This content originally appeared on DEV Community and was authored by reyhanas
A Quick Glance at WazirX
Recently, WazirX is one such cryptocurrency exchange which has been very much liked by Indians. This is because in a very short time, it’s amazing features have made everyone’s interest and together it is very easy to use it or its services. The basic objective of this company is how it can become India’s most trusted Bitcoin exchange. most of companies like to launch wazirx clone script similar to wazirx.
WazirX has now started its own token, which they named WRX Coin. Is kept, and which can be used by users in their platform.
So today I thought that why should you be provided information about what Wazirx is and how it works so that you too can get some information about it.
Part of the Malta-based Binance group, which has users in 180 countries, WazirX claimed $2.3 billion monthly volume and 1.75 million registered users on its platform. As per CoinMarketCap, WazirX was the 27th top crypto exchange globally based on traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes. Its 24-hour trading volume stood at $218 million with 137 coins available for trading to customers.
Global bitcoin exchange Binance-owned Indian cryptocurrency exchange WazirX has crossed $200 million in daily trading volume since its launch in March 2018. This is the highest trading volume by any crypto exchange in the Indian market, according to the company, amid the regulatory uncertainty over the use and adoption of cryptos by businesses and individuals in the country. “Daily trading volume shows the scale at which an exchange is operating. More volume leads to more liquidity and more liquidity ensures that traders get the best prices with the minimum spread between buying and selling. WazirX has the highest liquidity and trading volume in the INR market in India,” Nischal Shetty, Founder, WazirX told Financial Express Online.
The startup had last year in March launched a $50 million ‘Blockchain for India’ fund to invest in crypto/blockchain startups in India. According to WazirX, there are more than 7 million people associated with over 7,500 crore crypto assets whose fate hangs in the balance until India regulates the crypto market.
Features of Wazirx exchange platform
Here are some of the noticeable features of the WazirX exchange that must be considered by those who want to build a crypto exchange like Wazirx.
- WazirX uses a real-time open order book system that equivalents the exchange of cryptocurrencies between buyers and sellers.
- WazirX has a crypto coin named WRX which can be used by traders for buying or selling other cryptocurrencies.
- The value of WRX has increased considerably over time just like Bitcoin or other altcoins.
- WazirX provides the feature for exchanging or selling of USDT (Tether) for INR with other traders. Tether being a stable coin equalizes its value with fiat currencies.
- The deposit and withdrawal rates provided by WazirX are super amazing with very little input of efforts.
- WazirX provides a facility of a digital wallet wherein you can store your digital assets with safety and protection.
- WazirX inherits the bitcoin escrow trading concept and it also regularly invests in the security audits which make it the most secure exchange in India.
- The KYC verification process takes a limited time but WazirX is further focusing to make it minimal to develop their service base.
- The system infrastructure of WazirX can handle millions of trading transactions per second, which makes it a faster trading network tool.
- There is also a native mobile app for crypto trading named “WazirX clone App development” which assists the traders to trade through their mobile devices.
- WazirX has presence across all platforms such as web, iOS, and Android with a fast and safe trading experience.
- The model of WazirX is based on Maker-Taker Model where the maker gets a bonus. Maker — 0.20% bonus Taker — 0.25% transaction fees
Why do we use clone scripts and what are the benefits made by clone scripts?
Clone scripts help the business bloomers to start their own venture easily, quickly. A non-techie entrepreneur can survive in this digital business world with it. Clone script is used to copying or alternated an existing website and app or otherwise, a script is a new software to create a website and app.
Benefits of Clone scripts are:
• Cost-effective
• Easy to use
• Come with core features of popular business modules
• Well familiar with the market
• Customizable or scalable, that can incorporate your business ideas
• Lesser your source and energy
• High chances to be succeeding easily
• Face the competitive market with well-known design & workable functions
• Currently updated to the market
• Free and Paid Add-ons
• Free Support & Service.
• Exclusive offers
• White labeling
• Technical support of all forms.
Now that we know the benefits of wazirx and clone scripts ... it's time to learn about the wazirx clone script and its structure, features, functions, and more.
