Essential Features of a P2P Cryptocurrency Exchange Platform
P2P cryptocurrency exchanges facilitate direct trade between buyers and sellers without the involvement of any third-party. However, if there is any dispute between the parties, a third party serves as an arbitrator to resolve the dispute.
How does P2P exchange work?
P2P cryptocurrency exchange automatically connects buyers and sellers, based on certain agreeable terms. A P2P crypto exchange matches individuals behind buy/sell orders instead of matching the orders in the order book.
Features of a P2P cryptocurrency exchange
If you are planning for P2P crypto exchange development, then make sure to integrate the following features into your exchange.
- Power-packed Matching Engine
A P2P crypto exchange should be reinforced with a powerful matching engine that is capable of matching buyers and sellers with minimum latency.
- Multi-layer Security
Security is one of the important attributes of a crypto exchange. While going for P2P exchange development, make sure to fortify it with the right security features, such as:
- SSL implementation
- Two-factor authentication
- HTTP Parameter Pollution Protection
- Anti-Denial of Service (DoS)
- Anti-Distributed Denial of Service (DDoS)
- E-mail/ Google authenticator
- Escrow System
One of the basic characteristics of a P2P exchange is a smart contract-based escrow account that enables trade between the traders. As soon as a trade is finalized, the assets of sellers are locked in the escrow account. When the payment from the buyer is confirmed, the assets are released from the escrow account and are transferred to the buyer’s crypto wallet.
- KYC and AML Verification
The identity of users needs to be verified and secured to minimize the hacking and scams in crypto exchanges. KYC (Know Your Customer) is the process of verifying user information to ensure its legitimacy and AML (Anti Money Laundering) refers to regulations that prevent illegal transactions.
- Multi-language Support
As a platform owner, your aim is to reach out to maximum traders or investors who would be willing to trade on your P2P crypto exchange. Your exchange should support multiple languages to cater to the global audience. The intuitive user interface is a further plus point to make the trading experience easier and hassle-free.
- Atomic Swaps
Atomic swap, also known as cross-chain trading, enables the exchange of cryptocurrencies between two parties, without moving them through any third-party service. It processes transactions in real-time market basis.
By now, you must be well aware of the essential features that must be integrated into a P2P cryptocurrency exchange. Once you have identified the required features, partner with the best P2P exchange development company to navigate your development journey.
Antier Solutions is one of the leading exchange development companies with real-world experience in exchange development. We can assist you in building both white label P2P crypto exchange solutions and customized exchanges from scratch.
Schedule a free demo of our white label P2P exchange or connect with our subject matter experts to share your business needs.