Cryptocurrency trading is showing a bold margin in recent years. Field-experts predict that this trend will keep increasing and a huge portion of the populace will go behind cryptocurrency trading. To put in simple terms, cryptocurrencies are digital assets, managed by a P2P technology. The value of cryptocurrency purely depends on demand and supply. Anyone is eligible to make trading with cryptocurrencies.
Many people are familiar with Bitcoins but there are other types of cryptocurrencies like Ethereum, Litecoin, Ripple, etc., There is a misconception that cryptocurrency trading is completely anonymous. But it’s not really anonymous. Experts can trackback to original owners. Almost every cryptocurrency exchange platform requires an ID for both buyers and sellers.
Now you are all set to know about the functioning and striking features of our Bitcoin exchange script.
What does the business ideation look like?
- The initial step is to document user requirements. This is also called a requirement gathering.
- Next, the team assesses them for feasibility. Here, the budget of the application and other parameters will come to account.
- The team develops a demo model and seeks the client’s approval.
- Next, the application’s front-end and back-end are verified to align with the client’s business needs.
- We will add features to the prototype and perform testing against both positive and negative test cases.
- When all the above steps turn out to be successful, the app is ready to hit the Google Play Store and iOS App Store.
Working model of the app in a few simple steps:
- Users will sign into the cryptocurrency exchange app, after completing the KYC form.
- Now that the user is ready to delve into the app. Users can browse their marketplace to find suitable sellers. Also, users can post their advertisements on the app to invite others to trade with them.
- If the user comes across any suitable advertisements, then they can reach out to that seller and make the payment.
- To protect the funds of buyers, the app has an inbuilt escrow wallet. The escrow wallet will release funds to buyers’ accounts only when sellers agree to terms and conditions.
- With an in-app chat, buyers and sellers can interact with each other and settle the transaction.
- Also, users will have to settle the transaction within the stipulated time, failing which they are liable for penalties.
Features that make the app an unique one:
Escrow wallet- The escrow wallet is activated once the trade commences. If the seller agrees to receive the cryptocurrencies, the escrow wallet releases the coins to the buyer’s wallet. The sole purpose of the escrow wallet is to secure the trading.
Two-factor authentication- Every application needs security protocols to hold data. This app provides two-factor authentication to ensure the crypto coin transactions happen in a secured way.
Wallet details- The wallet is more of a database, where the coins are stored. Both buyers and sellers will have to exchange their wallet IDs for making transactions.Also, we develop multi-currency and multi-signature custodial wallet systems.
Multi-currency support- With multiple currencies, users can make their choice of coins. The app supports different cryptocurrencies like Bitcoins, Ethereum, Ripple, Litecoins etc.,
AML/KYC- The LocalBitcoins clone app will be compliant to Anti Money Laundering(AML) and Know Your Customer regulations(KYC) for the user’s identification.
Integrated Adservice- Both buyers and sellers can advertise on this platform to expose their willingness towards cryptocurrencies.This facilitates the ease of finding potential buyers/sellers.
Security Protocols- Our team of expert and seasoned developers have infused stringent security protocols. This will ensure funds of buyers/sellers from external threats.
Live price ticker- Provide your users the current market value of cryptocurrencies.The in-built live price ticker ensures that users don’t have to surf the internet to know the market rate.
Dispute settlement- In case of any failed transactions, users will raise tickets, and the admin will verify the transaction. The admin will analyze and resolve the issue.
User profile- Users can log into the app by completing a few registration steps. Also, the app allows users to log into the app with their social media handles.
Push notifications- Users can track the latest developments and order alerts with an ease. Users don’t have to miss any latest information. The alerts are sent via an SMS or email.
Payment gateway- Our Bitcoin exchange script allows multiple payment gateways. It includes debit/credit cards, banking, cryptocoins etc.,
Ratings and Reviews- Buyers and sellers can rate the quality of service, the app provides. The admin will analyse and optimize the app’s performance accordingly.
What’s in store for your business with our clone software?
Ensure accountability- With our solution we ensure that the transfer of funds between buyers and sellers is safe. For this purpose, we integrate with KYC while users register with the application.
Protection against fraud- The app has an inbuilt escrow wallet, which releases the currencies to the buyer’s account, when the seller agrees comes in terms with the buyer. This way, the app protects buyers/sellers from fraudulent activities.
Lucid UI- Our developers have built the UI that facilitates users to easily understand the operation of the application.
Unrestricted trade- Our app is developed with the aim of expanding peer-to-peer trading. This supports instant transactions.
The above content is carefully curated to help to know the basics of the LocalBitcoins clone application. At Appdupe, we are committed to providing quality services, on time. Our solutions are 100% white-labeled, customizable, and scalable. Give us a call, and we will schedule a meeting with our team of developers.