The Combined market valuation of cryptocurrencies is touching the $2 trillion mark. This not only opens new investment avenues but also means more entrepreneurial opportunities. One of the most beneficial opportunities is to set up a crypto exchange. Businesses are choosing to build clones of popular exchanges like Remitano, Binance, PancakeSwap, and more to replicate their success. Before elaborating on the Remitano clone further, here is a quick overview of the trading platforms for cryptocurrencies.
There are two kinds of crypto exchanges: Conventional and peer-to-peer. The most prevalent method of converting local money into and out of its digital counterpart is through ‘conventional exchanges,’ which make use of electronic documentation or ‘order book’ of buying and selling activities totally, sell and purchase orders between users. However, neither the buyer nor the seller is aware of the identity of the other party, ensuring that all users enjoy some level of anonymity and privacy protection.
The conventional exchanges have been exposed to the possibility of being hacked, shown to react badly to uncommon blockchain events like hard forks, and carry a significant regulatory risk. Centralized exchanges keep their systems off-chain, meaning they operate as escrows for their clients, and transactions are not recorded on the blockchain. This leads to massive breaches of security and unsafe storage of information, funds, and private keys.
“Peer-to-peer” in the crypto realm refers to a one-on-one relationship. Unlike torrents, where you connect with numerous different peers, a peer-to-peer transaction means you always have data relating to the person or entity you’re interacting with. You may have information on that individual ranging from their digital wallet address to their forum username, location, IP address, or even a face-to-face meeting.
Going peer-to-peer for crypto exchange makes a lot of sense as P2P networks are the mechanism used by cryptocurrencies to disseminate system information, avoiding the need for third parties to exchange goods. Yet, predominately today’s digital currency exchanges, ironically, are centralized.
If you feel that decentralization cannot ensure trade quality, you are misinformed. The Remitano Clone script is one such fantastic architecture for building up a completely secure, adaptable, and scalable P2P exchange.
The Remitano clone script software provides a robust dispute resolution system for resolving trade-related disputes. It has a well-run administration that effectively intervenes and moderates the situation. It uses Blockchain technology to store transaction data on a public ledger.
The major features to seek are a secure digital wallet, a superfast trading engine, P2P trading facilities, the availability of a trading bot, quick transaction processing, two-factor authentication, multilingual technical support, escrow protection, live chat options, and access to a bounty program.
The Remitano clone script is a ready-to-use crypto exchange clone that can help you quickly launch your exchange like Remitano. The script can be easily customized as per your business needs and deployed quickly, thereby saving development time and cost.
• Multi-currency wallet integration
Should have an integrated cryptocurrency wallet that can support most of the crypto coins and tokens.
• Trading bot
To eliminate the need for constant monitoring of market prices and thereby to save a lot of trade-time, it must have a trading bot, which automatically trades when the market price of cryptocurrency matches the programmed price. As a result of not needing to monitor market prices, dealers save a large amount of time.
• Two-factor Authentication
For making the transactions even more secure, it must have two-factor authentication for buyers & sellers in the market.
And the most important safety feature is Secured Escrow Wallet Integration
When planning to start a crypto exchange platform like Remitano, make sure it is fortified with a secure Escrow wallet. Escrow is a legal provision in which a trusted entity, generally a third party, temporarily holds the assets until a particular condition has been met. The seller is the one who meets the requirements on this exchange platform.
Once a trade is initiated, the Escrow Wallet is triggered, and the crypto assets are transferred to an escrow wallet. The escrow releases the assets to the buyer’s wallet after the seller agrees to receive the amount worth the crypto assets, from the buyer.
Launching your own crypto exchange like a Remitano is a great opportunity for your venture and it can become a big Crypto unicorn in the future if the platform is developed by a skillful team. If you have decided to start a crypto exchange platform like Remitano, find an expert blockchain development company that can help you launch an exchange with great UI/UX design and impenetrable coding.
At Antier Solutions, we offer customized services for Remitano clone app development. We leverage our deep domain knowledge, technical prowess, and financial experience to build world-class exchange platforms that help you take the lead.
Connect with our subject matter experts to share your needs for Remitano clone app development.