The Best White Label Cryptocurrency Exchange Platforms of 2023

You have probably heard the news by now. The FTX exchange, once the darling of professional crypto traders, has fallen.

It's what everyone talks about these days—on crypto twitter, blockchain blogs, in the New York Times, and even on Capitol Hill in the United States.

And while the community digests the sober reality and what it means for the industry at large, a lot of individuals who saved their money on the platform are left licking their wounds.

How can the industry prevent a situation like FTX's crash from happening again? That's the 8 billion-dollar question. While regulators and industry players figure this out, mere investors are wondering how to protect themselves against possible platform failure.

If FTX's fall from grace has made one thing clear, it is that no platform is too big to fail. Things happen fast in the world of crypto and investors who haven't taken protective measures can lose all their money.

But how can investors protect themselves in this volatile and largely unregulated market? Here are three avenues to consider.

1- Consider storing crypto off exchanges

An exchange feels like a natural place to leave the crypto you buy. You can easily access, transfer, sell or use it for a variety of ways depending on the platform. For active traders especially, storing crypto on an exchange often feels like a no-brainer.

The problem with this is that the keys to exchange-stored crypto are kept by the exchange rather than the individual investors. You are using a wallet provided by the exchange and don't have access to the private keys. You are trusting the platform to keep your funds safe and secure just like you would a traditional bank to safeguard your deposit.

This type of wallet is a custodial wallet. The platform is the custodian who controls wallet access and they can withdraw that service at any time. You're just trusting that they won't. As the example of FTX has shown, this isn't always a wise choice. If a platform runs into liquidity issues, gets hacked or becomes suspicious about your activity, it can freeze your account.

The obvious counter to this is to store your funds in a wallet you control. You can move your crypto to an exchange for trading purposes and transfer it out to a non custodial wallet when you're done. You control the private keys to this type of wallet. Only you have access to the crypto in it and your funds cannot be seized by regulators or frozen by an exchange.

Using a non custodial wallet is the best protection you can have against platform failure. You can use either a cold wallet, which stores your crypto offline, or a hot wallet, which requires Internet access. The cold wallet is more secure but the hot wallet is easier and faster to operate.

That said, exchange wallets have some operational advantages over non custodial wallets. Here are some drawbacks of self-controlled wallets:

Exchange wallets are mostly plug-and-play while non custodial wallets require a setup process.

Non custodial wallets are harder to operate and require some technical knowledge.

The private keys to a crypto wallet can't be recovered once lost. But for an exchange wallet, you can simply contact customer support if you lose your account password.

Self-Custodial wallets are less suitable for active trading.

Old and new investors must consider whether the advantages of exchange wallets are bigger than the potential risks. Following the recent spate of crashes and collapses, trust in crypto custodians is at an all-time low. Not every crypto exchange will be truthful about what they're doing with customer funds. Fortunately, investors have the option to embrace decentralized wallets and skip exchanges altogether.

2- Keep a record of your exchange activity

Most investors that lost money to the FTX collapse cannot substantiate their claims in court. So if the company decides not to compensate them, there's little they can do. This is because they kept no records of their activity on the platform.

A crypto platform that files for bankruptcy is unlikely to share your records with you just because you asked politely. Take matters in your own hand and keep a detailed, regularly-updated record of every substantial transaction you do on an exchange. Most platforms let you download a yearly, monthly, weekly or daily activity report.

Doing this has two benefits for the investor. If you live in a jurisdiction that taxes crypto transactions, you'll be able to make an accurate tax filing, if your crypto platform doesn't handle it. Secondly, should the platform go under, the records will serve as evidence of your holdings if there's a chance of getting some of your money back.

3- Do your due diligence

Weeks after the FTX scandal, a picture of mismanagement, recklessness and internal system failure is beginning to emerge. By all accounts, FTX founder, Sam Bankman-Fried, is a very charismatic fellow. But leadership nous, not charisma, was what FTX needed, and it had none of it.

Most major crypto platforms are helmed by people like Bankman-Fried with lots of charisma. As a result, investors tend to trust them and their platforms with their money. Also, because of the opaque ways most crypto exchanges operate, internal dodgy dealings usually go unreported to the public.

