Building a cryptocurrency exchange platform will be easy if you hire the most suitable development firm in the market. People are trading or exchanging Bitcoins via platforms secured with blockchain technology. Buyers and sellers can post ads and interact effectively before trading or exchange. If you are one of the aspiring entrepreneurs who want to build an exchange platform, this blog can provide insights into the features of the app, workflow, development process, and other key aspects.
Working principle of a Local Bitcoin clone script:
With this platform, users can buy and sell Bitcoins. It has a simple and attractive workflow, as mentioned below:
If users want to sell Bitcoins
Stage-1: Users have to register with the app by specifying a few details required.
Stage-2: After successful registration, a private wallet will be created for each user. The admin will have access to user wallets.
Stage-3: To sell Bitcoins, sellers have to post ads with all the essential details. If they have enough balance, they will be allowed to post ads on the platform.
Stage-4: Once the ads are posted, the buyers nearby will be notified about the offer. If they are interested in the deal, they will approach the sellers.
Stage-5: Sellers can either transact online or offline, and it is purely based on their preferences.
Stage-6: Sellers can view buyer requests and approve or reject them.
Stage-7: The money will be withheld by the admin in the escrow wallet until the transaction is finalized.
Stage-8: Once the transaction is approved, the admin will release the money to the seller.
If users want to buy Bitcoins:
Stage-1: Buyers have to register and build a profile by specifying their basic details.
Stage-2: They will receive seller requests, and they can view them before approaching them.
Stage-3: Buyers can also post ads by specifying a few necessary details. Sellers can communicate with them if they want to trade.
Stage-4: If they find a seller’s offer they are interested in, they can review the request and talk to them.
Stage-5: After a seller approves the request, the money will be transferred by the admin.
What are the vital features of a LocalBitcoins clone app?
The cryptocurrency exchange platform should have a set of essential app attributes that makes it user-friendly.
Online and offline trading
Users can trade online and offline via this platform. With online trading, they have to post/view ads if they want to trade/exchange Bitcoins. The buyer and seller can talk via the chat feature available on the platform and finish the process successfully. Whereas, in offline trading, they can meet in person and complete the transaction.
Secure escrow wallets for users
The escrow wallets are available for each user, and it will hold the cryptocurrencies until the transaction is complete. It will be released only if the buyer’s transaction matches with that of the seller’s transaction.
The admin can resolve any disputes or conflicts that arise between buyers and sellers. They can raise a request if there is a problem, and the admin will analyze the situation effectively and then resolve it.
Compatible with multiple cryptocurrencies
The exchange platform should be compatible with any cryptocurrency. It should be ensured that users are able to add a cryptocurrency of their choice while trading or exchanging via the app. The list of newly added currencies will also be available in the app.
The app should have a facility to allow users to set up a password for their account. The hackers will find it difficult to access user accounts with a strong authentication process.
Identifying trusted traders
With security regulations and protocols such as KYC and anti-money laundering, users will be able to identify secure traders before transacting via the cryptocurrency exchange platform.
Live price updates
The price of cryptocurrencies will be updated in the app regularly for traders so that they get an overview of the current prices before they trade or exchange currencies.
Benefits of launching a LocalBitcoins clone script
The clone app has a handful of advantages as listed below:
Every user who wants to trade/exchange Bitcoins via the online platform will be provided with a reputation rank. This rank is completely based on past transactions, the number of successful trades or exchanges, and more. Before buying or selling, users can get access to the reputation ranks of the buyer or seller.
To avoid any disputes between buyers and sellers, the wallet system will be highly helpful. It will hold the cryptocurrency until the transaction is complete and then release it to the concerned person. This will make the payment process secure and effortless.
Verification via email
If a buyer or seller logs in to the platform from a different browser, a verification mail will be sent to the registered email address. Once the verification process is complete, they can proceed to sign in. It will help avoid unauthorized login.
Technical assistance 24×7
The support team available will provide technical guidance and resolve any queries that the buyers or sellers have. Maintenance support will also be provided whenever required.
Cross currency exchange
The cryptocurrency exchange platform also allows users to trade or exchange fiat currency to cryptocurrency.
Safe and secure payment gateways
The app has several payment gateways that are secure and can be used to pay for the trade or exchange. It will keep a record of any banking transactions carried out by users.
The app can be viewed in any language available. This will help buyers or sellers across the country to use your app.
Build a LocalBitcoins clone app with all the necessary features mentioned here and make sure the roadmap is very simple. You have to get in touch with a suitable app development company to launch an optimized app in the market.