Today, cryptocurrencies have made a memorable mark by giving the investor huge profit with their increasing price. So, most of the traders interested in making money seek a crypto trading platform for easing buying and selling of their desired cryptocurrencies. With more and more investors turning to cryptocurrencies, the user traffic on such crypto trading platforms has spiked. People are looking for a reliable and secured crypto trading exchange. It is not the only reason why crypto trading platforms have gained popularity. Crypto exchange has an ideal profit-yielding model for an entrepreneur to generate revenue. Due to profits generated in the cryptocurrency exchange, many start-ups have shown immense interest in building a secure platform.
Different Methods Available in Cryptocurrency Exchange Development
Generally, entrepreneurs take up these three different cryptocurrency exchange development methodologies.
- Open Source
As the name suggests, you can build a crypto trading platform from the publicly accessible code. The code remains available for modification, downloading, or distribution by any person. But, many people trying to save money building the crypto exchange utilize the open-source code from insecure or unauthorized websites. Using open-source code also poses the danger of ruining the projects with many glitches. It is because open-source code has no security. So, a crypto exchange built on it has a high chance of getting hacked.
- Development From Scratch
It is the methodology for people who wish to build a crypto exchange platform with unique features. It also helps you implement the ideology you envision. You can enable diverse trading functions according to your idea. It also helps you use cutting-edge technology that can make the exchange look feature-rich. This methodology paves the way to create a customized cryptocurrency trading exchange.
- White Label Software
While label software or clone script refers to the pre-fabricated software. It saves time and money for the developers as it has all the basic features needed for trading. It also incorporates security attributes to keep the exchange safe.
Since cryptocurrency has become a global phenomenon in recent years, many exchanges have come into existence. Hence, you need to choose a methodology that will help you develop something new and different to attract trader attention.
Benefits Of Cryptocurrency Development From Scratch
Many entrepreneurs enter into the crypto ecosystem thinking about raking high profits. But, only a few have become successful. Others have failed miserably due to the methodology they choose and the services offered to the clients. While cryptocurrency exchange development from scratch and white label software methodologies looks promising, the former offers more efficiency. Here are some of the reasons why initiating cryptocurrency development from scratch looks promising.
With white label software, you cannot get the sole ownership of the code used for building the exchange. It remains with the developers. But, with development from scratch, you get full ownership.
Become Responsible For Crashes
When you opt for white label software or clone script, you get it without testing. It may increase the risk of technical and non-technical glitches/crashes. Due to the glitches arising, your clients may become wary of using the platform. It also affects the trust they have in your exchange.
No Hacking Issues
In the crypto sector, new threats crop up with passing time. The vulnerability arises due to the inappropriate features enabled in the exchange. By using white label software, you face the risk of hacking. Wondering how? Many start-ups may opt for the same white-label software you choose. So, if any one of them faces hacking, you can also become vulnerable to hacking. Adding many security modules cannot save the exchange as the source code used remains the same.
When you develop a crypto exchange from scratch, you can include state-of-the-art security features depending on your specific business needs. Having a unique source code can safeguard your crypto exchange from any phishing or hacking activities.
To sustain in the market, you need to establish a brand identity. It is vital for attracting more and more crypto traders. Using white label software or clone script may not help you attain this goal. Several crypto trading platforms use the same framework and architecture. Hence, it becomes difficult for the users to differentiate the platform without the name and the unique logo.
Developing the crypto exchange from scratch helps you implement the frameworks and architecture based on your business concept. It helps your platform stand apart in the crowd. With no issue of duplication, you will stand unique.
With white label software, you have permission to do only the basic level customizations. To make any vital alterations or modifications, you will need assistance from the providers or developers. For every single add-on module and the features of trading you choose for the platform, you have to pay extra. Instead, investing in developing cryptocurrency software from scratch will never lower your expectations.
As the number of users increases, the white label software architecture may not support it. It may result in crashes or unsatisfactory experiences for the users. But, developing a trading platform from scratch will have an architecture that will support growth. You can handle any number of users without any lag or crash.
No Exclusion From App Store
Launching an app for your crypto trading platform has become a norm to capture the attention of traders. A user-friendly app will help you remain in the competition. But, Apple and Google app stores will never allow low-quality products or apps to remain active on the platform. Right now, the App Store has taken action to eliminate apps that have bugs, spam, and clones. Using white label software to develop the crypto trading platform can increase the risk of such exclusions.
If you want your crypto exchange to become successful, you must never feel alarmed about spending your time and money. Building a cryptocurrency exchange platform from scratch may result in spending more time and money. But, it will help you realize the dream of operating a secure and feature-rich trading platform. To get an exchange product meeting your vision, get assistance from a reputed and professional cryptocurrency exchange software development company. A well-experienced team can convert your dream into reality.
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