Estimate the cost to create a White-label Cryptocurrency Exchange
INTRODUCTION
Minting your own money and walking towards the fortune can be highly expensive and complex. Its development and debugging can take more than a year. The professionalism and expertise of the developer team are highly dependent on it. It depends on several other factors like choice of technology, hosting, legal consultation, registration, advertisement, and many more. In such a case, a White-label Cryptocurrency trading platform is the best option available.
TYPES OF CRYPTOCURRENCY EXCHANGES
- Direct trading platforms where tools are provided for brokering immediate tools. It involves traders setting the market prices.
- Brokerage platforms are the platforms where buying and selling are done at the rates set by agents.
- Cryptocurrency fund platform which is an investment pool, where buying and selling of virtual assets take place.
LISTS OF THINGS ONE NEED TO CONSIDER BEFORE BUILDING BITCOIN EXCHANGE;
- LICENCES
Licensing requirements for every country are different. The fee is really high for granting a license for running a bitcoin exchange, with some countries as exceptions like Kazakhstan.
Therefore, one needs to go through proper legal consultation for acquiring licenses with lower fees and fewer hardships.
- LEGAL CONSULTATION
Besides helping with licenses, they can assist with other issues. The issues regarding the regulation of crypto exchanges are really complex and only an attorney can show the path through the tunnel.
- PAYMENT PROCESSING SERVICE
Undertake all the details about rates before signing the contract. One should know about the time that will be consumed for processing the payments. It should also consider all the shields that are provided against cyber threats.
- TECHNOLOGY SOLUTION PROVIDER
Find the best technology solution provider, who has a better experience. Because a Bitcoin exchange is supposed to be bug-free. They should provide services with a robust track record. The turnkey cryptocurrency exchange should be charged as a one-time fee structure. You must receive a full source key for auditing purposes. The quality code will eliminate unwanted costs. Using a white label bitcoin trading platform can reduce the cost and time duration of launch.
- CONNECTING WITH EXCHANGES
For more added liquidity, try to network with other exchanges. Any effort to boost liquidity will increase the development of work and reciprocate the cost.
- PARTNERSHIP WITH GATEWAY PAYMENT PROCESSOR
One needs a partnership with a gateway payment processor for smooth and hassle-free payment services to the customers.
- IMPLEMENTATION OF BEST SECURITY PRACTICES
One needs to reduce the cost but cannot overlook the security practices for it. Crypto security exchanges have been a prime target of cybercrime. Therefore, hackers cannot be availed to play with the security mechanism. Therefore, security barriers like two-step authentication and encrypted databases are very necessary.
- MARKETING
Your exchange should reach the target customers. Therefore, it is necessary to do marketing and PR campaigns to enhance the reach of the exchange.
- CUSTOMER SUPPORT
Provide seamless customer support services, So that customers can reach you with their queries. Try to solve them within a time frame to gain customer loyalty.
- FOREVER LEGAL CONSULTATION
Always keep a legal team on your side for ongoing compliance and regulations.
A CRYPTOCURRENCY EXCHANGE PLATFORM SHOULD PROVIDE FOLLOWING FEATURES TO CUSTOMERS
- Speedy registration process
- Deposition and withdrawal of currencies
- Complete access to the trading accounts
- History and review of past transactions
- Statistical monitoring
- Customer support
- Eye-catchy infographics and tabulation.
WALLET CREATION
Wallet creation is absolutely an essential service of a Cryptocurrency exchange development company. These wallets are used by the customers to store their coins. It is a secure way of storing coins. To minimize the risks, it has been classified as hot wallets and cold wallets.
HOT WALLET- It allows users to export the coin to other external wallets. No permission is required by the administrator for this process.
COLD WALLET- It contains tokens held offline. Unless hacked, no one can have access to it. Therefore, customers prefer to keep the main part of their assets in the cold wallet.
CONCLUSION
Arrange the capital requirement for cryptocurrency exchange development. Be well-versed with all the expenses. The popularity of cryptocurrencies is at the top, so even though it might seem a bit expensive but it has a bright future. The market is new and keeps on fluctuating, but it has potential that is still unrevealed.
