Cryptocurrency Exchange Development in India

by GRSoft Developers GRSoft Developers

Cryptocurrencies are deemed as digital currencies which are created over the implementation of blockchain technology that works in a decentralized manner. The usage of cryptocurrencies in our day-to-day activities are increasing on a tremendous scale. Therefore, there is huge user traffic for executing crypto trades and thus, the demand for cryptocurrency exchange also increased very quickly. As a result, several new startups as well as entrepreneurs have initiated their own crypto exchange platform as the demand for it rose to a whole new level.

Cryptocurrency exchange:

A cryptocurrency exchange is described as a common exchanging platform from which you can buy, sell & exchange cryptocurrencies without any issues. Here, a user is entitled to exchange any and all dependable cryptocurrencies. Most of the users will opt to exchange in return for getting increased benefits.Currently, the cryptocurrency exchange business is one of the trending businesses that is capable of reaping huge profit returns. Having said that, creating a cryptocurrency exchange business without proper preparation might come across as a tedious process.

Adding to that, improper commencement will probably consume more time as well as money. To avoid this circumstance, one must have a proper plan before starting with their crypto exchange business. One of the unavoidable factors that plays a crucial part in developing a crypto exchange platform is the amount of financial backup needed. In order to get clarity, below are a few vital factors that play a major part in influencing the crypto exchange development cost.

The development phase of a cryptocurrency exchange is swayed by a couple of factors. These are some of the preliminary aspects of a cryptocurrency exchange. A proper implementation of the method of exchange development as well as return of investment modules is a vital aspect of the success rate of a cryptocurrency exchange.

Upon considering the above mentioned factors, it is clear as daylight that developing a cryptocurrency exchange is no walk in the park. Entrepreneurs willing to start a crypto exchange business should conduct extensive market analysis to incorporate their needs for running it successfully. However, considering the basic differences, a cryptocurrency exchange can be developed in two different ways.

Ways to develop a crypto exchange:

Developing a cryptocurrency exchange is a considerably sensitive process that demands a lot of research and perfection for executing them. On the other hand, developing can be accomplished in two very basic ways. They are developing a crypto exchange from scratch and starting a crypto exchange using white label solutions. However, both these methods will demand some unique necessities according to the business requirements. Let me give a brief, distinguishing explanation for both methods.

Development from scratch:

Developing from scratch can be compared to taking a scenic route in a long journey. In simpler words, developing from scratch will require some extended time consumption as well as financial stability.
The amount of detailing and information that needs to be embedded for this method would prove to be too much for a single individual to endure.
The development process involves a pile of programming that is backed up by exceptional technical support.
The process is an overall exhibition that comprises designing, developing, testing as well as deploying.
This development method can be interpreted as a process of building cryptocurrency trading software comprising several unique business requirements.

Development from White label:

Developing using white label is regarded as an instant solution for launching a cryptocurrency exchange when compared with starting from scratch.
This method includes providing entrepreneurs with a ready-made software solution where the businessman is entitled to proceed with customizations according to their business needs in a cost-efficient way.
Due to its instant deployment facility, time consumption for developing using white label will be comparatively less.
As such, the created white label solution comes with several exclusive features as well as multiple subsidiary aspects.

Considering the above mentioned development methods, one can choose their desired way of developing as per their business demand. Having said that, there are some additional features that are capable of bringing in some additional revenue to the crypto exchanges. Incorporating such revenue sources will help you with attracting a wide range of audience to your crypto exchange.

Cost-worthy features of crypto exchange:

The following crypto exchange modules are not necessarily essential, instead they can be very useful for generating additional revenues. In simpler words, these options do not extract a heavy monetary investment, but they can be used for boosting the revenue stream of a cryptocurrency exchange.

IEO launchpad:

IEO (Initial Exchange Offering) is a crowdfunding platform that is used for raising funds rapidly and in a seamless manner. An IEO is regarded as a variant of ICO, which is operated directly by crypto exchanges.

Derivatives:

Derivatives is a type of trading that includes futures and perpetual trading options. This method is merely based on calculations and graphical predictions that are used by the users to guess the market’s fluctuation.

Margin:

Margin trading in a cryptocurrency exchange comes under lending and borrowing. Here, the user who requires monetary support will be given some money in exchange for their digital asset (say, cryptocurrencies).

Staking:

Staking is the process of storing cryptocurrencies in the exchange’s wallet and getting interest for it in the form of digital currencies. The exchange will use the provided cryptos as liquidity for facilitating smooth transactions.

The above mentioned methods are some of the basic subsidiary revenue streams that are commonly adapted by crypto exchanges. These options provide optional revenues along with several eye-catching benefits like liquidity, increased user base, etc. The impact of the incorporated addons will reflect on your chosen crypto exchange development method. Make sure to proceed with the best possible method, which would be going with the white label software and experience these add-on modules to their maximum effect.

How choosing a white label crypto exchange software can be a cost effective way?

The level of work depth and research magnitude that goes along with integrating a cryptocurrency exchange from scratch is very huge. Since the process involves a unique coding mechanism and macro detailing on multiple occasions, the cost along with time involved will be sky high. Adding to that, given the pace with which the current crypto market is progressing, it would be considerably not ideal to incorporate cryptocurrency exchange from scratch. Developing cryptocurrency exchange from scratch will throw several technical and non-technical hiccups along the way. These difficulties would include crypto wallet integration, partnering with financial institutions, lack of beta testing and a high security risk. If this was the introduction period of cryptocurrencies, then developing from scratch might probably be the best way to go about starting a cryptocurrency exchange.

The consistent improvements and advancements in the cryptocurrency ecosystem has forced many budding entrepreneurs to take a different approach. An approach that would be more appropriate to the current pace of the crypto market. In that regard, starting a crypto exchange using a white label solution will be a perfect fit. This is because, even after adding all the additional revenue streams, the cost for launching a crypto exchange using white label would still be very low when compared with starting from scratch. With this option, every single crypto exchange will have the opportunity to exhibit their unique benefits to their most valuable users. Another major point that highlights the incorporation of white label is the cost factor.

Upon getting familiarized with the revenue modules and multiple add-on features, a startup would like to know about the cost range for executing them. To be straight forward, developing a cryptocurrency exchange using white label crypto exchange software would cost from $8k to $12k. Difference in cost range will vary according to the add-ons and business requirements. Some of the exclusive benefits of going with white label are listed below:

High end customization
Constant monitoring facility
Instant beta module testing
Cost-effective
Fully secured with bug free & enhanced trading attributes.

These features and add-ons are the front running examples for opting white label method to start a cryptocurrency exchange. White label also offers the best trading experience along with impeccable security support.

How to get started with white label crypto exchange software:

Now you might have a clear idea about the best approach for launching a cryptocurrency exchange for business. Having said that, the success rate of your cryptocurrency exchange will be according to your development standard. By development standard, I mean to refer to the standards of the developers involved. The current crypto market is full of amateur developers looking to misuse the given opportunity for making money. Approaching them would prove to be a mere calamity for your business vision.

To avoid this difficulty, you must make sure to hire developers from the best cryptocurrency exchange software development company in the cryptocurrency ecosystem. The amount of technical nuances that comes with integrating a professional team of developers will be unmatched. Also, seeking professional guidance will provide you with a technical edge over your competitors.

Visit- https://grsoftsolution.com