Guide:
Top crypto
exchange solutions in 2024
This guide is your comprehensive roadmap to making that choice between in-house development and white-label solutions, comparing the benefits and challenges associated with each. Whether you're a startup looking to make a quick entry into the market or an established firm planning a long-term strategy, understanding the pros and cons of these approaches is essential. By the end of this guide, you’ll have a clear understanding of how to create your own cryptocurrency exchange, the best providers to consider, and which method aligns with your business goals.
Author: Ekaterina Podgaiskaya
Last updated September 27
Contents
Introduction
The Cryptocurrency world has seen a bunch of ups and downs ever since it became a transformative financial industry. Whenever it started to gain momentum in the minds of people, it would be followed with a similar fall. But something that has never changed is that this market has always been a place of innovation. Here, developers and firms are always looking to outdo each other by introducing new projects every few months.
In the past two years, we have seen the crypto market finally change into a secure and less volatile industry. And because of that, there has been a significant increase in the
development of projects that combine innovation and efficiency as people are looking to take this market to a whole new level.
As a result, creating your own cryptocurrency exchange has become a very popular idea amongst many people. And it is possible to do so in two ways: Either through In House Development or White Label Solutions. The question is: What’s the difference between the two? Today, we’ll be looking to answer that and teach you how to make your own crypto exchange using any of the two different ways.
Understanding The Potential in The Crypto Exchange Market
2022 saw a big dip in the crypto market which deterred a lot of new and old investors and because of that we also saw a fall in the amount of people joining this industry. However, the last two years have been very different.
From 2023-2024, we have seen a continuous increase in the value of cryptocurrencies. And this has gone over 2 trillion dollars! Along with that, there has also been a steady increase in the number of crypto transactions taking place each month which makes the crypto exchange market a very popular field.
But the crypto market isn’t just made for large companies that can finance their way through with all the money that they have. The exchange industry is seeing a flurry of new small and medium firms joining the market and getting a lot in return.
This includes both firms that use In House Development methods and White Label solutions. Let’s see what these two terms really mean:
In-House Development
Simply put, In-House Development also means creating your brand from the ground up. It involves hiring your own team, sitting down creating your marketing and operational plans and then figuring out how to put them into action. When firms choose to go through the In-House method, they are taking the entire responsibility of starting and finishing a project. And it is usually done without help.
An in-house development team brings a lot of benefits. However, we are not here to downplay the disadvantages of using an internal team either. If you choose to go down this road, your company is going to have complete control over how the project turns out. At the same time, you’re also agreeing to spending a lot more money than you would think.
Embedded Finance Market Overview
When you’re looking to create your own internal team, there are a bunch of roles you need to fill out. It may sound a little complicated; but the most important roles in your team can be found below:
1. Developers
First up, you have all the developers. These are also some of the most important members on your team. They’ll be responsible for putting down the entire code that will run your cryptocurrency exchange solution. And this includes many, many different developments including but not limited to web developers, software or mobile platform devs.
2. Designers
Next up we have the people that are going to design what your crypto solution will physically look like. The designers are responsible for creating a simple and easy to work around user interface. In turn, they’ll also be the ones taking care of how users experience your exchange solution.
3. Quality Testers
Another very important role that we have in a team is the testers. These are also better known as quality assurance analysts. When your developers and designers are done creating the entire software and design of your cryptocurrency, the testers are going to give you an idea of what your consumers will experience.
They will test everything ranging from transactions to security and just how easy it is to work with your program. This’ll give you a very good idea of when it’s the right time to take your cryptocurrency out into the public.
4. Project Managers
Now, let’s move onto the backbone of your entire in-house development team. The project managers are going to be overlooking everything that each team member does. They’re also fully responsible for getting your other team members everything they need. They’ll be controlling the finances and also allocating capital depending on what each team member requires to complete their parts.
5. Security Administrators
Lastly, we have the security people that’ll be figuring out ways to protect your cryptocurrency from hackers. As much potential as the crypto market has, it is also prone to several cyber attacks which makes this department even more important.
