Paxful Clone Script - How to Build Exchange Like Paxful Platform
Paxful is a peer-to-peer cryptocurrency exchange. The platform has more than 300 payment methods and wide functionality that allows you to trade digital currency with everyone. Due to this, as well as convenience and reliability, the exchanger has become the main competitor of LocalBitcoins, where several thousand transactions totaling over 8000 BTC are made daily.
Next, we’ll show you how to replicate Paxful’s success using the cloning script - the concept of developing sites or mobile applications when you “clone” the functionality of a popular product, but at the same time create a unique design and rely on a different target audience. Cloning allows:
Paxful Cloning Script Includes Five Steps.
To search for counterparties, Paxful users publish ads in which they indicate the amount of the exchange, rate (course) and acceptable (available) payment methods: cryptocurrency, PayPal, bank transfers, cash and more. Anyone can respond to such an announcement, provided that the transaction does not imply restrictions on location.
The crypto buying and selling process is quite simple:
To guarantee an honest exchange on the website, smart contracts with escrow are used. To reduce fraud, with other methods of exchange on the site, a system of reviews and reputation ratings has been introduced.
Registration. To create an account on Paxful you need to specify an email address, come up with a username and password, accept the Terms of Service and confirm that you are not a robot. There is no registration via social networks and phone, because the crypto community prefers to work anonymously.
User profiles. You can add an avatar (photo or any image), indicate the phone number, main currency and very briefly tell about yourself. In addition, you can configure notification settings in your profile. For example, whether to inform about 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). The Paxful platform recommends that all participants undergo an identity verification process that is accessible through their user profile. Paxful verification required:
The rules for verifying the identity on your site should be determined based on the jurisdiction of business registration and the jurisdiction of your users.
Cryptocurrency wallet. Everyone who has registered on the Paxful website automatically receives a cryptocurrency online wallet for storing bitcoins. Wallet balance is displayed in BTC and the selected fiat currency. Such wallets can be implemented in the form of real crypto-wallets or in the form of an internal wallet of a site, the funds on which are actually stored on a common platform wallet.
Security tools. When creating a cryptocurrency exchange like Paxful, it is important to ensure the maximum security of information storage and exchange, since your site will operate not only with personal data, but also with big money. For this we need:
Reviews and rating system. Allow users to distinguish reliable counterparties from unscrupulous (or scammers). On the Paxful website, such a system is implemented using reviews. They can be positive, neutral or negative. You can leave a response immediately after the successful completion of the transaction (or its failure). The number of positive and negative reviews is reflected in the profile of each participant in the form of green and red numbers, respectively.
Customer support. It is needed for information support and solving technical problems. Technical support should work around the clock, since your site will work 24/7. To do this, you need to hire special employees and implement the admin panel. In addition, you need high-quality content for the reference section with photo and video instructions.
Admin Panel Functionality:
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.
At Paxful, the commissions are:
Paxful promoted mainly through contextual advertising on search engines and social networks in countries such as Nigeria, Ghana, South Africa, Zimbabwe, Kenya, Egypt, Rwanda, Algeria, Mauritius and Mozambique. Nigeria and Ghana are Paxful's Top Three Markets.
In addition to advertising, the company also used a referral program with two levels of cooperation:
Development from scratch. A more complex and expensive option to create a Paxful clone, but it gives you more control over the development process and allows you to implement unique software solutions. The cost of creating a P2P crypto exchanger from scratch usually varies from 20 to 50 thousand dollars.
Cryptocurrency Exchange Development Roadmap from Scratch: