Localbitcoins clone script (9 top features)
Clone scripts are developed from successful and popular websites (such as Binance clone script or Wazirx clone script), and this is true for the Localbitcoins clone script. Creating a website using a clone script means that the website has the feature and usability of the original website so that it will find its place among users faster. Like other crypto exchange platforms, this platform has specific features and functions, making it popular among crypto enthusiasts. So, this article is dedicated to a brief introduction to its clone script, the advantages and disadvantages of using such clone script, and the top features it which make it popular among crypto exchange communities.
What is a Localbitcoins clone script?
The original Localbitcoins is a peer-to-peer crypto exchange platform aiming to connect the bitcoins’ buyers and sellers. On this platform, sellers can post an ad for buying and selling bitcoins or choose one among the exciting ads. The buyers, on the contrary, can reply to the ads; after that, a chat box will appear to ease communication between traders. One thing that differentiates this platform from other crypto exchange platforms is that it uses its users’ locations to connect traders. So, the buyers and sellers who are close together can trade bitcoins without needing to trade with people far from them.
The clone script of this platform allows users to swap their fiat money or local currency for bitcoins using it. They also can advertise payment methods and currency exchange rates for exchanging bitcoins.
advantages and disadvantages of the crypto exchange platform
Creating an exchange website using its clone script, compared to a free crypto exchange script available on GitHub, has several advantages. Using a clone script assures you will have a customized exchange website and won’t face the problems you may face when you use the free source codes (for example, Binance clone script free or any free crypto exchange scripts).
pros
P2P bitcoin purchases
This kind of purchase is fully decentralized; no bank or 3rd parties are getting involved, and thereby your transactions keep private.
No buying and selling fees
Since there are no fees for buying or selling bitcoin on this platform, many investors are willing to trade through it, and there is less hindrance for them to tackle. The clone charges a 1% escrow fee for each completed trade after posting an advertisement. You can avoid paying this fee by responding to ads instead of posting your ad.
Different payment options
Similar to Coinbase clone script or Binance script, this exchange platform and its clone scripts support almost all payment methods. Users can list the payment options they will accept in their ads. Traders also can sort offers depending on payment options.
Reputation system
This is categorized as a security feature. As we will discuss in detail in the next section, the platform includes information on each user’s trading history and comments from other traders on the users’ profiles. This helps the users to find a reputable trader and decrease scammers.
Cons
Risk of scams
P2P trading is vulnerable to scams and fraud in nature. For instance, a buyer can pay for bitcoin via a reversible payment method, and after they get the bitcoin, they will dispute the transaction as fraud.
Asks for private information
Like any other exchange platform, this clone platform wants its users to get a trustworthy and safe vibe by setting four account verification steps. These verifications are selected based on how much identity verification a user has done. The amount of identity verification is essential when it comes to determining the maximum amount you can trade per year. However, some users feel this is an invasion of privacy, even though anonymity has always been an essential factor in this exchange platform.
Only offers bitcoin
This exchange platform only supports bitcoin since it is one of the oldest exchange platforms. The original platform suffers from a lack of updates to make it compatible with current needs. Although in the past year’s lack of cryptocurrency options were not so important, now, with many available cryptocurrencies, this limitation can be a negative point for the exchange platform.
Limited features
The original exchange platform and, consequently it’s clone script, which are developed from the Localbitcoins clone script, support only one trading tool: thy connect the sellers or buyers to other users who want to sell or buy bitcoin. In contrast, other exchange platforms, which can be considered as its competitors, offered advanced trading tools. This may make this crypto exchange less lucrative in comparison with other exchange platforms.
top features of Localbitcoins clone script
Like paxful clone script or Binance clone script, as two distinct exchange platforms, a Localbitcoins-like exchange website has specific features. Some of the most important ones are as follow:
1. escrow account
The escrow wallet is a virtual wallet generated when a user in the clone platform creates an account. This wallet is developed under the network’s master wallet. This wallet is used to keep the users’ cryptocurrencies. It is worth mentioning that if a transaction is in progress, the user wants to transfer cryptocurrency from one wallet to another.
2. streamlined KYC verification
KYC verification is a 5-star process on this clone exchange platform, which is well-streamlined. With this feature, when a user creates their account, they are able to upload personal papers for verification. This feature increases the security and safety of the clone exchange platform.
3. compatible with the general data protection regulation (GDPR)
This means that the Localbitcoins clone script is compliant with GDPR.
4. proximity mapping to determine the distance between two points
This is a specialized feature of the clone script, which allows users to interact with others to trade or exchange cryptocurrencies nearby. This feature follows the proximity algorithm, which shows nearby treaders. The other benefit of this feature is that the users can see payment options, feedback, and different safety ratings before starting the trade.
