you could then go ahead to implement personalized changes and set it up online as your crypto exchange.
The value of white label crypto solutions is that it saves you the time needed for fresh software creation. Also, you tend to spend less money purchasing and customizing a white label crypto exchange than creating one from scratch. Furthermore, with these white label alternatives, you can borrow the expertise of competent developers for your use.
Components to Consider Before Choosing a White Label Cryptocurrency Exchange
Before deciding to choose and purchase a white label crypto solution, here are 7 components you should consider.
1. The Crypto Exchange Builder
The WHO component is naturally the first component you should consider before buying a white label crypto exchange. This component has to do with the crypto exchange builder, that is, the crypto fintech company or expert web/software developer involved in designing and creating crypto solutions.
Many software developers are online and you would need to pay close attention to them to tell the competent from the incompetent. Some of the things you can use as a determinant for their competence are the length of time they have been active in the crypto industry, the projects they have completed, and their partners.
2. The Features of the Exchange
After the WHO component is the WHAT component. This component revolves around the actual structure and configuration of the white label crypto solutions available for your choosing. This is also where you have to make a clear distinction between essential features like the engine and algorithm for trading and extra features like a live chatbox.
Of course, as with the new global model of business, your focus should be on the users that would register with your platform. What are the features they want to have in a crypto exchange platform? Do the available white label crypto solutions have the same features? These are questions you have to ask before making your choice of white label crypto exchanges.
3. Regulation or No Regulation
The issue of crypto regulation is no longer trending as it used to. Nevertheless, one can say that it has partly accomplished its objective of helping users focus on exchange transparency and other necessary criteria of trust and reliability. Thus, you are more likely to win the trust of your users when you offer them a centralized and, at least, partly regulated crypto exchange platform.
With elements such as KYC (Know Your Customer) and the approval of governmental authorities, your users are more likely to feel assured about the safety of their funds. As such, you should choose a white label crypto solution that is designed to be centralized rather than decentralized.
4. White Label Crypto Exchange Price
The white label cryptocurrency exchange cost is another component you should consider deeply as you deliberate on which white label crypto exchange to choose among a range of options. The simple truth is that there is no base price for these software solutions. Some of them are costly and others are inexpensive by comparison. Nevertheless, considering your budget and the features you would get at any price, you shouldn’t find it overly difficult to choose a good white label cryptocurrency exchange solution.
There are different ranges of prices for white label crypto exchanges. However, you can get one with basic features for as low as $25,000 or $30,000. Again, the exact price depends on the developer.
5. User Interface and Experience (UI/UX) Design
Earlier, we pointed out that the new global business model is customer-centric, implying that your considerations for a preferred white label cryptocurrency exchange platform should revolve around your users. This is where UI/UX comes into the picture, especially as it has to do with the interface of the white label crypto exchange and its convenience for users.
Even though crypto users vary from one another, it is a good rule to build crypto exchanges with simple interfaces. Utility and function are much more valuable elements to users than color and graphic elements. Thus, if, for example, you can get easily accessible payment methods so users can trade on your exchange using fiat currency, they would likely prefer your simply styled exchange to one without such payment options.
6. User/Customer Support
In addition to utility and convenience, you should also consider white label crypto exchanges with user and/or customer support. The more dynamic this feature for feedback, complaints, and interaction with users, the better for you. If you cannot find any white label crypto exchange with this feature, you should consider getting one that can easily integrate it (that is, the customer support feature).
You should also consider white label crypto solutions with incentive algorithms and affiliate engines. This way, users on your exchange can earn a little by participating in marketing. Also, websites can help you promote your exchange in exchange for financial profit.
7. The Time Needed for Project Execution
Lastly, you need to consider how long is needed before your white label crypto exchange can be a fully active exchange platform that users can begin to trade and invest with. As you know, the crypto market and industry are lively and competitiveness is part of the game. So, the faster you get your crypto exchange online, the better for you.
How to Create Your Own Crypto Exchange with Crypto Fintech
Now that you know what to consider before deciding on a white label crypto exchange solution, you can easily create your exchange as subsequently highlighted.
STEP 1: Sketch Preferred Type of Crypto Exchange
Do you want a centralized or decentralized crypto exchange? How much support from the developer do you want after the platform has been set up? Answer these questions first.
STEP 2: Outline Essential Features
Next, specify the features you want. You can make a list from the FintechService white label.
STEP 3: Contact Crypto Fintech for Available White Label Crypto Exchange
Lastly, you should directly contact a crypto fintech company and find out if they have a white label crypto exchange that fits your requirements. FintechService is reliable, trustworthy, and competent.
The features in the exchanges that FintechService develops include a dynamic liquidity hub, a Visa and MasterCard payment algorithm, a chatbox for user support, and many more. These features are fleshed-out and designed to help you attract and retain users. The exchange also includes a KYC algorithm and 2FA security so that users can be more confident in your crypto exchange.
In addition to the features on white label crypto exchanges, FintechService takes no longer than 21 days to create the finished product of your approved exchange. Within this period, you can contact the company for any change you want to make to the white label option you chose.
Conclusion
All in all, the best white label crypto exchange solution is one that satisfies several criteria, many of which are highlighted and explained in this article. And if you want to create a personalized crypto exchange with the help of a competent web/software developer, you can reach out to a crypto fintech company like FintechService.