We all know, Paxful is the P2P cryptocurrency trading platform. It has very secure escrow system for the buyer and seller to have connected for business. It has over 300 payment methods for the user to find out suitable paths. It has also given complete controls to the user to protect their money. It has a profoundly secure system to minimize the risk and to protect the user's account. Due to this good convenience and reliability, the exchanger has become the main competitor of LocalBitcoins. Upon sign up, Paxful users have given a FREE Bitcoin wallet. It has made a thousand transactions totaling over 8000 BTC on a daily basis.

Alright, here you can find out the explanation for your inquest.

Osiz technologies tend to show you how to run the business like Paxful as the same the concept of the website mobile applications functionality. But at the same time create a unique design and rely on a different target audience.

Well while cloning the Paxful script, it allows:

Reduce construction time and cost;
Use a proven marketing strategy;
Reduce financial risks.

Here are the steps to how the Paxful clone script was developed.

1) Business model of the Paxful clone

Users in the Paxful clone marketplace can instantly buy/sell bitcoins. It permits the users to display ads with information such as the number of bitcoins, mode of payment, date of selling, etc Exchange bitcoin. Even this exchange also supports offline trading where traders can meet in person and execute trading.

To improvise the trading experience and guarantee a secure ecosystem, they have the option for reviews and rating sections for each user to give the experience while trading and are beneficial to spot out the spammers in the exchange.

2) Key Exchange Features

Registration: By using the specific details (Email id, username, password) of the user, they can effortlessly login into the platform. Even via social networks and phones, because the crypto community prefers to work anonymously.

User profiles: The user can add their avatar (photo or any image), indicate the phone number, main currency, and very briefly tell about themselves. In addition, they can configure the notification option in their profile. This option because of, to notify, whether viewing an ad, completion of a transaction, or a new chat message and how to do it: notification on the site, email, or SMS.

Verification, Know Your Customer (KYC): One of the most important aspects to verify the user profile. It undergoes an identity verification process that is accessible through its user profile.

Users who have failed to verify their identity can continue to use the exchanger, but a limit on the volume of transactions will be set for them.

The rules for verifying the identity on the site should be determined based on the jurisdiction of business registration and the jurisdiction of the users.

Cryptocurrency wallet: Once the user registers on the Paxful website, it automatically receives bitcoin and stores it on this digital wallet. It also displays the balance in BTC and the selected fiat currency.

Escrow: It acts like a smart contract, which guarantees the honesty of an exchange transaction. Such a contract first accepts funds from both parties and then makes an exchange at the agreed rate. It is best if it is open source software so that users can verify the integrity of the smart contract and the absence of errors in the code.

Reviews and rating system: It allows uses to distinguish reliable counterparties among unscrupulous (or scammers). It will give a review in the form of positive, neutral, or negative. So that, it is easy to detect it. Every transaction the users will give an instant response to help another user to know about the parties. The number of positive and negative reviews is reflected in the profile of each participant in the form of green and red numbers, respectively.

3) Monetization of the cryptocurrency exchange

Publication fee: For every cast of the cryptocurrency exchange, the website can receive a commission or a fixed amount. The fee should be small so that users do not feel discomfort from its loss.

Transaction fee: Charged for successful transactions in the form of a specific amount or percentage of the transaction. Payment can be taken both from purchase-sale-exchange transactions and from operations of deposit and withdrawal of funds.

Advertisements: Advertising promotion fees, banners, contextual advertising, and paid links - all this is used on the site and in the Paxful application to increase the profitability of the platform.

4) Benefits of Paxful Clone Script
Secure and Instant payment transaction
Latest technology stacks
User-friendly dashboards for crypto traders.
Supports Multiple Payments
Multi-lingual Supports
Scalable and reliable functionalities
Highly secure features to prevent hacking, scamming, and fraudulent operations.

Osiz is a notable cryptocurrency exchange development company, it has highly talented developers and over 13 years of expertise in designing and operating cryptocurrency exchange platforms.

Do you want to constitute a peer-to-peer cryptocurrency exchange like Paxful?

Then, Connect with Osiz experts to get a free consultation.

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