How to choose a finest cryptocurrency exchange software solution provider?
We are living in a digital world where money plays a vital role to lead a healthy and successful life. As we know, many countries are facing a pandemic calamity, many industries faced a huge fall which negatively impacted the economy. On the flip side, there exist some industries with tremendous growth. One such prominent industry is the Crypto sector, offering multiple business opportunities for young startups and entrepreneurs. The cryptocurrency exchange business is deemed as the finest money-generating model among the others.
I hope you might be aware of what a cryptocurrency exchange is, if not let me give you a glimpse of it. The crypto exchange is a kind of online trading platform where individuals can buy and sell their cryptos securely. Once the order is executed, as a proprietor of the exchange, you can collect a certain amount of money as a commission fee. The other sort of fees that you collect from your users will be the major source of your revenue, which turns out to be the source of your profits after attaining a recognizable position. That’s why budding entrepreneurs and business class people are interested in kickstarting crypto exchange companies. But for initiating an exchange business, your choice of development should be wiser. This is where many people get baffled.
Being a startup it is possible to launch an easy to use crypto exchange using the below-mentioned ways,
- Development from scratch
- White label crypto exchange software
Among these two methods, going with the white label crypto exchange software will be the optimum solution for your exchange business. What made startups prefer this method lies a mystery in the minds of many. Let’s unveil…
Why do Startups prefer White Label Cryptocurrency Exchange Software?
White label crypto exchange software is a pre-fabricated one that holds all the basic trading and security features to operate an exchange feasibly.
Whatever the business may be, the majority of people will be looking for an immediate solution right now because of the competition and underlying scope in the current market. This is where the white label crypto exchange software comes into the picture, which favours the startups about to initiate a crypto exchange business.
We’re about to see the reasons that influenced many entrepreneurs to choose this best crypto exchange software over other approaches,
- Customization scope stood as the primary reason for preferring white label crypto exchange software. The architecture of this bitcoin exchange software lets you alter the visuals, trading functions, logo, name, etc in a trouble-free manner.
- Developing an exchange software from base for your business will take more than 12 months solidly even if you have the guidance of professional developers. As everyone knows ‘Time is Precious’ so why do you need to waste your golden time by developing an exchange from scratch when you have the bug-free white label cryptocurrency exchange software on your hand, which reduces your time from months to days.
- Creating a crypto exchange from scratch instead of using white label software is like searching for a piece of silver when you have a diamond stone in your hand. This software is completely developed, designed, tested, and ready to deploy.
- By making use of this white-label exchange software, the time taken to enter the market is drastically curtailed. Meanwhile, you will be one step ahead of the competition. In that regard, you can make use of the time for your business enhancement.
- While speaking of the cost involved in the development process using the white label crypto exchange software will be down to earth when compared to other methodologies. As this is a ready-made exchange solution, there will be no additional efforts to be implemented to manage your crypto exchange.
- When compared to other development strategies, White label crypto exchange software will be completely out of risk. As previously said this is a ready-made solution, the entire development phase of this software is taken care of, by a team of experts which gives it a professional touch. Meanwhile speaking of the other development methods, small negligence made in any phase will turn out your end results a devastating one.
- In addition to that, going with a white label crypto exchange software is an added advantage where if anything goes wrong with your crypto exchange’s process there will be a team to work on this to bring it back to normal. But expecting similar assistance will be a challenging one in terms of other techniques.
Considering the above reasons, it clearly depicts that the White label crypto exchange software is highly beneficial to other approaches. To experience those sets of benefits the only thing you have to do is to approach an esteemed cryptocurrency exchange software solution provider. There are certain factors that are to be taken into account before going for them. Let’s dive into,
Important Factors to Consider for Choosing a White Label Cryptocurrency Exchange Software Provider
One of the toughest phases in crypto exchange development is picking the right provider for your business. This is because of the accumulation of unversed software providers in the crypto sector. You might have an astounding plan in your mind which may beat up your competitors in means of the standards. The real problem is the lack of resources to execute them.
