Cryptocurrencies gaining huge traction and icon for earning. Investments in cryptocurrency exchange platforms have gone high in recent years. Money lending via cryptocurrency exchange platforms is a familiar activity.
According to the PwC analysis report, the revenue value of Peer-to-Peer(P2P) lending will grow by 150 bn USD in 2025. Many people wish to launch their own P2P exchange platforms and contribute their shares to an ever-increasing market.
Among many P2P crypto exchange platforms available, LocalBitcoins is a familiar platform that allows the users to sell or buy bitcoins in any payment mode such as bank cards to money in a SIM card.
Developing your own cryptocurrency exchange like LocalBitcoins is a trendy activity and this blog turns your crypto exchange business journey into a smooth one with essential things. On reading this blog, you will step into the crypto market in a hassle-free manner.
Yes. This blog starts with how LocalBitcoins is the leading cryptocurrency exchange platform, the reasons behind the development of websites like LocalBitcoins, and the features that turn you into a competing player in the crypto market. Let’s move on to the blog without any delay.
LocalBitcoins-Leading Cryptocurrency Exchange Platform
In the crypto market, those who wish to launch the crypto exchange platform look for the best cryptocurrency exchange clone script. Hope you are one of the group. Among many clone scripts available in the market like Binance, LocalBitcoins, CoinBase, Remitano, Paxful, etc, LocalBitcoin is the finest model to exchange cryptocurrencies irrespective of the payment modes.
For users who wish to trade bitcoins on any digital currencies, Local Bitcoins is the highly preferable platform with the following metrics.
A user-friendly interface where includes easy operational interfaces that attract many users.
A best-fit platform that allows ads-based and peer-to-peer trading.
This P2P exchange supports all types of crypto assets for buying bitcoins like Ethereum, Cardano, Dash, and any other.
Due to the above metrics, LocalBitcoins is the familiar one. Due to this, people now look for the opt LocalBitcoins clone script to launch the crypto exchange platform. Since this is a readymade platform, this perfectly fits all trading functions, plugins, and works the same as LocalBitcoins.
Are you planning to develop the a-grade P2P exchange platform at a low cost?. Then, the LocalBitcoins clone is the viable option.
Still, you are not convincing, you can move to the next section where the basic reasons to create a website like LocalBitcoins are highlighted.
Why Develop A Website Like LocalBitcoins?
The main objective of people is to launch the P2P exchange platform in less time, probably around 10 days. Custom LocalBitcoins clone is the best option. LocalBitcoins is the pre-developed white label software where this allows the crypto entrepreneurs to launch the crypto exchange business in less time period.
Customization plays a vital role where the customer needs and the technical platforms are perfectly mapped together. Buyers and sellers of bitcoins are accurately connected for the uninterruptible trades. LocalBitcoins is the opt platform where this uses the user’s location information to enable the connection with nearby buyers or sellers quickly.
Suppose your customers wish to trade Bitcoins, they immediately look for the sellers who are located nearby. LocalBitcoins is meant for following operational modes.
Fast transaction
high- Security
Liquidity pool
Simply looking, the sellers host the Ads for selling or buying Bitcoins in any form. Else, they can utilize the hosted Ads to promote their platform. They also highlight the condition in the ads, host the reply in the chatbox to establish the conversation among traders easily. The main reasons to develop a website like the LocalBitcoins are as follows:
Quick Launch to Market
Going for a ready-made platform rather than scratch basis allows the people to spend a little time or effort to launch their own platform. Also, the customization in readymade platforms is also easy. With this feasibility, a quick launch of the crypto exchange business can easily happen.
Economically Fit Solution
As the LocalBitcoins clone is developed from the existing website, the technicalities behind the building of the platform are less that reduces the cost value. For those who wish to launch the crypto exchange business in a low-cost model, the LocalBitcoins clone is the perfect choice for them.
Online Presence
Since the crypto market is flooded with many crypto exchange platforms, attaining a pace in a short period is a critical one for you. To overcome this issue, startup owners prefer the LocalBitcoins clone.
Because, the features related to the market changes are included means, the LocalBitcoins clone is the best one. Without modifying the entire code, you can customize it quickly. This is helpful for the crypto exchange owners to stay in the market for the long term. Further, developing LocalBitcoins clone yields the numerous benefits as follows:
Holds multiple trading options either for beginners or experienced ones
Enable the traders to perform the transactions in a fast mode
Completely open-source code where access and customization are easy.
Since this supports multiple payment gateways, people from all over the world access the platform and does the trading across global boundaries.
