10 Things to Consider When Choosing a Cryptocurrency Exchange Development Company
Over the previous years, the cryptocurrency sector has seen a significant increase of over 5X in crypto wallets. A huge number of firms and entrepreneurs across the world are establishing crypto wallets in order to enter the realm of cryptocurrency. These wallets may be created in one of two ways: by creating a crypto wallet from scratch or by utilizing a white label crypto wallet. The latter is gaining popularity since it is a ready-made solution that requires fewer adjustments and allows wallets to be launched under any brand name quickly and at a lower cost.
Many firms that provide white label bitcoin wallet solutions are more likely to be found. However, not all of these businesses will meet your requirements. As a result, you must select your Cryptocurrency Exchange Development Company carefully.
Here is a list of the top ten factors to consider when selecting a reputable white label crypto exchange development service.
1) The reputation of the Company:
The wallet development firm you choose should be trustworthy and dependable. You should be comfortable with your process or method before working with the top blockchain development companies on your wallet solution one-on-one.
2) Features that are integrated:
You should decide the features you want to include in your cryptocurrency wallet. The following is a comprehensive list of things to consider when you build your wallet:
- Authentication via biometrics
- Support for many currencies
- Support for NFC (Near Field Communication)
- Duplicate payment is automatically denied.
- The conversion rate on autopilot
- Portfolio management made simple
- Personalization of the home screen
- The interface that is simple to use
3) Backup options:
In the event of a failure, there should be a solid process in place to recover your digital assets. A robust backup system will ensure that your bitcoins are kept in a safe and efficient manner. Mnemonic phrases might be introduced into the software system to do this.
Mnemonic phrases are twelve, eighteen, or twenty-four-word phrases that are intimately connected to the private keys. Because memorizing a private key might be difficult, mnemonic seed phrases are simple to memorize.
4) A number of different cryptocurrencies:
Many crypto wallets previously only supported one coin, limiting their ability to capture the whole market. Many cryptocurrency traders are seeking a single wallet to hold all of their crypto assets because they are investing in many cryptocurrencies these days. It is recommended that you create a multi-cryptocurrency wallet. The Crypto wallet, for example, supports BTC, ETH, and ERC-20 tokens.
5) Features of security:
Previous crypto exchange breaches have raised concerns among crypto investors and dealers regarding the security of exchange wallets. As a result, every customized or white label bitcoin wallet’s security has become a top priority. The wallet might have the following important security features:
- Authentication via biometrics
- Authentication using two factors
- Access is password-protected.
- Logging off of a session in the best possible way
- Support for multiple signatures
6) Compatibility with several platforms:
You’ll need to make your crypto wallet compatible with a variety of devices. Your white-label cryptocurrency exchange software, for example, should be compatible with iOS, Android, Windows, and Linux. Because different users have different operating systems, your wallet solution should be able to handle the widest possible user base, giving your device an edge in terms of versatility.
7) An account that is shared:
A multi-signature bitcoin wallet is one that requires many users to sign and validate a transaction. If you want to use a 2-of-3 method, you’ll need at least two of the co-signers to
confirm the transaction before it can be processed. This function ensures that digital assets are kept safe and secure in the event of theft or hacking.
8) Scanner for QR codes:
The procedure of transmitting and receiving bitcoins is made easier with the help of a QR code scanner. 0x57f70FfbaDcD2d94a15AB6FB4849c7738aB4B110 is an example of a specific address.
On a tiny touch phone, it’s difficult to write the entire public address accurately in one go. To transfer cryptocurrencies or tokens, it’s best to just scan a QR code. The procedure is error-free, which is why a crypto wallet is the best.
9) Service to Customers:
When choosing a white label Crypto wallet development company, make sure the customer service delivery staff is efficient. Clients will be happy if the service crew is more efficient. And satisfied customers will make your crypto wallet journey a success.
10) Evolution of the Blockchain:
There are occasions when you’ll need to update your cryptocurrency wallet. Systematic upgrades should be managed by your wallet provider as they progress.
Monkhub can assist you with the creation of your bitcoin wallet. We provide bespoke wallet creation services to meet a wide range of corporate requirements. We have you covered whether you need a bespoke wallet designed from the ground up or a white label bitcoin wallet.
