The growth of cryptocurrencies grabbed the attention of market investors, who increased their investments in these digital currencies, benefiting from the outstanding growth of Bitcoin, Ethereum and other cryptos. There are several ways to capitalise on this massive growth, and many companies succeeded in offering solutions to market participants, such as white label software solutions.
Launching a business is exhausting, let alone working with a volatile market and fluctuating cryptocurrencies. However, we simplify in the following 5-step guide.
Starting a White Label Service Company
A white-label solution is a customised platform built by programmers and software developers and offered to market participants, such as brokers, who use the solution to offer trading options to their clients. These pre-built solutions can be used by traders, brokers, market makers and other participants.
Therefore, there is a broad range of options available for making money. So, if this sounds like the best business idea for you, this is how to start.
Step 1: Research The Market
Researching the market is the first step to success, where only proper knowledge, analysis and methodology can help you succeed. The market research includes understanding your market, customer needs, competitors, already existing products and services and any noticeable market gaps.
Step 2: Select Software Partners
Search for a provider of liquidity, software, trading system, payment gateway, hosting and customer support that you can embed in your platform. Compare different service providers and choose the ones with great flexibility and a suitable price range.
Step 3: Customise And Add Features
Add customisation options that your users can configure, such as leads data, traders’ activities, trading software, payment methods and more. Enabling your clients to customise the platform helps you offer your service to an increased number of potential customers.
Add integration capabilities that users require, such as automatic trading, market feeds, multi-currency support, technical indicators and market signals.
Step 4: Test Campaigns
Run multiple tests on your solution to ensure that everything works properly without lags or crashes. You can release a limited version of your solution for testing purposes to find gaps and correct them quickly before launching your service to the outer public.
Step 5: Promote Your White-Label Solution
Marketing is critical for the success of your business. Promote your brand name among online communities where traders and crypto enthusiasts reside. Engage in widespread social media campaigns to advertise and promote your services.
Launching a crypto business is challenging. However, the right planning can make your company highly successful and profitable.
Start by creating the right business plan before finding and selecting service providers. Then, add customisations, test your platforms and always update your solution to increase your chances of success and growth.