Resolving common queries raised about a white label crypto exchange
A white label crypto exchange has proved to be a perfect solution in today’s market to avoid the cumbersome process of allocating a huge amount of resources for development from scratch. It consists of all the important features and functions and is ready to be tested in the market. It also permits customizing the firm’s brand name, logo, user interface, UI/UX design, and color theme for configuring the exchange in a new environment.
Quick deployment - It fits all the requirements of a well-developed crypto exchange platform and is ready to launch.
Highly reliable - There is no doubt in the minds of investors as the exchange is developed in a trustworthy manner.
Cost-efficient - It saves expenses on hiring quality manpower and hence buying a market-ready product proved to be cheaper than building a package from scratch.
It has a core backend infrastructure in place along with a database ready to be used. A firm needs to rebrand its logos, user interface, and design according to its business requirements. Then, the white label crypto exchange can be launched for operations in the cryptocurrency market.
Various tokens and coins can be integrated into the exchange platform as per the business requirements. Most of the exchanges support the use of Bitcoin and Ethereum as they are extremely popular and command a hefty market capitalization. Extensive efforts and time is needed to integrate different currencies into the exchange.
Due to the increasing concerns of security of user’s data and funds with the spate of hacking incidents, white-label crypto exchanges have beefed up security measures with the introduction of two-factor authentication. It adds another layer of security and prevents unauthenticated users from accessing your account from an unknown location or device.
A bank account would be needed for implementing a payments processor to accept fiat deposits. Manpower would be required for rendering technical support service and maintenance of cold storage facilities. An operational license approved by a certified authority is a must.
Most of the leading coins and tokens can be traded on a white label exchange software. The exchange owners have full freedom to decide which coins or tokens they want to integrate into the exchange platform depending on their business needs and market conditions.
They are generally ready to be launched in the market at any time. They take less time to develop and launch when compared to an exchange made from scratch by a firm. Spending on the skills and experience of the developer team, a white label crypto exchange can typically be launched in just three weeks.
Having a basic idea about blockchain technology, usage of cryptocurrencies especially Bitcoin is more than enough for successfully launching a white label crypto exchange in a short time. This would be enough if you are hiring professionals to build the exchange. In case, the white label crypto exchange is being developed entirely by yourself without seeking any external assistance, extensive technical knowledge would be required along with expertise in implementing blockchain technology for reaping huge success.
With a rise in the number of incidents of impersonation, white-label crypto exchanges have to possess a robust KYC (Know Your Customer) verification mechanism following regulatory guidelines. The verification would either be done manually or a provider would be given for customization.
There is no specific limit imposed on the fees levied by operators. Generally, there are two types of fees, either a Buyer-Seller fee or a Maker-Taker fee.
It depends on the particular exchange provider. It will most likely be a monthly or yearly pricing model. A revenue-sharing agreement would be shared with the firms including details about the cost of initial installation.
The exchange provider will configure the access roles and permissions for the firms to utilize the back-office functions.
Hence, these are the commonly asked questions by clients to white label crypto exchange providers. Get expert assistance in your journey for setting up your own cryptocurrency exchange to make it the right business and technological decision for your firm.
