With crypto booming as one of the most promising industries of our lifetime, more and more people are starting to realize all the untapped potential that lies within it. But, while most people settle on figuring out which cryptocurrency to invest in next, the other fraction, the one that’s more business savvy, is looking for ways to profit off of the entire crypto world.
One of the best ways to generate profit off of crypto is by investing in a cryptocurrency exchange. If you don’t believe us, just google “Changpeng Zhao net worth”, and you’ll begin to realize what we’re talking about.
But, seeing how the vast, vast majority of us aren’t as tech-savvy as Zhao, we can’t just sit down and write millions of lines of code to create the next Binance. However, what we can do, is rely on people that can.
Crypto Exchange White Label Solutions – What Does It All Mean?
The thing we’re talking about is white label cryptocurrency exchange. If you’re not familiar with the term “white label”, it essentially represents having an expert that is creating the product and a buyer that’s buying that same product and selling and/or using it as its own. In crypto, that would involve a crypto exchange white label trading platform created by someone else, only to be bought and used by an investor or a businessman.
Now that we’ve gotten familiar with the concept, let’s take a look at why you should opt-out for this instead of trying and building your own crypto exchange from scratch.
Every reputable crypto exchange, white label or not, must be equipped with some of the basic features like funds management, wallet integration, fiat and crypto trading, spot and margin trading, staking, ability to receive and withdraw funds, ability to make and set market and limit orders, peer to peer trading, and so many more.
Creating a platform with all of these features would require a lot of hard work, not to mention expertise and knowledge. Seeing how most of us don’t possess that knowledge, nor do we have time and resources to launch a project as time and money-consuming as that one would be, relying on a pre-built exchange would be a smart thing to do.
All Around Crypto Support
While it is virtually impossible for a platform to support every single cryptocurrency that’s out there, a great cryptocurrency exchange needs to support quite a few of these. To make that possible, an exchange would have to be integrated with several different blockchains, like Ethereum, Polygon, or Binance Smart Chain, among many others.
For now, the most important integration would be with ERC-20, or Ethereum blockchain, as most crypto projects built nowadays are built upon Ethereum.
The great thing about white label exchanges or platforms such as whitelotto.com is that they’re already linked with multiple blockchains, including ERC-20, allowing you to get down to business as soon as you launch.
Technical Support And Needs
The technology behind a crypto exchange is another thing that needs to be considered. If you were to take a look at any of the world’s leading exchanges, one of the best things they got going for them is the ability for fast deployment of smart contracts, incredible transaction speeds, and support for both web and mobile.
Smart contract deployment is paramount for the success of transactions on the platform. The technology behind it must be perfectly optimized if you want your users to experience smooth, fast trading. Additionally, TPS or transactions per second must be as high as possible, ensuring that the users get their funds deposited and withdrawn as soon as possible. And finally, both web and mobile deployment is paramount because most people use both devices for trading crypto, especially because some digital wallets only support the mobile OS.
While there is no denying that this won’t be a cheap project, it goes without saying that it would be a lot cheaper to buy a nearly finished product than to build your own from scratch. Investing in developers, designers, and other experts would cost you a ton of money if you want the job done right.
On the other hand, a white label cryptocurrency exchange is an already built product, sold for less money than it was necessary to create (as the product is sold multiple times), leaving you with some extra money in your pocket.
Furthermore, you don’t even have to pay for all the extra features and trinkets. If all you’re in for is a simple exchange for Bitcoin – you can buy only that.
One of the most important features to pay attention to is the user experience of your platform. If you can’t provide your users with a pain and bug-free experience – you can’t expect them to use it. A crypto exchange is a platform where people invest their money, and unless they can use it without any hiccups – they won’t use it.
Also, we can’t forget about the actual looks and user-friendly interface. The world of crypto is already complex as it is, so the least you could do is present your users with a simple-to-use, easy-to-navigate platform that even beginners could master in a matter of hours.
Finally, arguably the most important feature to look for is security. The reason why white label crypto exchanges do this better than everyone else is all the time and money invested into creating a product that sells and is backed up with required security protocols and facilities.
Security of the entire platform and the security features offered to your users are something that can’t be overlooked and is something that white label developers certainly have not overlooked. So, if you don’t want to risk any security scares – you’ll decide on a white label crypto exchange for your next business venture.
Once you put it all to paper and you take a look at everything that a crypto exchange like this one offers, it becomes painfully obvious that any other path would be a waste of time and resources.
Hopefully, we’ve done a good job of explaining that to you.