In the modern era, cryptocurrencies are promising factors to change the future of the financial ecosystem. Day by day crypto shows how much it can impact and can reap profits. So many individuals have shown interest to trade and invest in cryptos. For trading crypto, we need a platform that is called a crypto exchange. The prominence and profits involved in this business model made many startups create a crypto exchange.
Crypto exchange is a highly profitable business model in the crypto space. By initiating a crypto exchange business, you can generate an ample amount of profits through multiple revenue methods. So most of the entrepreneurs decided to develop a crypto exchange.
But they have a big question on their mind, How to develop and how much does it cost to develop a crypto exchange?
Some startups are thinking that it is expensive and hard to create a crypto exchange. In my opinion, it is really expensive and kind of tedious to develop an exchange.
Wait! Wait! But don't be scared, it's only applicable for the scratch method. Crypto exchange development methods play the main role in development cost. That is,
- Developing from scratch
- White label crypto exchange software
Developing a crypto exchange from scratch - Developing from scratch is a process of developing and designing software from the base. Choosing the right technology, features, and other aspects will be based on the entrepreneur’s decision. On the flip side, the exchange development cost will be expensive ($60k) and it would take nearly 1 year to complete the project.
white label crypto exchange software -It is a ready-made software that is equipped with all the basic and uptrend security features which are needed for the cryptocurrency exchange business. It only requires a few customizations and it can also be easily done as per your business needs. The software provided will have a powerful database, a verified backend, and will be completely tested before deploying. This software is cost-effective ( starts from $7k ) and you can launch a stunning exchange platform within a few days( 7 days ).
Both processes are developed with blockchain technology that ensures more security for cryptocurrency exchanges. The factors differentiating both are “Time and cost”. My analysis and recent surveys, clearly show that many entrepreneurs prefer white-label crypto exchange software.
The market is flooded with lots of white-label crypto exchange software providers. Finding one of the reliable white-label crypto exchange providers is a tedious process. You should work on which one is providing more customizable options, security features, and add-on business modules in white-label crypto exchange software. From my analysis, only a few of them provide the best white-label crypto exchange software for their customers.