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LocalBitcoins is a popular peer-to-peer cryptocurrency or fiat currency trade/exchange platform that is in the uptrend now. The platform is set up over blockchain technology, and any buyer or seller can trade or exchange Bitcoins. It is very secure and involves very little hassle. Offline trade is also possible wherein you can schedule meetings and meet the trader in person.
It is an interactive platform where the buyers and sellers can post ads and talk to each other if a transaction is going to take place. Identity checks of the trader are done via AML and KYC regulations. There are no geographical limitations, and so the buyer/seller can trade/exchange Bitcoins across the globe. The escrow module integrated into the app will avoid any disputes or conflicts during the trading or exchange process. Buy the LocalBitcoins Clone script from us and launch a successful cryptocurrency exchange platform.
Trading Bitcoins Online/Offline Bitcoins can be traded both online and offline. Trading online will not have any geographical limitations. The members can trade bitcoins to other countries as well. In offline trading, a face-to-face personal meeting can be scheduled with the trading partner. During the meeting, Bitcoins can be traded or exchanged.
Highly Secure Escrow Wallet Integration The Local Bitcoin script is integrated with a safe and secure escrow wallet. When the trade is initiated, the cryptocurrency is stored in the wallet. These safely stored cryptocurrencies will be handed over to the buyers only if their trade transaction matches with that of the sellers’ transaction.
Resolving Disputes The buyer/member can raise a ticket in the app if the seller fails to hand out the coins on time. The admin will monitor and analyze the ticket/dispute and resolve it effectively. They have the necessary access privileges to view and solve a dispute between the buyer and the seller.
Multiple Coin Compatibility The LocalBitcoins app will support the trade and exchange of multiple cryptocurrencies. In this cryptocurrency exchange platform, the buyers can trade without much disorientation by simply adding a cryptocurrency of their choice before trading. The list of newly available coins will be displayed at the time of trading.
Password-Based Authentication The app will allow the users to set a password of their choice. Their accounts will be secured using this PIN. Enabling this feature will restrict the hackers from accessing the security key of an individual user.
Advertising In order to carry out efficient trade and exchange via this platform, the buyers and sellers can host ads specifying the value of the cryptocurrency that they want to sell or buy. They will be notified about the ad, following which the trading/exchanging process will take place.
Identifying Traders With the help of standards and regulations such as Anti-Money Laundering and Know Your Customer, the traders can be identified effortlessly as their information will be displayed before the transaction is initiated. Each country has a different regulation or standard to identify traders.
Updating Live Prices The live prices of the cryptocurrencies can be updated in the app, regularly giving the trader an overview of the current value of the Bitcoins that are traded/exchanged.
The local Bitcoin clone script functions with the following workflow. The buyer and the seller can interact through this peer-to-peer trading/exchange platform and carry out effective trade/exchange of Bitcoins.
Step-1 In the initial stage, the buyer and seller are advised to register with the Bitcoin platform. After successful login, they can initiate the trading process.
Step-2 The buyer or the seller can host their own ads on the platform or choose from a variety of ads posted by others. If they choose an ad from the list, they will be requested to choose a payment gateway and enter the correct amount to proceed with the trade/exchange process.
Step-3 On choosing the gateway, they will be redirected to a page that contains advertisements similar to the one they chose. They can go through it and pick out the ad that matches the amount they have entered.
Step-4 The chat box will be opened once the user taps the Buy/sell option. To avoid any disputes, the amount is withheld in the escrow wallet by the administrator.
Step-5 Within the estimated time duration, the buyer and the seller should finalize the trade/exchange process. Else, the transaction will be denied by the administrator.
Step-6 The buyer should go with the complete payment option once the trade has been finalized, following which the administrator will release the Bitcoins to the buyers’ wallet.
Step-7 The transaction is complete once the Bitcoins are transferred successfully. The buyer /seller can go ahead and trade/exchange any other bitcoins they need.
