P2P Crypto Exchange Development Cost — Guide

Cryptocurrencies have become all the rage ever since the world has been introduced to Bitcoin. It has got everyone intrigued about a currency that cannot be seen in physical form and is not controlled by any banks but yet it still exists!

And then it saw a surge in popularity all of a sudden when Elon Musk started tweeting about cryptocurrencies and Bitcoin. And now as the P2P cryptocurrency exchange has developed over the course of years, we have more than 1000 cryptocurrencies present all over the globe. Everyone is now showing an increased interest in decentralized finance and peer-to-peer transactions.

With Bitcoin and other cryptocurrencies becoming increasingly popular and increasing in valuation, various interested entrepreneurs, businesses, companies, and startups have started investing in it. But the questions that still remain in people’s minds are how much does it cost and what features should be in a P2P exchange development app.

Well, we have some information about it, so let’s find out together:

What is P2P Cryptocurrency Exchange?

Peer-to-peer or P2P cryptocurrency exchange is a platform where individuals can trade cryptocurrencies directly with other traders from around the world. In more technical terms, it’s a decentralized software-based platform that is not governed by a third party that monitors the transactions.

Owing to the absence of third-party involvement, users do not need to pay anyone any kind of fee on their transactions. This makes P2P exchange more accessible and offers a next-level of security to its participants. There are many companies that do P2P development the list of few top P2P software development companies can be find here.

How Much Does It Cost?

It is quite obvious that something that deals with blockchain and cryptocurrencies is going to cost you a lot more than other apps that you normally develop. The reasons for the high cost of development include an increase in demand and the involvement of mining in the app development process.

Development costs are influenced by factors like features, the location you outsource the development to, the complexity of the interface, development time, the number of developers involved, and security features.

All in all, be ready to dish out a big cheque ranging anywhere from 70K USD to 15K USD for your desired P2P exchange development.

Features Guide

If you want to develop a successful platform and earn a lot more than what you invested in it, here are all the features it needs to have:

1. Multi-lingual Customer Support

Your app is going to cater to an audience spread all over the globe and they are going to have problems and queries at times. In order to offer them the best customer support experience, your app should have customer support options in multiple international and local languages. This will allow you to have a better understanding of the end-users.

2. Multiple Cryptocurrencies

Do not restrict your app to just one type of cryptocurrency. People are trading in more than 10,000 different types of cryptocurrencies. You, of course, do not need to offer them all of the currencies but you can offer the most popular ones like Bitcoin, Ethereum, and Dogecoin. This will prevent your users from shuttling between applications and keep them glued to yours.

3. Automated ID Verification

You need to take care of your users and their money’s security and safety otherwise you may have to face legal issues. To prevent that from happening integrate automated ID verification in your app such as KYC or AML verification. This will allow the admin to find appropriate users quickly for better solutions without giving any kind of access without verification.

4. Multi-Factor Authentication

This is another vital feature for a wallet app to maintain the security of your users and your app as well. Make sure that you notify your users of any kind of development or upgrade through email or Google 2FA, so they are always in the loop of what’s happening and can choose to opt-out voluntarily.

Summing It Up

The World has seen some crazy Bitcoin transactions over the years. People have even bought pizzas by using Bitcoin in the beginning. The first real-world Bitcoin transaction would be more than $600 million if it took place today. With the world’s ever-increasing interest in cryptocurrencies, the P2P market and P2P exchanges are predicted to expand faster than anyone can expect them to.

It truly is the perfect time to invest in an app that offers users the opportunity to do P2P exchanges. Here’s some incentive for you: Our software development staff augmentation service can help you find right software developers for P2P app development!

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