What is a cryptocurrency exchange platform?
Cryptocurrency plays a major role in digitization. It has incredibly grown up as a great investment option. Millennials are the major beneficiaries of these digital currencies as they have understood the potential of these digital currencies. Bitcoins were the first thing that we all came to know about cryptocurrencies. At present, TRON and Ethereum are playing a major role.
Since cryptocurrencies have become a great investment opportunity for people, cryptocurrency exchange platforms came into existence. Moreover, the smart contract-enabled platforms provide utmost security and safety for the users to transact their cryptocurrencies. Let us discuss in brief how these platforms operate.
What is a cryptocurrency exchange platform?
Cryptocurrency exchange platforms provide a forum for users to conduct their cryptocurrency trading. In simple words, it is a meeting point where interested buyers and sellers will meet each other. Through these platforms, they can either buy or sell their cryptocurrencies.
The exchanged currencies will be deposited in the sellers’ wallets. They can withdraw as normal currencies from ATMs. These crypto exchanging platforms abide by the rules and regulations of their operating countries. These rules will differ from one country to another.
There are two types of Cryptocurrency exchange platforms - centralized and decentralized cryptocurrency exchange platforms. A decentralized platform operates without any central authorities. They allow peer-to-peer exchange through a secured layer.
On the other hand, the centralized exchange platforms take complete control over the exchanges. They also have the authority to fix the restrictions over the number of transactions that happen on the platform.
What is a Poloniex clone script?
The Poloniex clone script is a centralized cryptocurrency exchange platform for entrepreneurs .The platform supports exclusively crypto-crypto exchanges. The platform does not support any fiat-crypto exchanges. It is a highly secure platform for individuals to conduct their transactions.
It is an exact carbon copy of the already existing Poloniex platform, where you can include your customizations. The white-label Poloniex clone script will enable you to establish your business credentials effortlessly.
How does a Poloniex clone work?
- Upon downloading the app, the users can register themselves with the app through their phone number or email address. They can set their passwords which gives them a unique sign-in authentication.
- The next step is to verify the users through two-factor authentication. They have to give information about their Bitcoin and verification ID. Through this, they can also gain access to the platform.
- The users can now choose the option of “Deposit and Withdrawal” at the top right and choose their Bitcoins to deposit on the platform.
- The app will also display the price chart and orders of buying and selling for the users. They can go through this and start their trading.
- The users can post in the forum if they want to buy or sell their cryptocurrencies. This can be viewed by anyone on the platform. However, if the buyers are convinced with the sellers’ profile, they will proceed forward.
- The users will set up their funds through a deposit transfer. They can also set up their standard stop limits to carry out their trades.
- They can increase their trading returns by lending margins to traders. With their current crypto balance, they will tend to borrow more crypto.
- Users can withdraw their funds and transfer them to another wallet address.
What are the cutting-edge features of a Poloniex clone script?
Two- factor Authentication protection
When the users register themselves with the platform using their email address and phone number, they will be verified through two-factor authentication.
This gives additional security to the platform. Their identity will also be verified through private keys and QR codes.
Powerful trading engine
The powerful trade engine associated with the platform will auto-match the buyers and sellers without any time-lapse.
The platform has an in-built secure wallet where users can deposit and withdraw their cryptocurrencies effortlessly.
The Poloniex clone is very particular about restricting unauthorized entry into the platform. So, it conducts Know Your Customer(KYC) and Anti Money Laundering (AML) practices to restrict such unauthorized entries.
The centralized platform allows easy buying and selling of cryptocurrencies. Here, the transaction happens in the blink of an eye. Moreover, it is a time-saving process.
Smart contract-backed Poloniex clone enables the operations to happen automatically. This eliminates third-parties involvement in the app. Moreover, it conducts the transactions without any human intervention.
The referral program is the trump card with which you can invite more people to your platform. The registered users can also invite and encourage their friends to join the app.
So, for every successful referral, the users will get their offers and rewards.
The cryptocurrency exchange platform should provide complete customer service support for the users. So, whenever they have any doubts, they can chat in real-time with the authorities over the app.
The platform supports automated withdrawals of cryptocurrencies. They can withdraw their cryptocurrencies to their registered crypto addresses without any third-party interventions.
An admin dashboard
The admin is the one who has complete authority over the platform. They can also have real-time control over the functionalities and activities of the platform.
All the activities of the exchanges are updated on the admin panel.
The integrated liquidity API makes the crypto trading process so simple in the platform. It also minimizes transaction delays and prevents price fluctuations.
Unlike Forex, the cryptocurrency exchange has become more common and popular among individuals. This has also become one of the important investment options among millennials.
Moreover, cryptocurrency exchange platforms are the best means to invest or trade cryptocurrencies. You can make a wise entry into the digital business with a Poloniex clone script.