LocalBitcoins exchange script is a famous peer to peer cryptocurrency exchange. It is a marketplace where people are engaged in buying and selling cryptocurrencies. Its working involves the buyer putting the buy order and its price and payment method they wish to trade, similarly in sellers’ case. When buyers’ and sellers’ orders match, then the execution of charge takes place. This platform speedily conducts the transaction. On Localbitcoins exchange Scripts, the traders can trade with more than 60 different methods to buy or sell the cryptocurrencies.
HERE ARE THE STEPS TO CREATE YOUR CRYPTOCURRENCY EXCHANGE LIKE LOCALBITCOINS
STEP-1) Business model and area of interest –
Buying and selling cryptocurrencies is not a big deal. Anyone can do it quickly upon passing the verification test.
Level 0 – One must state all the details, including name, email address, phone number, and country of residence. Once the phone number and the email ID are verified; the process can move further. At this level, one can use 1000 euros per year.
Level 1 -. One must state name, email address, and phone number after verifying the address and identity number of a passport or driving license. The amount at this level is 1000 euros to 20,000 euros.
Level 2 – Repeat the procedure as is level 1 and 2. Complete the verification at this level by confirming the identity and proof of place of residence. Amount range is 20,000 to 200,000 euros per year.
Level3 – Entrepreneurs can confirm all the information and a viability check. Repeat the same procedure as above, clear the verification and get access to transact an unlimited volume of deals.
STEP- 2) Design platform and its features.
Trading engine-This software takes care of order books. It automatically compares the sell and buys orders between the traders and other services through API.
A LocalBitcoin Clone Exchange will also need features to communicate with the other party to agree on the terms and conditions of buying and selling.
It should also be integrated with different payment gateways like Amazon Pay, Paypal, etc. More than 50 payment methods are supported on the Clone Exchange.
User interface– The user interface should be intuitive, and easy to use. It should be designed in such a way that it can attract users towards using it. Even for a newbie, its functionalities and features should be readily understandable.
Cryptocurrency wallet– In the LocalBitcoins Exchange Clone website’s registration process, users will be given a cryptocurrency wallet. A cryptocurrency wallet is a 100% secure system. It allows the management of cryptocurrencies from a centralized portal, making the transaction seamless and easy. It also allows investors to manage their funds. It is now cheaper, faster, free from government intervention, inflation-free, user-oriented, user-generated, secured, multi-currency oriented, and facilitates global transactions.
Admin panel– For site management, tracking process, business analysis, dispute management, and user support, there is a need for an Admin panel in a LocalBitcoins exchange clone. The functionality and convenience of the admin panel are of more importance.
STEP-3) Monetization strategies
Commission and the fees-The platform has the leverage to charge a fee for each trading operation as a commission.
Publication fee- The platform can introduce a publication fee as a request to buy or sell the bitcoins. The forum will charge a fee, irrespective of buying or selling bitcoin. LocalBitcoins do not have such publishing fees, but other exchanges have it. Therefore, you can introduce this feature in your Clone exchange, if need be.
Advertisements– The platform can introduce an operation ability of paid promotion of advertisements. It includes highlighting the ads with unique design, displaying the ads with a banner, giving a particular column to the publicity, content advertising, putting them on the main page, etc.
Web mining (browser mining)- If your platform is popular, it is considered a significant revenue source. But, users don’t prefer this monetizing process, and there are authorities in some countries that have declared it illegal. Therefore, this feature can be taken into consideration only if your clone exchange becomes a leading exchange in the market.
STEP 4)- MARKETING CAMPAIGNS
Natural search results– By using SEO-optimized content, get the site to the first positions in different platforms’ search results. You can do it with the introduction of keywords such as “buy bitcoins,” “sell bitcoins,” “cryptocurrency exchange,” and others. It costs from 100 to several thousand dollars a month.
Bitcointalk and other profile sites– Reviews, recommendations, comments, and links on cryptocurrency and blockchain web platforms can be considered as a powerful strategy for a Bitcoins Clone exchange. Promotion price on thematic forums depends on the scale and accounts used – from $ 50 per month.
Promotion in social networks. Activity and advertising on Facebook, Twitter, Instagram, YouTube, WeChat can attract many potential users. The cost of promotion on social networks – from $ 200 per month.
Contextual advertising. Promotion with Google Ads and other services is another good way to increase brand awareness and attract people to your clone exchange. This is the most expensive form of advertising, but its effectiveness is the best. Cost – from $ 500.
STEP 5)- Development approaches
Development plan from scratch- Gather a team or get in touch with a company that can help you with their expertise and knowledge in LocalBitcoins Clone exchange development. It may look like a tedious task in terms of money and time, but it is going to be a profitable investment at the end.
Open source Software Development- There are multiple script clones of LocalBitcoins available in the market. Generally, such softwares is distributed for commercial purposes without any restrictions. But, the problem is that the open source software is not secure and reliable. Software with source codes are generally not updated. There will be a need of specialists for configuration and integration of the script.
White label Solutions- White label LocalBitcoins exchange clones are distributed by many companies. Entrepreneurs just need to buy and customize it, according to their requirements.
It is one of the most famous ready-made cryptocurrency clone platforms that has created the hype among the crypto entrepreneurs to build and launch their exchange like LocalBitcoins clone exchange. Getting it from scratch is difficult, but the ready-made one helps.
One can enable peer to peer crypto trading using ready-made localbitcoins clones. It makes trading discreet and direct. In this case, accountability of the trading is assured through review and rating function.
If one wants to be ahead in the competition, then ready-made Localbitcoins clones can help speedily.