Category Archives: FinTech

Remember that higher leverage amounts translate to more volatility for your trade. Thus, the promise of high profits is offset by the risk of losing significant amounts of money. Forex provides a well-established market with lower volatility and more regulation. If you prioritize stability and a focus on technical analysis, forex might be a good fit.

Deribit provides a predetermined set of strike prices for different assets. For Bitcoin, strike prices are either in increments of $1,000 or $250. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes online. As of the date this article was Crypto Spot Buying And Selling Vs Margin Buying And Selling written, the author does not own cryptocurrency. Forex markets are highly liquid, with large trading volumes and tight spreads.

At the end of your contracts’ duration, you have the option to roll them over to new ones or let them expire and collect the cash settlement due. For example, crypto options trading apps like Bybit give you access to crypto options trading on your phone or tablet. Options are an agreement to either buy or sell a cryptocurrency, such as BTC or ETH, at some point in the future for a certain price. Each option has a price, known as a “premium,” that is normally a fraction of the price of the underlying asset.

• That is a significant point in a volatile ecosystem with wild price swings.
• But this compensation does not influence the
  information we publish, or the reviews that you see on this site.
• Any investment or trading is risky, and past returns are not a guarantee of future returns.
• They can be a good way to capitalize on market volatility and minimize risk.
• Cryptocurrency can be extremely volatile, and you should tread with caution before you invest in derivatives.

Once an option expires, if it’s “in the money” (profitable), the platform will exercise it automatically and credit the option buyer with the realized option value. The fees for the platform are low and can be even lower depending on trade volume. At expiry, profitable options will be executed automatically, and the profit will be credited to your account.

This trading strategy earns a net premium on the structure and is designed to take advantage of an asset experiencing low volatility. Many traders use this strategy for its perceived high probability of earning a small amount of premium. Clients with a futures account can trade cryptocurrency futures contracts directly.

And second, to revive the economy the Fed decided to cut its key interest rates that severely damaged the revenue stream of low-cost brokerages. After a prolonged “retail brokerage winter” the second wave of retail options trading started in 2015 when Robinhood’s trading app went live. These ETFs, as well as cryptocurrency or digital asset-related ETFs that the SEC may approve in the future, can be found in the Morningstar category « Digital Assets » using Schwab’s ETF Fund Finder tool. We suggest that clients who are interested in cryptocurrency approach them as speculative investments and consider their goals as well as the risks involved. For those who already have a diversified portfolio and a long-term investment plan, we see cryptocurrency as being used primarily for trading purposes outside the traditional portfolio. In crypto perpetual futures, there is a mechanism called funding rates, where sometimes traders who are long have to pay those who are short; at other times, short traders have to pay those who are long.

However, when an options seller doesn’t own any of the underlying asset, they create what’s called an “uncovered” or “naked” option, which is considered very risky business. So, let’s explore the world of swing trading and day trading in the crypto universe. We’ll break down the characteristics, strategies, and considerations for each style, giving you the knowledge you need to make an informed choice. We’ll also explore how Kriptomat can support your trading and provide essential resources to enhance your chosen trading style.

Investing in cryptocurrencies, decentralized finance (DeFi), and initial coin offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. For example, if you trade cocoa options, you could—if the options contract determines it—receive shipments of cocoa once the options contract expires. Read about crypto derivatives, options, and futures in this introductory guide. Options have an expiry date, which sets out the point at which the contract must be fulfilled, and a strike price, which establishes the price for which the asset may be bought or sold before the option expires. CoinMarketCap Academy takes a look at the differences — and similarities — of crypto options and futures.

It doesn’t have a price-to-earnings ratio, price-to-sales ratio, or book value. Traditional value metrics don’t apply, so there are no methods for assessing its value that we endorse or find persuasive beyond the trading value. Considering its volatility and the possibility that the entire value of a cryptocurrency investment could disappear, investors who don’t think they could handle the market swings might want to steer clear. Cryptocurrency’s value stems from a combination of scarcity and the perception that it is a store of value, an anonymous means of payment, or a hedge against inflation. Cryptocurrency investors can buy or sell them directly in a spot market, or they can invest indirectly in a futures market or by using investment products that provide cryptocurrency exposure.

