A Detailed Guide of P2P Cryptocurrency Exchange Development

A Detailed Guide of P2P Cryptocurrency Exchange Development

Bitcoin came into existence on 3 January 2009 and was initially priced at $0. In just 12 years it crossed $64,863.10. Thus, if someone had invested in bitcoin in 2009, he would have got an ROI of about 37066.49%.

As you probably know, Bitcoin is not the only cryptocurrency in the market but it is the king of the market. There are above 10,000 cryptocurrencies each of them has their own purpose and computing with Bitcoin directly or indirectly.

These all cryptocurrencies are being traded on a platform known as a cryptocurrency exchange.

There are numerous cryptocurrency exchanges out there that have their own features, functionality, and number of cryptocurrencies listed on them.

As the crypto market is growing at a rocket pace, businesses and startups are taking interest in using the potential and reach of cryptocurrencies. There are various ways to earn in this market,

but if we talk about the major ones, then, one way is developing a token and launching ICO, IEO, or IDO and another option is developing and launching their own cryptocurrency exchange.

Some Extra Points You Should Know Prior To The Development There are some important points you should know about before the development process begins. These points will help you make good decisions and will also impact the success of your p2p exchange.

Types Of Trading Since each type of exchange platform has a different requirement and service. There are basically six types of trades available in the cryptographic currency trading market. They are ● ● ● ● ● ●

P2P crypto trade Half and half crypto trade Centralized crypto trade Advertisements based crypto trade Decentralized crypto trade Orders book crypto trade

You can enter the market with a solution that has all the above or you can choose the one trading type that seems appropriate for your project. Be sure to do proper research and fully understand the benefits and usefulness of these trades and choose the best type of trade that best suits your business interest.

White Label Exchange V/S Exchange From Scratch Bringing together or launching a cryptocurrency exchange platform on a decentralized platform would be the most ideal decision. And for development, there are two options: 1. White label exchange

White label exchange development is a way that is also known as Ready-Made exchange. In this way, developers will develop/customize an already made/ready-made according to the requirements of clients, and you will take it to your market.

2. Exchange development from scratch As per your requirements, developers can build the exchange from the basics. In this way of development, we will develop an application that is customized and designed to suit your needs. It takes a bit more time and it is a bit more expensive, but it will make sure that you get a unique and futuristic exchange.

How Does The P2P Crypto Exchange Platform Work?

When bitcoin was introduced a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was made available on the official website. Thus, bitcoin, or as we can say cryptocurrency is developed for peer-to-peer transactions.

You need to have a basic understanding of what a cryptocurrency is and how it is managed in order to thoroughly understand the workings of a P2P crypto exchange platform.

The digital currency market or crypto market is decentralized in nature and here money is not given or offered to anyone exclusively like other currencies. All the data is stored into an organized network of computer systems. This cryptography-protected money can be bought and sold through trades and kept in a ‘wallet’.

Once your users have installed the application of exchange or used a website to make a transaction the transaction process will start. The registration and transaction process sounds a bit complicated, but our experts will always be there to keep everything clear. After installing the software users have to go through some compulsory steps to start the transaction process.

Features Of P2P Cryptocurrency Exchange Software

Here is the list of features that are very common these days in an exchange platform.

Multiple Cryptocurrency Bitcoin, Ethereum, Dogecoin, etc. are very popular in the market. But there are over 10,000 cryptocurrencies out there ready to be traded. With multiple cryptocurrency support, you can transact in any of these cryptocurrencies. By including this feature, developers will ensure that your users do not have to shuttle between applications for different cryptocurrencies.

Multi-Lingual Support As multi cryptocurrency wallet development has gained popularity over the years, providing content or platform in multiple local languages ​would be a good step for a better understanding of end-users. You can ask your developers to add multilingual support to the platform.

Therefore, users can choose their native language to read all the content including the Terms and Conditions in the local language for better understanding.

Automated KYC/ID/AML verification is a must-have feature in an exchange platform these days.

It lets the administrator find the right users quickly and efficiently for better solutions. It also eliminates hackers and other risk factors.

Crypto Swap The latest exchanges also offer a crypto swap feature. Basically, it allows crypto holders to easily exchange one cryptocurrency for another without leaving the current crypto wallet. With this feature, crypto holders can exchange their cryptocurrencies in your private key wallet or in your trading account. However, swapping through the trading account offers fast settlement and zero network fees.

Multi-Factor Authentication

This feature will be available for users as well as admin, to ensure higher standards of security.

Our platform will keep the verified users updated with emails and including Google 2FA will make sure that no unpleasant activity happens on our platform with your account and data.

Preferred Trading Nowadays exchanges are providing options of trading so that users can choose a preferred way of trading and make a big profit. Users can always choose their preferred sellers to make it easier for them to make the best possible profit in a limited amount of time ensuring smooth trading results.

P2P Exchange Development Process Normally, each and every P2P Crypto Exchange Development team follows a very identical process. They will start with exploring the ideas and all the requirements and they will then develop the platform then they will work on designing and at the end they will deliver the solution. However, complete details of the process are provided below.

●

Idea And Research

●

Design

● Development ●

Integration

● Token Listing ● Delivery Of The Solution

P2P Exchange Development Cost It is a well-known fact that the cost of such a solution which deals with cryptocurrency and blockchain remains a bit higher compared to the normal on-demand solutions. It is also because

these solutions involve mining and other complicated processes. However, the cost also depends on some other factors like: ● Location of the firm you outsource services from. ● Features integrated and complexity ● Security and Safety Factors ● Time is taken in the development ● Number of Developers required ● Extra services If you are looking to make huge profits and want to enter the market with a robust platform that will help you stay in the market for the long run make sure to choose a reputed company that is having some experience.

If you are searching for a Top P2P Cryptocurrency Exchange Development Company with experience and reputation, Suffescom Solutions INC is here for you. The company has experience in completing over a hundred exchanges and cryptocurrency projects.