Crypto exchange platforms are growing in popularity, especially during the Bitcoin hype. More and more people are joining the crypto world, and it’s not surprising. Blockchain technology offers global financial access and protection of personal and financial data, which is the biggest issue in working with fiat.
After 12 years, the crypto field is finally gaining the attention it deserves, now at the institutional level.
Even the most skeptical entrepreneurs are considering the business opportunities of launching their own crypto exchange platforms.
And if the IT industry is a foreign language to you, don’t worry – that’s why White Labeling exists.
What is White Labeling?
White labeling is a straightforward affiliation system.
A company develops a product, service, or platform and then sells it to you to use under your branding. That way, it is represented as yours, and you can use it to deliver your services to your clients.
In our case, you practically buy a crypto exchange software that has no brand identity, stick your logo on it, and there you have it – your own cryptocurrency exchange software platform.
You avoid the development and deployment costs and plan the bulk of your budget to deal only with your marketing strategy, like market research, promotion, and everything else that involves attracting customers. If you want to add or change something on the platform, just contact the provider and see if further development is possible.
There are three types of White Labeling:
- B2B White Labeling – when the reseller is targeting another company that will eventually sell its services to the end customer;
- B2C White Labeling – when the reseller is targeting the end customer (in our case, the crypto exchange users);
- SaaS White Labeling – that implies a brandable software based on a license subscription.
What benefits does White Labeling bring?
If you can’t decide yet if you want to use White Labeling or not, then consider what benefits it can bring to you.
First of all, you minimize your kickstarting costs. You are not investing in developing a crypto exchange platform from scratch, which might take years of hardcore development and millions of dollars. It’s an especially attractive option for budget start-ups that struggle to get their financial resources to get their awesome crypto ideas off the ground.
Second, you have a lot more time to master your marketing strategy, vital in today’s economy and market deployment.
Tastes change, people’s needs change, and user loyalty is not guaranteed. You have to continually check what’s trending and what your users are striving for. The competition is also huge, with a considerable number of exchange platforms have risen due to the existence of over 7,000 cryptocurrencies.
If you want to succeed, you need time and quality research to overcome them.
How can you choose a White Label software provider?
If you are ready to step up your game and resort to White Labeling, then pay attention to the following tips before deciding on your new collaborator:
- Do your research – check the quality provided to other clients.
Whether you choose to look for testimonials or test their software by trying the platforms created on it, you need to ensure that the provider delivers quality. Otherwise, if the software cracks, users will blame you and not the provider. And you don’t want to lose your clients.
- Check if the provider has support.
You need to know if the provider can help you to understand how the platform works, support you when an error occurs, or if the team can make updates on the platform when it’s needed.
If you discover that crypto users are interested in a DEMO exchange (where they can exercise trading before jumping into the real market), it would be great if the provider could get you this new feature.
An example of a crypto-exchange software provider that checks those bullets is Openware, which offers white label exchange deployment assistance, every bit of technical information you need, and the ability to expand and obtain the full source code.
The success of the crypto field is no longer science fiction. It demonstrated its vast potential, especially in recent years, so don’t miss the chance to be part of the crypto community.
If you want to open your own crypto exchange business, white labeling is the most viable option, giving you time to focus on more important things.
For example, you can go to websites like Yellow Blockchain and analyze in detail the available cryptocurrencies to see which are the best for your platform.
Are you ready for a new start?