Launch a well-functioning Cryptocurrency exchange platform by acquiring a localbitcoins clone
A Cryptocurrency exchange platform enables buyers and sellers to trade digital currencies through blockchain technology. Let us know the steps to follow for building an exchange platform through Localbitcoins clone app development.
The process that a user has to keep in mind
- Users need to share their personal information and register themselves on the platform.
- A private wallet would be created for each user to store their respective coins. The admin will be granted access to the users’ wallets.
- Sellers have to post ads on the platform for selling digital currency. Similarly, a buyer can also post ads specifying important details. Sellers will get in touch with them if they want to trade.
- Buyers will receive a notification about the offer and will approach the sellers if they are interested.
- Sellers can transact either offline or online according to their preferences. They have full freedom to accept or reject requests made by the buyers.
- The money would be withheld by the admin in the escrow wallet until the transaction is finalized.
- The admin will release the money to the seller once the transaction is approved.
The critical characteristics of a localbitcoins clone app
- Trading facilities (both offline and online) — Online trading should be used to post ads and trade or exchange digital currencies. An integrated chat facility would help the buyer and seller to communicate with each other and finish the process successfully. In offline trading, the parties would meet in person and complete the transaction.
- Secure escrow wallets — The escrow wallet plays a crucial role of holding the cryptocurrencies of the users until the transactions are complete. It will be released only when the buyer’s transaction matches the corresponding seller’s transaction.
- Dispute resolution — Any conflict that arises between the buyers and sellers would be resolved by the admin. The admin will analyze the situation effectively, take into account the concerns of both the parties, and resolve it smoothly.
- Support for multiple cryptocurrencies — Users should be given the option to add a cryptocurrency as per their choice. The list of newly added currencies must be made available on the app.
- Availability of in-app authentication — Users should be given the facility to set up a password to safeguard their accounts from unauthorized access. If there is a strong authentication process, hackers will be thwarted to access the user accounts.
- Identification of trusted traders — Users can know the list of secure traders before transacting via the cryptocurrency exchange platform owing to the KYC (Know Your Customer) and AML (Anti Money Laundering) norms in place.
- Real-time price updates — The traders will be given an extensive overview of the current prices prevailing in the market before trading or exchanging digital currencies.
Advantages of investing in Localbitcoins clone app development
- Provision of a reputation rank — The users who take part in trading or exchanging cryptocurrencies will be given a reputation rank. The rank would be based on past transactions executed, the number of successful trades conducted, and more. Users can take their investment decision according to the reputation ranks attained by the buyers and sellers.
- Wallet-based system — It helps in sorting out disputes arising between buyers and sellers. The cryptocurrency will be held by the wallet until the transaction is executed successfully and would be released to the concerned person. This will ensure that the payment process is secure as well as effortless.
- Email verification facility — Whenever the buyer or seller attempts to log in to their account from a different browser or device, a verification email will be sent to their registered email address for authentication. They can sign in after completing the verification process successfully. It helps prevent unauthorized login.
- 24x7 technical support — localbitcoins clone ensures round the clock technical support for resolving the queries and glitches faced by buyers and sellers. Maintenance services would also be provided as and when required.
- Cross-currency exchange facility — Users can trade or exchange any leading fiat currency to cryptocurrency on the platform.
- Presence of secure payment gateways — Payment gateways act as the backbone for ensuring safe transactions during the trading process. It will store a detailed record of all the transactions carried out by the users.
- Multilingual localbitcoins clone app — Since the traders will be scattered across various parts of the globe, the app can be viewed in any language. This will improve the users’ patronage in the app.
Incorporate the above-mentioned features in your localbitcoins clone app by getting in touch with a reliable app development company. Obtain a verified exchange source code or an exchange script to build a dependable platform for digital trading of currencies. Since localbitcoins clone solution operates based on a peer-to-peer mechanism, clients would experience more freedom in their operations as they can purchase using either cryptocurrency or fiat money.