To trade derivatives on the Crypto.com Exchange, users must not be in a geo-restricted jurisdiction. Here is a detailed step-by-step guide on how to enable derivatives on the Exchange. Learn about what factors affect the price of an option in Managing Risk in Crypto Options With Greeks. Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator.

This text is informative in nature and should not be considered an investment recommendation. Any investment or trading is risky, and past returns are not a guarantee of future returns. If you believe SurlyCoin’s price will drop, you could purchase a futures contract to sell 10 SurlyCoins for €1,000 each.

The option holder can also decide not to exercise at all, even when the expiry date occurs; in which case, the option contract expires, and the holder just loses the premium paid. They are also leveraged instruments because the amount paid to hold the option is small relative to the total contract value. The amount paid by the option buyer to the seller is known as the premium. Consider the following example for a CME Group Bitcoin futures contract. Suppose an investor purchases two Bitcoin futures contracts totaling 10 bitcoin. The price of a single bitcoin when the futures contract was purchased was $5,000 each, totaling $50,000 for both futures contracts.

Forex exchanges are regulated by the Commodities Futures Trading Commission (CFTC) and are a type of currency exchange. Forex exchanges allow traders to buy and sell currencies, such as the US dollar, Euro, and Japanese yen. Forex trading is the simultaneous buying of one currency and selling of another, and it can be used to speculate on the direction of the exchange rate between two currencies.

Anyone determined to participate directly should have a good understanding of the ins and outs of futures trading before jumping into it. Futures have long had a role in the markets for major physical commodities such as crude oil, gold, and wheat. Producers and buyers in volatile industries obtain reasonable prices in advance.

Access dozens of advisor portfolios, including Smart Beta portfolios, offered by Interactive Advisors. Accredited investors and qualified purchasers can search for, research and invest with hedge funds. Manage taxes and corporate actions, learn about T+1 settlement and trade allocations, and read about additional tools and services available to clients. Most IBs prefer to outsource trading because it frees them of the substantial overhead involved in executing trades, maintaining accounts, and handling financial reporting responsibilities. The introducing broker may be employed by a company that is a partner of the commission merchant’s firm or a direct subsidiary of it. Ensure your potential broker partner is financially stable — statistics show over 25% of new retail brokerages fail within 5 years.

The Complete Guide to Growing Your Business as an Introducing Broker (IB)

Tamta’s writing is both professional and relatable, ensuring her readers gain valuable insight and knowledge. They provide their clients with trading education and support, as well as access to the financial markets. It is essential to evaluate different brokers’ trading fees, customer service, product range, and other critical aspects. Additionally, consider if the broker has any specific prerequisites, such as a certain level of capital you will need to have before becoming an IB. If you carefully evaluate these points, you can ensure that the broker-dealer you choose is the most suitable for your financial needs. For more information read the Characteristics and Risks of Standardized Options, also known as the options disclosure document (ODD).

• Introducing brokers have the opportunity to access software and operating systems provided by the main broker.
• According to IB profitability studies, niche IBs who specialize in certain markets see an average of 15–20% higher commissions compared to generalist IBs.
• They may provide their own proprietary platforms, education, market analysis, etc.
• Will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

The IB’s primary role is attracting clients to the services the clearing broker offers. On the other hand, a clearing broker handles all aspects of trade execution and settlement for its clients. One of the primary ways an IB earns money is through rebates – a share of the commission or spread that clearing brokers charge their clients for executing actual trades.

Providing Hands-On Support to Referred Clients

An application fee for principals and APs is not required if the individual is currently registered with the CFTC in any capacity or is listed as a principal of a current CFTC registrant. Only one application fee is required if the individual is filing an application as both an AP and principal. This new advanced product was developed to serve all institutional and retail brokerages worldwide, making the solution even more efficient and straightforward. The International Commerce Erp IB gets this type of commission once a customer has completed the registration process or filled out a dedicated form. Cost per acquisition is a model in which a partner receives payment when a customer clicks on an ad, banner, or link and completes an action leading them to a certain page. All fees, commission and interest owed to the broker are first sent to the broker’s Master account and then swept nightly to the Proprietary Account for Broker-Dealers.

