Tech Peak » Poloniex Clone – How To Launch A Cryptocurrency Trading Platform Like Poloniex?

Poloniex Clone – How To Launch A Cryptocurrency Trading Platform Like Poloniex?

by Ellianafaith
Cryptocurrency Exchange Platform like poloniex

Cryptocurrency trading has become a common practice used by people these days to exchange their cryptocurrencies. There are two segments of beneficiaries in using cryptocurrencies- investors and entrepreneurs. Investors earn more money by investing in cryptocurrency trading. In contrast, the entrepreneurs get benefitted by owning the cryptocurrency exchange platforms. This is the underlying difference between the best. 

When people diverge into a cryptocurrency platform, they expect it to be safe and secure to invest their money. If you could offer them a highly secure platform, then you shall become a strong player. In this blog, we have highlighted the insights on developing a robust Poloniex like platform. 

What is a Poloniex clone script?

The Poloniex clone is a look-alike platform of the original Poloniex, where users can trade their cryptocurrencies. Here, on this platform, the users can buy and sell their Bitcoins effortlessly. However, the security-enhanced features of the app will safeguard the platform and protect it from fraudulent activities. So the users will also feel safe to use the platform for trading their cryptocurrencies. 

The successful outbreak of cryptocurrencies have led several entrepreneurs to invest in cryptocurrency exchange platforms. The Poloniex clone script will provide robust backend support to facilitate the functionalities of the platform. 

What are the things to consider for launching a Poloniex-like platform?

  • Firstly, you can start by researching the current market statistics. Through this, you will understand the key players in the market. 
  • Analyze your competitors’ role and their strategies. You can also evaluate the gaps from their models and try to bridge them in your app. 
  • Get familiar with the rules and regulations of the countries where you are planning to launch your platform. There are certain countries where they do legalize cryptocurrencies, so be careful in knowing their regulations.
  • Last but not least, find perfect developers’ expertized in cryptocurrency development. 

What are the benefits of launching a cryptocurrency exchange platform with a Poloniex clone script?

Decentralized and fast currency transactions 

A decentralized platform does not require any third parties to be involved in cryptocurrency transactions. Because Bitcoins are independent and do not need any financial institutions to monitor. The blockchain-built cryptocurrency exchange platform is entirely decentralized and safe. It minimizes the risk of data hacking. 

Since the platform is entirely automated, it does not take much to transfer the currency from the sellers to the buyers. 

24/7 operations 

The platform supports 24/7 operations for the users to trade their currencies. There are particular time frames, and the users can feel free to buy or sell their cryptocurrencies anytime they wish. These digital currencies can be traded by the users whenever they want. 

Instant transaction and settling process 

Unlike bank transactions, they are not slow for operations. Here the results are instant, like the cryptocurrency can be transacted instantly. When I say instant, I actually mean it. In traditional platforms, it will take more time for the transactions to process. The blockchain technology of the platform makes it possible to transfer cryptocurrencies in a blink.

What are the notable features to include in your Poloniex clone script?

 When developing your Poloniex clone, it is important to include note-worthy features that provide complete support for your platform. Here are some of the notable features to include in your platform. 

Two-factor authentication protection 

The two-factor authentication process will protect your platform from anonymous entering. You can check the identity of the users using their private keys and QR codes. 

Trade engine 

To avoid time-lapse, you can introduce the feature of the trade engine in the platform. This will also auto-match the buyers and sellers without any time lapses. 

Automated withdrawals 

You can also liberate your users to withdraw their cryptocurrencies without any manual interventions. They can easily withdraw their cryptocurrencies to their registered crypto addresses automatically. However, you can watch the platform and check if the withdrawals exceed the maximum limits. 

Smart contracts 

The smart contracts integrated into the platform will automate all the operations and transactions. This will also eliminate the use of any third-party manual interventions. 

Swift cryptocurrency exchanges 

The major reason why people choose such platforms is that they provide instant services to the people. So, your platform should provide swift trading processes where users can easily buy and sell their cryptocurrencies.  

Referral programs 

As a cryptocurrency exchange platform, you need more users registered with your platform. However, you can invite more people through referral programs. You can encourage your existing users to refer their friends to join the platforms to earn their referral points.

Real-time chat 

Customer support plays a major role in earning trust from the users. To provide a real-time chat option where they can chat with central authorities over any doubts and queries. 

Security features that you should never miss in your Poloniex clone script 

The features mentioned above are the ultimate features that are quite necessary for the successful functioning of the platform. In addition, we have listed a few security features to include in the platform.

Advanced admin panel 

An admin panel assists you to manage the entire functionalities of the platform. The transactions and every user data of the platform are recorded in the admin panel. So the app owners can have complete control over what is happening in the platform. 

Domain registry lock 

This gives ultimate protection to the platform by locking the domain at the starting level itself. This also prevents unauthorized or anonymous users from entering the platform to change the domain name. 

Wrapping up,

Cryptocurrency exchange platforms like poloniex have taken cryptocurrency trading to a whole new dimension. With a well-functioning and featured Poloniex clone, you can start your business in the crypto sphere. The app functionalities play a major role in the exchange activities. So hire the best-in-class developers to develop your crypto exchange platform. 

 

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