This does not mean all crypto exchanges cannot be trusted. It does mean that investors should carry out serious due diligence when deciding which platform to trade or save on. Here are some tips to help with making a balanced decision:

• Has the platform been audited by a reputable third-party? How long ago was this?
• Does the platform have either external insurance on depositors' money or a self-maintained emergency fund?
• What kinds of asset trading take place on the platform? You should be wary of an exchange that mainly deals in riskier types of trading.
• Does the platform have FDIC insurance?

Some platforms save the dollar value of customer deposits in FDIC-insured bank accounts, thus protecting the insured funds against unforeseen losses.

The fallout from FTX's demise has led some cryptocurrency exchanges to release audited proofs of reserves. Others who haven't done so yet have promised to publicly release theirs in the near future. These documents help to assure investors of the platform's solvency and compliance with good business practices. Investors can also use the new reserve tracker tool from CoinMarketCap to get useful insights on platform reserves.

Some cryptocurrency platforms have also taken the initiative to secure licenses from the official financial regulators in their jurisdictions. This brings them in line with standard financial services companies in terms of operational and security compliance.

Summing up

Until the regulators rein in the crypto industry, the task of protecting your crypto asset squarely lies with you. Make sure to diligently follow the tips in this article so as not to be caught unprepared.

One of the most common observations that expert traders make regarding the market is that it is not a place for emotional decision-making. That means that no matter what happens with the trends and ups and downs of stocks and investments, you cannot—rather, you should not—buy or sell because you are very happy or very sad. Doing so will only destabilize your trading mojo.

So, how do you trade without relying too deeply on your emotions? Should you exchange your brains for a microchip, assuming that that is a thing, or should you get something else with a chip to do your trading for you? Better the latter option than the former.

To make trading more convenient for expert traders who don’t have time or traders who just got into the game, automated trading software and platforms abound. With these applications, you can set your wallets to buying cryptos, for example, at particular periods of the day or night time. You can also easily fix limits so that the software/platform would buy and sell when prices reach a particular range.

So, in the spirit of sharing, this article presents 7 such automated trading software.

These are some of the best apps for automated trading that you can rely on in 2022.

1- Pionex

Pionex is a top-class trading software with an extensive catalog of impressive features. Against the norm of allowing you access to quality materials on how to trade, Pionex simply offers you a ton of trading bots that can upend trading bad luck and overturn your fortunes for the better.

Of course, crypto trading is on the top of the Pionex shelf for automated trading, so you can easily build a portfolio without making any brain-crunching effort to understand the market.

Where some software and platforms for automated trading offer only automation and a teach-you-how-to-do-it method, Pionex offers variety. The 18 bots from Pionex are designed differently, each with specific strategies and approaches to building wealth and trader credibility. 16 of these bots are free and built into Pionex’s framework.

So, whether you are trading on your desktop or your smartphone, using Pionex for automated trading will give you the boost you need to take your winnings up a notch. Moreover, Pionex charges only 0.05% as trading fees, which is somewhat cheap for the high-quality trading that goes on with your consent.

2- BitQuant

The majority of software and platforms for automated trading give decorated assurances such as 90 percent success rates. They don’t mention that the risk of you being in the 10 percent that is thrown to the trading success curb is high. BitQuant offers a different kind of assurance.

With BitQuant, it is not about aggregate success rates, but approximate monthly profits of up to 20 percent. In other words, among automated trading software, this novel option allows you to sit and watch as it returns a fifth of your investments to you every month.

Another great thing about BitQuant is that although the trading bots are efficient and effective at what they were designed for, the system still has professional traders who keep an eye on bot activity. Thus, you don’t have to keep punching in the numbers to determine whether or not the trading bots are helping or hindering your progress.

BitQuant is not free, but you can start using it on a trial basis which lasts for an entire week. Within that week, if you don’t see clear improvements in your trading portfolio, you can forget about it. But this never happened for the 10,000 plus traders that are using BitQuant to automate their trading activities and choices.

3- Bitcoin Prime

If you are a beginner at trading, you might want to take advantage of the offerings of Bitcoin Prime. The app was established based on the idea that beginner traders need more than just trial-and-error trading to build impressive portfolios and killer testimonials.

