i am looking for the cheapest great option that i can look into and any tips for marketing would help me aswell
How much cost associated for creating a crypto exchange
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There's no such thing as a "cheapest great option". Cheap means lousy work from a dev team in Pakistan that will charge you at least 100k, deliver a shitbox, and not bother anymore. You will need at minimum 250k for a good exchange with it's own engine, wallets, and whatever else there is.
I'd say $300k if you develop in an Eastern European country, excluding marketing and market making / liquidity. Lots of running costs such as legal, support, devs, sysadmins, security. I can 100% assure you you want to keep those people in house. No outsourceing.
contact Binance and run their white label solution, you can have it set up in a very short time.
tons of seemingly unrelated exchanges run on Binance.
You can try white label the exchange and obtain a license in eastern Europe, it will take 2 month and it will cost less than 60K euro including the license.
There are people on Fiverr.com who offer to build a working exchange for under $100.
I'd budget a lot more for the compliance department, plus server and wallet security.
Also marketing is expensive. Crypto.com backed out of their $495 million sponsorship deal last year with the UEFA Champions League, so there could be an opportunity.
I'd budget a lot more for the compliance department, plus server and wallet security.
Also marketing is expensive. Crypto.com backed out of their $495 million sponsorship deal last year with the UEFA Champions League, so there could be an opportunity.
Buy a white-label solution like Verifio (White-label Banking Services - VerifiedPayments.com)
From what I heard, in Lithuania, you will need at least 2 licenses and many other things and it will cost you at least 1.5kk
From what I heard, in Lithuania, you will need at least 2 licenses and many other things and it will cost you at least 1.5kk
Essentially it is a customizable front end for a backend entirely based on the providing exchange - like Binance. It is really important to highlight that the customers' wallets will be hold by the provider, hence your business is completely in its hands.
Not to confuse "White Label" with "SaaS" which means "As a Service" They are very similar concepts but there are some small differences, for example, you can have a provider that sells you a "White Label Exchange" "As a Service", but in some cases, we use the term white label simply to refer to a solution that is ready to to be used, just need you to put your brand (label) on it.
For example, in the Binance case, yes the business is fully on their hand, but in other cases, you may install the white label solution on your own server therefore having full control of the customer base.
Last edited: Jul 10, 2023
White Label and SaaS can coincide, in the case of an exchange they are *almost* always White Label “on premise”, meaning installed on the server of the customer. Said that, all cheap (50/70K) white labeled use networks (BTC, ETH, LTC, etc) from other providers, hence the customers' wallets are not directly managed by the white label holder.
That is right, they CAN but they wont NECESSARILY do.
But anyway, I think we are sliding away from the point of this topic.
I believe at this point we both already made useful contributions for the discussion.
Can help you with obtaining crypto exchange license and introduce you to platform providers
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TG: @ClearskyPayments
Join our payments channel https://t.me/PaymentSolutionsClearsky
Payment and Financial Licenses: https://t.me/FinLicense
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