Gaining Insight into the Essential Features and Working of a P2P Crypto Exchange
P2P crypto exchange software connects buyers and sellers directly with each other, without the involvement of a third party. The transfer of crypto assets is managed through a smart contract-based escrow system.
If your crypto exchange is missing a system where two traders can complete the deal among themselves, you better hurry up before your competitors take the lead. Additionally, make sure your P2P crypto exchange software has all the necessary features, including the following:
Instant KYC and AML verification
Ensuring all your users are legitimate and authenticated is as much important as their quick onboarding. A cutting-edge identity verification system will quicken up the KYC process while keeping hooked to the protocol.
Robust matching engine
Underpin your P2P bitcoin exchange with a high-speed, advanced engine that can match buyers and sellers with minimum latency.
Trusted escrow system
A reliable escrow system lies at the core of a P2P crypto exchange platform. Work with your developers on how they would determine the quality of the escrow system that executes transactions between users on your exchange. On an efficient escrow system, traders will be able to deal with strangers with confidence.
To make sure thieves don’t lay down their dirty hands on the assets of your traders, reinforce your peer to peer bitcoin exchange with multi-layer security by integrating features such as SSL implementation and two-factor authentication. A couple of extra layers of security will let your users and you sleep in peace.
Preferred trader selection
Both buyers and sellers need the flexibility to pick their chosen partners. Only a system that enables them to choose the preferred partners will create an ecosystem of confidence.
Traders speaking different languages are likely to hop on a P2P bitcoin exchange. To facilitate trade between them, multi-language support becomes imminent.
The exchange admin needs to have a robust dispute redressal system to manage disputes and execute the decisions. The system should provide the admin with complete insights into users’ transaction history and bank statements.
Working of a P2P exchange
- Buyers and Sellers register themselves on a P2P exchange platform
- They undergo KYC and AML verification process
- The buyer puts up a buy order
- The system creates a wallet address for the Buyer
- The matching engine matches the Buyer with the right Seller
- Both the parties discuss and agree on the terms of the deal
- A smart contract-based Escrow holds Seller’s crypto assets they want to sell
- The buyer pays for the crypto asset
- The seller confirms the receipt of the payment
- Escrow transfers crypto assets to Buyer’s wallet address
P2P exchange software lets buyers and sellers complete a deal without the involvement of a third party with the help of a smart contract-based Escrow account. Some essential features of a P2P bitcoin exchange are Instant KYC and AML verification, robust matching engine, multi-layer security, escrow system, dispute management system, preferred trader selection, multi-language support, etc. You also need to be well-versed with the functioning of a P2P exchange before going ahead with the development.
Antier Solutions specializes in delivering a white label solution for P2P crypto exchange software. Additionally, we can build a custom P2P exchange for you from the ground up.
Schedule a free demo of our white label P2P crypto exchange software or connect with our subject matter experts to share your needs for a custom P2P exchange built from scratch.