A COMPLETE GUIDE FOR P2P CRYPTO EXCHANGE LIKE LOCALBITCOINS CLONE WEBSITE DEVELOPMENT : WORKING FLOW,TRADING PROCESS, FEATURES & COST

Published On October 19, 2020
A COMPLETE GUIDE FOR P2P CRYPTO EXCHANGE LIKE LOCALBITCOINS CLONE WEBSITE DEVELOPMENT : WORKING FLOW,TRADING PROCESS, FEATURES & COST

 

If you are a trader who is looking to maximize profits or Want to start your own Cryptocurrency Exchange/ Trading platform like LocalBitcoins?

Here is a complete guide to launch your own trading Platform like LocalBitcoins. This guide will surely help you right away!!

An overview of LocalBitcoins - P2P Marketplace for Bitcoins

LocalBitcoins is a Peer-to-Peer cryptocurrency exchange marketplace that allows buying and selling Bitcoin without oversight from centralized exchanges or financial institutions.

In simple, LocalBitcoins is one of the most typical ways to buy Bitcoin. Localbitcoins is the most-trusted method of trading Bitcoin that has been embraced by the Bitcoin community.

This exchange platform allows users to post advertisements where they state the exchange rate and payment methods for buying or selling bitcoins. Customers can easily buy and sell cryptocurrency in the local market along with escrow or any other service to both concerning parties.

What Makes Local Bitcoins Different from Other traditional Exchanges?  

1.Local Bitcoins is different from other exchanges because you don’t want to connect your bank account information to Local Bitcoins directly. Instead of that you can directly search for other users who have Bitcoins and looking forward to sell them.

2. There is no third party intervention as such that may disrupt the transaction taking place. Unlike other traditional centralized exchanges, there is no admin/head. so the process takes place quickly and bitcoins will be received instantly. 

3. LocalBitcoins will supports every payment method that the user community is engaged with.

4. As it is a P2P trading exchange , privacy is the most outstanding feature in localbitcoins

Perks of Trading on LocalBitcoins

- The Quick and easy way to trade bitcoins
- Escrow protection- For safer trading between buyer and seller
- Automated Trading
- Largest Peer to Peer trading platform
- Updated dynamic pricing system
- Acts as a global marketplace to serve users in over 100 countries.

Local Bitcoin Website Clone 

It is a cryptocurrency exchange website Clone script that has all the extrusive security features and API of LocalBitcoins Exchange with upgraded and advanced UX /UI at an affordable cost.

Local bitcoin Escrow Script helps to achieve you to start your own LocalBitcoins exchange website that allows users to buy and sell cryptocurrencies and pay the respective person with fiat or other cryptocurrencies.

Using this Local Bitcoin Exchange Clone Script you can offer your users a seamless experience while purchasing or selling their bitcoins on the platform. It has all the necessary and similar characteristic features built into it for running a successful Localbitcoins like a business.

Coinjoker- As a prominent Cryptocurrency Exchange Clone Development company offers  LocalBitcoins Website Clone Script to launch a  trading platform similar to Local Bitcoins to buy and sell cryptocurrency through Peer to Peer trade. 

How to earn money with the LocalBitcoins Clone Script?

The owner has various opportunities to make money through our LocalBitcoins trading platform.

Transaction fees:

Whenever a user carried out a successful transaction, a certain amount of fee will get charged for that. This fee structure can also be applicable while withdrawing the cryptocurrency from your wallet to another wallet outside of the platform.

Posting Fees:

The site administrator will receive a commission fee for each and every request for buying and selling. The user who is posting the requirement needs has to pay a certain percentage of the fee.

Banner Ad:

Banner advertisements are the best source of earning. This is because most of the users who visit the platform might be interested in cryptocurrencies or any other products related to that.

Workflow of LocalBitcoins

The P2P LocalBitcoins exchange allows buyers and sellers to have peace of mind that they can agree on the terms of a transaction with the safety of having an escrow service to protect them. Unlike other centralized exchanges, LocalBitcoins let you carry out the trade directly with other people. 

Step 1 - To open your LocalBitcoins account by registering your email. all you need is an identity document, like a passport / national ID.

Step 2 - Complete your profile

Step 3 - Start searching to buy/ sell using the “Quick Buy” or “Quick Sell” tabs. 

Step 4 - Get to Know Your Buyer / Seller by evaluating them with their stats such as the number of successful trades, overall feedback score, and status of profile verification.

Step 5 - Proceed with the Transaction

LocalBitcoins also comes with a simple trade advertising platform to make opportunities for the traders to meet their target audience. Thereby allowing the traders to gain huge profits from their trades.

Essentially, it is a marketplace for people to post their offers of buying or selling bitcoins. As a user, you can post an ad where you specify the exchange rate, location, and preferred payment method for an exchange. You can also boost your advertisement. If someone gets interested in your ad, will reply to you and you both can contact and agree to make a trade according to your convenient transaction method.

However, these advertisements will be done at a cost. For a trader, it will cost  1% of the total capital exchange in the trade. 

