Things to look out for in a White label Bitcoin exchange

1. The steps that occur behind the launch of a White label bitcoin exchange

2. Architecture Things to look out for in a White label Bitcoin exchange It is a critical element as it ensures the well-being of the entire system. It determines the speed, security, and overall usability. Make sure to read the technical documents given by a solution provider to understand the structure of the software and the process by which requests get routed. The basic elements consist of a trading engine, wallet module, admin panel, and a user interface. BLOCKCHAIN APP FACTORY

3. Separation of concerns Things to look out for in a White label Bitcoin exchange Division of work yields benefits. There should be separate modules with different functions. Each module must have a different IP address for security reasons. The user interface and server can be located on one module. The Admin panel and the trading engine can be on another module. The wallet can be on a separate module. Information can be shared between the different modules. Hacking would be difficult to execute if the exchange is structured in this way. Both the software and hardware parts must be structured separately. BLOCKCHAIN APP FACTORY

4. Methods to create liquidity The absence of liquidity in a Bitcoin exchange will lead to orders of traders not being fulfilled timely. If there is an empty order book, no customer would like to join the exchange. Sufficient liquidity can be ensured by linking your exchange to an account operated at another leading exchange. The orders placed by the traders would be routed through other exchanges. Another way to generate liquidity is by creating bots within your own exchange. It will ensure that there is sufficient circulation of currency in your exchange and create an order history. Things to look out for in a White label Bitcoin exchange BLOCKCHAIN APP FACTORY

5. Complying with the regulations For ensuring smooth and hassle-free operations, complying with the guidelines issued by regulatory authorities is a must. It will vary from one location to another. Hence, there is no international framework related to regulatory compliance. KYC (Know Your Customer) and AML (Anti Money Laundering) guidelines would have to be followed. Hence, integrating the regulatory aspects into the software that you are considering for usage. Things to look out for in a White label Bitcoin exchange BLOCKCHAIN APP FACTORY

6. User interface Things to look out for in a White label Bitcoin exchange It should be convenient to handle and must satisfy the basic requirements of customers. The relevant information should be easily accessible. It must support external APIs for providing real-time trading information, which would be in the form of data related to crypto and fiat currencies. BLOCKCHAIN APP FACTORY

7. Support for the leading digital currencies Things to look out for in a White label Bitcoin exchange While Bitcoin is undoubtedly the leader of the cryptocurrency world, the exchange must support the trading of other currencies too. Hence, it has to function as a universal wallet. There has to be a separate section on the website regarding the currencies that the exchange supports. As time progresses, integration with new coins should also be built based on the request from the traders. BLOCKCHAIN APP FACTORY

8. Features for the user Things to look out for in a White label Bitcoin exchange The key functions needed for every user in a White label Bitcoin exchange would be acceptance of deposits made in fiat currency, buying and selling popular cryptocurrency trading pairs, withdrawal of fiat currency, transfer of cryptocurrency to a cold storage facility, or a private wallet, permitting deposits from outside wallets and access to the trading history. BLOCKCHAIN APP FACTORY

9. Features to integrate for the admin Things to look out for in a White label Bitcoin exchange Admin has the responsibility to manage the exchange effectively. It has to set up gateways for accepting payments and communicate with the users. It monitors the acceptance of deposits and the authorization of withdrawals. It includes information about the profits from trading operations and volumes generated on the exchange. BLOCKCHAIN APP FACTORY

10. Types of Bitcoin exchange software available in the market currently

11. Open-source – A few open-source projects are available in the market. Any member of the public can access the exchange software for usage. Certain technical expertise would be required for implementation and modification according to business operations. Read the documentation of the software and ensure that it is easy to set up.  • Cheap scripts – Some firms in the industry sell exchange scripts at throwaway rates. While the quality and documentation are quite similar to open-source software. However, clients would face issues in assembling and customizing the cheap scripts. BLOCKCHAIN APP FACTORY

12. Pre-packaged White label bitcoin exchange software – It is easy to set up and use though slightly on the expensive side. The development company would provide technical support. Customization is ensured through the addition of new features by the development company that originally created the software.  • Fully customized Bitcoin exchange – Every feature would be customized according to the requirements and goals to be fulfilled for the exchange. Hence, it is quite expensive. It will be helpful for firms that are attempting something new in the market with an out-of-the-box trading strategy or a business model. BLOCKCHAIN APP FACTORY

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