Hey Peeps! If you are an ardent fan of cryptocurrency exchange, then wouldn’t you launch a Cryptocurrency Exchange Platform? Sounds bemusing, right? Hold on to this blog to acquire insights into the white-label cryptocurrency exchange scripts.
What is a white-label cryptocurrency exchange software?
To state without any frills, cryptocurrency is a virtual currency that holds a specific value depending on the type of cryptocurrency. Similar to fiat currencies, cryptocurrencies can be employed for purchasing real-world assets. There are platforms that support both fiat and cryptocurrencies for trading assets.
So, cryptocurrency exchange software is an online platform where cryptocurrencies are exchanged. In this article, we will examine three types of crypto exchange software.
A white-label cryptocurrency exchange software is a pre-built app, where you are free to input your customizations.
Three types of cryptocurrency exchange software
1. Centralized exchange software
Similar to banks, there will be a central authority who will manage the transactions processed between two entities. This type of exchange software is also termed CEX (Centralized EXchange). So, obviously, this kind of platform will employ middlemen who will settle the transactions and gain brokerage fees.
The working of a centralized cryptocurrency exchange platform
- The first step associated with the cryptocurrency exchange platform is depositing your money on the platform.
- The platform will hold the money like how banks or middlemen do.
- Investors will keep an eye on the prices of cryptocurrencies and decide whether to involve in exchanges or not.
- If they want to be involved in trading, they have to place an order.
- Post placing the order, the middleman will spot out a suitable seller. Likewise, the middlemen will also find a suitable buyer for sellers.
You must also know that not every centralized platform will support crypto/fiat pairings. Most of the centralized crypto exchange platforms support only crypto/crypto pairings.
Centralized exchange platforms that support fiat/crypto pairings
Centralized exchange platforms that support crypto/crypto pairings
2. Decentralized exchange software
Decentralized exchange software is becoming predominant. You would have definitely heard of this kinda cryptocurrency exchange platform. NFTs can be traded only on decentralized exchange platforms. So, what does a decentralized cryptocurrency exchange platform imply?
One can exchange cryptocurrency without relying on a middleman. Thus, there is no brokerage fee involved. Decentralized platforms in general are considered to be more secure.
The working of a decentralized cryptocurrency exchange platform
Crypto enthusiasts will sign-up for the platform by completing the mandatory registration.
Users can find suitable buyers/sellers on the platform on their own.
Suppose users find a suitable buyer/seller and agree to make the purchase. Now, the smart contract will be executed and the transaction can be made via available payment options.
Post the transaction, the seller’s digital signature will be verified and gets cross-checked against their signature stored on the blockchain network.
3. Hybrid cryptocurrency exchange software
The hybrid crypto exchange software is a combined version of a centralized and decentralized exchange platform. Basically, the motive of developing such a hybrid version is to give users the advantage of both platforms.
In a centralized exchange platform, the benefits that surface up are high liquidity and quick transactions. The benefits intertwined in a decentralized exchange platform are a high level of security, no brokerage fees, and anonymity.
White-label cryptocurrency exchange scripts
As of now, Binance is the largest crypto exchange platform. This platform has been ranked as the largest one based on the trading volume of the cryptos. This platform supports 150 cryptos, thereby providing users with a pool of options to choose their crypto. Interestingly, this platform is available for trading 24×7. This platform is compatible with iOS, Android, and PC. An identical yet customizable version of a Binance clone is available.
2. CoinBase clone
Another popular exchange platform is CoinBase, which offers services in more than 100 countries. This platform lets users schedule their trade and the trade gets executed on the scheduled time. There are many altcoins supported by this platform (altcoins are cryptocurrencies other than Bitcoin). Investors who wish to try out crypto coins other than Bitcoin can put their hands on this platform.
Of course, CoinBase is compatible with Android and iOS platforms. Most of everything, the liquidity rate in this platform is higher, which is a striking point for users. Here, the number of currencies available for users to trade is 64. And the trading fees range from $0.99 to $2.99.
Simply, you can choose the CoinBase clone to customize and develop your exchange platform.
3. Poloneix clone
Poloneix is another best crypto buying and selling platform that supports over 60+ currencies. Users can take help from bots strategies and smart algorithms for gaining better results on their investments.
4. Bitstamp clone
A popular platform that doesn’t impose any withdrawal limit for the currencies. In order to enhance security, these assets are stored in cold storage in the cloud. End-to-end encryption, direct withdrawal from bank accounts, etc., are the key benefits of Bitstamp.
5. Bithumb clone
Bithumb is one of the user-friendly exchange platforms that is based out of South Korea. Other than just being an exchange platform for non-fungible tokens, this platform provides value notices, coupons, etc. You can explore the South Korean marketplace if you launch the Bithumb clone script.
6. KuCoin clone
KuCoin, a platform for trading nfts provides high liquidity, 400+ cryptocurrencies, and importantly, low transaction fees.
7. WazirX clone
WazirX holds the credit for being an exchange platform that is simple to use, provides detailed information on the trading pairs and transfer options. Simplicity and the extensive range of information available in this platform will definitely drive entrepreneurs like you to launch the WazirX clone. Recently, Binance, one of the largest platforms on the horizon of NFT exchange, acquired WazirX.
8. Paxful clone
The availability of an ocean of options for making payments is one of the highlights of this app. The number of payment options available in Paxful is 300. You can rely on the Paxful clone app development for the number of sturdy features and the easy-to-use nature of the platform.
9. Remitano clone
Remitano can be appended to the list of top NFT exchange platforms due to the underlying security features. The Remitano clone script is a reliable platform that is compatible with the mobile app, websites, and browser versions.
10. LocalBitcoins clone
In addition to being a decentralized platform, LocalBitcoin holds stringent security features. The LocalBitcoin clone script has an in-built escrow wallet, supports different currencies, social media login, 2f authentication, and interestingly a live price tracker.
The monumental heights the Non-Fungible tokens are achieving in current times has become favorable for entrepreneurs like you. Head to invest in the white-label cryptocurrency software!
Read for more articles.