Alternatively, please contact IB Customer Service to receive a copy of the ODD. Before trading, clients must read the relevant risk disclosure statements on our Warnings and Disclosures page. Trading on margin is only for experienced investors with high risk tolerance.

What Is an Introducing Broker?

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. It allows our clients to become our business partners and earn an income from their networking and teamwork efforts. The website is not intended for residents of certain jurisdictions, including the United States, Singapore, Australia, China, and jurisdictions listed on the FATF and EU/UN sanctions lists.

Choose another country or region to see content specific to your location. There are also futures markets for stocks, indexes, and currencies, among others. The IB industry has seen rapid growth, with the number of registered IBs increasing by over 40% since 2015 according to FINRA. Asking the right questions upfront ensures you properly vet an IB before transferring funds. Thoroughly researching an IB and sticking to regulated providers can help mitigate these disadvantages.

Blueberry Markets

The more active the referred client is, the higher the commission an IB earns. Under this structure, partners earn a predetermined amount every time they successfully refer a client to the brokerage. This referral can be by clicking on an ad, registering for an account, or depositing funds. On the other hand, IBs take on a more comprehensive role in nurturing relationships with clients and adding value to the brand.

This arrangement allows for specialization, with the IB focusing on the client while the FCM focuses on trading floor operations.

Spark client platform

Digital marketing across platforms like Google, Facebook, LinkedIn, and industry forums is essential. Ultima Markets provides IBs with a regulated trading infrastructure, advanced platforms, and deep liquidity access. Use various marketing strategies to attract clients, such as online advertising, social media marketing, webinars, and networking events. Building a reputation for reliability and expertise will help in gaining clients through word-of-mouth referrals.

An introducing broker (IB) serves as an intermediary between retail traders and larger financial institutions in the forex market. Rather than dealing directly with a major bank or liquidity provider, retail clients can open accounts through an introducing broker. IB partnerships allow brokers to reach a larger pool of potential clients than traditional marketing methods. While online and offline marketing campaigns can reach a target audience, they can be expensive and time-consuming. On the other hand, IBs have an established network of active traders who trust their recommendations and are more likely to convert into active clients.

How to Become an Introducing Broker Yourself

Leverage your influence and expertise and earn generous commissions based on the trading volume of your clients. Regularly evaluate the performance of your Introducing Broker operations and make necessary adjustments to optimise results. Analyse key metrics, such as client acquisition cost, conversion rates, and client retention, to identify areas for improvement. Continuously monitor market trends, competition, and client feedback to adapt your strategies and stay ahead of the curve.

Benefits of the Axi Introducing Broker programme

The futures market is the exchange in which traders buy and sell derivative financial contracts. These are agreements to buy or sell a specific commodity or financial instrument at a specific price and date. The price is locked in, and the buyer will gain or lose depending on the market price when the contract reaches maturity. An effective IB can build a rewarding career by leveraging a broker’s tools and resources to provide mentorship and generate trade volume. They may provide their own proprietary platforms, education, market analysis, etc. Forex Introducing brokers get paid a type of commission by the brokers they partner with.

The loss of access to data and passwords can also lead to a complete loss. Generally all kinds of crypto exchanges charge a fee on placing the trades with them. The typical kind of costs include fund transfer fees to/from the user’s bank account, maker or taker fees, and certain transaction fees based on trading volume.

However, the way assets are traded, the volatility of the market, as well as a number of other factors are where the two types of exchanges differ. A hardware wallet is a wallet that relies on a physical device to secure your cryptocurrency. In the physical sense it’s closer to a real wallet, and looks something like a USB thumb drive. It contains your cryptocurrency keys that allow you to transact in the currency, effectively to own it. Bear in mind that crypto brokers and exchanges that ensure high transparency and compliance also typically provide users with reliable access,  using state-of-the-art safety measures. At the end of the day, you want to be certain that all your assets are safe before, during and after trading, whether you choose a crypto broker or exchange.

Creating a new non-custodial wallet in the BitPay app is fast and easy. First be absolutely certain to create a back-up of the 12-word recovery phrase, if you lose this phrase you will not be able to access your funds in the chance that your device is lost or stolen. If you’re a beginner investor, a centralized exchange may be the better option. However, if you’re looking to retain control over your private keys, a decentralized exchange may be better for you.