And that is exactly what Bitcoin Prime is all about—turning the greenhorn trader into somebody who only stares at the screen while the app’s algorithm does all the work.

Ideally, automated crypto trading is more than just a means to restrict emotional trading. There is also the advantage of being able to identify profitable cryptos and their trends. This is another feature that Bitcoin Prime has integrated into its framework. In other words, after watching the Bitcoin Prime system run for 1 month or 2, you should be able to understand the AI-driven algorithm well enough to imitate it.

The only catch that users have pointed out about using Bitcoin Prime is the charge: 2% commission on profitable accounts. You will also need to make an initial deposit of $250 so that you can use Bitcoin Prime, which could be off-putting for some traders.

4- eToro

eToro is another incredible trading software that offers automated capabilities for newbie traders and experts. Very much like its peers, eToro’s framework was designed to increase the ease of trading and bolster efficiency to the point where the trader does not do any work except check on their portfolio from time to time.

However, unlike the majority of its peers, eToro focuses on what it calls the power of social investing. All that means that you get access to a very large community of traders when you use eToro. This social trading aspect could save you hours on the internet where you ask questions like, “What is the best crypto to invest in now?”

Trading with eToro does not limit you to cryptos alone, which is a relief considering the near-infinite apps built solely for crypto trading. Instead, eToro is fitted with features to assist you with stock and forest trading. Thus, you will not need to shuffle between automated trading software offerings since eToro covers all the needed bases.

Another awesome thing about eToro is that it does not charge commission fees for stock trading. There are tools for expert trading with options for periodic risk rating, drawdowns, etc. on eToro. Moreover, it is regulated, meaning that your assets are as safe as they can be.

5- NFT Profit

Yes, we just highlighted the assurances that automated trading platforms report about themselves and how they often leave out the high risks of failure for the individual trader. Well, NFT Profit assures the trading community of a 99.6% success rate. The margin for failure is smaller, so using the software is a smart choice.

The main bite of NFT Profit, as you can tell from the name, is that it is particularly geared towards the buying and selling of NFTs (non-fungible tokens). Thus, it is a dedicated automated software trading app for crypto traders looking to grow their NFT assets, collectibles, and other tokens for digital art—all of this without the requisite hours of intensive research.

Considering the rarity aspects of NFT trading, generally, NFT Profit is optimized to let you place orders and execute them when necessary. Moreover, it has a tracker that lets you know when there are incredible offers on NFT markets.

All in all, NFT Profit is a reliable software for automated trading. It is also commission-free, although you have to deposit $250 to use the software as it was designed to be used.

6- Learn2Trade

There are different types of traders with different personality types. Some want to relax and draw on the leading characteristics of automated trading software which is automated trading. Others, however, prefer a more hands-on approach. Learn2Trade was designed with the latter category of traders in mind.

Learn2Trade offers you some control over your trading, even though it is still automated. The platform framework was built to accommodate learning, so there are more materials on trading stocks, forex, and cryptos than you will find anywhere else.

Maybe the best part about using Learn2Trade is that it is optimized to give you trading signals for free. This means that you can position yourself ahead of time to make a killing in the trading market.

Also, although Learn2Trade charges around $43 every month, you can use its trial version which is only valid for 3 attempts every week.

7- Ninja Trader

Most of the software/platforms for automated trading that we have highlighted thus far were mostly built with newbie traders in mind. Ninja Trader, on the other hand, was built for expert traders and is thus tailored for advanced trading and strategizing.

Ninja Trader offers a truckload of features for automated trading. Some of the most remarkable of these features include simulation and backtesting, tools for building robust and integrated trading apps, and more.

So, Ninja Trader does not only allow automated trading but is also relevant to researching the market. Its chart capabilities are virtually unmatched among its peers. Thus, to use Ninja Trader is to position yourself for an increased understanding of the dynamics of realistic and profitable trading.

And those are the top 7 software/platform for automated trading. However, whether you decide to rely on Pionex’s trading bots from 2019 or BitQuant’s recent but innovative framework for trading, there is currently no automated software to help you make that kind of decision.

In recent times, the crypto market has tumbled faster than a crashing rocket. Industry darling bitcoin has shelved two-thirds of its value this year and every other major cryptocurrency has followed suit. Grand predictions that digital currencies would take over the world are looking more like a distant dream. Amid soaring global inflation and worldwide supply disruptions, a general sense of pessimism pervades the climate.

