The demand for owning an Exchange has increased due to the popularity of cryptocurrencies these days. People from all around the world are trying to be a part of this huge digital world. The transactions and trades are done digitally and money has lost its true meaning. Cryptocurrencies are a digital asset that works just like money. People can buy things and they are even exchangeable. The exchange process occurs in a platform and it can be from the bank or peer-to-peer. In peer-to-peer exchanges, people with the same needs and interests are connected and after the discussion, the deal is done and the money goes to people’s wallets. For starting any kind of exchange platform, there is a need for finding the best role model to follow. There are some role models that users can choose from, but one of the best role models is the Coinbase exchange. The process of building an exchange just like Coinbase can be difficult and time-consuming since it needs a professional developer for the project. That is why the need for a Coinbase clone appears. In this article, we try to discuss the advantages and disadvantages of this clone script.
What is Coinbase clone script?
Coinbase clone script is a pre-designed user-to-admin crypto exchange clone app that resembles the Coinbase exchange, in other words, this app has a similar user interface, plug-ins, and existing features to the Coinbase exchange. It is a ready-made script, so it helps you to develop and launch an extraordinary crypto exchange platform like Coinbase within a few days. Most of these clone scripts are open to customization which allows you to decorate them with your desired features and designs. Additionally, by using this script, you can do certain modifications to themes, designs, features, and more based on business requirements. It is also worth mentioning that the Coinbase clones that different crypto companies offer use high-level security features so that the result coinbase clone exchange will be more secure and reliable.
Why should you Create a Crypto Exchange Like Coinbase?
For answering this question, we need some statistics about Coinbase. First of all, it has over 103 million verified users, and the record for their website visits is about 1,396,661. Their daily volume is 2,312,526,081.45, and the assets on the platform are worth more than 96 billion. The platform has attracted more than 5000 employees and all of them are highly experienced. As it is clear, developing a user-to-admin cryptocurrency exchange like coinbase with the latest trading features will help users to attract a wide range of users globally. Here I will elaborate on some of the noteworthy reasons to create a crypto exchange similar to coinbase. It is the most prominent user-to-admin crypto exchange platform that enables the user to buy, sell, or trade-in cryptos securely. Users on this platform can trade any listed crypto to fiat currency or crypto to crypto using this medium, so the exchange is done way easier. The Coinbase platform provides both centralized and decentralized operations for their global crypto users since people from all around the world choose them as exchange, additionally, it has a unique user interface and a variety of trading options that makes the user make correct decisions as per their financial stand. The platform is quite safe. When it comes to security, they are highly encrypted with multiple layers of security walls which lessens the risk of any hacking or scam, it has also added layers of protection that help the users to trade without worrying about cyber-theft and scamming, therefore, By creating a cryptocurrency exchange just like coinbase, you can generate high revenue through multiple streams, and it is one of the main reasons for starting a bitcoin trading platform similar to coinbase.
Here is a list of reasons for the clone script to be chosen.
- The user interface of Coinbase is easy to understand and use.
- The exchange platform is fortified with security features like two-factor authentication.
- Quick cryptocurrency transfers are facilitated.
- Cryptocurrencies can be easily bought with fiat currency
- Coinbase charges users a small percentage of their purchase amount. Unlike the high fees that other platforms in the market charge, Coinbase’s fee per transaction is much lower.
- Users of the platform can easily scan the QR codes of their recipients to transfer coins.
- Coinbase offers its services through intuitive smartphone applications on both Android and iOS.
How Does Coinbase Clone Script Work?
Step 1: Users need to register and sign up with the cryptocurrency exchange platform. The sign-in process can be done through Gmail. When the confirmation email was delivered to you, you can enter the platform.
Step 2: To start using Coinbase clone, you need to either link your bank details account or your credit/debit card. Then your digital wallet needs to be installed.
Step 3: You need to follow the verification process to start trading and buying coins using a bank account, thus it is recommended to use Digital wallets for this type of transaction.
Step 4: Once after setting up the account, users can easily buy and exchange cryptocurrency on the Coinbase clone. You can book cryptos or you can set an order and wait for other users to find you.
Technical advantages of choosing Coinbase clone as the Role model
Users prefer crypto platforms with high-efficiency transaction rates and bug-free platforms, due to the fact that with the increase of digitalization, the number of digital or cyber-theft has also increased. Coinbase has top-notch security features and reliable trading options to choose from.
