One of the popular businesses in today's world is cryptocurrency trading. Many people are showering interests towards crypto trading. As cryptocurrencies are thriving, there are many opportunities for entrepreneurs and individual traders in the near future.
Initially, as an entrepreneur, you may wish to build a cryptocurrency exchange, but the prime thing to be noted here is the cost to start an exchange.
This article will give you an overview of the total cost to build a crypto exchange platform and an insight on the white label solutions.
The cost required to set up a cryptocurrency exchange
- Launching your own crypto exchange is quite a complex process. It is totally based on experience. Building an exchange from scratch requires at least nine months of development and testing.
- Generally, developing a cryptocurrency exchange can cost in the range of USD 500,000.
- The total cost includes legal counsel, cost of technology, hosting, advertising, and government registrations.
The total funds for crypto exchange development might not be required in advance, but you should have a clear plan on how you will receive the money in the future.
Here are some key areas where the expenditure will be made.
- Cost of license
- Build a network with other exchanges
- Choose a technology provider
- Find a payment processing service
This is just the most basic solution for building the crypto exchange. You should also need to go through a lot of research before stepping into the development process.
White-label solutions
- This is the easiest way to own a crypto exchange platform. If you have urgent requirements, it is wiser to buy a white-label crypto exchange software and customize it accordingly.
- In a white label software, the modules are already developed and tested, so you just have to buy and install it to get started with your crypto exchange.
- Furthermore, the cost of white label crypto exchange software is more reasonable than building an exchange from scratch.
- Developing from scratch requires a lot of time and effort to put in because everything starts from the beginning. This may also require additional cost, so choose your method wisely.
Over to you
We hope you have found this article on the cost estimation of building a crypto exchange to be useful. If you are also considering building a crypto exchange or developing a white-label cryptocurrency exchange software, you can approach our blockchain experts.
