White label solution, an open-source software code/script, and ready-made white-label cryptocurrency exchange software with customizable components are the most common methods for developing an efficient crypto exchange platform. Each method has its distinct features and benefits that require detailed evaluation for the success of the platform.
In this blog, we have discussed a few features of the most prevalent crypto exchange development techniques. Let’s take a look at them:
White-Label Crypto Exchange Solution
It's basically a pre-made platform for cryptocurrency trading software rather than a development method. For effective deployment, its parts, including the database, backend, and trading core, are replicated from one project to the next.
Rapid deployment
As mentioned above, a white-label crypto exchange software solution’s trading core already exists, which means there is no need to build anything from scratch. You just need to deploy, install, and configure it in a new network for immediate use.
Quick and Easy to Brand
Typically, white-label cryptocurrency exchange software comes fully integrated and ready-made. It makes the branding and launching of an exchange platform efficient by saving time and effort in the research and development phase. The only change that needs to be done is to include your branding elements like color palette and logo.
Cost-efficient
Creating a solution from the ground up costs a lot of money and effort. On the other hand, white-label crypto exchange software offers a fully functional exchange at a much lesser cost than custom creation. Investing in a white-label cryptocurrency exchange is an ideal choice if you want to accelerate your go-to-market strategy to compete with other players.
Time-Efficient
Building a Finding the Best Waycrypto exchange platform from scratch is a complex process. It also delays the product launch and creates challenges for attracting potential investors. It is wise to choose a ready-made exchange solution to ensure the deployment of the platform within five to seven weeks.
Faster customer adoption
A white-label crypto exchange solution like Oodles Scaffold gives you the option to avail of a cryptocurrency exchange platform rapidly, so you can immediately reach out to investors. Those who wish to launch their bitcoin trading firm quickly and with the fewest possible development risks might consider using a preconfigured solution.
Open-Source White-Label Crypto Exchange Script
Developing your exchange platform with an open-source script provides the following finding the Best Features:
P2P Exchange
Peer-to-peer transaction models eliminate intermediaries from various business operations. A P2P model-based platform delivers an efficient exchange experience while securing cryptocurrencies and transactions. P2P exchange is an essential feature that is available in several open-source crypto exchange scripts.
Admin Panel
An admin panel of an open-source script-based exchange platform is secure, efficient, adaptable, and easy to use. It guarantees widespread platform adoption because it allows non-crypto investors to trade as well.
Security
An open-source script comes with essential built-in security features for secure transactions, deposits, and withdrawals. They employ security practices like internal security audits, network and hardware security mechanisms, KYC (Know Your Customer), AML ( Anti-Money Laundering) checks, and 2-factor authentication for users.
Robust APIs
A robust white-label crypto exchange software API is a core asset that differentiates one crypto trading platform or the whole business from others. A robust API can be regarded as a key functionality of the platform. It is treated independently to provide and consume information from unknown customers. An API should follow the standards required by the client. It must be secure and robust, and able to compute the current market rate for every available coin on crypto exchanges.
Advanced Trading Engine
An efficient order book visualization with a matching engine is a must-have feature, which is already available in open-source exchanges. It stores all transaction records that have ever taken place. It provides a list of orders of buyers and sellers for financial instruments that enable efficient capital flow and transfers among global investors.
Oodles Scaffold: A ready-to-use hub of customizable exchange platform components
Oodles Scaffold is a hub of ready-to-use exchange platform components that can be customized to meet varied business requirements. It enables companies to employ ready-made exchange software, but it also has provision for customizations in the software modules. With Oodles Scaffold, clients get the complete source code of the solution which makes the auditing a smooth process. They also get several other benefits from both the above-mentioned development methods under one software solution. Essentially, it helps the clients with faster time to value in very less time with cost-efficiency along with reducing the overall ownership cost
Let’s look at how Oodles Scaffold becomes a viable option for quick and efficient cryptocurrency exchange development.
Conclusion
A white-label solution is efficient and cost-effective as it enables investors to offer provide exchange services without heavy technology investments. It expedites your services’ branding and selling while streamlining your clients’ conversion path. On the other hand, open-source exchange software development provides an advanced solution that is open, free, and easily accessible to everyone.
However, with a ready-made solution like Oodles Scaffold, you get benefits from both crypto exchange development methods. You can build a crypto exchange platform that meets complex business requirements with highly secure and scalable features of both open-source script and white-label crypto exchange solutions. It makes it a viable choice over a white-label solution and open-source exchange script.
Reach out to our crypto exchange developers for more information about our cryptocurrency exchange development services. We consult fintech startups and financial services providers to choose the most suitable option for their business strategy.
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