This is where the real craving for finding a best-in-class white label crypto exchange software provider arises. As this is one of the crucial steps that determine your entire business’ growth, you must handle this process with extra care. Although it takes time, the end result is gonna be astonishing.
1. Experience and Portfolio
Whatever the field may be, the level of expertise an individual has gonna speak for the rest of history. Therefore, have a thorough look-up on the providers you’re about to select for your business in advance. Focusing on their track history will help you to identify their level of expertise and growth with respect to the latest trend. Ask for their past projects that have been deployed successfully, which might provide you with better clarity on them.
2. Technology stack
In this modern era, everyone knows the importance of technology. So, you should completely verify the technology stack used by the provider to develop a white label cryptocurrency exchange software. Besides this, you need to verify the testing tools which is practised by them. By having a glance at their technology stacks, you can ensure whether they would be compatible with your business idea or not. Additionally, ask for your provider to test your finalised product in a pre-defined time period, which eliminates the errors that occur after the launch.
3. Reviews and Feedback
The provider you’re about to choose might be the master of the current technology, but that alone not gonna help you avail yourself of the best service you’re expecting to. There must be an eye on the reviews of the service providers you’re about to choose. This is insisted because only a genuine one who would be understanding the requirements of the clients will be able to deliver what they’re expecting. Only being a leading one on the technological stack alone is not gonna make out. So before selecting a crypto exchange software provider, it is highly advisable to look out for their reviews of theirs’.
4. Communication and Language
Another strong factor to be considered while choosing the white label crypto exchange software provider is the communication part. Their team should be in frequent contact with you updating the accomplished task, modifications meant to be done etc… This is insisted to avoid miscommunication which might lead to the collapse of the entire development phase. Regarding the language, the chosen provider must be either a regional language speaking one or else they should be well-versed with the universal language. As it will be easy for communication, to express your ideas and suggestions on your project.
5. Check whether they are Financially Stable
This factor is all about the What If??? Consider you’ve initiated your crypto exchange business with the help of a random provider. At first, it may sound well and good for you, but after time flies by, what if the provider goes bankrupt. Sounds terrible right! That’s why it is also important to verify the background of the specific provider which gives you a representation of their current market status. So it is highly advisable to verify their past history, track record and delivery of projects over a time span.
6. Always Omit Yes-Men
You should not blindly trust the software provider who says just “YES” for everything. The provider to be selected for your business must be an interactive one also they should be open to suggestions. The requirements you ask for should be apt for your business. If not they must suggest an alternate solution which is in the current trend. This approach will enhance your entire business model.
7. Budget
One of the vital factors that have to be taken into account is the budget of your business. After determining a range for your budget, seek a genuine provider whose quotation nearly matches yours. A slight variation is acceptable as we can’t predefine the entire cost of developing the crypto exchange. There might be providers with a deadly cheap budget, but what’s the purpose of availing it. The quality of the service depends on the budget you go for too. Is it fair to expect a high-class service for a budget of down to earth? There should be a genuine value for everything, that’s how this works too. Analyse multiple choices of yours and go for the provider with a reasonable budget.
8. Ask for Free Demo
Are you still confused about which provider to choose? Then you can ask for a free demo of the white label cryptocurrency exchange software. Because all genuine providers will have this option. By having a look at their free demo, you can get a view of the quality being served.
Final Thoughts
Finally, choosing the reliable and best white label exchange software provider can be a tedious task. As you have seen the above-mentioned factors, there is so much to consider before making the right decision. Selecting the finest provider shouldn’t be taken lightly. A good decision takes a solid time. Take your time to analyze all factors and clear all your doubts with the provider before making your decision. You’re not just choosing a provider. You are choosing the top-notch “White label crypto exchange software solutions provider” who can make your targeted users amused from the moment your exchange is launched in the global crypto marketplace.