Benefits of buying white label wazirx clone script
The popularity of cryptocurrency is unending these days. Crypto trading has evolved itself unexpectedly in a short duration of time. A few years ago, only technicians were aware of its practical benefits. Nowadays most people are aware of this tremendous technology and wish to invest in cryptocurrencies.
The day would come soon when the market cap of the crypto market will outperform the entire market cap of various eminent banks in the world. According to various reports published from time to time, it has been pronounced that cryptocurrency has an unbeatable potential to navigate the whole digital market.
The white label cryptocurrency exchange like WazirX is expanding globally and it offers over 40 cryptocurrencies available for trading in all the major countries.
WazirX launched a P2P trading platform that allows traders to buy and sell crypto directly from each other. It is the expanding popularity of WazirX that has encouraged many people across the globe to build a crypto exchange platform like WazirX.
How to develop a crypto exchange like WazirX?
To build an exchange platform like WazirX, you need to have a WazirX clone script that portrays all the features of the exchange.
The steps to start a business from clone script are:
1.Form a business plan according to the regional needs
Wazirx is an online marketplace where people buy and sell each other bitcoins, ether, dash and other virtual money. The platform acts as the only intermediary that brings the buyer and seller together and provides tools for an honest exchange or chat, where you can arrange a personal meeting.
To search for counterparties, Wazirx users publish ads in which they indicate the amount of the exchange, rate (course) and acceptable (available) payment methods: cryptocurrency, PayPal, bank transfers, cash and more. Anyone can respond to such an announcement, provided that the transaction does not imply restrictions on location.
The crypto buying and selling process is quite simple:
A.We are looking for an ad with the right cryptocurrency and an acceptable rate.
B.We contact the counterparty and agree on the transaction amount and method of payment. There is a possibility of escrow funds.
C.We are making a deal. Write a comment about the second side.
To guarantee an honest exchange on the website, smart contracts with escrow are used. To reduce fraud, with other methods of exchange on the site, a system of reviews and reputation ratings has been introduced.
2.Look for the perfect clone script providers with good reviews
To give wings to your dream of developing your desired business platform at an affordable price within a short while, you have to opt for clone scripts instead of building an app from scratch. All you need to know first is the significance of these Clone scripts. Once you have understood the significance of such clone scripts, the next step is to look for the exact place to find a clone script that stands out from the rest available online. Only a ready-made solution that's carefully developed would have been through a rigorous testing process and its adaptable nature can help you to modify it to fit as per your business plan. Thus, this satisfies the prime need of developing an efficiently performing website for being successful in your online business venture. To find an authentic clone script, you have to approach a notable and trustworthy app development company. This is because only a company that's committed, driven, and the one that is aware of its clientele demands can help you with materializing your business dreams. Another prime reason why you should look for an authentic clone script from a renowned and trustworthy web and mobile app development company is, you aren’t looking for a typical clone script.
3.Talk with them and share the business details
Ask your clone script developer how many parallel users can the app handle before becoming too slow. It is considered a good solution if it can handle at least 100 simultaneous users. That is if hundred people are using it at any point of time.
4.Get the consultation from the experienced clone script providers
The script is usually developed by well-experienced and qualified experts. They take care of everything from development, design, testing, and deployment, allowing you to focus on just the customization part. There are many advantages involved with purchasing and deploying a Wazirx clone script for your business. Let’s find out what they are:
1.A Wazirx clone script relieves you from the long, tedious development process and the costs and resources incurred for development. It comes readily-available, enabling a quick launch at a cost-effective price.
2.A Wazirx clone script supports multiple cryptocurrencies and multiple languages that will help you broaden your user base just like the original Wazirx model.
3.A Wazirx clone script comes with similar advanced trading tools, technology implementations, exchange infrastructure, and features that fit both experienced and new traders.
4.Transactions will be of low costs similar to Wazirx, therefore more trades, which means more profits for both traders and the exchange owner.
5.Wazirx clone script will bring in more liquidity and the high capacity of handling multiple transactions per second.
6.A Wazirx clone script offers a wide range of customization options for the users, in terms of name, logo, brand, UX/UI, color themes, etc. Also, it is completely pre-tested before being delivered hence it assures bug-free operations, more reliability, security, and sustainability.
