Important Components to Consider while Developing a White Label Crypto Exchange in South Korea
If you are planning to build a white label crypto exchange in South Korea, the following are the six important things that you need to keep in mind.
Microservices architecture is gaining much momentum due to its benefits. Microservices-based software solutions distribute the work among multiple groups in such a manner that each group works individually without imposing any workload on any other module.
If you are going with white label crypto exchange software development, then find a solution built on a microservices architecture. If you wish to integrate another module into your exchange in the future, it can be ensured without affecting the performance of other already-existing modules.
- Liquidity generation
Liquidity is one of the essential components that attracts crypto users to a specific exchange. Liquidity refers to the ability of a crypto coin to be converted into cash or another coin easily.
Both white label crypto exchange and customized exchange script should offer solutions to achieve high liquidity. Generally, there are two measures to enhance liquidity. Firstly, creating an API connection to other crypto exchanges and secondly integrating bots into the exchange.
- KYC and Sign-up details
Crypto traders need to sign up on the crypto exchange to start their trading activity. Regulatory compliance depends on where your crypto exchange is located and the regions you wish to target. In most cases, crypto exchanges abide by the KYC/ AML verification to ensure the safety and security of transactions. If you are looking to set your exchange in South Korea or any other region, then it is preferable to integrate KYC and AML regulations into your crypto exchange.
Additionally, for maintaining the safety of funds while transacting, it is advisable to go with email-verification, OTP to log in, and two-factor authentication.
- Supported cryptocurrencies
Most cryptocurrency exchanges offer a limited number of cryptocurrency pairs to trade. If you want a customer to start trading through your cryptocurrency exchange, then you need to offer a wide range of trading pairs. The usual list consists of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH). You need to go beyond this list and add multiple other crypto trading pairs to your white label crypto exchange software.
- User features
The world is moving fast towards the trend of the digital ecosystem, thus entering into the crypto exchange business is a remarkable business opportunity.
Essential features to be integrated into the crypto exchange:
- Powerful trading engine
- Both crypto-to-fiat and crypto-to-crypto support
- Multi-language support
- Referral and reward program
- Geographical based KYC and AML verification
- Multi-layer security
- High TPS (Transaction per Second)
- Bot trading
- Advanced chart tool and others
There should be a robust admin panel that will govern all of the activities of a crypto exchange. You need to effectively set up a banking gateway to manage all the deposits and withdrawals through crypto exchange software. A strong admin-panel should ensure the required continuous update, customer support service, supporting APIs, customize user-interface as per need, etc.
Starting of a crypto exchange platform may seem to be a technically confusing task, but if it is handled under the expert’s guidance, it will yield huge revenue for a longer duration.
Antier Solutions is a leading cryptocurrency exchange development company with over 5 years of experience in developing mission-driven crypto exchange platforms. We deliver both white label crypto exchange software and customized exchange solutions to the clients of South Korea and globally.
Schedule a free demo of our white label crypto exchange or connect with our subject matter experts to share your business needs.