The global cryptocurrency market is now worth around $1.1 trillion, according to CoinMarketCap. Compared to the all-time high of $3 trillion, it's clear there's been a massive sell-off. Triggered by the collapse of Luna, which wiped off $20 billion in an instant, and troubles with platforms like Celsius, many investors have walked away with their money.

And yet a core group of crypto diehards remain—the HODLers. They are motivated by different purposes but united by a common belief in the staying power and long-term profitability of cryptocurrencies.

What is Hodl?

"HODL" is the popular term in cryptocurrency investment circles for the buy-and-hold trading strategy. The strategy encourages investors to ignore volatility in the near term with a belief that a token will appreciate in value over a longer time frame.

Many crypto HODLers have witnessed past bear markets that lasted months and years. Confidence similarly tanked like now and many skeptics sang requiems for crypto. But they stayed calm, kept believing and managed to multiply the value of their holdings when fresh investments poured into the market.

They see similar opportunities in the current financial crisis, the worst in more than a decade, and have been advocating patience in anticipation of a long-term bullish future.

Crypto evangelists like Michael Saylor have kept playing drums of optimism despite the general doom and gloom. The MicroStrategy CEO remains a firm believer in bitcoin's current viability and future potential despite losing almost $5bn in notional value due to the market downturn.

source: https://twitter.com/saylor/status/1540307435231092736?t=1aPvcA2M0gZ5ZcyTduOPnA&s=19

While many people keep looking at the daily and weekly red graphs and start panicking, Saylor and others like him take a longterm view. "Any time horizon shorter than four years is likely to result in a great deal of frustration & uncertainty," he said.

Another big whale expressing optimism is Nayib Bukele, the president of El Salvador. The man who led his country to adopt bitcoin as a legal tender last year told his followers to stop fretting about the price of bitcoin and enjoy life.

source: https://twitter.com/nayibbukele/status/1538356901297143809?t=q1ve1Y7N4rKbgGbNZvdWVQ&s=19

People who choose to keep holding bitcoin in the current bust cycle can take encouragement from what happened in the past. The price of bitcoin has crashed several times only to recover completely and make new all-time highs. In November 2018 BTC fell to $5.5k, an 80% drop a year earlier. Fears it would go all the way to zero proved misplaced; BTC slowly rebounded all the way to a new ATH of $40k in early 2021.

It must be said that bitcoin isn't the only digital token with diehard fans who have vowed to stay for the long haul. Blockchain mainstays like Ethereum, Cardano, PolkaDot, and fresher entrants like Solana, Radix enjoy their own share of loyal supporters. Even meme coins like Dogecoin and Shiba Inu have dedicated user bases who will keep hold of these tokens to the bitter end.

This might prove to be a good or bad decision in the long run—nobody knows. Past performance isn't always a guarantee of future outcome. Many crypto believers hedge their bets by diversifying their investment among bitcoin, some major alts, and exciting new projects. Indeed, many analysts see the current market condition as a big opportunity to snap up tokens related to promising projects at bargain prices.

If you've decided crypto is right for you, have a big risk appetite, and a large enough time horizon, now is your time to "buy and HODL". According to Tyrone Ross, CEO of Onramp Invest, “When something goes on sale and you like it, you should buy it".

This of course brings its own question: Which cryptocurrencies should you buy and HODL? The answer depends on things including portfolio size, risk appetite, nature of the token, legal jurisdiction and other factors.

For those with deep pockets, bitcoin and Ethereum look like bargain buys right now. Retail investors may want to look at undervalued blockchain and exchange projects, especially those still at an early stage. A blockchain token like Radix or exchange token like KRRX can offer long-term value many times their current market prices once they break into the mainstream.

For those who already have plenty of crypto investments and no great need for money, HODLing seems like a decent strategy at the moment. At least there's hope of a recovery once the global economy starts Trending upward again.

Also, Western governments are set to regulate the space, meaning crypto can become somewhat sanitized of its bad reputation. This will make the sector feel safer for many people and drive up adoption. More people will flock into the space with their money, and drive up the value of the major cryptocurrencies.