The crypto world is flooded with various scripts. Paxful is one of the familiar scripts and it has become the inspiration for many exchanges and the strong competitor for the LocalBitcoins in trade volume in recent times. 

Via the Paxful, the cryptocurrency trades happened without any intermediaries. Owing to the success of the crypto exchange platforms, Paxful-like startups are emerging things. Paxful clone script is the seamless option for the newbies of the crypto world. 

Demand for the Paxful clone is growing. Paxful clone script is meant for fair secure trading and supports multi-payment modes of up to 300. The inclusion of steps especially for verification ensures the secured transaction. This blog lists the steps to launch cryptoexchange like Paxful. 

Step 1: Understand Paxful Business Model

Generally, this is a decentralized platform to offer the cryptoexchange experience seamlessly. The business models available in real-time are: 

• Users can set the preferred locations, selling rice, currency rates payment methods, etc.

• Counterparty has a direct connection with the seller to offer the cryptoexchange services within the specified range. 

• Using software-powered chat, the two parties reached an agreement via the transactions. 

• Smart contracts and swaps enable fair transactions

• Interaction-based models enable parties to rate and review their reputations easily. 

Among these models, you can choose the one that suits you and use this choice for your startups. 

Step 2: Identify the Key Features

To make your cryptoexchange secure and robust, the following features are needed. 

Wallet - A place to store all the cryptocurrencies. After signing up, the crypto wallets are automatically generated. 

• Smart Contract Powered Protection - This is needed for high security for the traders. Multi-signature wallets directly reduce the risks. 

• 2-Factor Authentication - Mail and mobile numbers are used to sign up the new account. 

• Embedded Protocols - Make exchanges unhackable through various protocols. 

• Instant Buy-Sell Feature - The superfast trading engine associated with the exchange makes every trader wish to buy/sell Bitcoins easily. 

• In-App Chat - Thinking about the convenience of traders, the in-app chat is highly preferred/ 

• Payment Options - Offering with the 300+ payment options, Paxful supports only one bitcoin. 

Step 3: Find the Revenue Model

Paxful clone script is the easy option to generate many revenue streams such as:

• Transaction Fee - The overall transaction fee for the current trade is around 1%. Buyers and sellers pay 0.5% each to the overall rate.

• Referral Management - Users who refer their friends and promote Paxful gain more earnings. 

• Publication Fee - For each activity in the cryptocurrency exchange like Paxful, the fixed commission is charged and this is directly credited to the built-in wallet. 

Step 4: Development Methodologies

Developing the Paxful clone script comprises the following steps:

Start From Scratch - Start by building the cryptocurrency exchange from scratch is the familiarly known option in the crypto world. This allows you to make major changes in the renowned functionalities and operations. 

Start Exchange By Buying Paxful Clone Script

This is another option when buying the premium Paxful clone script package that includes the Paxful clone app, customization, and the feature list. 

Have A Good Start

Hope you might know the steps involved in starting a cryptoexchange like Paxful by reading this blog. Let's start your cryptoexchange quickly in 2024.