How To Choose Cryptocurrency Exchange Software- 10 Tips

Every year, the cryptocurrency market grows larger by a significant portion attracting the interest of more parties– daily traders, investors, businesses, and even financial institutions and governments. To leverage and cater to this growing demand for cryptocurrencies, some businesses have developed software solutions that can help other businesses develop and launch their own cryptocurrency exchange platforms. These software solutions are called white label crypto exchange solutions.

A white label crypto exchange is a pre-built and customizable crypto software exchange platform that can be taken over and customized to fit the needs of any company that wants to set up a crypto exchange platform without building from scratch.

White label crypto exchange platforms are a game-changer for many businesses because they help to save the long time that would have otherwise been spent on software development. However, choosing the best white label cryptocurrency exchange software  can be quite daunting for a business launching such a product for the first time.

This guide highlights 10 important tips to help businesses make a better-informed choice when selecting their preferred white-labsl crypto exchange.

  1. Always Start by Defining your Business Goals

Before launching a software solution search, it is important to start by defining your business goals. Defining the goals your business wants to achieve will assist you in your scouting process by streamlining your options to ensure you only focus on software solutions that align with and can help you achieve your business goals.

  1. Technical Expertise Assessment

Many businesses fail to assess their technical strength before making a white label solution purchase. It is important to first evaluate the technical prowess of the employees in your organization. An assessment will highlight whether your business already has an in-house technical expert who can manage that kind of software solution or if your business will need external support and integration service from the solution provider. With this knowledge, you can then choose the best solution provider whose service aligns with your technical needs and filter out the rest.

  1. Security and Regulatory Compliance

It is public knowledge that security is very important in the crypto market. Your preferred software solution must be secured to protect the assets of your users and abide by all regulatory requirements of authorities in your jurisdiction. Be on the lookout for software that offers a wide range of security features— secure storage, multi-factor authentication, and regular security updates among others. Also, remember that non-compliance with appropriate regulatory requirements can lead to serious consequences for your business.

  1. Scalability

It is important to prioritize software options that can scale in your search for the best solution. Envision the potential growth and progress of your business. When your business scales, your preferred software solution must be able to conveniently accommodate increasing trading volume at users at any point in time without compromising the effectiveness, performance, and user experience.

  1. Assess the User Interface(UI) and User Experience(UX)

UI and UX assessment is very important since your business is not the final user of the solution. Prioritize software with an intuitive and user-friendly interface that would be easy to navigate for any user.

  1. Liquidity and Trading Features

It is important to ensure that your preferred software can integrate with major liquidity providers to ensure sufficient trading volume and minimize spread. It should also be equipped with standard trading features that align with your target audience, e.g. spot trading, margin trading, staking options, etc.

  1. Pricing Review

Carefully evaluate the pricing model of your preferred solution. Be on the lookout for subscription fees, transaction fees, one-time license fees, and so on. Also, remember to compare prices with vendors of similar products.

  1. Vendor’s reputation and Customer Support

After choosing your preferred software, it is important to research the reputation of the vendor. Check for online reviews and talk to other businesses who may be their clients. It is also important to ensure your preferred vendor has a robust customer support service in case of technical issues.

  1. Customization

Before making the final purchase, your business should consider customization options that can differentiate your product in the market. Be on the lookout for options such as unique branding, custom features, and tailored API.

  1. Demos and Trials

The final step that should never be skipped is demo testing and trial periods provided by the solution providers. They are the perfect avenue to test-run the compatibility of the solution with your business needs. Demos and trials allow businesses to explore the software firsthand in terms of the UI, UX, functionalities, technical requirements, and others, to enable your business to make an informed decision before purchase.