Cryptocurrencies have become a prevailing topic of discussion in recent years. For a long period of time, digital currencies were mostly described as something that does not have much scope of applications in real-time. But this opinion is no longer the same as digital currencies are hitting the market across the globe. We could see individuals showing much interest in trading Cryptocurrencies. More than transactions, they are a great source of investments for individuals. The revenue and hype created for Cryptocurrencies date back to 2020 during the pandemic period.
Understanding the prominence of Cryptocurrencies, entrepreneurs are seeking for perfect platforms to start their crypto ventures. If you are on the same page as them, here is a blog that will focus on developing a Cryptocurrency exchange platform like Binance.
What Is The Eminence Of A Cryptocurrency Exchange Platform Like Binance?
The Binance cryptocurrency exchange was initiated in 2017. Since its launch, it has been receiving rave reviews from people globally. It is widely accepted as the best platform for Cryptocurrency exchange. Currently, they have spread their wings in more than 45 countries with around 500 Cryptocurrencies in circulation. Some of the popular cryptocurrencies handled in the platform are Bitcoins( BTC), Litecoin(LTC), Ether (ETH), Dogecoin (DOGE), and of course, its native token Binance coin (BNB).
The platform is extremely safe and secure as it is multi-layered and has a clustered architecture. The Binance exchange has the tendency to transact more than 1.3 million orders per second. When compared to other exchange platforms, they claim to be faster in terms of transactions. The functioning of the platform enables the users to list, trade, delist withdrawals and fundraise the Crypto coins. The platform also supports a wide range of activities like market, limit, and stop-limit orders.
The market orders are proposed instantly at the best possible market prices. The limit orders are initiated only when the trader sets up a limited price. On the other hand, the stop-limit order is initiated when a specific limit is fixed when the market price is set.
Binance Clone – A Brief Elucidation
Binance clone is a prefabricated exchange platform that reflects the exact operations and features of its mate. This white-label solution is replicated to provide an extraordinary platform for individuals to buy and sell their Cryptocurrencies. The clone version will have all the features and functionalities of the original platform. Right from the admin panel to the users’ module, everything is replicated to provide a cutting-edge solution to the users.
When it comes to Cryptocurrency exchange platforms, you can also choose to develop from scratch. But the thing is that they will consume more time and money. Why do you have to spend so much time developing it from scratch when you can get it ready-made! This pre-built solution comes with options for customization through which you can personalize your ideas and concepts in the platform.
Working Cycle Of A Binance Like Cryptocurrency Exchange Platform
Cryptocurrency exchange platforms are meant for operating for the general public. Interactive UI/UX adds more value to your exchange platform. The working of the exchange platform follows a series of steps given below,
- Firstly, the users have to be verified before getting started with the platform. The users can enter their email addresses and password.
- Once the mail ID is verified, the users have to provide information with regard to their government-issued ID proofs.
- The users can deposit their Cryptocurrencies into their account for trading. For those users without any Cryptocurrencies, they can start their activity by purchasing them from the platform selecting their feasible payment option.
- The withdrawal of BTC depends on the type of ID proof submitted by the users at the time of registration. If the users have submitted their passports as ID proof, they can withdraw upto 100 BTC every 24 hours.
- There are two interfaces for the users to trade their Cryptocurrencies. They can either choose beginners or advanced versions for trading their Cryptocurrencies.
Factors That Will Motivate Users To Prefer Your Binance Like Exchange Platform
When you initiate your Cryptocurrency exchange platform like Binance, there are several benefits that will be incurred by the users. Have a look at the reasons why people will prefer your exchange platform,
The major advantage of opting for Cryptocurrency exchange is that they charge quite fewer transaction fees than anything else. Binance, in particular, charges a very low transaction fee on its platform. It charges every transaction a fee of 0.1 percent.
Large trade volumes
The Binance blockchain is becoming quite popular among people. As a result, you will be attracting a large number of users to your platform. Binance like Cryptocurrency exchange platform facilitates high trading volume and will manage all the user traffic.
Accepts new Cryptocurrencies
It will act as a perfect platform for new Cryptocurrencies to get launched after their participation in the ICO.
Bonuses and rewards
The regular traders of the platform will be rewarded with prizes. Sometimes they will also receive free Crypto coins as their rewards.
Apart from supporting major Cryptocurrencies like Bitcoins and Ethereum, they also extend their hand in supporting other small and growing Cryptocurrencies.
Notable Features To Embark In Your Binance Like Cryptocurrency Exchange Platform
- The Binance clone should support fast trading as people will not wish to wait for a long time to process their transactions.
- To support the users from various nationals, the platform can provide multi-language support so that they opt for the language of their choice.
- The users should be able to install their Crypto wallet in their wallet to carry out their Cryptocurrency transactions.
- Once the app is downloaded to mobile devices, the users will receive real-time updates about Crypto trading. This will help the users to get instant updates on what is happening within the trading community.
- Live trade charts are present in the platform for the users to see the Cryptocurrency trading volume and charts.
- When the users refer their kith and kin, they will receive their referral bonus for the same. For each referral, they will receive their bonus credited to their wallet.
In the growing edge, people are very much sophisticated in participating in Cryptocurrency exchange. This is the perfect time for you to pep up your spirit to start your crypto business with a Cryptocurrency exchange script like Binance.