An efficient exchange platform that compliments your project is as important as the project itself. After all the processes, the users do not want to be directed to an unreliable exchange that lacks an efficient front-end build. One can always choose to build an exchange from scratch with skillful technical experience, tremendous resources, and time that will provide you with a competitive edge and let you stand neck-to-neck with those already existing on the market. You are already multiple steps ahead with the choices of decentralisation and crypto for your project. If anything should guarantee a promising future, it combines brilliant project ideas backed up with advanced payment/exchange routes such as crypto. While you are on the lookout for an exchange platform for your project, get ready to be introduced to White Label exchanges.
What is a White Label cryptocurrency exchange?
White Label cryptocurrency exchanges are already built with a strong back-end and customizable front-end, making way for the UX/UI you require. They are fully completed and actionable templates that you can use as your exchange after customisation. It is one of the most lucrative ideas that have been developed in the crypto world and is primarily known for saving precious time, effort and money.
Why do I need a Whitelabel crypto exchange?
As said before, developing an exchange platform from scratch is time-consuming, expensive, and skill intensive. The process also requires numerous trials and tests before releasing it for use. It is understandable why you should prefer white-label exchange software over other options. To give you a detailed answer, here are the descriptions of its features.
Faster Implementation
You would now know that white label crypto exchange software is ready-made, and you barely have to build anything significant. After adding the interface requirements, you can launch it almost instantly.
Customisable
The Whitelabel exchange you choose will leave you with options to customise it to your business needs. Depending on the audience persona of your project, the exchange outlook, navigation, and the content in it, everything can be set or, in other words, rebranded.
Reliable
It is essential to choose a top-notch software provider who fits your project. If you have selected the right white label software, it must be able to guarantee reliability. You will have little to no bugs to fix.
Liquidity
Liquidity is one of the indirect effects of setting up an efficient white label exchange platform. This is directly proportional to your website (exchange) traffic. Binance is the most used exchange platform globally, and it also has the most liquidity. The more people use it, the more liquidity you get. So it holistically depends on your project and the efficiency of the white label you choose. It is a perk of having good reliable software.
Brand Boosting
By personalising the white label exchange platform, you get to have the product with your logo, design, and interface. This is a brand-name booster as you have integrated advanced and well-functioning software that people willingly want to use.
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Factors to consider when choosing a White label cryptocurrency exchange
There are different types of Whitelabel software providers, and most of them come across as appealing. Filtering the one that suits your needs must be dependent on a few properties.
Functionality:
The white-label software must have some fundamental features for smooth transactions. The on-ramp and off-ramp payments that include fiat currencies help seamless digital asset exchange. Matching Engine matches up bids and offers trades. Other features include spot trading, leverage trading, OTC funds management, limit orders, market orders, etc.
Analytical tools are an attractive add-on to your exchange that helps users make better choices and accounts for customer retention. It will be wise to look for all these prerequisites in a white label solution.
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Supported cryptocurrencies and payment options:
Exchanges often only support specific cryptocurrencies, and this is because it has to have links with different blockchains and their API to support those transactions. There are a set of cryptocurrencies that white-label software allows. If your project/business needs a particular one, you have to pick accordingly or prepare to add it yourself.
Interoperability:
The white-label platform must be interoperable to be compatible with different blockchains, such as Solana, Cardano, and ERC-20, all of which use other blockchains. While choosing the software, look for flexibility and interoperability across ecosystems.
Technical Elements:
The technology behind the crypto trading platform is yet another primary thing to consider while choosing. For example, specific exchange platforms make way for rapid implementation of smart contracts, making margin trading and similar options available. Sophisticated technology reduces latency and ensures the smoother functioning of market orders.
Scalability:
The transaction per second (TPS) is an essential factor to consider. Please find out the TPS exchange rate and compare it with your user size. API integration and multi-currency wallet are other technical requirements.
User Experience:
Software is as efficient as its user experience. User-friendly software with easy navigation will aid in a seamless trading experience. User experience and security must be the top priorities of interactive software.
Cross-device compatibility:
People have preferences over the type of devices and technology they use. Older people may not be comfortable using small screens and apps. Thus, the exchange platform should be compatible with desktops, laptops, phones, or other devices considered by the mass.
Ease of setup:
Setting up software can be quite a task. White label software is ready-made, but the ease of setup is a factor one should consider while choosing in the first place. Getting a set of professionals to help you out will also be handy in this crucial stage.
Customer support:
The job is not done just after setting up the software. Collectively, people are new to the crypto world, and they are bound to have questions and doubts constantly. Investing in customer support that is available 24/7 is a step in the direction of earning the respect of your community.
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Conclusion
White label software can be too generic for certain projects, but the same non-specificity might aid other projects’ simplicity. Customization is the key to having the best-looking and functioning exchange platform. The developers at Coinfactory are just one screen away from giving you what you need, be it setting up white-label or building advanced crypto and AI solutions.
