Blockchain and cryptocurrency have shown great progress in recent years. With the soaring utility value of cryptocurrencies, exchange platforms are also widely adopted for trading by many people around the world. There are so many peer-to-peer crypto exchange platforms popular among the masses and the most preferred P2P exchange is the LocalBitcoins platform.
LocalBitcoins comes with a very intuitive and productive environment that can serve as helpful for the traders to exchange tokens effortlessly. Due to the rising demands for platforms like LocalBitcoins, crypto businesses striving to achieve are adopting LocalBitcoins clone script to cope with the needs. By launching the LocalBitcoins clone, the cryptoprenuers could arrive at an amazing opportunity to uplift their revenue.
With customizable structure, flawless features, and impeccable trading mechanisms, LocalBitcoins script integrates functionalities that can prosper your business by satisfying crypto users. If you are planning to develop a LocalBitcoins script for your crypto business, then there are aspects you need to be aware of before starting the development.
P2P exchange like Localbitcoins: So, here you go!
Localbitcoins Clone Features
To arrive at a huge user base by developing an efficient LocalBitcoins like a P2P exchange platform, the features must match the current advancements and the user expectations. Taking into consideration these parameters, here is a list of must-add features you must not miss out on while developing your LocalBitcoins clone script.
- 2FA
The two-factor authentication feature is to be incorporated in the LocalBitcoins clone script in order to enhance the account’s security by providing an extra layer of security. In addition to their login credentials, they can set an OTP pin as a security measure.
- KYC/AML
The users can undergo an easy registration process followed by minimal KYC verifications. Both KYC and AML verifications are acceptable in many countries and it is safe to include these aspects for increased security of the user account.
- Multi-currency Support
By integrating the LocalBitcoins clone script with multi-currency support, the app users can be allowed to buy, sell, or trade multiple currencies through the platform.
- Multiple Payment Options
Making your platform available with plenty of payment options makes it easier for the user to choose their preferred or suitable payment method.
- Advanced Search and Filter
To facilitate the traders with preferred ads and sellers, the integration of advanced search and filter options will serve well. They can easily narrow down sellers or buyers, and trade accordingly in a hassle-free manner.
- Escrow Wallet
Once the crypto users bought tokens via LocalBitcoins clone, they need to store them in a secure wallet and that is where escrow wallet implementation comes in. Till the transactions are verified and completed, the crypto assets stay in the wallet safe and secure.
- Ads
The platform must allow the creation of ad posts for the sellers so that they can lure the target traders easily.
Monetization Strategies to be Incorporated Into Localbitcoins Script
By considering this standard app monetization approach for a remunerative LocalBitcoins platform for your business, you can make the platform more lucrative and profitable.
- Commission Charges
The user can be charged a certain percentage of the fee for every transaction carried out through the LocalBitcoins clone for crypto trading. It can also include maintenance fees and external payments and transactions fees.
- Publication Fees
To post anything about the cryptocurrencies they hold, the buyers and sellers can be charged by the platform. Even for buy requests and raising sales, irrespective of their involvement in the process, they can be levied with certain charges.
- Ads and Promotion Fees
To reach a wide range of traders, the sellers need a channel through which they can easily reach them and promote buying tokens. By allowing them to post ads regarding the same, you can charge the sellers as well as give them a channel to reach the traders.
Workflow
Here is how the LocalBitcoins platform works and makes sure you incorporate this efficient workflow in your LocalBitcoins clone script.
- The user needs to sign up for the app by undergoing the registration process and getting verified through KYC/AML verification processes.
- After completion of the initial setup, the users will be allocated crypto wallets to store their digital assets.
- To proceed further, the crypto user needs to choose either to buy tokens or sell tokens.
- By applying the necessary filters, the user can search for sales of cryptocurrencies matching their needs.
- The user can also choose assets from the listings posted by the sellers. The buyers, on the other hand, will be able to check the seller’s trade history theory ensuring authenticity.
- On accepting the sale, the buyers can initiate the transaction by selecting payment modes.
- Once the transaction process is complete, the tokens will be transferred to the buyer’s wallet. In case of any query, the buyer and seller can interact via the in-app chat support imparted in the LocalBitcoins script.
Development Approach
There are only two basic approaches to developing your P2P platform. They are,
- Develop From Scratch
You can develop the LocalBitcoins like P2P exchange platform by making use of the benefits of the business model and adopting similar features. But since everything needs to be done from scratch, this development method can cause you increased development time and cost. That is why it is better to go for clone app development.
- Adopting Readymade White-label LocalBitcoins Script
By taking advantage of the ready-to-launch LocalBitcoins clone script, your investment can be lowered, development time can be significantly reduced, and this model is highly cost-efficient. Instead of developing from scratch, all you have to do is customize it as per our crypto business needs.
Closing Thoughts
To leap into the P2P exchange crypto business, the best way to start is by adopting the LocalBitcoins clone script. The rising growth of cryptocurrencies, the popularity of LocalBitcoins, the advanced features and workflow it comes with, all combine to give you an impeccable solution for your exchange business.
To build one, connect with Uberdoo. We contribute to crypto businesses by offering our industry-best clown app development services aligning with the current trends and your business requirements at a balanced level. Talk to our experts to know more about our LocalBitcoins script creation services!
