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30 October 2021

How to Create White Label Trading Platform?

Are you looking to do the Trading Platform?
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In this article, you will learn how to create your own White Label solution for launching trading platforms, what is needed for this, and how much it costs to develop such software. We will also tell you how to monetize such projects.

Decide on the type of platform


A trading platform is software that allows you to buy and sell various assets in the financial markets. Such assets can be fiat currencies, cryptocurrencies, securities, precious stones and metals, commodities, insurance policies, NFTs, access to something, etc.

When creating a white label to launch a trading platform, you need to decide:

Figure out your client's target audience



Examples of user personas for the two main archetypes of the target audience of cryptocurrency trading platforms: beginner and expert. Source

Next, you will need to do some market research to understand what your potential customers and their target audience need. If you have the appropriate knowledge and skills, then such an analysis can be carried out independently. If there aren’t any, this task can be outsourced to a marketing agency or a full-cycle development company such as Merehead.

Here's how to find out what your customers and their target audience need:

Decide on the functionality of the trading platform


White label functionality can be divided into two separate groups. The first is the capabilities that will enable your clients to launch and manage a trading platform. The second is the functions through which end users will buy and sell financial assets using your software.

Here's what you need to launch trading platforms:

Here is the functionality for end users:

Decide how to keep your platform secure


One of the main problems of trading is security. And this problem is especially acute in the field of cryptocurrencies, where every year there are large thefts of traders' money from deposits on the exchange. So, the Mt. Gox exchange was hacked in 2014, which allowed hackers to steal $ 450 million, Bitfinex in 2016 — $ 65 million, Binance in 2019 — $ 40.5 million. The Bithumb exchange was hacked three times: in 2017, 2018 and 2019, due to which the trading platform lost $ 58 million.

Here's what you can do to secure your white label:

Start developing a White Label solution


After you have decided what exactly your solution should be for launching trading platforms, what functions it should have and how to ensure its comprehensive protection, you can proceed directly to the development of the white label. This process usually consists of the following steps:

UX design of the platform



User paths on the trading platform: beginner (left) and expert (right). Source

UX is the design of how your product interacts with users. When designing its structure and user paths, you should do everything in such a way that users achieve their goals with a minimum of interaction with the platform and have no difficulty in understanding what and how they should do. To avoid mistakes, pay great attention to user research, getting feedback and testing the UX of your white label.

UI design of the platform



Information architecture of the trading platform. Source

UI is how your white label solution will be seen by its users. In our case, this means creating user interfaces for licensees and traders. All elements of these interfaces, such as colors, typography, graphics, images, videos and icons, should have a pleasing appearance and be styled within a single visual concept. At the same time, all design elements must have functional usefulness and be intuitive for users.

Frontend development




What is frontend? Source




Implies the implementation of the user interface and functions in the code of the desktop program, web interface and / or mobile application. This is the responsibility of frontend developers who, depending on the target platform, must be able to work with HTML / CSS / JavaScript, jQuery, Bootstrap or Foundation, React, Angular. As well as Kotlin for Android and Swift or Objective-C for iOS.

Backend development




Trading platform structure. Source




Backend is what refers to databases and servers that your user cannot see in their application, including communicating with the server. Backend developers use the following technologies: Python, .Net, PHP, SQL databases - mysql, postgres, sql server and NoSQL databases like MongoDB; RESTful services, APIs and more.

Testing


This is the last stage of the white label creation, during which QA engineers "catch" bugs and errors, test the platform performance, check that all operations are performed in accordance with the specifications, and the internal components are working properly.

The cost of creating a White Label


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