Advantages of In-House Development
Building your platform through in-house development offers several key benefits that give businesses more control and flexibility. Let’s explore some of the advantages:
1. Complete Control
With an in-house team, you have full control over every aspect of the development process. This allows you to shape your project exactly as envisioned, with no external limitations or compromises. Your team works closely with you to implement your ideas, ensuring that the final product aligns perfectly with your business goals.
2. Scalability
In-house development allows for seamless scalability as your business grows. You can continually enhance your platform, adding new features or expanding its capacity based on your specific needs. This flexibility makes it easier to adjust your platform as market demands shift.
3. Tailored Customization
When you develop in-house, there are virtually no restrictions on customization. Your platform can be completely tailored to your specifications, including unique features, branding, and design elements that help you stand out from competitors. This ensures your platform is fully aligned with your brand identity and user experience goals.
Disadvantages of In-House Development
While in-house development gives you greater control, it also comes with some notable challenges. Here are a few key drawbacks:
1. Long Time to Market
Developing a platform from the ground up is a time-consuming process. It involves recruiting a skilled team, planning, development, testing, and revisions before the final product is ready to launch. In fast-paced industries like crypto, this extended timeline can be a significant disadvantage as competitors may launch sooner and capture market share.
2. High Costs to Build and Launch
In-house development requires a substantial investment. You’ll need to allocate resources for hiring talent, infrastructure, software, and ongoing maintenance. Additionally, the competition for top developers can drive costs even higher. For startups or smaller companies, these expenses can strain budgets and limit the ability to invest in other areas of growth.
.png)
Making Your In-House Development Team
When you’re looking for people to add to your in-house development team, there’s a lot to look out for. Here are some of the most basic things that can help you with your planning:
Getting A Team Together
After people start applying, it’s time to start going through all the interviews, resumes and listing processes. This is going to be a pretty lengthy process, but it is not something you can speed through. After all, you don’t want to end up with the team members that you aren’t satisfied with.
Improved user experience
The second part of making your own team is also probably the hardest. It’s trying to find the people to hire. As we said before, the crypto exchange industry is pretty niche which means that there aren’t a lot of options out there. So, start listing job opportunities online to get people to start applying.
Figuring Out What You Need
Before you can start building your team, you need to figure out what your company’s plan really is. This will determine the amount and type of developers, designers and all other team members that you need.
Creating A Workspace
After you have the team that you’re happy with, you need to get them a working space. When your team is working close together, in the same physical space it allows for greater cooperation. In turn, this leads to better results since your whole team will be on the same page.
Testing The Quality of The System
Your team is also going to be responsible for creating a working system. With the help of your project managers and quality checking analysts, you can keep track of everything that your team is doing. At the same time, you can also make sure that it meets the expectations that you have.
Taking A Look at White Label Solutions
White label crypto solutions are pretty much the exact opposite of what an in-house development team is. Unlike the in-house development team which focuses on taking full control and creating everything themselves, white label solutions include ready-made platforms that companies can use to establish their brand.
White label solutions are often the go to picks for small to medium crypto companies that are looking to enter the industry. This is because they do not have to spend all their time figuring out how to create their own platform. Instead, they can purchase a ready-made code which is already tried and tested. And then this platform is customized as per the customer’s needs. This involves adding all your logos, changing the color theme or adding things that you think are missing.
Advantages Of White Label Solutions
White-label solutions offer a variety of benefits for businesses, especially those looking for a quicker and more cost-effective way to enter competitive markets like crypto. Here are some key advantages:
1. Cost-Effective Launch and Operations
With white-label solutions, businesses can significantly reduce their upfront investment. Instead of bearing the expense of developing a platform from scratch, you purchase a pre-built system, cutting down on the need for hiring, infrastructure, and ongoing development costs.