Additionally, Coinbase offers 100+. cryptocurrencies to trade, exchange, and deposit, and having various options on the table makes it easier for users to trade. It has been the prominent reason why people choose coinbase as the best choice for cloning.
As you might know, most of the exchange assets are stored in cold wallets which are less vulnerable to security hacks and data breaches. Coinbase stores 98% of its digital assets in cold wallets, which makes it the most secure platform.
Premium Functionalities of Coinbase Clone Script
Buy/Sell Crypto: The coinbase script has the most advanced and upgraded trading engine that processes the crypto order thoroughly. It allows users to avoid the need to visit the order book to manually look for buying and selling cryptocurrencies quickly, which makes the process way faster.
Trouble-Free Transactions: Most of the clone scripts that are available, possess an effective admin panel by which you can control the exchange by monitoring the transaction details without error and keep the users safe from fraud activities. It gives more control to the user.
Enriched Security: The cryptos which are the most important aspect of transactions, are kept in tightly secured hardware wallets or exchange cold wallets that can’t be hackable by other prone attacks. Most of them are designed to make it safe against all vulnerable attacks that happened in exchanges earlier and caused so much trouble and damage.
Storage Wallets: Companies have created multiple wallet integration in their script to bring all possibilities of wallets into your exchange. No user will be left behind, thus, any third-party crypto wallet can be added or removed with little customization from the backend, which is counted as one of the best features.
Easy Accessible Interface: Most of the coinbase clone scripts are designed by UI designers to clone the exact copy of coinbase UI without leaving a single screen. The visual demo that the companies provide, allows the users to have an inner look at the script UI and friendly features that were or were not added.
User panel: Buying/selling cryptocurrencies is easily possible with an exceptional user panel that’s developed by various companies.
Intuitive admin portal: The admin panel allows one to look after all the user’s activities with more security features it is kind of related to the Enriched security feature, and these make an exceptional feature.
KYC for security: Some of the Coinbase scripts is created along with the KYC approval mechanism which allows only authentic users, and people who are not authentic are detected soon.
Support system: No matter what kind of flaw or issue has happened, all of them are rectified by accessing the admin through the support system.
Content management panel: It is in fact a tool that is specified for adding, deleting, and editing the contents inside the platform.
IP restriction: There might be special IDs for admin access in order to avoid any fraudulent activities.
Instantaneous Notifications: Users will receive notifications for every deposit, withdrawal, buy/sell, market trend and other platform-related details, it is so informative.
Easy Crypto conversions: Users can easily convert digital assets without any hassle and swap cryptos and vice-versa.
Vault Protection: This option actually adds to its security features. It allows users to store the funds using vault protection and it will add extra safety in withdrawal via time-delayed processes.
Business benefits of Coinbase Clone Script
- Automated User Verification
- Enhanced KYC Compliance
- Self-Hosted Cold Wallet
- Multiple Trading Pairs
- Order machine engine with the best BID
- Easy Withdrawal Process
- Faster Payment Linking
- User Analytics
- Transaction History
- Trade Fees Settings
- Drag and Drop Customization
- Automation User Verification
- Institutional Service Offerings
- Mobile App Dashboard
Some extra features of the Coinbase clone script which can be offered to clients by some companies are mentioned below.
- Communication channels for traders: it can be equipped with in-app chat features. Traders, both buyers, and sellers can easily communicate with each other to come to an agreement through this feature.
- Two-factor authentication: Setting up additional security protocols will further protect your users and your exchange platform.
- Push notifications: this is one of the options that can be added to your Coinbase clone. Users can be up-to-date with the status of their transactions, and search results with the use of push notifications. All of the needed information will be conveyed with notifications.
- Robust escrow wallet: This feature actually facilitates smooth transactions between buyers and sellers of cryptocurrency with the use of escrow wallets. It holds the crypto coins and transfers them to buyers after they agree to the seller’s terms.
- Advertise: It gives the users of the platform the option to advertise the crypto coins they have to offer. For a fee, depending on the duration and reach of their ad, users will be able to create advertisements within minutes. It can be also a source for earning extra money.
- Live markets: Traders will be able to view the market value of cryptocurrencies in real-time on your platform itself.
- Multiple coin support: The fact of supporting multiple types of cryptocurrencies will widen the scope of your platform. Go beyond popular cryptocurrencies like Bitcoin and Ethereum, and incorporate alternate coins as well.
- Smart contracts: It is defined as automated transaction verification processes by setting up conditions. By using this, you can offer your platform’s users a quick way to process cryptocurrency transactions.
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