A cryptocurrency exchange is a website-based service platform that connects various counterparties and enables trade between these parties via fiat and virtual currencies. There are mainly three forms of crypto exchanges, including centralized, decentralized, and P2P. Out of all of these, P2P cryptocurrency exchanges are gaining major traction as these types of exchange platforms enable easy and quick trading.
In this article, we will comprehend how you can start with the cryptocurrency exchange platform development to build an exchange like LocalBitcoins, and start yielding long-term profits.
What is the LocalBitcoins exchange?
LocalBitcoins is a popular peer-to-peer cryptocurrency exchange that is based in Helsinki, Finland. It is a marketplace where users can easily get connected to buy and sell different cryptocurrencies like bitcoin, ethereum, litecoin, and others. Its working involves the buyers putting their Buy order and the respective price and payment method at which they wish to trade. Similarly, the sellers place their sell order and once the buy/sell orders are matched, the transactions are executed. The transactions on the platform are conducted quickly and securely. On LocalBitcoins exchange, traders can trade with more than 60 different payment methods to buy or sell cryptocurrencies.
How does the LocalBitcoins website function?
Below mentioned is the workflow of LocalBitcoins:
Firstly, whoever wishes to buy or sell crypto assets needs to fill in the registration form and then log in to the account to initiate the trading.
After you have logged in to your account, you have two options. You either post your new requirement on the website or select from the already posted buy/sell orders. If you would choose the latter option, then notification would be sent to the concerned buyer or seller.
Whether you are going for buying or selling bitcoins on the exchange platform, you can check for the traders’ history, their scores, number of trade, volume, and more.
After analyzing the trader, you can even start chatting with the person as a chatbox window will appear which will enable you to clear all your questions and start proceeding to the next level.
Now at this stage, you can type in the final amount at which you have finalized the trade and complete the transaction within the stipulated time frame. If it is not done in the mentioned time, then trade stands canceled.
Finally, when the payment is settled then cryptos are released from the escrow account and are shifted to the buyer’s wallet to complete the transaction.
Benefits of building an exchange like LocalBitcoins
Cryptocurrency exchanges are the best business model and are emerging as a high-yielding investment opportunity at this stage of the competition. LocalBitcoins is a leading exchange and going with their white label solution can prove to be the best option to launch a similar exchange quickly and with less development cost.
There are many proven benefits of starting with white label crypto exchange software development as it enables you to create your exchange platform under your brand name in a reduced time and makes you reach out to the larger target audience in a cost-efficient manner.
Where to get a reliable LocalBitcoins clone script?
There are generally two ways to get started with a crypto exchange solution – either to develop it from scratch or choose a white label solution. The second approach is easy to get started and provides a ready-made software solution to the client. Next, you have to choose a reliable and the best cryptocurrency exchange platform development company like Antier Solutions, which would provide you best-in-class services and features to get started. It is much easier than starting with the platform from scratch as you can choose from various available development companies, view their demos, check their features and pricing and finally connect with them.
Antier Solutions’ LocalBitcoins clone script features
Robust dispute resolution
Instant KYC/AML verification
Online/Offline trading options
Chat Bot integration
Multi-currency wallet integration
Live price tracking of cryptocurrencies
Therefore, if you are ready to get started with the cryptocurrency exchange platform development then connect with our domain-specific experts and share your business requirements.
Schedule an obligation-free conversation with our experts or request a free demo of white label cryptocurrency exchange.