Cryptocurrency is a big deal now; there are now thousands of cryptocurrencies to choose from. Despite the risk and market volatility, several entrepreneurs are looking to break into the cryptocurrency space by starting a cryptocurrency brokerage.
However, because it takes a lot of expertise and time to build a cryptocurrency brokerage from scratch, businesses are turning to other alternatives. One such alternative is the white-label crypto solution. In this article, we will cover an introduction to white-label crypto solutions, their advantages, and how to start one.
Introduction to White Label Crypto Solution
In order to understand what a white-label crypto solution is, we need to first understand what white-label means. A white label is a type of partnership in which one company produces goods or services and another sells them under their brand.
In IT, the white label concept is used for product development. This model was first used in 2001 when an online cell phone sales service offered a rebranded version of its website to other companies. Now the concept of the white label has taken on a much broader meaning, including both software development and the delivery of a set of business services for rent, such as white-label crypto solutions.
Now, a white-label crypto solution is a turnkey solution that allows businesses to launch their own cryptocurrency exchange without having to develop it from scratch. There are reasons why businesses are turning to white-label crypto solutions and some of them include:
- With a white-label solution, you will have complete control over your branding; you can customize every aspect of the exchange platform to match your company’s look and feel. This includes the user interface, logo, colour scheme, and more.
- White-label crypto solution reduces the cost of initial investment: Building a cryptocurrency exchange from scratch will cost a huge amount of money, however, software solutions such as crypto broker turnkey on WL Global help save significant resources at the initial stage. Such savings are beneficial for any type of company, but especially for start-ups, which often have very limited budgets.
- The white-label crypto solution reduces the amount of time needed for the product to get to the market: It takes about 10-12 months to build a cryptocurrency exchange from scratch, that’s about a whole year. However, in the case of using a turnkey software solution, the time to market can be reduced to literally a couple of months, and some crypto broker turnkey on WL Global allows you to launch in a couple of weeks.
- Most white-label crypto solutions provide post-launch maintenance: With the use of a reliable white-label crypto solution, you do not need to worry about maintenance; the software developers ensure support and updates of solutions and products after the launch on the client’s platform.
How to Start a White-Label Cryptocurrency Brokerage
To start a white-label cryptocurrency brokerage, you can follow the following five steps:
Conduct Market Research
This is the first step involved in starting a white-label crypto brokerage. It is necessary to understand the scope of the market so that you do not begin blindly. Some of the things to understand are your competitors and customers.
This will give you valuable insights into where there may be opportunities for your business to take advantage of the market and distinguish itself from competitors. Additionally, conducting market research gives you an idea of what features you would like to prioritize in your trading platform.
Choose a Reliable White Label Exchange Provider
Choosing a reliable white-label exchange provider is one of the most important steps in setting up a successful crypto exchange. You do not want to conduct good market research and end up with an unreliable white-label crypto provider.
Some of the prerequisites of a good white-label crypto provider are software development, hosting, liquidity, and customer support. They should also be able to tailor their services to meet your specific requirements.
Another way to identify a good white-label provider is through the number of years they have been in the industry; a good white-label crypto provider should have been in the industry long enough to acquire the needed knowledge and expertise. WL Global is one such provider.
Implement Necessary Features and Integrations
Implementing necessary features and integrations is key in setting up your white-label crypto exchange. This is the aim of a white-label solution after all, customizing the platform to suit the business’ needs.
This includes integrating a payment system, ensuring the best liquidity for traders, and executing trades securely. You should also make sure that the exchange supports popular cryptocurrencies such as Bitcoin, Ethereum, and BNB and allows users to withdraw their funds quickly when needed.
Test and Launch the Exchange
Once you’ve completed all of the above steps, it’s time to test and launch your white-label crypto exchange. Testing is essential to ensure that all features work as intended and that there are no security vulnerabilities before going live. Once you have tested everything thoroughly, you can launch your exchange.
Market and Promote the Exchange
Once you have launched your white-label cryptocurrency exchange, it’s important to market and promote it to attract more traders. You can start by creating a website for the exchange and optimizing it for SEO purposes so that more users find out about your crypto exchange platform.
With a successful white-label crypto exchange setup, you can enjoy a cost-effective and easy way to enter the cryptocurrency trading market. Furthermore, by following the above steps, you will have a much better chance of launching a successful white-label cryptocurrency brokerage.
