Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
In this article, Soft-FX specialists take a concise glance at the From Scratch vs White Label approach to building your own crypto exchange, riding high on the crypto industry boom.
The world remains polarized when it comes to cryptocurrencies. While some countries have adopted crypto as legal tender, others have banned crypto exchanges and any crypto-related operations. Some remain at a crossroads. Even with this roller coaster in mind, the fact is that the sector is blooming — and it would seem it’s here to stay. Naturally, the demand for cryptocurrency exchanges is flaring up, which raises the perennial question: When it comes to the creation of your own product, do you follow the do-it-yourself path… or the white-label aka turn-key aka bespoke route?
From Scratch
For a well-functioning (you wouldn't want it any other way, right?) crypto exchange, you'll need to assemble a team of developers who will provide you with, at the very least, the following features:
- A matching engine
- A trading platform
- A liquidity aggregation module
- Crypto wallet services
- An admin Panel
- A trader's Room
- Your website
Add to this the positive and memorable User Interface (UI), paired with User Experience (UX), that are indispensable characteristics of any self-respecting modern and fresh web service.
Any business owner wants to get optimal quality at optimal cost. And if hand-picking a close-knitted, reliable, trustworthy team of fast-working developers turns into yield-prosperous results, you can consider yourself a lottery winner.
White Label
A White Label solution means that your crypto exchange is NOT built from scratch by your own team of developers; rather, it is a solution developed with your requirements in mind by a team of specially trained professionals with an eye for creating bespoke products.
If you choose to hire an outsource team of professionals, this means you are choosing:
- a cost- and time-efficient development;
- an ongoing support such as bug fixes and timely updates of your product;
- a focused team aware of the latest tech, security and efficiency requirements;
- a team aware of legal regulations of the industry.
The most evident difference between the in-house and off-the-shelf decision is the time spent on the product's development and subsequent troubleshooting.
The former, while being an ideal embodiment of your vision, might take a while before you enter the market; the latter, however, will allow you to occupy the niche and make amendments as you go, without clients’ dissatisfaction.
Wind-up
We are always glad to hear your stories of putting together a team of trusted professionals who helped you build your dream product (a crypto exchange, in this case)!
If you are looking for a ready-made team of such professionals with an excellent track record, consider enlisting the services of Soft-FX.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.