2. Time-Efficient and Quick to Launch
Time is crucial when entering fast-moving industries. White-label solutions provide a ready-to-go platform, allowing you to bypass the lengthy development and testing phases. This means your business can hit the market much faster than if you were to build your platform in-house.
3. Leverage Expertise from Industry Professionals
Time is crucial when entering fast-moving industries. White-label solutions provide a ready-to-go platform, allowing you to bypass the lengthy development and testing phases. This means your business can hit the market much faster than if you were to build your platform in-house.
4. Scalability
These solutions are designed with scalability in mind, enabling your business to grow without the need for significant overhauls. As your customer base expands, a white-label platform can adapt to meet increasing demand with minimal disruption.
5. Customization
Though pre-built, many white-label platforms offer a degree of customization, allowing you to tailor the solution to meet your branding and functional needs. While not as flexible as in-house development, these options provide enough room to personalize the experience for your target audience.
Disadvantages Of White Label Solutions
While white-label solutions come with many advantages, they aren’t without their drawbacks. Here are a few challenges you may face:
1. Reduced Control
One of the primary downsides is that you're working with a platform that was built by someone else. This means you may have to compromise on certain features or design elements, as you won't have complete control over the development process.
2. Limited Customization
Although some customization is possible, the level of flexibility is often limited compared to a fully in-house development. Certain unique functionalities or specific design changes may not be achievable, and this could restrict your ability to fully differentiate your platform from competitors.
Making Your Own Cryptocurrency Exchange Through White Label Solutions
White label solutions have made it very easy for companies to establish their crypto exchange platforms within the market. And that’s why it’s becoming a popular plan for many. But even with white label crypto exchange solutions, the market is still hard to navigate for someone who is new to this industry. Here’s an overview of the things you should keep in mind:
Figuring Out Where Your Niche Lies
There are plenty of different white label solutions available on the market. And before you can go around paying for one of these platforms, you need to decide where your business lies. Is your platform going to include as many exchanges as it can? Or do you want to create a highly specific platform for very certain currencies?
Choosing to be specific or general entirely depends on where your company is headed. While the easier option is to go for a general platform with many exchanges, that doesn’t mean that specific ones don’t work either. Take Bitcoin for an example. It’s a highly specialized and pretty specific exchange currency platform. However, it still manages to outdo other companies because it gives its users many different features such as copy trading or other trading services.
Choosing Your White Label Solution Provider
After you have an idea of what sort of platform you’re looking for, you can now start looking for a White label provider. There are quite a few things that people are always looking for and those can be found below:
-
Credibility
-
Safety
-
Number of Features Offered
-
Level of Customization Possible
-
Security Compliances
-
Software Expertise
-
Customer Service Level
So, it is very important for you to do your own research before you can pick a white label solution provider. Also note that oftentimes crypto exchange services that are offered are region-specific. So, while companies might offer their services to operate within the European market, the same ones may not work within the American one. Remember to make sure that the provider you choose works in the regions that you are planning to work in.
Taking A Look at The Features and Safety
When you’re choosing a crypto exchange provider for your brand, you also need to look for the features that they are offering. Some white label solutions don’t allow for a lot of customization as they only offer basic live data or some currency pairs. When you’re trying to make a name for yourself in this industry, being able to work with many advanced options is absolutely necessary.
The crypto market is no longer in its infant stages, so working with basic exchange features isn’t enough to help you establish a footing. Nowadays, you’ll find that many successful crypto platforms have advanced features like margin trading and copy trading too.
Additionally, keeping track of the security that protects the platform is even more important. The crypto exchange market is often a victim of malicious hacks which is why people aren’t always comfortable with trusting new brands. That’s where you need to show that your platform can protect customer data against these attacks.
Some of the key security measures that your platform should have are things like anti-money laundering and Know Your Customer services. What’s even more important is that there is no room to slack around. The security system needs to be updated regularly to keep up with new attacks.
