More than 300 million users of cryptocurrency are getting a lot out of the crypto space. If you’re one of them or want to be one, you’re in the right place. Recently, the value of cryptocurrencies has gone up, and they have taken over the whole digital world. Even experts think that these crypto exchange assets could make financial services easier and help social and economic growth all over the world.
Fortune Business Insights did a study that said the global blockchain market will be worth USD 163.83 billion by 2029. During the time frame of the forecast, the expected compound annual growth rate is 56.3%. If investors want to make money in this booming market, they need to take bold steps. One of them is making software for the Bitcoin Exchange. By starting your own Exchange Software Development business, you can shake up the industry. Read on to the end to see how this technology could be used.
Let’s start with White Label Cryptocurrency Exchange Software
Let’s take a closer look at each step of Bitcoin Exchange Software Development. Here are some important things you must have or do before starting your platform:
Find out where it is
First, you need to know if you want to do business all over the world or just in one area. For p2p crypto exchange development and in either case, you would need the right licenses and permissions. But the laws of a place may be different depending on where it is. So, you need to talk to a lawyer about the approvals and making sure you’re following the rules.
Comprehend regulations
The crypto space has grown so big that almost every government agency in every country wants Exchange Software Development business owners to follow KYC (Know Your Customer) rules. This makes it impossible for money to be laundered. So make sure you use a good Bitcoin Exchange Script and a good customer verification process based on KYC norms.
Transaction history
Work with a bank or payment processing company that has a number of online tools. For a Bitcoin Exchange Software Exchange to work well, it would need liquidity. This is because customers don’t trust platforms with no trading activity enough to place orders there. You can act like you are trading by buying and selling between two fake accounts. Use an API to connect your Best White Label Cryptocurrency Exchange Software to another exchange that is already up and running. The more liquidity there is, the bigger the network.Security Services
Also Read Here: Why White Label Solutions Are Used For Crypto Exchange
The security on your Bitcoin Exchange must be top-notch for both operators and traders. Make sure that your customers’ private information, such as their bank information and KYC information, is safe. To make your business successful, you also need a Bitcoin Exchange Script and customer service that is open 24/7. Hire a team to handle KYC requests, answer user complaints, and handle transactions in fiat currency.
Key components of Bitcoin Exchange Software
Now, the next step is to figure out what features your business needs from White Label Bitcoin Exchange Software Development. Start trading with these essential parts:
Authorization and verification of the user
The process of getting started on your platform should be easy and fun. Verification is the most important part of keeping things clear and lowering the risk of fraud. Make sure that your Bitcoin Exchange Script keeps your data completely safe, and add two-factor authentication and anti-bot verification to your app. Using innovative design elements, our company also makes the registration process easy to use.
Trading Engine
The heart of the Best White Label Cryptocurrency Exchange Software is the trade engine. A crypto exchange platform can’t even work without this. The trade engine is at the center of every transaction because it manages the order book, analyses the Buy and Sell orders, approves the transactions, and figures out the transaction balance. Bitcoin Exchange Script also does its part by processing price and commission information. The trading engine is in charge of:
- How to Work Out the Balance
- Try to match the buying and selling deals
- Transactions Execution
- Get to the order books
Building Bitcoin Exchange Software is hard, and you need a team with a lot of experience to set up the right structure and build a good platform.
Easy user-interface
The fact that users want an exchange platform where they can easily talk to each other is another important factor. User Interface, or UI, is the face of your business. Your Bitcoin Exchange Software will let people trade quickly and easily because it has an easy-to-use interface and responds quickly. Your White Label Bitcoin Exchange must work on a variety of devices and respond to them. Even if a person doesn’t know much about trading cryptocurrencies, your platform should be easy to understand and fun to use. Include the following:
- Market Analysis
- View order history
- Putting in and taking back orders
- Withdraw funds
- Getting help around the clock.
Wallet
A crypto wallet is an important part of an exchange. Users can store, send, and receive assets with the help of a crypto wallet. There are basically software wallets, hardware wallets, and paper wallets. Users can send, store, and receive virtual currency with the help of Exchange Software Development. This must include:
- Use the multi-wallet feature to help with different kinds of transactions.
- Integration with major banks and payment gateways makes it possible to trade cryptocurrencies in real time.
- Users should be able to use QR codes, ATMs, and other ways to withdraw or deposit money.
- Add an e-commerce platform for people who might be interested.
Perks of a White Label Cryptocurrency Exchange Software
Get help from a reliable Cryptocurrency exchange development company so you can think about other things and focus on making your exchange run better. Here are some of the benefits you will get:
- Trade validation
- Prices that are fair
- A platform that can be used by different payment processors or banks
- Take a method for keeping your exchange’s payment transactions safe
- A team of developers
- There’s no need for more employees, software, tools, etc.
- Keep making, maintaining, and improving the software all the time
- Keep away from hackers and scammers
Final Takeaway
After seeing the meteoric rise of cryptocurrency in a very short amount of time, it is not surprising that business models have moved toward the idea of cryptocurrency. So, making your own cryptocurrency exchange seems like a smart move when you think about the profits and revenue this platform brings in. There are a lot of cryptocurrency development companies on the digital market that can help you build a crypto exchange platform, but if you get help from a top-tier company like Suffescom Solutions Inc, your business model will skyrocket up the charts.
