There is a high rush to develop cryptocurrency exchanges as the markets promise to deliver high rewards for traders and investors. P2P cryptocurrency exchange development is one of the recent technologies in the blockchain. It offers several advantages over ordinary exchanges on the blockchain. And as the world of cryptos expands and grows, customised ones are highly in demand and preferred.
But what is it anyway? And how do traders and investors benefit from it? What are its inherent features? We delve into the details with this blog to know and learn more.
What is a peer-to-peer (P2P) cryptocurrency exchange?
Unlike ordinary exchanges, P2P exchanges are rather unique as traders can trade directly, peer-to-peer, on the blockchain. The exchanges facilitate the buying and selling of cryptocurrencies between traders without the need for intermediaries. They are decentralised platforms where direct trading in cryptocurrencies is sanctioned and validated by smart contracts. There are several benefits and advantages to having P2P exchanges. Besides high security and transparency, it is easier and faster to complete trades with easy withdrawals.
Steps in the Development of the Peer-to-Peer Crypto Exchange
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Decide on the vital customised features to add to your exchange. (idea and market research development). The decentralised exchange types carry different aspects according to customer needs and requirements.
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Check and comply with legal exchange aspects. You must ensure full compliance with all regulatory norms and get the operating permit for the jurisdiction.
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What inherent technology stack do you want to add? This usually includes technical exchange aspects like programming languages, databases, and frameworks.
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Develop the exchange user interface. A user interface is the primary interactive and navigative aspect of your exchange. The more
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Integration of multiple currency wallets. The wallets enhance easy storage, management, and transfer of digital assets on the exchange.
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Add secure and reliable payment gateways. They facilitate payments and deposits on the exchange. They should support multiple cryptocurrencies.
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Build and ensure customised P2P crypto exchange features according to needs. Create a scalable solution that meets and fulfils all your needs.
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Test and deploy the P2P exchange after fulfilling all functional criteria. After comprehensive testing for functional readiness, you can deploy the exchange.
What is the total cost of developing a P2P cryptocurrency exchange?
There are several factors that affect or determine the actual development costs for your customised P2P exchange software and solution. These factors may include your location, developer and development company charges, customised features added, the choice of development platform, and many more.
However, a P2P exchange can vary from 8,000 to 30,000 dollars, depending on the developer, development company, and project delivery timelines. However, it is always advisable to check the credibility and reputation of your development company before making any project commitments or decisions.
Prominent Features of Peer-to-Peer Cryptocurrency Exchanges
Every user and trader has a different set of primary needs when opting to build this type of crypto exchange. However, these are the predominant features of P2P exchanges.
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Direct trade and exchange of cryptocurrencies and digital assets (no intermediaries)
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Multiple cryptocurrencies and fiat support
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Better KYC and AML verification for trades
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Powerful trade engine for faster trade matching
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A reliable escrow system
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Multiple security layers
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Multiple languages support
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Multi-factor authentication
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Cryptocurrency swap feature
What are the benefits of developing P2P crypto exchanges through Technoloader?
There are several benefits for cryptocurreny traders and businesses with a custom P2P exchange built by expert skills. These include, among others:
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Access to great experts with high-end skills in blockchain development technologies
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Cost-effective exchange solutions with faster project delivery schedules.
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Highly customised solutions to meet and address all customer needs and requirements.
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Better high-quality standard solutions with greater customer satisfaction.
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Better technology tools with highly transparent development processes.
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Rely on experts with a proven track record of several successfully launched projects.
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Positive customer feedback and reviews satisfied with the developer services.
Concluding Remarks
There are already great reasons to develop a custom exchange solution, as it offers returns on investment on the blockchain. A P2P exchange offers even better returns if developed by the best cryptocurrency exchange software development company. Technoloader is a leading provider of highly customised crypto exchange development services and solutions that help address customer needs and requirements.
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