There are several security benefits due to which the local Bitcoin platform is being used by the traders. A few of them listed below:
Rank-Based SystemThis peer-to-peer platform works on a rank-driven approach. All the traders who trade/exchange via this platform are given a reputation rank based on parameters such as past activities, successful trades/exchanges, and more. Depending on the rank they possess, other traders can choose them if required.
Escrow Wallets To restrict disputes, the escrow wallet is employed on the platform, and the administrator is provided with complete access to it. The Bitcoins will be released only after the buyer makes the payment, and the seller confirms the trade.
2-Step AuthenticationThe users have to log in to their account using the account credentials, and then they have to proceed to enter the PIN that they have received on their mobile phones. This option can be enabled if the user requires it.
Email VerificationIf the user tries to log in from a different browser, then a verification email will be sent to their email IDs using which they have to log in securely. Email verification is not needed if they log in using the same browser.
Technical SupportThe support team will address all the queries and the concerns that the users have. If the buyer/seller raises any conflicts/disputes, it will be solved in no time.
Bitcoin and other cryptocurrency trade are in the uptrend in the market. There are various factors due to which the traders use the bitcoin platform to trade or exchange.
The buyer and seller can interact directly using this peer to peer platform before trading. This will avoid any disputes or conflicts.
If any disputes arise, the administrator will solve it after analyzing the situation.
It is a secure platform that includes escrow wallet, 2-factor authentication, and more. The payment details will not be tracked at any time.
Fiat currency to cryptocurrency trading/exchange is also possible on this platform.
Users can provide their feedback or suggestions which will be considered while further enhancing the app.
The exchange rates and the payment gateway can be chosen by the user before the trading/exchange process is initiated.
The users can post their ads or choose an ad from the existing list of advertisements.
Based on the reputation rank, a buyer or seller can be chosen effortlessly.
A bitcoin clone script will help you launch your trading/exchange platform easily. The beneficial aspects of purchasing a local Bitcoin clone script is mentioned below.
Peer-to-Peer Platform
With this platform, the buyer and the seller can communicate with each other using the chat facility. This will avoid any fraudulent trades and help the user identify the most suitable buyer/seller.
Multiple Secure Gateways
Using the secure payment gateways available on the platform, the buyer/seller can trade cryptocurrencies efficiently. Any fiat currencies can also be traded in exchange for a cryptocurrency.
Administrator Panel
The administrator will manage the trading/exchange, escrow wallets, resolve disputes, and more. They will have complete access to buyer and seller data and allot a reputation rank for each one of the users.
A Multilingual Platform
The peer-to-peer local bitcoin exchange platform can be viewed in the language of the users' choice. This will make the platform available for use by anyone.
Trusted Traders
Various security regulations such as KYC, AML, and more are implied to ensure that the users identify the correct traders. Reputation rank can also be considered as a parameter to choose the correct trader.
Online and Offline Wallets
The administrators can withhold the cryptocurrencies securely in the offline and online wallets. These wallets are safe, and only the administrator has access to release it when needed.
The peer-to-peer local bitcoins platform consists of a few panels, and their functionality differs from each other. Based on the role, access to particular dashboards will be provided.
Trader PanelWith this panel, the seller/buyer can log in or register with the platform and set up their wallet and 2-step authentication PIN.
Merchant PanelThe merchants can access the paid invoices and trading history and manage the transactions effectively with the help of the API integrated into the platform.
Advertising PanelThe buyer/seller can advertise in the panel or view existing ads posted by other sellers. The status of the trade can also be specified near the ad as closed, completed, canceled, or disabled.
Administrator PanelThe administrator has privileges to access the trader’s information, advertisements listed, transaction history, approved traders list and their data, cryptocurrency prices, reports generated, and more.
Bitcoin was the first cryptocurrency to be launched and following its success, many other cryptocurrencies were launched in the market. A few of them were a massive success. They are listed below:
Bitcoin
Ethereum
Ripple
Litecoin
Dash
IOTA
Monero
Bitcoin Cash
Cardano
Zcash
Augur
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