Cryptocurrencies ensure secure digital payments without the involvement of a mediator. They are not recognized under any central authority, which makes them work smoothly without any interference from the government.
White Label is a crypto exchange platform established to buy or sell cryptocurrencies, Fiat currencies, tokens, and digital assets. Entrepreneurs can start their crypto exchange software using this easy-to-use white label crypto exchange software. This software is encoded with high-security features to provide a hack-free environment.
Follow the steps in this guide to launch your own white label crypto exchange software :
Start Your White Label Crypto Exchange Software:
- Seek Legal Counsel To Ensure All Licensing Requirements
You require legal advice to understand the administrative requirements. Without government jurisdiction, there is no one to overlook cryptocurrencies operations. The United States needs to be licensed bitcoin operators. Businesses are required to know their customer requirements (KYC) which have risen dramatically to stop money laundering. Check with a lawyer to know who is informative about the sector because administrations differ by organization.
- Attain Funding For The Venture
Get an estimate of your cost before beginning with white label crypto-exchange software development. The development cost includes technology, hosting, some first legal guidance, government registration, and initial advertising. Though funding is not necessarily straight, the business needs to have proper funds to have a runway. A blunder that most startups do is not doing future planning, resulting in tiny first fundraising that may cover development expenditures but leave the firm without the vital funding needed for operations until profit. Startups often mistake obtaining authorization from unscrupulous crypto exchange providers who demand huge fees and fail to disclose the legal duties and costs adjoined with setting up and operating an exchange.
- Locate A Provider Of Crypto White Label Exchange Solutions
Suffescom Solutions offers a world-class crypto white label exchange with a one-time licensing cost that does not require royalties or compensation arrangements. This implies that there are no recurring costs. Clients may host the exchange themselves. Clients receive the entire source code, which is vital for auditing purposes because certain regulators insist that the source code should be inspected. Suffescom Solutions has a ton of experience building stock exchanges, including backend technology used by some of the world’s leading exchanges, and is continuously searching for the latest methods to give value to its customers.
What’s the point of white labeling with source code? White label exchange software with full source code authorizes all of the customizations of a custom-built exchange while fiercely reducing time.
- Connect Your Exchange With Others For Added Liquidity
The base of every potential exchange is liquidity. True customers will be doubtful of your new venture if it lacks an order book and marketing activity. We may connect your exchange to a network of current exchanges, increasing its liquidity, to stop these obstacles and prevent the need to copy activity through dummy accounts inside the new exchange, we may connect your exchange to a network of current exchanges, increasing its liquidity. Recall that the wider the network of exchanges, the less liquidity your new exchange would have.
- Partner With A Payment Processor
Not all transaction methods are equal. You must have the shortest transaction rate to compete with other exchanges. Before signing make sure you read the contract properly because there can be some hidden costs. Other differences between processors include settlement time and PCI DSS compliance, which is a set of best practices for ensuring cyber security. Federal law does not require compliance in the United States, unlike many other states. To protect your new business from cyber dangers, ensure that your payment processor is PCI-compliant. That’s why it’s important to understand the problems of industrial regulation.
- Implement Best Security Practices
Cryptocurrencies are valuable and therefore need to be protected from cybercrimes. So, it is important that you secure your exchange with the right security measures.
The white label crypto trading platform delivered by Suffescom Solutions is one of the most secure in the world with offline cold storage wallets, two-factor authentication, and encrypted databases. Passwords are also not stored by Suffescom Solutions (only hashes).
- Go Live Via Beta Testing
If you’ve built your exchange, you’ve signed a deal with a payment processing company and you’ve gone to heights to ensure that your transaction abides by all rules and regulations. Then your business is definitely safe from cybercriminals. Now you can establish your exchange and put all its features to the test in beta.
- Start Marketing And PR Campaign
Once your exchange has gone live, you can connect with crypto coin publications like Coindesk. It is important to properly organize your marketing initiatives, as well as their expenditures, to make sure that your initial raise does not leave you scrambling for further funds. Often, exchanges do not have a marketing budget, rather relying on free social media marketing to reach a whole mass of traders.
- Take Care In Providing Customer Support
Though customer service is the final step in the activity of creating a successful cryptocurrency exchange, your ability to excel in this area will decide your success. People who interact with customers must be attentive and address customer complaints and technical difficulties. Customers should be contacted as soon as possible, so consider installing a ticketing system like ZenDesk and staffing it with experienced and helpful personnel who are accessible 24 hours a day, seven days a week, because cryptocurrencies never stop trading.
- Maintain A Legal Team For Ongoing Compliance.
It is really important to maintain legal terms in all proposed laws and regulations . In jurisdictions where your exchange is domiciled but also in foreign jurisdictions. As cryptocurrency rules are continually changing worldwide, it is important to either engage a full-time in-house legal compliance staff or outsource to established law firms.
At Suffescom Solutions, we offer white label crypto exchange software secured with features like a multi-currency wallet, powerful matching engine, ability to process up to 100,000 transactions per second, institutional-grade security, and self-explanatory interface to provide a flawless marketing experience.