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With clear evidence to support the massive growth in the crypto exchange business and some of the top bitcoin exchanges continuing to report millions of dollars in revenues, there is no better time than the present to capitalise on this upward trend.
If you are looking to set up your own exchange, there two important aspects that first need to be taken into account. Finding the best exchange software and the internal architecture of your exchange should both be considered to ensure you arrive at the best solution.
Where Do I Start?
The two main options when it comes to acquiring exchange software are either building your exchange software in-house or purchasing white label software.
Developing your own software involves sourcing a dedicated team of developers to build your exchange. There are many factors that need to be considered, but most importantly, you need to estimate the costs and time associated with developing, maintaining, and continually upgrading the software in-house.
Due to its complex nature, developing exchange software from scratch can be very costly and can take around a year or two to complete. Taking into account the salary of your developers, their experience and the functionality you wish to incorporate into your exchange, this option can set you back around the $500,000 mark.
White Label Exchange
White label exchange software has already been thoroughly tested and proven to work. A big advantage of using a white label is that you save yourself the trouble of dealing with technical requirements, implementation and ongoing maintenance.
With a white label, you save yourself time as customisation takes a much shorter time, as well as a lot of money because you pay significantly less for a licence compared with developing it on your own.
In general, exchange software should have a combination of components working together including the trading engine, user interface (UI), liquidity, the wallet and admin panel which should form the basis of your exchange.
A white label solution is therefore ideal for companies lacking one of these key components like crypto liquidity or the trading engine which might not be feasible options. This route also has the added advantage of allowing companies to customise the software in accordance with individual specifications and to use their own branding.