This is an important fact to know when it comes to the discussion of different types of wallets. In conclusion, the choice between a crypto wallet and an exchange is a crucial decision for any cryptocurrency enthusiast. The “Crypto Wallet vs Exchange” debate boils down to your individual needs, preferences, and investment goals.

In hot wallets, private keys are stored and encrypted on the app itself, which is kept online. Using a hot wallet can be risky since computer networks have hidden vulnerabilities that can be targeted by hackers or malware programmes to break into the system. So, the term ‘wallet’ is somewhat of a misnomer, as crypto wallets don’t actually store cryptocurrency in the same way physical wallets hold cash.

• Perhaps not when you account for the fact that roughly 226 of these exchanges are currently available globally.
• In public key cryptography, every public key is paired with one corresponding private key.
• The purpose of this website is solely to display information regarding the products and services available on the Crypto.com App.
• A crypto wallet is a piece of software or hardware that can be used for storing, receiving, and sending crypto.
• For crypto users seeking the freedom offered by a non-custodial wallet there are a number of trusted providers in addition to BitPay Wallet.

Within these types of wallets, desktop and mobile wallet applications offer the best security. Before we explore the different types of cryptocurrency wallets, let’s take a moment to understand what exactly ‘public’ and ‘private’ keys are. Since a hardware wallet isn’t connected to the internet and exists in physical form, it’s considered by many to be the safest way to store cryptocurrency. A hacker halfway around the world has no way of accessing your crypto without this device in hand.

You shouldn’t need to store any personal information or even give an email, but it’s important to record your private key in a safe place. If you lose or forget this key, you won’t be able to access your cryptos. With a non-custodial wallet, your cryptocurrencies can be accessed using a private key that’s in your control. Since you’re the only one managing the private key, it’s important to keep safe. If you forget or lose your key, you won’t be able to access your cryptos.

Exchanges are platforms where you can convert fiat currency (like dollars, euros, etc.) into cryptocurrency and vice versa. These exchanges offer web-based wallets where you can store your digital assets. That said, exchanges control the private keys to these wallets, which means What is The Cheapest Approach To Switch Crypto Between Exchanges you’re not the only one with access to your cryptocurrency holdings. A crypto exchange wallet is a type of digital wallet provided by cryptocurrency exchanges. These wallets allow users to store, receive, and send crypto assets directly within the exchange’s ecosystem.

It also should not deny you access to your crypto because a custodian has financial issues. Many so-called « safe » wallets have wireless connection technology that determined cybercriminals can access. Many mobile wallets can facilitate quick payments in physical stores through near-field communication (NFC) or by scanning a QR code. Trezor, Electrum, and Mycelium are examples of wallets that you can use.

These exchanges act as intermediaries, facilitating transactions between buyers and sellers and charging fees for their services. There are numerous crypto exchanges available, each offering different features, supported cryptocurrencies, and fee structures. Yes, the BitPay Wallet is a mobile non-custodial crypto wallet which allows users to easily buy, store, swap and spend their crypto from a single easy-to-use platform. Security features like multisig and optional key encryption offer peace of mind that your digital assets are safe.

Wallets can also provide the ability to swap different tokens, buy and sell crypto, or interact with different decentralized applications (dApps). Here we’ll explore the similarities and differences between holding crypto in a crypto wallet vs. an exchange. Different users might prefer one option over the other for different reasons. None of its content should be treated as financial or investment advice. While we may receive compensation from some of the products we review, you do not incur any extra charge whatsoever for using our content and clicking external links. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

So, when you are in the process of deciding which crypto exchange to choose, kindly keep in mind all the above-mentioned points such as its types, pairs, fees structures. Location and other guidelines before you begin placing transactions in digital currencies. The crypto exchanges also provide trading of various cryptocurrency such as margin or lending trading, and future and options trading. Hardware wallets are generally considered cold wallets because they don’t have an active connection until they are plugged in. You can make a cryptocurrency transaction on your computer or device by plugging in the hardware wallet.

