Peer-to-peer crypto exchanges are poised to dominate the conventional cryptocurrency exchanges available in the market soon enough. By allowing users to self mediate the management of their crypto assets effortlessly, these exchanges are becoming a go-to platform for users to trade cryptos securely. One of the most popular exchanges that are holding a steady place for itself among this competition is LocalBitcoins.
LocalBitcoin is an early-invented decentralized exchange platform that allows users to exchange their local currency to Bitcoin cryptocurrency and vice versa directly with each other.
This popular exchange has inspired a grand deal of entrepreneurs to make an entry into the crypto industry with its hefty success and wider reach. If you are one of the aspiring entrepreneurs, then stay tuned. This entire article is about the LocalBitcoins Clone script and how it can save you from tiresome from-scratch development with remarkable features and benefits. Let’s dive in right away!
What is the LocalBitcoins Clone?
Based on the framework of this popular Exchange, at Uberdoo we have developed a 100% customizable LocalBitcoins clone. Our application is a white-label P2P cryptocurrency exchange platform that facilitates users to exchange their bitcoins quickly and securely without any central authority to regulate the transactions. Just like how the standard model functions, the LocalBitcoins clone will also allow users to do over-the-counter trading to help buyers and sellers connect directly.
In addition to this, it allows users to manage cryptocurrencies both online and offline, and post ads for the Bitcoins they would like to sell.
What is the working process?
- Users will have to register and complete their account KYC to engage in peer-to-peer trading
- The user can visit the marketplace to browse different buyer and seller ads listed
- If the user finds any advertisement suitable for their preference, then the Bitcoins will be taken into escrow. After which, the seller will ask the buyer to pay for the trade.
- After finishing the payment process and acknowledging it, the seller will be sent information about the payment on the website and through mail and SMS
- Post confirmation of the payment, the seller will release the Bitcoins and those cryptocurrencies will be sent to the buyer’s wallet from escrow.
Features of the solution
Escrow wallet:
The escrow wallet is integrated to ensure safer trading. It gets activated once the trading begins and holds Bitcoin or other cryptocurrencies, which will be transferred on the seller’s approval to the payment.
Two-factor authentication (2FA):
The script comes with a two-factor authentication feature for both buyers and sellers to maintain the platform highly secure.
OTC trading:
You can offer an OTC trading facility for the users to trade and transact cryptocurrencies with or without any internet connection.
Chatbox:
Buyers and sellers can communicate with each other while they carry out transactions to share live updates and avoid miscommunications.
Affiliate programs:
The feature allows your users to bring in more users and reward them with exciting crypto-trading offers.
AML/KYC:
The LocalBitcoins Clone will be compliant with Anti-Money Laundering and Know Your Customer regulations to avoid multiple fake logins.
Margin trading:
This feature allows the users to trade with sufficient investment by allowing them to use more funds.
Quick tip:
Since this is a white-label solution, there are options also available to integrate many more features to the clone app.
What are the benefits of choosing LocalBitcoins clone script?
Customizable:
Just like we mentioned before, the LocalBitcoins clone script is 100% customizable, meaning that you could integrate or modify any features or third-party plugins and revamp the entire solution to your liking.
Multi-lingual:
The clone script contains multi-lingual integration, which could be of extreme advantage if you wish to expand your business to many regions.
Multi-currency support:
The exchange allows many cryptocurrencies apart from Bitcoin like Ethereum, Litecoin, Ripple, and many more.
Zero-latency trading:
Since the script is built with the latest technology and contains a robust back-end, there are no lags in trading that one can expect.
Highly compatible:
Whether it is the iOS or Android platform you deploy the exchange on, the solution will exhibit its efficiency without glitches.
Supreme security:
The functionality and trading are all protected with multi-layer security features like Anti Denial of Service, HTTPS authentication, Data encryption, etc.
With the hope that you might have now grasped everything about LocalBitcoins clone, let’s look at how our team can shape this solution into a fully functional P2P crypto exchange platform.
How do we execute the P2P crypto exchange development?
Analysis:
We start with evaluating the requirements you have about your project and jot down everything to follow them throughout the protocol.
Planning:
Our team draws out some strategies and defines roadmaps to make your idea more effective, after analyzing the market trends.
Designing:
The designers’ team will create a wireframe with all the visual elements that will represent your brand, with mockups and prototypes. Once we get approval from you, we will take the further step.
Development:
Both the front-end and the back-end of the project will be carried out by proficient developers. Our team will make sure that every requirement of yours is met, and code it by implementing the latest techniques and tools.
Testing:
The newly developed app will be tested thoroughly through various tests to make sure that it is free of bugs and glitches.
Deployment:
Once the testing is done, and we get approval from your end, we will deploy it on the server and the platform of your choice.
Maintenance:
Our services would be available for you even after launching your app on the app stores. Our professionals will support you with maintenance and upgrade services.
Closing thoughts
The cryptocurrency market size is expected to grow by a CAGR of 7.1% and will reach US $2.2 billion by 2026. From a 2021 survey, 97% of people have confessed their faith in digital assets, and this could be a golden opportunity for starting a venture right now.
Time waits for none, and neither does the crypto market! If you are already ready with your idea, so are we to make it a hit. Connect with our team soon to get Uberdoo’s feature-rich LocalBitcoins Clone and launch it soon to reap high ROI.
