Starting a business is the safest way to have a secured financial future. In the past, it was difficult to start and run a business, but the online space has opened up opportunities for people to engage in business. You don’t have to be experienced or have a vast knowledge of a sector for you to invest in a business; you can use any of the white label business models and scale it up to improve your business. Crypto exchange white label is one of the best business options that you can start online and run effectively. If you are interested in this business model, we’ll take you through a series of steps that you need to know to get started.
What is a crypto exchange?
In order to understand what a crypto exchange is, you need some knowledge of what cryptocurrencies are. A cryptocurrency or crypto is a digital currency secured by cryptography. Bitcoin is the most common crypto that you probably have heard of. What you might not know is that there are dozen other digital currencies that you can use such as Ethereum, Litecoin, Altcoins, etc.
A crypto exchange is a platform that allows people to buy and sell cryptocurrency. It works as a medium where you can trade one crypto for another. For example, you can use Bitcoin to buy Litecoin, which will mean that you are converting your Bitcoin’s value to Litecoin’s value. The exchanges are important in this trade because digital currencies don’t have a physical realization that can allow you to trade in a physical shop.
Crypto exchanges are also platforms where you can convert your crypto into regular currencies (fiat) like USD or GBP. You can also convert your regular currencies to cryptocurrencies when you want access to digital currencies.
The rates of exchange are reflective of the current market prices. Therefore, the exchanges only act as brokers on behalf of traders. The increasing demand for cryptocurrencies has led to exchanges being many with the option of using white label crypto exchange platform being a top consideration by investors.
Crypto exchange white label solution – what is it?
The concept of the white label might be relatively new, thus, the importance of understanding it before we explore white label crypto exchange. A white label solution is when a business creates a product that is to be used by another business. The manufacturer of the product is an expert in the manufacturing process and the recipient is a businessperson who is good at selling the business concept. Therefore, the white label company produces a product, sells it to another company, which then brands the product in its name.
In crypto, a crypto exchange white label solution is when an expert creates a trading platform with all the trading features and sells it to a business person who intends to invest in a crypto exchange. The white label crypto exchange platform then becomes the property of the person who has bought it.
You can be good at marketing and running a crypto exchange platform but you do not have the skills to create an effective platform. This is where you need to find the best white label cryptocurrency exchange. Such a platform will be developed with your specified needs being the top consideration.
In a nutshell, it means that you can own a crypto exchange without knowledge of how to create an active platform with all the crypto trading features. You just have to find the right white label crypto exchange platform.
Is a white label crypto exchange platform a good online business idea?
Without a doubt, using the services of the best white label cryptocurrency exchange can be an excellent online business idea. It is a solid idea that is based on the current demand for crypto exchanges. With the right white label service provider, you can mint lots of profits. Just like any other business idea, you need to assess its merits based on what you expect from it.
To get you started, we’ll share some top benefits that you are likely to get when you start your online business in the crypto space as a broker using a platform developed by white label solutions.
One of the benefits that you will get is expertise. You can be good at running a crypto business but developing the software that will run the platform is a whole different thing. You need an experienced developer to help you with the technical aspects so that you get a platform that will be accepted by crypto traders. In business, specializing is an important aspect that you need, hence the benefit of hiring the services of white label solution providers who are specialized in the technical development of crypto trading platforms.
Assuming you want to do it yourself, you will have to assemble an in-house team to help you develop software to run the crypto trading platform. Using a white label crypto exchange platform is cheaper because you only pay for the final product and not the process itself. The return on investment is often higher because you do not incur a lot of expenses in acquiring the platform.
Immediate launch of crypto exchange white label solution
It is also a good model of business if you are looking for immediate investment. Since the white label solution providers get everything ready for you, it is easy to begin running your business when you want. This gives you the benefit of entry into the market at your convenience. You can maximize profits if you enter the market at the right time. Remember, there is an increase in the number of people looking for crypto exchanges, thus, getting started can get you the numbers that you want.
White label solution providers may offer support if you want. This means that your platform will always be up and running.
The most important thing that you need to know is that you will need to have the capital upfront if you are to invest in a white-label crypto exchange platform.
Cryptocurrency exchange white label – how to start?
The profitability of starting a cryptocurrency exchange white label is not in doubt. However, you need to get things right if you want to reap the benefits associated with this trade.
