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Players in the crypto space are aware that the growth of the cryptocurrency industry is unstoppable. Even during the COVID-19 pandemic, cryptocurrency Exchange has seen phenomenal growth, demonstrating the business’s potential in the digital age. However, many are still reluctant to start a cryptocurrency trading business, believing that only a technician can access it, which is not true. A non-technical person can start a cryptocurrency Exchange business, and I’m going to tell you how.
How can a startup/entrepreneur create a cryptocurrency exchange with no coding skills?
Well, the answer to the question is very simple, there are two ways for an entrepreneur or a startup to build their own cryptocurrency Exchange platform without any programming skills,
⏩ You can hire a freelance blockchain developer
⏩ you can get Whitelabel cryptocurrency Exchange software from a reputable software provider
Although there are two possible routes, only one is practical in today’s market. Let’s see which route is better and why it says that by making some comparisons.
After looking at the comparisons, it is very clear that buying Whitelabel software is the smartest choice anyone considering building a cryptocurrency exchange can make.
Let’s look at some of the business benefits of buying Whitelabel software from a scripting vendor.
Trading Benefits of Whitelabel Crypto Exchange Software:
✪ Scalability: With the ability to customize the functionality, graphics, user interface, and many other elements of the Whitelabel cryptocurrency trading software, ensure the high scalability of your exchange.
✪ Monitoring: You can monitor your cryptocurrency exchange platform with great efficiency.
✪ ROI Features: This gives you the freedom to incorporate exciting ROI features that pay big dividends.
✪ Beta Module: The Beta Module enables extensive testing on the cryptocurrency exchange platform.
✪ Cost Effectiveness: The cost of purchasing Whitelabel software is easy on your budget as less investment is required.
✪ Lesser Development Duration: Whitelabel software is pre-developed and can be implemented in a few days.
I have mentioned some of the business benefits of using Whitelabel software here; besides these, there are other benefits of owning Whitelabel software. But now it’s time that we look at the types of models that work on a cryptocurrency exchange platform. Because depending on the operating model of the cryptocurrency exchange, you have to decide which features should be integrated, so let’s take a look at that.
Working models of cryptocurrency exchange platforms
⏭ ad-based or P2P
⏭ From user to administrator
⏭ order book
Features to integrate with an ad-based or P2P cryptocurrency exchange platform
⏭ Escrow Security
⏭ Dispute Functionality
⏭ Escrow wallet
⏭ Buy & Sell order posting (Like Ads)
⏭ Multiple payment methods & so on.
Features to integrate with the cryptocurrency exchange platform between users and admins:
👉 OTC trading,
👉 Instant Buy & Sell
👉 IEO Module
👉 Staking
Features to integrate with the order book cryptocurrency exchange platform
👉 Order Book,
👉 Spot trading,
👉 Types of Order,
👉 Match Engine,
👉 Derivative Trading
👉 Crypto & Fiat Payment gateway
👉 Crypto wallet & some more.
The features I mentioned above are the ones specific to these working models, but there are some features common to all types of cryptocurrency exchange platforms that include the following:
Support for multiple cryptocurrencies
Sponsorship opportunities
Admin panel
User Panel
Advanced UI/UX
Multi-language support
Many trading pairs
Margin trading
KYC/AML
HTTPS authentication,
Biometric authentication,
Enter the prison
Data encryption,
Two-factor authentication,
SQL injection prevention,
Anti Denial of Service (DoS),
Cross-Site Request Forgery (CSRF) protection,
Protection against server-side request forgery (SSRF),
Anti Distributed Denial of Service
Mandatory features are built into the cryptocurrency exchange white-label software; in addition to the basic features, there is an additional cost for the advanced features. Not all Whitelabel software providers offer this at an affordable price; only a handful offer quality Whitelabel solutions at an affordable price. You need to do your research and choose a provider.
Choosing the right Whitelabel software provider is the most important step in building a cryptocurrency Exchange platform without any coding skills. There are certain criteria by which the search should be conducted. You need to research their ratings, their reviews, the services they offer, and the price they offer for their services. These are compelling factors to consider when choosing a Whitelabel software provider. Once you have contacted a reputable Whitelabel cryptocurrency trading software provider, you can communicate your needs. Eventually, they will do all the work required to run a cryptocurrency exchange platform.
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