Probably if you are a newbie and in the world of cryptocurrency and bitcoin exchange platforms you have faced with different types of platforms, highly likely you were in a stupor. Which one to choose, what does a white label crypto exchange mean and is it worth using an open-source crypto exchange software solution?
White Label Crypto Exchange
White label cryptocurrency software it is usually called a license, or a ready-made platform that the provider (company) offers. As a rule, in such systems, the core, backend, and database are copied from one client to another.
1. Rapid deployment time. From the main explanation, it follows that core exists, which means that you do not need to build anything from scratch. You just need to deploy, install and configure it in a new environment.
2. The core works reliably. Depending on how many copies have already been sold – each customer has already tested it, which means that you get a stable set of functions and features.
1. Companies rarely provide a unique design for the client. It is therefore easy to recognize such platforms. Outwardly, they are quite similar.
2. Customization, uniqueness can seem like hell. You remember that the company offers a ready-made solution? Only a few offer core customization, and if they do that with very limited hours. Which is hardly enough for a decent feature.
3. Lack of support. White label cryptocurrency platforms offer, as a rule, software vendors. They are not interested in support; their main task is to sell products. For them, it is inefficient to use the team’s resources to support the system and, even more so, the introduction of new functionality in the future. The same situation with blockchain in healthcare. Makes sense to find a reliable company.
4. The difficulty of finding company for support. Based on the previous paragraph, you know that the licensee will not support your platform. But the problem is much more global – other companies will also reluctantly agree to support. Why? Because the architecture, the original structure is familiar only to previous developers. Even if you pay $40 or even more per hour, be prepared that developers will spend time studying the architecture and database. And they charge you decent money.
5. The license. Some companies offer a sale on a monthly or annual license. And you sit on the needle.
This type of platform is great when you want to be the first who starts it in a certain region. A minimum deployment time and a ready solution only contribute to this. On the other hand, support costs will be commensurate with the cost of the license. And, the next real disadvantage is the lack of a unique design that will suit your users.
Merehead offers services on white label cryptocurrency exchange platform including decentralized exchanges. In addition to the ready-made tested core, our top-notch designers will make an amazing UX and UI. Moreover, if necessary, implement the necessary function or payment system. In order to simplify the interaction of the user with the system.
Moreover, we are ready to support your platform and constantly make improvements. Therefore, you get a ready-made solution, stunning design and a trusted partner you can rely on.
Long-term relationship is our goal. You understand how difficult, and often unpredictable; painful jumps from one suppliers to another. Therefore, we do everything to exceed the customer’s expectations. This is especially important when developing complex products, like an online CRM system.
Open Source Crypto Exchange
Open source cryptocurrency exchange platforms exist on the market only for a short time. Nevertheless, they are. You can download them, deploy them on the server, and see them at work.
1. Short deployment time.
1. Forget about design. Open source platforms were created by one developer, at best by several amateur enthusiasts.
2. Insufficient quality. Lack of functionality is only the tip of the iceberg. Complexity becomes the source code of poor quality. Absolute absence unit testing or they unit-tests are doubtful.
3. Weak security or lack thereof. Do not expect that you will find an open platform on a secure framework with database encryption. The platform can have hundreds of holes, for which you will pay later.
4. Administration and server part. Security depends not only on the quality of the source code but also on the vulnerabilities of the firewall and social engineering. All these points you should keep in mind.
So, is it worth to use an open source cryptocurrency exchange platform (software) or not? The answer is two-valued: yes and no. For a working platform with real users, Merehead does not recommend using it. A few holes or vulnerabilities can ruin the entire business, the savings of users and put a cross on your endeavor. In this case, you are very at risk, as the owner and manager of the crypto exchange. Security is an essential component of social networks and multi-vendor platforms like Etsy.
On the other hand, to become acquainted with this field and on a test server isolated from real users, it is an affordable solution. Which should be implemented. If you are familiar with programming and web development particularly, do not afraid of the architecture and logic of applications and database design – try to deploy cryptocurrency exchange software yourself. It takes some time but probably worth it.
If you have a large development team, an open platform can be a good solution. However, please note that your next step is refactoring.
On the other hand, you can read on some websites that supposedly world-class platforms were created on the basis of open-source crypto exchange solutions. Perhaps this is true, but at best only from a part. Let us think is that true. As a rule, many businesses start out as a start-up. In this industry very important to release the product as quickly as possible to get traction and test idea. Quite possibly the history of the so-called exchanges began with open source code, but as I mentioned earlier – customization is needed. Behind open-source crypto platform lies developers hardworking.
What is the cost?
The most worrying question. Of course, you have heard hundreds of times from different suppliers, the cost by 200% depends on functions, modules and other hidden and incomprehensible words. In our case, we post public and transparent information. The average cost of the platform with a white label is $25,500 if you choose Merehead.