Turnkey Crypto Exchange vs. Development from Scratch
February 23, 2023 Updated July 14, 2023
There is an ongoing battle what software for new crypto exchanges is the best, turnkey or developed from scratch. Let's find out!
Table of Contents
The firm's main research and development office is based in Tel Aviv Israel. It originally specialized in Forex and indices spreadbetting and CFDs but has recently expanded in stock trading also. At the time of writing, eToro has 2.2 out of 5 star on Trust pilot. The comments suggest that the platform offers some impressive features but withdrawing money can be difficult. Having said that, some of the negative reviews appear to be rants rather than constructive criticism. This can be examples of traders losing money through their own recklessness rather than eToro's fault. You should therefore take this reviews with a pinch of salt. OANDA is a global financial services company providing advanced currency solutions to both retail and corporate clients all over the world. In this article, we are going to review this broker’s trading options, tools, platforms, spreads, commissions, security measures, and educational resources to help traders make the right choice. AvaTrade offers a wide variety of trading solutions (spread trading, CFDs, and social trading), and peace of mind with its comprehensive regulation, covering the EU, Australia, Canada and South Africa. Clients can use a variety of platforms for discretionary and automated trading.
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76% of retail investor accounts lose money when trading CFDs with this provider.
76.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing
76% of retail investor accounts lose money when trading CFDs with this provider.
Comparison: Turnkey Crypto Exchange vs. Developing from Scratch
In launching a cryptocurrency exchange, the key aspect to decide is the type of development: turnkey or from scratch. If you want to choose the right fit for your enterprise, follow up.
General Overview
Cryptocurrency exchange is a service for trading digital currencies. Its smooth operation requires that many modules be implemented and debugged.
If we talk about building a site from scratch, it means your business needs a team of developers to create an efficient platform, with clear interface and attractive design.
A turnkey solution, on the other hand, is an alternative approach. For that, you need to find the best cryptocurrency exchange software, negotiate details with the provider, and sign an agreement.
What is the difference?
When you build your exchange independently you need to develop a trading engine, platform, liquidity aggregator, electronic wallets, a personal account and other modules. A freshly developed platform costs a lot, from $300,000, while its development takes up to a year, with some more months to fix it.
Speaking of ready-made software, providers have necessary tools for a stable launch, plus extra features, like trading bots, consulting, referral program, staking, etc. Usually, you can customize the template, modifying interface and functionality. Such sites start from $10,000 and take 2 weeks to launch.
To install your own domain with new software, you need to invite a team of professional developers well-versed in the specifics of the crypto sphere and its security. After development, they need to test the final product and fix bugs. The process can last for 2 years, with no guarantee of the final quality.
Simultaneously, white label software is here to be modified according to your preferences. Additionally, you can get a demo version that you can test before purchasing. If you are satisfied with the product, it takes a couple of weeks to prepare your platform and launch online.
If your site is developed by your coders, you own the source code and all the rights to it, whereas it may not always be the case with turnkey solutions. Nevertheless, some ready-made software suits do contain the source code.
Bottom line
Software for crypto exchange developed from ground zero and the one purchased all-prepared serve the main purpose, to be an environment for trading cryptocurrencies. While it is possible to create a one-of-a-kind site from scratch, white label allows you to smoothly install a trouble-free service within weeks.
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