5. review and feedback mechanisms
this feature allows Localbitcoins traders to submit feedback after completing transactions. The score of each transaction is calculated based on characteristics like response rate, profile completeness, transparency, and overall position.
6. dispute resolution
Localbitcoins clone script uses a well-developed dispute management system. This system consists of all the essential tools for verifying claims and resolving disputes.
7. easy-to-use interface
such an exchange website optimized the CSS and used HTML minification in web applications, allowing the pages to load more quickly. Any company that wants to develop the Localbitcoins clone app should use the finest coding standards to ensure that the program runs seamlessly and fast, free of bloat.
8. effective reporting system
this feature which can be added to the administrator dashboard of the Localbitcoins exchange platform, brings valuable statistics on how to address overall negative comments and manage the bottlenecks. These reports are helpful for the website owner to know how successfully the firm is operated.
9. Personalized and instant messaging
before beginning a trade, users can send quick, personalized messages to others to proceed with a trade or swap.
security features
this platform is a very secure exchange software due to many reasons. After paying a seller, buyers can report them and freeze the seller’s account if the seller doesn’t release the fund in escrow. In addition, customer service will intervene the trade, and the website releases the fund when the buyer proves the payment. The below-listed features are security layers a development company can add to the exchange platform to ensure users about a high level of its safety.
KYC:
As explained in the previous section, this security feature consists of several steps to verify the user’s identity. These consecutive steps hinder the scammer’s activity and reduce fraud.
Escrow service:
The trade, done through an escrow account, does not store any crypto in the wallet. In contrast, these funds are released from the escrow account when the seller confirms and completes the trade.
Login protection
Each time a trader logs into the exchange platform, the website confirms if it is on the same web browser or not. If the trader uses a different web browser, the exchange clone platform requires email verification again to log in.
Reputation and ranking
One security feature of the exchange website is that not all traders are allowed to trade on the crypto exchange platform. Only the users with a ranking reputation and a good history in their trading activities with other parties can do transactions. So, buyers must look at the seller’s transaction histories.
Privacy
The privacy policy of the exchange platform never shares the trader’s information with any exchange or wallet. So, they can buy and sell bitcoins which the users’ privacy maintains.
Pin verification
If the development company you choose to build your Localbitcoins-like platform use a pin verification security feature, a one-time password will be sent to the registered phone number every time a trader logs into the account.
Conflict resolution service
The support team of the Localbitcoins-like exchange platform should always be ready to help any customer conflicts between the buyers and sellers contribute to the trade and transactions. Although all development companies try to provide a high level of security layers for the platform, the users should always be cautious during trading. Scammers may hack even the most sophisticated platforms. It would be best if the traders investigated all buyers and sellers in a transaction to avoid any possible problems.
2-Factor authentication
This critical security feature means that this platform sets two security criteria. For example, in addition to the email id and password, the user should enter an added PIN code sent to their phone number.
Workflow of the platform: how does a localbticoin-like platform work?
Registration
Firstly, the user should follow the steps to register and log in to the exchange platform. After creating your profile on the exchange platform, you can buy and sell cryptos anonymously.
Advertisement
The sellers can build their advertisements for selling bitcoins and other cryptocurrencies through the site. Buyers also can see the sellers’ advertisements at the same time.
Transactions
If the buyer and seller are satisfied with all conditions, they will exchange their cryptocurrencies.
Escrow Service
During a transaction, the escrow method would be one of the best and most beneficial services since it can safely hold the cryptocurrencies until the seller achieves the fund.
Leave feedback
Traders on the Localbticoin-like platform can leave feedback whenever they trade. Feedback helps users to protect against scams and other hacker activities.
Localbitcoins clone software add-ones
Although in the sections mentioned above, we explain that the original localbticoin crypto exchange has some limitations, some development companies like RadinDev, who build the exchange clone scripts, incorporate add-ones to increase the functionality of that platform. Some add-ons that the developer team of this company offers are as follow:
- Over-the-counter trading: this kind of trading happens between two partners, and the process of securities is transacted in a decentralized platform.
- Margin trading: this process allows users to borrow funds from a broker to trade financial assets and achieve more revenue.
- P2P trading: direct trading between two traders.
- Limit order: this process only executes when it reaches a determinant price or higher and vice versa. This means buying an asset can be done at or below the specified price.
- Affiliate system: this add-on means that an affiliate earns a commission if they gain another customer for the company.
- Order book: refers to the list of all open orders that are available at that time in exchange for a specific trading pair.