In fact, they are simply the tool through which a user can access their funds on the blockchain and initiate crypto transactions. We’ll break down the differences between these two types of crypto wallets and which might be right for you. Most web-based crypto wallets, also known as hosted wallets, tend to be custodial wallets. Typically offered on cryptocurrency exchanges, these wallets are known for their convenience and ease of usage, and are especially popular with newcomers, as well as experienced day traders.

While crypto exchanges facilitate the buying, selling, and trading of cryptocurrencies, crypto wallets are designed for securely storing and managing users’ digital assets. This constant connectivity allows users to seamlessly and speedily interact with DeFi protocols. Borrowing and lending, staking, swapping tokens, and trading on DEXs (decentralized cryptocurrency exchanges) are a breeze with a software wallet. A cryptocurrency exchange works similarly like stock exchanges which helps the investors to buy and sell in digital currencies such as Bitcoin, Ethereum or Tether.

Well, these are just a few of the powerful benefits you get with white label crypto change development. Therefore, let us reveal the totally different elements driving the entire growth. However, it is important to verify that the software program development company prioritizes security and compliance and supplies the required documentation and assist to satisfy regulatory necessities.

Our expertise covers each internet and cell platforms, ensuring a seamless trading expertise for our shoppers. Our white-label crypto trade software allows you to create a crypto change platform that’s fast, dependable and endowed with cutting-edge know-how and advanced security features. Cryptocurrency exchanges have gained immense reputation as a outcome of their convenient approach to buying and selling digital assets. However, making a crypto exchange and gathering ample data about the same with the help of an professional crypto change development firm entails intricate and time-consuming processes.

One-page Exchange Growth

It offers you a safer, more inexpensive, and quicker choice to get began with cryptocurrencies. Users can concentrate on growing your brand and drawing clients across the globe. Paxful is the reputed ads-based p2p buying and selling platform in the crypto area. As it attracts hundreds of thousands of crypto customers by providing safe ads-based trading it’s the best peer-to-peer ads-based crypto exchange.

• By leveraging trade opportunities and current tendencies, our White Label options help corporations go to market extra quickly.
• Integration of varied fee gateways similar to credit/debit cards, financial institution transfers, and other digital payment strategies.
• Begin your crypto journey by way of our white label crypto exchange improvement companies.
• Its benefits are quicker time to market, the flexibility to offer customization, being cost-effective, expertise know-how, scaling capability, compliance, and safety.
• Therefore, when testing is done, any concern that might be there might be fixed, making it an excellent experience.

Enhance the security of your exchange by implementing two-factor authentication, cold storage. To give your platform a unique id, we provide full customization, from the brand to the UI/UX. White-label change crypto improvement includes making a crypto change platform using a pre-built, customizable solution. White-label cryptocurrency exchange software is a pre-built platform that can be custom-made and rebranded by a enterprise as its own. The improvement process entails integrating various functionalities corresponding to a trading engine, fee gateways, safety features, and more, into the existing platform.

Challenges Of Constructing White-label Crypto Exchanges

Outsourcing a certified and renowned cryptocurrency exchange improvement firm ensures quicker attainment of business goals. With the above Top 10 white-Label cryptocurrency Exchange clone script, any startup can launch their crypto exchange efficiently. To purchase the ultra-modern clone script get to know about the  white-Label cryptocurrency Exchange clone providers. Picking the best bitcoin exchange clone provider like CoinsQueens will assist you to to create a cryptocurrency change platform in a hassle-free method.

Remitano is considered one of the largest international marketplaces with millions of lively crypto users. Remitano has an escrow performance so both patrons and sellers can carry out secure crypto buying and selling immediately. Coinbase clone script is a tailor-made crypto trade clone script that includes all the current technical buying and selling options of the coinbase platform. Now, let us proceed and discover the method of white label crypto change growth.

Clarisco’s White Label crypto trade software program is built for scalability, making it simple to add new features and modules. Accelerate your crypto trade business with White Label options to reduce development time, price, and so on with none hassles. Our White Label crypto exchange offers a convenient and portable solution for conducting transactions and fascinating in crypto buying and selling. Confirm the corporate provides ongoing assist and upkeep, and verify for seamless integration with third-party companies like APIs for liquidity, trading, and payment gateways. Essential safety components for our crypto buying and selling platforms include safeguards like CSRF safety, registry lock, information encryption, and additional measures. For entrepreneurs embarking on their exchange journey, it is paramount to cut overhead costs and minimize time and useful resource funding.