Trading process at LocalBitcoins

A typical trade process on LocalBitcoins works like this, 

The first step is to create a selling advertisement on bitcoins (online sell advertisement). while making that advertisement you have to choose the payment method, set pricing, limits, and terms of the trade as a message.

The next step is to fund your wallet with bitcoins in order for customers to be able to open trade requests from your advertisements. You will receive notifications by email or SMS whenever someone replies to your advertisement.

When a buyer accepts and opens a trade with you, Bitcoin for the full amount of the trade will be automatically taken from your wallet into escrow and guide the buyer to pay for the trade. 

 


 

Once the payment can be done by the buyer you will receive an email / SMS notification that a trade has been paid for.

After your confirmation on receiving the payment, the bitcoins will get released from escrow to the buyer's wallet.

The final step is to leave feedback for the buyer in order to encourage the buyer. This feedback is very important to gain a reputation and make more trades.

 

LocalBitcoins Fees

The fees associated with using the LocalBitcoins are small compared to some other peer-to-peer Bitcoin marketplaces. 

1. Bitcoin trading (buying and selling of Bitcoin) is absolutely free.

2. Those who want to advertise their bitcoins for sale are usually charged a 1% fee on all completed trades.

3. Sending  Bitcoin to the wallets of other users is totally free. But the Bitcoin network itself will charge a fee for the transaction.

4. A fee of 200 euros/hour is charged for custom projects

5. Service fee of 0.5%  for merchant invoicing

Security and Protection

LocalBitcoins provides several security measures to protect the users and their money. This exchange has its own online wallet where private keys are encrypted and protected offline.

LocalBitcoins also has a whitehat program for security purposes which is powered by Cobalt, a crowdsourcing platform.

PROS

- Competitive fee structure (most services are free).

- User-friendly UI/UX 

- Escrow Wallet 

- No third-party interventions

- Variety of payment options

- There are several layers of security for users on the exchange

- Global level buyer/sellers

- Extraordinary Privacy

- Most secure way to handle transactions 

- LocalBitcoins may seem the only way to sell/trade bitcoins in some countries

Key Features/ Security measures of LocalBitcoins Exchange Clone 

Several features have been integrated to enhance the security of both buyers and sellers. Here are some of them to make the trading marketplace to be more secure:

Secure platform - A secure platform for buying and selling bitcoin.

Payment options -  LocalBitcoins offer a wide range of local payment options.

Truly global platform - Facilitates P2P trading over 248 countries worldwide.

Escrow Service – The escrow account holds both your funds and the seller's Bitcoins and won’t release them until your payment is confirmed. This prevents fraudulent sellers thus proven a safe system.

Reputation-based framework –  Each seller has their own reputation rating are rated by users, and their transaction history is public on the exchange. This self-enhancing framework protects users from scammers and also making it easy to find out trustworthy sellers.

Conflict Resolution –  One of the needed functions of the customer support is to provide resolution in the event of a dispute between buyers and sellers. The support team will investigate any complaints and will attempt to resolve disputes in a positive way.

Login guard - The website has a login guard that checks that you are using the same browser for login. If it changes, a notification can be sent to verify your email address.

IP Address Confirmation - The exchange always keeps a record of the IP address of the computer used for account creation or which is constantly used for login the account. If the user uses a new device to login from different locations, a verification process can be done via email to confirm the identity.

2 Factor Authentication - 2-factor authentication is a standard way that provides an extra layer of protection against hackers. By enabling 2-factor authentication users will always verify the login attempts by requiring a PIN sent to their mobile phone.

KYC - Know-Your-Customer puts a  verifiable identity on all users of the platform. This helps to sketch out the scammers/ hackers from using the exchange or stealing bitcoins. 

Escrow Payments - All transactions will be done safely by escrow protection. Cash will be released only after the confirmation.

Escrow Service - Escrow service with a built-in reputation system. It makes it easy to find reputable buyers and sellers, as well as identify and avoid suspicious offers.

HTTPS web encryption - HTTPS encryption for all communication data between your device and the website.

SMS and email alerts - The unusual behavior or login attempts can be notified through SMS or email.

PGP email encryption - PGP encryption for all email communications between you and the exchange.

Customer Support –  Offers 24/7 customer support via email. 

Where to get the local bitcoin exchange clone website script?

Initially, it takes really long time to develop and launch an exchange website from scratch. White-label solutions is a brilliant idea to launch your trading platform within a few days.

There are many companies offering Cryptocurrency exchange solutions. Among that, you have to pick out a reliable and trustworthy cryptocurrency exchange platform development company like Coinjoker, which provides you world-class trading solutions & services at a cost-effective budget.

We are the top Cryptocurrency Exchange Development Company, provides white-label solutions to launch local bitcoin exchange clone script that can completely be customized according to your trade needs. Our Local bitcoin clone Development comprises of both the Localbitcoins Clone Exchange Website as well as Local bitcoin clone app for Android and iOS.


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