P2P Crypto Exchange Development — A Lucrative Business For Entrepreneurs
The cryptocurrency market has moved up and down in the last few years. However, users haven’t changed their minds and kept their faith in virtual currency. A significant reason behind that is the future-oriented thought process. With Metaverse and NFTs dominating the current industry, the value of Cryptos is likely to touch the peak yet again, which could be a massive boost to the entire industry. Thus, Crypto Exchange owners are likely to be the most satisfied and happiest among all business heads once the market soars up and more users come into the fray.
Besides, what stands out is that Cryptocurrency Exchanges offer different trading methods for users. Among them, the most convenient and trusted way is P2P Crypto exchange, where the need for a third party gets neglected during a transaction. Users can directly interact with each other in P2P trading with an Escrow system which assures security from fraudulent works.
The best example of a P2P Crypto Exchange is Paxful which works on Advertisement-based trading.
Thus, the demand for P2P Crypto Exchange Development is rising day by day, and the phenomenal user count has led to high revenue generation for the Exchange owners. No wonder startups are looking to initiate a business through P2P Cryptocurrency Exchange development. Creating a P2P Exchange has numerous profit-earning ways for users as well as the owners, which we will see in this blog.
Let us start from the basics…
What is P2P Crypto Exchange Development?
P2P Crypto Exchange Development is the process of developing a P2P trading platform for users who wish to avoid third-party involvement. Instead of a traditional Order book system, a P2P Cryptocurrency Exchange uses advertisements as the base for trading. The main advantage of using a P2P Exchange for users is that it doesn’t involve any transaction fee, which is usually charged in other Centralized exchanges with Spot Trading features.
In simpler terms, a P2P Crypto Exchange works like a decentralized system where the decision-making is with users. However, the central authority is still with the exchange as they play the role of an Escrow system to ensure smooth transactions between two users. Thus, more users have turned their attention toward using P2P Crypto Exchange platforms, and let’s analyze how this could bolster the revenue for owners.
Why Startups Should Invest in P2P Crypto Exchange Development?
The P2P Crypto Exchanges developed so far in the crypto market have generated considerable revenue for the owners. The main reason why users tend to queue up in a P2P crypto exchange is the trust involved. Two factors that define trust in a P2P cryptocurrency exchange are the escrow system and users being able to choose their preferred buying/selling prices.
Thus, owners will not have the problem of liquidity with more users entering the platform. Attainment of liquidity helps exchange owners generate revenue through different methods.
- Listing fee
- Commission fee for helping Ad-based trades
- affiliate market for foreign fiat conversion rate
- Withdrawal fees
- Premium Memberships
- Lending Services
- Margin Trading Fees
- Staking Services
- Cross-Promotion and Sponsorships
- Escrow Services and more.
All these profit-earning ways highlight why startups should approach the P2P Crypto exchange development company and start their business to increase their revenue streams. Besides the direct revenue earned, developing a P2P Exchange indirectly helps to generate profit. In the future, startups can transform the P2P cryptocurrency exchange into a hybrid model with centralized and decentralized options.
Once you understand the revenue-generating factors, the next step is to know the P2P Exchange Development.
What Is The Process Of P2P Crypto Exchange Development?
There are certain factors that startups should notice before directly stepping into the P2P Crypto Exchange Development process. You can choose any of the development processes to develop a P2P crypto exchange platform. Based on the cost estimation, time duration, etc. you can pick the best. Once you approach a P2P crypto exchange development company, they offer you three different solutions,
Exchange creation From Scratch
Developing a cutting-edge P2P cryptocurrency exchange platform from the beginning may look a bit complex, yet it is a rewarding endeavor.
You must have a clear and in-depth understanding of blockchain technology, cryptocurrency, and business tactics. You have to coordinate with the exchange development company to design your crypto project. From the initial stage of gathering the resources to deploying the exchange platform on the Mainnet, you have to take complete responsibility.
This consumes more time, energy, and resources for creating a P2P exchange platform. So, if you have a limited budget for your project, then it is better to choose other development methods.
White-Label Software
The White-label solution is a partially developed, and pre-tested software where you can create the exchange platform without any hassles. As it is already developed, you can simply integrate your choice of features, functionalities, and plugins. Without much effort, you can create a P2P crypto exchange platform.