Adding Important Factors Through APIs
As we mentioned before, the white label solution provider that you choose needs to have many advanced features. But if they don’t, there is also a way to get these features added as long as the providers allow for it. This can be done through APIs which allow you to add features that aren’t present already.
This includes important features such as liquidity which gives your customers access to well priced orders that will get rid of any delay. Similarly, a crypto wallet or other analytical tools can be added into the platform with the help of APIs.
Marketing Your Crypto Exchange Turnkey
Once all the technical stuff is out of the way, the next part of your crypto exchange platform lies in marketing it to the people. And for that, being unique and having a good marketing plan is crucial. When choosing a crypto exchange platform to join, customers often look for memorable designs and platforms that are easy to work with. No one wants to use a platform where it’s difficult to find your analytic tools or exchanges.
Especially when you consider that the crypto market is already designed to be super complex, having a pretty simple interface can take you a long way.
Establishing Your Brand
The last step of creating your crypto exchange platform is finally introducing it into the market. And this is where white label solution providers are also a pretty big help. They often help launch your platform and getting done with all the test runs to make sure that it works perfectly for the public.
There’s going to be a lot of constant updates required to stay competitive in the crypto market. So, make sure you choose a white label provider that is ready to step in whenever you need any help.
Why White Label Solutions Are A Better Choice Than In-House Development
Making the choice between white label solutions and in house development entirely depends on what your project is. When you’re looking to enter the crypto exchange market as soon as possible, white label providers are the best options for you. However, if you’re looking to invest in long-term plans then maybe you should create your own team. But that being said, white label providers offer a much better chance for companies to join the market effectively. Let’s look at the reasons why:
Costs
Choosing to make your crypto exchange platform from scratch means dealing with the costs of hiring workers, training them and providing workspaces etc. And this significantly pushes the costs up. That’s why you’ll see this approach mainly taken by larger companies. However, with white label providers you’ll only need to pay for the platform and some help. Considering how many workers are already out there, the prices are also comparatively very low.
Creating Your Perfect Team
With the crypto exchange market being very competitive when it comes to finding the right workers, white label solutions are a quick and easy choice. We talked about this earlier but finding highly skilled workers and retaining them is pretty difficult. That makes in house development a much costlier and time-consuming option.
Lower Administrative Concerns
Taking care of an in-house development team means keeping an eye on several hundred people. And it also includes keeping up with tasks such as recruitment and training. But when your platform doesn’t need to be developed from the beginning, that lowers the amount of effort you’ll have to put into this project.
Time To Market
Marketing your brand is pretty difficult when you have to wait months or even a year for it to be developed. You’ll have to wait until your platform is ready to enter the market and only then can you start advertising. By then, advertising methods that work on customers can greatly differ from your original plans which will take even more time to adjust to. But with white label providers, you can get your ads up and running in just a few days.
Faster Project Growth
When your crypto exchange platform is already tested for bugs and security concerns, your project can enter the industry a lot quicker. In turn, this can set you up to get plenty of returns a lot earlier than companies that decide to start from scratch.
Preventing Risks
Unlike in house developed platforms, white label providers have already taken measures to deal with growing safety concerns. After all, many other companies also use their services so it is necessary for them to stay up to date. As a result, you won’t have to worry about running into any malicious hacks any time soon.
Scalability
Once your platform starts gaining attraction, there’s going to be an increase in your project’s demand. That’s where white label providers allow you to scale your project accordingly. The need for more resources can easily be accommodated. And you won’t have to hire new workers or train them for it!
Please fill out the form to get Velmie Crypto Banking case study
Please check your email after submitting the form
Top-10 crypto exchange white label solutions providers in 2024
B2Broker is a liquidity and technology provider of solutions for the crypto and foreign exchange (FX) industry. The company specialises in the sphere of B2B services and products, catering for a wide range of clients including large licensed brokers, crypto exchanges, crypto brokers, forex brokers, hedge and crypto funds and professional managers. B2Broker’s advanced base of ready to use technical solutions enable brokers to save time and money on consuming infrastructure projects and focus on enlarging their client base and increasing their revenues.