5.Tie-up after the analysis of price estimates and compare with them.
This is how a Wazirx clone script works. With the intensely growing demand and competition, several companies around the world have started offering a Wazirx clone script for businesses. To choose the right one for yours, look if the script comprises the following features.
There are a lot of remarkable and advanced security features in order to build Wazirx clone software. These features are:
Accessible with multiple Platforms
A wide range of cryptocurrency
Advanced trading tools
Fast transaction
Advanced UI/UX
Payment gateway integration
Trading bot
KYC/AML Verification
IEO Launchpad
Support Multiple wallets
Pros and Cons of Wazirx Clone Script:
Pros of Wazirx Clone Script
• User Friendly UI
• Flexible Payment gateways
• Multi-lingual support
• Reviews and Ratings
• Security and Trustable exchange
• Bypass the middleman
• Probably the lowest price of all coins in India
• Speedy transactions
• WRX tokens
• Cutting Edge Technology
• QR Code Scanner
• Operating System
Cons
The transaction fee is a little bit high.
If you want to know further details regarding the exchange here is a link to Wazirx’s White paper.
The process of Wazirx clone software as per the section.
- User Registration: Users have to register their necessities details like email id, phone number, a password for signup. Once registered, they will be assigned specific wallets.
- Explore offer: Sellers should post their offers like cryptocurrency type, rate, and payment method for the transaction.
- Notify the offers: Buyers will receive notification from those selling offerings and select the suitable things as per their needs.
- Secure Authentication: Once the buyer confirms their transfer, a chat popup appears and negotiations between two parties.
- Payment option: The buyers can pay through various payment options that are available on this platform.
- Transfer: In time, the seller can verify the transaction, and admin escrows release the requested payment of the cryptos from their wallet to the buyer wallet.
- If you are a seller - Wazirx clone will not release your USDT to the buyer until you make a confirmation on the receipt of payment.
- If you are a buyer - Wazirx clone software will hold the seller's USDT until you make a payment to the seller. The System will detect and resolves any dispute that occurs between the buyer and a seller. KYC details can be verified for every user before allowing them to trade on the platform and thus keeps a record on each and every transaction that occurs on the exchange.
- Cash In - If you want to bring fiat money to trade cryptocurrencies, Buy USDT via P2P and then use that Usdt to buy other cryptocurrencies on Wazirx.
- Cash Out - In case you want to move Fiat money to your bank account, sell your cryptocurrencies for USDT and then sell that USDT for fiat.
WazirX P2P
Traditionally, peer-to-peer systems are classified listings where you need to go through the following steps to purchase cryptocurrencies with fiat money:
Scroll through each order listing
Analyse each order volume, price, and payment method to figure if it aligns with your requirements
Choose multiple orders depending on your trade size
Figure out the legitimacy of each trader before you deal with them
Here’s how WazirX P2P works:
Buyer places USDT buy order, gets instantly auto-matched with a seller
Pays directly to the seller’s bank account
Both buyer and seller confirm sending and receiving payment respectively
WazirX transfers the escrowed USDT to the buyer’s wallet
Moreover, the p2p crypto exchange software development has been designed in a way that matching and order-completion happen in record time. It’s hassle-free with zero learning curve, and available 24x7.
Since its inception, WazirX P2P has been a game changer in the Indian cryptocurrency ecosystem. In 2018, when traditional P2P options launched in India, WazirX P2P emerged as the top choice for users.
Multiple P2P trade matches happen every minute, and 90% of P2P trades complete within 10 minutes. P2P is growing at a rate of over 9.5% every month.
Total P2P trades: 1.3 Million Average execution, time taken: 15 minutes
WazirX exchange clone script Security features
Major chunk of funds in cold storage
Multi-signature wallet system
Each fund withdrawal request needs a two-factor authentication
Strong KYC/AML guidelines
Regular security audits
This content originally appeared on DEV Community and was authored by reyhanas
reyhanas | Sciencx (2021-09-06T11:57:07+00:00) 5 steps to build a crypto exchange like WazirX- WazirX clone script. Retrieved from https://www.scien.cx/2021/09/06/5-steps-to-build-a-crypto-exchange-like-wazirx-wazirx-clone-script/
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