The current article will show the main things, measures, components and subtleties of launching a white label cryptocurrency exchange software. This is a highly recommended post for investors, entrepreneurs, business people and even crypto-enthusiasts and traders.

Regulation

The Cryptocurrency market, as you know, is uncontrollable and that’s the only reason that some people still mistrust it. It can be called a bubble in a way-after all, investing, say in bitcoin or litecoin, and losing money on it — will not get you any help from the government. You should understand there are risks in this situation. You may make a profit or loss. Nevertheless, this industry is still developing rapidly. Cryptocurrency software platforms were one way of making money. But how do you capitalize? What do you need to know when picking a cryptocurrency trading software? In general, the primary requirements when starting a company are given below:

Company Registration

Any business starts with its legal company registration and the registration of bank accounts. Starting a white label cryptocurrency exchange is no exception. You will have to research on some crypto-friendly regions that are favorable for your business. At Espay-X, we come across many clients who want to start their own exchange business and consult us for their Belarus announced the legalization of the Cryptocurrency, especially bitcoin, in December 2017. How is this going to affect the economy and that industry? By this move, Belarus said it is ready to be the world’s cryptocurrency hub and jurisdiction and ready to become a tax-free country. In reality, only time will show if this is going to be so. A lot of this planet’s inhabitants found Belarus at the end of last year.

Among other countries, you can count on different states of the USA for company registration, such as Texas. Singapore is also on the list of crypto-friendly countries. Although we highly recommend choosing the country which has crypto-friendly laws and you know the laws well. Only invest in countries that have the potential to let you grow. Blockchain deserves special attention, especially in healthcare. Since 2017, public companies seemingly not even connected with information technology, after the introduction of the blockchain, have increased stock value from 3x-5x times!

Members

The users are representatives of the cryptocurrency exchange program. This helps grow companies. At this level, there are but a few important points:

• KYC (Know Your Customer)
• AML (Anti-Money Laundering)

The second point is a lot easier (not every jurisdiction asks for it). With regard to the first concept, you should of course know your customers. User identity in cryptocurrency exchange is the most important aspect. Do you want to know what is required? The minimum requirements are universal passport authentication, Identity verification or driver’s license. Australia includes, for example, utility bills, registration of addresses, or payment by bank. Generally, it is considered that there are 2 key verification stages (no, this is neither a phone nor an email): identity verification and address verification.

For instance, some enforce very strict identity verification criteria — you need a personal presence through a web camera or a front camera verification. Interesting to note, for many platforms, such as Amazon or Etsy, control and authentication of users is quite common.

The user only gets full permissions after testing according to the rules. Then he can do business and deposit his wallets.

Components

Cryptocurrency trading software must include the following components:

• Graphical user interface.
• Secure private system for administrators, moderators, and owners.
• Trading engine.
• Liquidity.
• Cryptocurrency wallets.
• Security.

This is the list of the main components any cryptocurrency exchange software couldn’t survive without. There will be no control and clarity without an administrative system, insufficient liquidity simply cannot provide a starting point for growth, and a vulnerable system can ruin everything completely.

Graphical user interface

Although more accurately, this module will design the part not only visually appealing, but also convenient, taking into account the users ‘ own global, social and local preferences.

After scientists conducted an experiment, trying to figure out how long it will take a person (never before using social networks) to sort out Facebook’s largest social network. Though I’m not going into complete details, the result has been 57 minutes! Imagine how you’re showing your distant Facebook relative from another country and he needs an hour to understand why and how to use Facebook.

Nonetheless, cryptocurrencies exchange users aren’t technology novices nor newbies. They are at least tech-savvy, interested in growth, money-making and investment, banking system and politics.. User experience is expected to be at the highest level, everything should be super simple. As if for the very first time you understood the navigation, the layout and the tests. And, of course, you have to be careful to make it top-notch.

Design plays a secondary role. First, it is UX. Intuitive and simplicity are key features. A small note: cryptocurrencies are still growing in popularity; this industry is not even at a peak. Many newcomers have never traded. Do you see the hint?

Secure private system

Needless to say, the content management system (CMS) is vital for any network, and even a website. There should be a wide range of features and data under a private admin system, so that the owner can see the current situation in just a few clicks.

Required features include a dashboard with key transaction indicators, users, deposits, etc. The project should have the option to withdraw money manually and to flexibly adjust a fee. One of the features many owners ignore is interest in this or that crypto-currency. An analysis of this aspect will assist you with making an effective marketing campaign.

Furthermore, being aware of which cryptocurrency will soon be implemented is a good way to integrate with the Coinmarketcap API.

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