LocalBitcoins, an early and widely used P2P crypto exchange, has ceased operations after providing services for more than a decade. Although it has shut down due to difficulties faced in crypto winter, many startups are eager to build similar trading platforms like them. As a solution for these startups, a LocalBitcoins clone has emerged.
Today, we will see what & why LocalBitcoins is best for your platform and what are its features.
What is a LocalBitcoins Clone?
The LocalBitcoins Clone is an exceptional solution that faithfully replicates all the features, functions, and plugins found in the original P2P Crypto exchange. By following this approach, you can quickly establish a high-performing Peer-to-Peer exchange with a strong escrow system akin LocalBitcoins.
Furthermore, you have more freedom to customize various aspects of the script such as features, layouts, designs, add-ons, and more, according to the unique requirements of your company. It’s undoubtedly awe-inspiring, right?
Besides, reading on the internet, some may think that creating a ready-made solution is very easy, but choosing the best one is not a piece of cake for some startups.
This blog explores the multitude of features of the script to help you choose the perfect LocalBitcoins clone for your business.
11 Best Features of LocalBitcoins Clone Perfect for P2P Exchange
When selecting the optimal P2P crypto exchange solution, such as LocalBitcoins, it is important to understand and consider certain significant software features. This is due to the important role trading features continue to play in P2P crypto exchanges.
Let me unwrap the essential features in one fell swoop to consider before choosing the best one.
Integrated Escrow System
First and foremost, you need to cross-check whether the software is integrated with the Escrow system. Because it is one of the most crucial features, that monitors the amount deposited by the buyer and is kept in the system until the seller releases his crypto/fiat. Once both buyer and seller are satisfied with the exchange, the payment is released to the seller.
Escrow system protection provides a sense of security to buyers and sellers using the LocalBitcoins platform. It minimizes the risk in transactions and enables your users to securely buy and sell cryptocurrencies without any interruptions.
Buy/Sell Advertising
Another notable feature that you should check with the solution you are buying. By using this feature, your users can easily post buy/sell crypto ads. This helps sellers to find the most suitable buyers for their crypto assets.
Multi-Payment Option
It allows platform users to trade bitcoins for altcoins and they can deposit the altcoins in an escrow system and receive the desired cryptocurrencies in return.
In addition to conventional payment methods such as debit/credit cards and digital wallets, users can make payments using Paypal, Alipay, and other major payment tools.
Integrated Wallet
Once the user registers an account on the platform, it automatically generates a multi-functional wallet to store their digital coins and displays the user’s current balance. Also, it enables users to store their fiat currencies and buy cryptos quickly.
Communication Tools
Using the live chat feature, crypto buyers and sellers can converse related to trade without sharing their personal information on the chat room. Also, your users can get in touch with a support team to clarify the queries related to the platform and investments.
Multi-Lingual Assistance
It enables traders from different parts of the world to participate in online crypto trading without any language barriers. Traders can easily use your exchange in their regional language to acquire and store cryptocurrency.
Real-time Trade Stats
By using this feature, your users can monitor the fluctuations in the price and value of the cryptocurrency on their dashboard easily. Besides, it will help the buyers to be informed and make quick decisions for their crypto trading.
Proximity Match
Based on selected payment methods and other characteristics, matching between buyer and seller is convenient for users. Also, helps users to find their preferred traders with satisfying requests.
Dispute Management
It is one of the significant features that you should consider while choosing a solution. It aids your users to resolve any disputes while buying and selling crypto assets on your platform.
Reviews & Ratings
Buyers have the option to provide feedback and reviews for the seller after each transaction they made with them. It assists other buyers in locating the exchange’s most dependable seller.
Security Measures
A key phase of checking is to ensure the maximum security of exchange of your platform, as it will not only operate with users’ data but also with huge amounts of money and transactions. For that, we need features like
- Two-factor Authentication – For added security, each login and withdrawal requires the user to enter a pin code that is sent to their registered phone number or email address or connect services such as Google Authenticator.
- KYC/AML Management – This is a mandatory feature to be enabled on the platform. To become a verified user, newbies need to provide the required documents for the KYC/AML verification process.
- User Data & System Protection – For reliable platform security, check the platform enables protection against Cross-Site Request Forgery (CSRF) attacks and integrates protection against abuse of a server functionality called Server-Side Request Forgery (SSRF).
- Additional Security Measures – Last but not least, check if the solution you are buying has additional security measures. Anti-phishing code, anti-denial services, HTTPS, and email verification features to ensure the security of users and their credentials data on the exchange platform.
These are exceptional features that you can consider choosing a LocalBitcoins Clone. Check if your chosen solution provider offers all these essential features. In addition to these features, getting a free demo is another important consideration you should make.
Therefore, If a LocalBitcoins Clone satisfies all the above features and factors, then you can blindly choose the software from any solution provider or a P2P crypto exchange development company like zodeak.
How Can the LocalBitcoins Clone Benefit Your Business?
The Localbitcoins clone holds great potential for astute entrepreneurs such as yourself. As it presents a valuable opportunity to start a new online trading platform venture and employ your strategies to compete in a highly competitive market.
This pre-built solution can be more beneficial in the following situations:
Scenario 1:
We all know that Localbitcoin has a global user base as they have operated worldwide. However, they have recently discontinued their services due to financial difficulties. So obviously their user would be looking for a similar platform, right? Yes!
If you want to run the same business as they did then this Localbitcoins clone is the optimal solution for you. With this, you can quickly launch and manage a crypto exchange platform in your desired location.
Scenario 2:
When considering setting up a P2P exchange platform like Localbitcoins or any popular online marketplace, choosing a pre-built software that can be customized to your business needs is more efficient and cost-effective than starting from scratch.
Scenario 3:
LocalBitcoin users may be familiar with their features, making your ideology better than the actual platform with this clone solution. You may have some innovative ideas to make the trading business more popular. At that point, you can mix your concept with some well-developed solutions like LocalBitcoin Clone to start a more functional cryptocurrency exchange platform.
It should be noted that creating ready-made software, including a LocalBitcoins clone, is not an easy task. It doesn’t involve copying and pasting from a popular brand, one might assume. These solutions have specific licenses and copyrights and are created from scratch, taking inspiration and cues from existing platform models while incorporating the latest tools, technologies, and designs.
Hope you got the point, well, let us get more in detail about the LocalBitcoins Clone. Now it’s time to wrap the blog with a few words.
Final Words
After reading the above blog, you can fully understand the basic features of the LocalBitcoins clone. As a result, you can now effortlessly select the appropriate crypto exchange solution for your business without any difficulty.
In a way, the number of startups using LocalBitcoins clone is constantly increasing, so start your P2P cryptocurrency exchange business right away and soar in the future crypto market!
If you need further clarification, you can contact our support team and engage in conversation with our knowledgeable experts.
