Cryptocurrency is the latest buzz in the digital finance world. With the steep rise in the value of cryptocurrencies like Ethereum and Bitcoin, this term is getting more popular day by day. Also, several new cryptocurrencies are entering the market with emerging technology.
In today’s digital landscape, various industries and businesses turn to white label decentralized exchange software development over the typical Crypto exchange software development companies and earn huge profits.
What is Cryptocurrency Exchange?
It is an online platform for people to exchange their fiat money into cryptocurrencies like Bitcoin and vice versa. It allows the users to fund their accounts with traditional methods like credit cards or debit cards, electronic payments, and bank transfers. So, this is how people can buy a cryptocurrency using the deposited money. And they can sell, buy and exchange the currencies whenever they want. Moreover, they can acquire e-wallets to store their digital assets securely. For more you can click soap2 day
What is White Label Digital Currency Exchange Software?
White labeling is a legal protocol that permits selling and re-branding a product or a service under another company’s name. White labeling is booming in every industry, from streaming and shopping apps to cryptocurrency exchange software development.
White label cryptocurrency software is a ready-made and ready to deploy software solution. After designing, it is tested many times and is ready for deployment. Also, depending on your business needs, you can ask for customization in the ready-made protocol.
So, this is how entrepreneurs can start their own platform for digital currency exchange in less time. White label decentralized exchange software development is more secure and cost-effective and is easy to deploy in no time than a built from scratch.
What Are The Benefits of The White Label Exchange Software?
- Customizable UX and UX
- Supports major cryptocurrencies
- Compatible with multiple devices
- Less time required for development
- High scalability
3 Different Types of White Label Digital Currency Software
There are mainly three categories of white label digital currency software:
In centralized exchanges, there is only one central entity that supervises the whole operations of the system. The central figure has complete control over all the transactions happening on the platform. It operates without any blockchain system to track these transactions.
The centralized exchange system handles the order books having buy/sell order details. An example of a centralized exchange platform is Binance. The centralized exchanges are easy to use and give more liquidity. Most of the cryptocurrency exchanges are based on centralized exchange systems.
The decentralized exchange platform is all opposite to the centralized exchange platform. It does not have any central entity. On the other hand, an automated process manages all the transactions. Also, all the decentralized exchange systems do not have the same infrastructures.
It offers a transparent and safer environment for trading. This system is based on the peer-to-peer (p2p) model. Using this decentralized crypto exchange software, users can directly trade cryptocurrencies with each other. Token is an example of a decentralized exchange system.
A hybrid platform combines the best of both centralized and decentralized exchange software. Hybrid exchange software represents both the exchanges on a single platform.
When the best features of both the exchanges are available on one platform, it is understood that it offers better security and fast transaction speed than both systems individually. An example is the Qurrex exchange.
Why Should One Go for Decentralized Crypto Exchange Software?
- High Privacy Standards
People opt for decentralized crypto exchange software because, unlike centralized exchange software, it operates based on the concept of anonymity. Therefore if complete privacy is your first concern, this system is surely your go-to option.
- Low cost
Decentralized exchange software development is comparatively cheap than the centralized exchange software since the DEXs do not involve the cost for setting and maintaining the infrastructure for providing the secured solutions.
And the operations of the decentralized software are based on self-regulation and automation. Therefore you can cut down on the additional expenses when going with the decentralized exchange crypto software.
- Involves Less Hacking Risk
The decentralized exchange software minimizes the risks of hacking. So this is the right option for you if you consider becoming an investor. It is safer than any other exchange software as it does not involve exchanging assets with a third party. Therefore, it is less prone to hacking risks.
- Full control on money
With DEXs, you get full control of your money. You don’t have to transfer your funds to trading accounts or wallets, just like the CEXs. Having e-wallets can increase the risks for you. But with this exchange software, you are safe.
Steps of Developing a White-label Decentralized Exchange Software
- Know Your Needs
It is the very first phase of the development process. In this step, you need to recognize the requirements for creating an exchange software. You should conduct deep research to completely understand the exchange software, including the advantages and disadvantages.
- Understand the legal obligations and hire a banking partner
You need to follow various legal processes to start your exchange software. So, it is important to consult a legal team to make this step easy for you. After this, you need to approach the banking partner and complete the fiat currency finances. Besides, select a dependable bank to assist your business’ digital services.
- Create a Liquidity Pool
Liquidity is a crucial factor when developing your exchange software. You must go for beta testing before launching the software. Here, you can report any bugs if they occur during the testing. Above all, you must ensure that your exchange software is free from flaws and mistakes. For this, you need to hire a well-trained and experienced decentralized exchange software development company.
- Offer regular updates Hire a responsive customer support team.
The latest and regular information helps to keep your users updated and active. Also, you should hire a customer service team to answer any queries and concerns of the users.
Some Must-Have Features Of The White Label Decentralized Exchange Software
- It should be compatible with multiple devices and operating systems.
- An automated KYC and AML verification feature is a must. It enables the users to complete the verification process quickly and easily.
- It must offer a variety of trading options like :
- margin trading
- Other trading alternatives
- The exchange software should be multilingual so that even international investors can invest and trade on the platform.
- It must offer top-class liquidity management options that can help in improving the trade on your software.
- It must include real-time data feed updates and other data related to trading, which is important for a strong decentralized environment.
More people are investing in cryptocurrencies with time, so the users need robust decentralized exchange crypto software. This software makes it possible to do a cost-effective and quick crypto exchange.
The potential business exposure and growth is possible with the guidance of the right professionals. Therefore to push your cryptocurrency investment and trading business to the next level, you can select the best decentralized Exchange Metaverse Development Companies to build your crypto exchange software.