Stunning interfaces attract a huge number of traders to trade easily
Fit to handle cryptocurrencies beyond 200
Integrated with security/scalable and robust feature-set.
Since this is a customized one, the modification and the changes as per the business requirements are easy.
I think you are convincing here!. Launching the LocalBitcoins clone this year will make you a profitable owner in the coming years. But, the only thing you must focus on is the features and how the LocalBitcoins clone is helpful for monetizing it perfectly.
Features That Make You Competing Player in Crypto Market
Prior to moving into features, being aware of the workflow of the LocalBitcoins clone is essential. Also, how the traders access the platform also helps to identify the workflow perfectly.
Accessing Ways
Initially, the traders sign up on LocalBitcoins by their credentials and complete the KYC formalities.
Once the account is completed, the crypto wallet for them is automatically created. This wallet is used to store Bitcoins and buy them from others.
LocalBitcoins support the selling and buying processes in an instant manner
For cryptocurrency exchange mode, buyers look at the trade history of the seller so as to prove the authenticity of the seller.
The authenticity verification highly depends on the trading volumes as below:
Tier-0- 0 to 1000 Euros/Year(First name, last name, email, phone number, Email verification)
Tier-1-1000 to 20000 Euros(Full name, Email, Phone number, Address identity in Form 1)
Tier-2- 20000 to 200,000 Euros((Full name, Email, Phone number, Address identity in Form 2)
Tier 3- Unlimited(Full name, Email, Phone number, Address identity in Form 3, Viability Check)
To filter out the fraudulent and the dishonest parties, assurance of reputation is necessary. The terms and conditions declaration allows trading without any disputes. This also demands security features that allow the traders to buy and sell Bitcoins confidently. Offering multiple layers of security allows monitoring and protecting transactions in a better way. The features that are helpful for security are as follows:
Escrow services
Reputation/Ranking
Login safely and protection manner
Privacy
Pin verification
Two-factor authentication
Dispute or conflict resolution services.
A time to look into the architecture and the workflows are now arriving. Let's take a look at those
Trading Engine
Responsible for the order book, match, and tools for exchange. This needs the following things for a successful trade.
-Message exchanges
-Payment gateway Integration
-User Geolocation
User Interface
Eye Catchy interfaces and the dashboards allow the users to do trade in a perfect way. The functions governing the trade in a successful way are
-Account creation
-Funds Deposit/Withdrawal
-Request Posting
-Cryptocurrency purchase history
-Technical support
- User transaction history
Cryptocurrency Wallet
Once the registration is over, every user receives the cryptocurrency bitcoin wallet. This is the main feature and it provides the ability to use the smart contract. This supports cryptocurrency exchange on a website itself. This wallet is completely different from a traditional wallet. The ways to implement the wallet are as follows:
When money is stored on the platform’s shared wallet, then this is used by centralized exchanges to scale up the liquidity.
If the money is stored in a separate wallet, then it doesn’t have access to it.
Having internal wallets, some of the P2P cryptocurrency exchanges are simplified platforms. The development and protection against the issues of hacking and money theft. This restricts earning commissions during the trade.
Admin Panel
Monitoring interface where it helps to track the process, analytics inside the app, and the consent to dispute. The functionalities attached to it are listed as follows
-Tracking purchase and sell operations
-Tools that support traders KYC verification
-Profile information validation(name, email, phone numbers, transaction statistics)
-Buy/Sell Information
-Site statistics
-Processing requests
Additionally, the functions to assure security are as follows
Login via authentication
IP Validate
Rewards for identification of any vulnerabilities
With all the above essential functions or features, the LocalBitcoins clone script is waiting for you to make you be the crypto exchange platform owner in 2022. Hold on. Last but not least, the LocalBitcoins clone is also generated the revenue in following ways
Commission Fees
Charge the fee for the successful trading in the rates like 1, 5, and 200 Euro/year.
Publication fee-Charged fee regardless of whether the transactions took place or not.
Advertisements-Allowing advertisements within the platforms. Allocating space on the screen for banners and contextual advertising generates revenue.
Web Mining-By using the computing resources, the effectiveness of the mining is low and the profit is large.
Summing Up
To launch the crypto exchange business in a quick way, diverse LocalBitcoins clone scriptsare available. While booking the LocalBitcoins clone script, you should discuss the solution providers regarding the functionalities, monetizing ways listed in this blog. Holding these functions you can turn to be a profitable cryptocurrency exchange business owner in the coming years. Start now itself.