Checklist before you get started:
- Checking competitive advantage
You need to understand the market by conducting extensive research. Since it is a ready-made platform, many people are getting into this business, thus the importance of understanding and analyzing the competition.
- Check the sales cycle
You also need to understand the potentiality of the business in terms of sales. You should know that your potential customers are not invited by the white label solutions provider. Also, you need to know how you will attract customers who are predominantly crypto traders.
- Analyze an exit strategy
Any business that you run should have both entry and exit strategies. You should analyze how you are going to return your investment and make profits before exiting the market. If you are planning to stay for long, you should also analyze how you are going to survive in the competitive market.
How to choose the best white label cryptocurrency exchange?
The success of the white label crypto is reliant on finding the best solution provider in the market.
Here are the things that you should be looking out for in a white label cryptocurrency exchange:
- Robust trading engine: to attract more customers, you will need a platform that delivers fast trades, no matter the size. Therefore, the kind of trading engine that you are looking for should have the capacity of conducting high-level transactions.
- Payment methods: you should also find a partner that has multiple payment options to attract more customers. Traders in the crypto space prefer platforms that have multiple withdrawal and deposit methods that they find convenient.
- Interactive charts: your platform should have interactive charts and graphs that help traders to determine the price movement. Traders want a platform that can help them make the right decisions.
- Know-Your-Customer: KYC is a system that allows trading only for traders whose details have been confirmed. This is in a bid to combat money laundering and terrorism acts, which have found their way using cryptocurrency trading platforms.
- Security features: the white label crypto exchange platform that you are picking should have top-notch security features that enable it to protect transactions. Of course, blockchain technology adds to the security features that you are looking for.
If you consider these factors, then you will be set to start a successful online business venture as a crypto exchange broker.
White label crypto exchange platform vs. lottery white-label platform
If you want to start an active white-label online business, you should explore other options as well. One of the top options that compete with white label crypto exchange is the lottery white label. Its mode of operation is nearly similar to that of cryptocurrency just that the clientele is different.
Cryptocurrency and lottery are online business models that can both work for you; however, the lottery is much better because it penetrates the market easily. We’ll share a few differences between the two to help you decide on credible information.
|Popularity||Emerging popularity||Very popular|
|Legality||Depends on the country||Legal|
|Number of customers||Low||Huge population|
|Entry amount||High||Very low|
|Knowledge required||Expert knowledge||No|
When putting popularity as a differentiating factor, the lottery is more popular than cryptocurrency. This is because the lottery has been in existence for a long time and people have become aware of its benefits.
Cryptocurrency is still an emerging market. There are many legal issues surrounding it. Some countries are warning their citizens against trading cryptocurrencies. This is unlike the lottery, which is legal in nearly all the countries in the world. Therefore, the legal reception is better when you are dealing with the lottery as opposed to the crypto.
Number of customers
Simply because the lottery is popular than the crypto market, you will get more customers if you start a white label lottery business. Many countries are accepting lottery as a form of entertainment, thus, you will find many people willing to become your customers.
Buying tickets to play the lottery is very cheap. This is why many people play the lottery. If a customer has $100, they can buy many tickets and increase their chances of winning. On the other hand, a single Bitcoin costs over $46,000.
If you are running a cryptocurrency exchange white label, your customers will need extensive knowledge of the crypto space. This is because their profits are determined by the trading decisions they make based on the financial market around the crypto space. On the other hand, they don’t need any knowledge to buy a lottery ticket and select the lucky numbers.
A crypto exchange white label cannot enjoy the level of customer retention a lottery white label is enjoying. Since the lottery is fun and more promising, customers keep on playing. They don’t even realize that they have lost because part of the lottery’s proceeds develops their community.
Looking at these comparison features, the lottery white label business solution is much better than starting a crypto exchange even if you find the best white label cryptocurrency exchange.
WhiteLotto lottery white label – the best alternative for crypto exchange white label
The best solution to succeed online is to partner with a reliable lottery white label solution provider like WhiteLotto.
This white label solution specializes in creating lottery platforms for business people who want to tap into the lucrative lottery sector. WhiteLotto creates lottery platforms that meet the current and future demands in the lottery industry. Amongst the most attractive features is the creation of a platform with more than 40 languages, the addition of the top international lottery games, mobile optimization, multiple payment methods, and full-time support.
You can never go wrong with this solution provider if you start today.
If you want to know more – read about how to make your own lottery thanks to our lottery white label solution.