Nft Clone Script

So, on this, you might have the entire elements to ensure the experience for a consumer. You also can get a deeper understanding of the methods and how they are most impactful by getting in contact with an professional cryptocurrency Exchange growth company. The P2P crypto trade mannequin facilitates direct user-to-user trades with out intermediaries and contains an escrow safety mechanism. Hybrid exchanges provide merchants the advantages of each CEX and DEX exchanges, including continuous liquidity and rapid transactions. We use a mix of advanced applied sciences, and a commitment to buyer satisfaction to guarantee that our software or utility meets the needs of our users.

If you do, therefore, cater to that for excellent accessibility and engagement. Also, be certain that you adhere to all the new threats round you on your own safety whitelabel crypto wallet. When you select White Label Crypto Exchange Platform, it assists with the incorporation of secure waller methods. Therefore, it allows users to deposit, withdraw, and save cryptocurrency.

Whitelabel Crypto Trade

With our White Label crypto trade software, you can overcome the challenges and launch your crypto exchange platform within every week as per your wants to indicate your brand identity. Cryptocurrencies like Bitcoin, Ethereum, Stellar, and so on., require exchanges to commerce on-line. Today, exchanges like Binance are doing greater than $5 billion in weekly trade quantity making this some of the profitable and worthwhile enterprise fashions. If you wish to develop your individual cryptocurrency exchange business, it requires huge experience when it comes to enterprise structure, security, pockets administration, trading engine and so forth. Plurance supplies a wide range of crypto trade improvement companies, masking every thing from centralized to decentralized exchanges, in addition to from P2P to OTC trade growth. Our crypto exchange improvement providers aren’t only versatile but also cost-effective, and they are often launched rapidly.

Unlock the complete potential of blockchain technology and joint knowledge by requesting a value or calling us at present. Our White Label Crypto Exchanges may easily incorporate any variety of fee channels, eliminating the want to kind an change.

Ai Solutions

Overall, White label crypto software gives easy and reasonably priced access for corporations to join the shortly expanding cryptocurrency sector and square off against established opponents. It is renowned for its worthy options for its customers such as OTC trading, margin trading, staking, and more. By offering a wealthy set of buying and selling choices, the Kraken exchange earned the best name within the crypto area and grabbed world crypto users simply. The user interface is a front-end improvement that the merchants use to work together. It consists of a buying and selling dashboard, charts, an order guide, and so on.

Though the value of cryptocurrency is increasing every day many business individuals are excited about coming into the crypto market to make a profit in a short period. Though many business fashions are available within the crypto house, the craze for the Bitcoin Exchange has never gone down. You can even use it to create or add options like discussion areas and community occasions. Consequently, it aids in building a neighborhood customer group in addition to escalates the operation of this platform. Extensive testing is essential, particularly when working with test corporations, earlier than launching.

It additionally provides very important functionalities such as order matching and others. On our cryptocurrency trade platforms, cash laundering, tax evasion, fraud, and sponsorship of terrorism are just a few of the illicit behaviors that KYC and AML assist prevent. The client can rebrand the platform and integrate it with their fee gateways, safety measures, and other options to cater to their particular needs.

Blockchain Sport Options

Providers often furnish a single-click installation characteristic, enabling effortless launch immediately on your website. In doing so, you might steadiness these components and be ready to secure a development company that finest allows you to deliver a scalable, reasonably priced, and quality answer to your group. To select one of the best white label crypto software improvement firm, prioritize reputation and experience by selecting a company with a stable observe document and optimistic client feedback. Ensure the software program meets your feature and customization needs, together with multi-currency assist and safety. Bitcoin trade software program, designed by established companies, gives opportunities for saving the costs and complexities concerned in constructing a platform from the bottom up. Companies could do this by either buying a pre-built software answer and altering it based on distinctive specifications or using a tailor-made service.