It simply takes less amount to create the exchange with the white-label software. And, also the time duration for creation will be less than other development methods.
Clone Script
Along with the white-label software, there is an easy method to create a P2P exchange platform. It is picking the best clone script. The clone script is nothing but a completely developed replicated software of an existing exchange platform. If you want to create a P2P exchange like Paxful, then you can choose the Paxful clone script.
The clone software replicates the trading features, security mechanism, user/admin dashboard, UI/UX design, etc of the selected exchange platform. In simpler terms, literally, everything on the existing platform is imitated in your P2P crypto exchange.
So, it will be easier for you to launch your exchange platform within a month. And the price estimation also comes under your budget. So, without any secondary thoughts, pick the best clone script for your exchange creation.
Want to know more about the exponential features of P2P crypto exchange script, then have a look at the next section…
Must have Features of P2P Crypto Exchange Script
The P2P Crypto Exchange Script has some of the top features in the market in terms of both infrastructure and security. These standard features ensure that startups can concentrate on making money through the platform as a priority. Here are the fabulous core features that come along with a P2P Cryptocurrency Exchange Script.
- Engaging User Panel
- Powerful Admin dashboard
- Escrow Service
- Advertisement listing for buying/selling Bitcoin
- Multilingual facilities
- Dispute Management system
- Multiple Payment methods
- Admin Profit Management
- Site API
- Automatic KYC/AML Verification
- Custom Wallet
- Transparent pricing
- Referral program
Although these core features are quite impressive, the ultimate point of developing a P2P Crypto Exchange relies on security. Startups can keep the trust of the users intact if they manage to produce a packed security system. Luckily, the P2P Crypto Exchange Script has a terrific set of security features to fight against malware attacks and hacking. Here are the security features available in a P2P Crypto Exchange Script.
- SSL Protection
- End-to-End encryption
- KYC Verification
- Multilayered Authentication
- Secure API Connection
- Device Enabled Security
- SQL injection prevention
- Anti-DOS (Denial of Service)
- CSRF (Cross-Site Request Forgery) Protection
- SSRF (Server-Site Request Forgery) Protection
With a variety of core features and valiant security features, the P2P Crypto Exchange Script is likely to interest a lot of entrepreneurs with Crypto business ideas. Moving on, the next discussion would be the business benefits involved in developing a P2P Exchange.
Business Benefits of P2P Crypto Exchange Development
P2P Crypto Exchange development comes with an exciting set of business benefits that startups should not miss out on. These benefits highlight why more startups should consider P2P Exchange development soon. Here are the business benefits that come along with a P2P Cryptocurrency Exchange development for entrepreneurs.
- High-speed Deployment cycle
- Vast user count due to zero transaction fee
- Top-class security
- Transparency
- Quicker Branding recognition
- Generating high source of Revenue
- Leaning back with fewer efforts
- Customized features and high scalability
All these perks will be provided by a P2P Crypto Exchange development company once a startup finalizes its goals and approaches them. Prior to that, it’s crucial to know the P2P Crypto Exchange Development cost for startups interested in the business model.
How much does it cost to Develop a P2P crypto exchange?
The approximate cost to develop a P2P crypto exchange ranges between $20,000 to $45,000. However, the cost may differ based on various factors and reasons. I have included the average cost estimation for creating a P2P crypto exchange.
On the other hand, the cost of a P2P Crypto Exchange script lies around $7,000 — $14,000 based on the customizations needed by the entrepreneur. Going by the current market, the P2P Crypto Exchange script should be affordable for startups.
Wrapping up
Having finalized the ideal P2P Cryptocurrency Exchange development method, the startup must approach the right P2P Crypto Exchange development company to purchase the P2P Crypto Exchange script. It’s not an easy task, and entrepreneurs need to focus more on which company suits their requirements. Experience has excellent value in the blockchain industry, and startups should ensure developers are well-versed in blockchain-related projects.
Secondly, take a survey of the P2P Exchange development company. Track down the number of projects the enterprise has worked on, and the Client reviews always matter, especially in this case. Checking if the requirements can match the services of the company is a must. In the end, do not hesitate to take a demo as it can provide sufficient knowledge of how the project should turn up.