Appinventiv (India) redefines mobile experiences through transformation aided by technology. They are a global product development and digital transformation agency that's empowering disruptive startups and fortune companies in bridging the gap between ideas and reality through new-age technology. It has 9+ years of experience delivering above-industry standards blockchain, NFT, Cryptocurrency, and cloud-first software solutions.
Merkeleon is an Austrian IT Company with more than 10 years of expertise in E-commerce Software and Crypto Solutions Development. Merkeleon Team pays a lot of attention to the importance of Customer Services and high quality of the provided products. We focus on the permanent improvement of the offered Software and implementation of new features and fucntions to ensure our Clients get the best instruments to face modern business challenges.
Maticz Technologies Private Limited is a renowned Software Development Company from India that provides enterprise web, mobile app, and custom software development services and solutions for businesses/industries from startups to enterprises. Maticz incorporates futuristic technologies like Blockchain, AI, ML, IoT, Metaverse, Web3 and more to provide an advanced business solution that powers your business growth.
Headquartered in Singapore, ChainUp is a global leading end-to-end blockchain technology solutions provider covering infrastructure development and ecosystem support. Built on the mission to empower businesses through blockchain technology, ChainUp's innovative and all-around compliant solutions include digital asset exchange, KYT，NFT trading, wallet, liquidity, Web3. infrastructure, digital asset custody, asset tokenization, mining services and more. Established in 2017, ChainUp has offices around the world, serving more than 1,000 clients in 30 countries, reaching over 60 million end-users.
Antier is a full-stack blockchain consulting firm with a strong foundation in building DeFi products, Metaverse/gaming ecosystems, and a wide range of enterprise blockchain d-apps.
Velmie can provide a wide range of crypto-related services starting from turnkey products and ending with completely custom and tailored solutions.Velmie empowers financial institutions with cutting-edge tech solutions providing great customer experiences, ultimate performance, and extreme scalability. The modular cloud-native digital banking platform allows building very unique fintech solutions across the world. With the partner ecosystem and API orchestration layer, our clients have quick access to payment services from market-leading companies. Velmie carefully maintains security on different levels including the infrastructure, software development practices and the company itself. Velmie is not only a software platform but your long-term partner helping to maximize business performance throuthough the lifecycle.
AlphaPoint is an American white-label software company powering crypto exchanges worldwide. Through its secure, scalable, and customizable distributed ledger platform, AlphaPoint enables customers to launch and operate markets, as well as digitize assets. AlphaPoint and its award winning blockchain technology have helped over 150 clients in 35 countries discover and execute their blockchain strategies since 2013.
Openware is a blockchain infrastructure provider from the USA, developing global financial platforms, crypto exchange software, crypto marketplace applications, digital banking, online brokerage, and crypto custody vaults, headquartered in San Francisco. Company full-stack products help developers build next-generation DeFi apps and enable enterprises to launch robust future-ready financial infrastructure. OpenDAX by Openware is a modular open-source platform for building crypto exchange business with built-in global liquidity aggregation provided by the Yellow Network.
Devexperts was founded in 2002 in Ireland and specializes in the development of highly complex software solutions and services for the Capital Markets industry. They develop financial software solutions for retail and institutional brokerages, wealth-management firms, investment funds, exchanges, and insurance companies.
The Bottom Line
Establishing your crypto exchange platform either through white label solutions or in house development is not a one stop solution. Each route takes into account many different things and depending on what your project is like, one option will clearly be better than the other. Remember to carefully look through your plan, the budget that you are keeping and the timeframe in which you want to enter the market. And if you’re looking into it right now, then getting immediately involved in the crypto market while it is still gaining momentum is key.
And it’s possible to do that with the help of white label solutions. Not only will they lower the amount of money you’ve got to spend, they will also significantly lower the effort that you have to put in. So, make sure you make the right decision according to your plans so that you don’t run into any problems later on!