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The cost of developing a white-label cryptocurrency exchange software can vary depending on a number of factors. Here’s what you should know about it!
In recent years, there has been a surge in the number of white-label crypto exchanges. This is due to the fact that they offer a quick and easy way for companies to launch their own digital asset exchanges. White-label crypto exchanges are also popular because they allow businesses to brand the exchange platform as their own.
Here are some recent statistics on white-label crypto exchanges:
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As of May 2019, there were over 200 white-label crypto exchanges in operation worldwide.
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The majority of white-label crypto exchanges are based in either the United States (38%) or Asia (35%).
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White-label crypto exchanges have processed a total of $1 trillion worth of transactions since they first launched.
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The average daily trading volume on white-label crypto exchanges is $13.2 billion.
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Binance, a leading white-label crypto exchange, has a daily trading volume of $1.4 billion.
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Huobi, another leading white-label crypto exchange, has a daily trading volume of $700 million.
As you can see, white-label crypto exchanges are becoming increasingly popular. If you are thinking about launching your own digital asset exchange, then a white-label solution may be the way to go.
Factors that Affect the Cost of White-Label Cryptocurrency Exchange Software
Many factors affect the cost of white-label cryptocurrency exchange software. Here is a brief on every factor influencing the cost of white-label cryptocurrency exchange development,
1. Development Team
The first and most important factor that determines the cost of white-label cryptocurrency exchange software is the development team you choose. A good development team will have a lot of experience in developing similar software and will be able to give you a realistic estimate of the project cost. Make sure to check the team's portfolio and reviews before hiring them.
2. Feature Set
Another important factor that affects the cost of white-label cryptocurrency exchange software is the feature set you want in your software. If you want a basic exchange with only essential features, it will be less expensive than an exchange with advanced features such as margin trading, OTC trading, etc.
3. Exchange Size
The size of your exchange (number of users, volume of transactions) also affects the cost of white-label cryptocurrency exchange software. A larger exchange will require more powerful hardware and a more sophisticated software solution, which will be more expensive than a smaller exchange.
4. Hosted or Self-Hosted Solution
Hosted solutions tend to be more expensive than self-hosted solutions, but offer more flexibility and scalability. Self-hosted solutions are less expensive, but
5. Cost of Development
The cost of white-label cryptocurrency exchange software also depends on the current market conditions. If there is high demand for such software, prices will be higher. Conversely, if there is little demand or many competitors, prices will be lower.
Region-wise Cost of White-label Cryptocurrency Exchange Development
The cost of white-label cryptocurrency exchange development can vary widely depending on the region where the development takes place. In general, costs will be lower in regions with a large pool of skilled developers, such as India or Eastern Europe. Conversely, costs will be higher in regions with fewer skilled developers, such as North America or Western Europe.
Here is a breakdown of estimated region-wise costs for white-label cryptocurrency exchange development:
India: $5,000 - $15,000
Eastern Europe: $10,000 - $20,000
North America: $15,000 - $30,000
Western Europe: $20,000 - $40,000
Australia: $30,000 - $50,000
However, the average cost is between $15,000 and $50,000.
The Process of Developing White-Label Cryptocurrency Exchange Software
Cryptocurrency exchange software development can be a complex and costly process. There are many factors to consider when developing a white-label cryptocurrency exchange, such as the features you want to include, the user experience you want to provide, and the security measures you need to integrate.
To ensure your white-label cryptocurrency exchange is successful, it's important to partner with an experienced development team who can help you navigate the process and make the most of your budget.
The step-by-step process of white-label cryptocurrency exchange development is as follows:
1. Initial Consultation
You need to have an initial consultation with you to discuss your project requirements and objectives. This is a free, no-obligation consultation where your partner will learn more about your project and see if they are a good fit for each other.
2. Proposal
After the initial consultation, the development partner will put together a detailed proposal outlining the services and how they can help you achieve your objectives. This proposal will also include a price quote for our services.
3. Contract
If you decide to move forward with the company, the company will send you a contract outlining our agreement and the scope of work. Once both parties have signed the contract, you can begin work on your project.
4. Development
Your partner can start development on your white-label cryptocurrency exchange according to the specifications in the contract. Use agile development methodologies so that you can see regular progress and provide feedback throughout the process.
5. Testing & Launch
Once development is complete, the exchange must be tested to ensure it meets all specifications and functions properly. Once everything is working as it should, you can launch the exchange and make it available to users.
6. Maintenance & Support
The company should provide ongoing maintenance and support services to ensure your exchange remains up and running smoothly. Also, they must provide additional development services as needed to help you grow and scale your exchange.
How to Choose a Provider of White-Label Cryptocurrency Exchange Software?
The first thing you need to do when choosing a provider of white-label cryptocurrency exchange software is to make sure that they have a good reputation. You can do this by checking online forums and reviews.
Once you've found a few reputable providers, you need to compare their prices. Some providers will charge you a monthly fee, while others will charge you a one-time fee. Make sure to compare the features of each provider before making your final decision.
Finally, make sure to contact the provider and ask any questions you may have. This will help you get a better understanding of their service and whether or not they're the right fit for your needs.
Conclusion
Although the cost of white-label cryptocurrency exchange software will vary depending on the provider, it is generally more affordable than developing a bespoke solution from scratch. This is because white-label solutions are already built and just need to be customized to your specific requirements. When choosing a white-label solution, it is important to consider the quality of the code and whether it meets your security standards. You should also enquire about the level of support offered by the provider in case you encounter any problems with the software.
Author Bio
Murali Krishnan works at Pyramidions Solution, building white-label cryptocurrency exchange software.
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.