The future of digital currency transactions has been presumed to be intricately tied with cryptocurrency. However, since the development of the crypto coin in the early ’90s, there has been a hype surrounding its usage, and only recently it has been widely recognised. Coinbase Clone is among the leading platforms allowing digital coin users to make transactions using their digital assets.
What Makes Coinbase Clone Such A Dynamic Platform For Users?
- Like any modern-day application of the time, a smart and easy-to-understand user interface makes the Coinbase platform quite magnificent.
- As a platform designed for conducting digital transactions, digital protection, safety and security measures are always taken quite seriously.
- The thing about digital currency and online transaction facilities is that they are the quickest option available for the time being.
- Cryptocurrency can be easily purchased through fiat currency.
- Coinbase Clone charges a certain percentage from the user to purchase crypto coins. However, unlike other platforms associated with the crypto purchase and exchange, these charges are minimal.
- Transferring coins through digital platforms has been made quicker and safer with QR code scanners that allow users to send coins directly to a specific recipient. Unfortunately, Coinbase is not so different in the matter.
- Lastly, smartphone applications are the new cool thing that business platforms rely on. Android and iOS are some of the most notable Mobile OS platforms that are primary users of the Coinbase Clone.
How Does Coinbase Clone Work?
For building a crypto coin exchange platform, you will first need to lay out its working procedure. The workflow describes the movement of the user and admin. Here is a detailed layout of both parties.
User Workflow:
- Firstly, the user needs to register. There should be multiple ways of registration allowed within the platform. Once they have registered, they can log-in in the next time.
- After this, the user is required to fill in their KYC info. The KYC info is specifically considered as there will be money transfers involved. This will get verified by the Coinbase Clone. The KYC verification will also have bank account linking.
- Once the verification process ends, the user will be handed a digital wallet. They can deposit crypto coins into the wallet or purchase some and store them digitally.
- The basic motto of a Coinbase is to host crypto transactions. Users can book or order things or send coins to somebody else using their crypto coins.
- The platform will scour the crypto market for crypto coin purchasing, looking for the best bet. In addition, an order matching engine is incorporated for matching the best BID/ASK.
- As the process ends and the order is completed, the user wallet will automatically be debited.
Admin Workflow:
- The admin is the managerial head of the team. The general settings section of the admin panel consists of functions like website content settings, trade fee settings, Ban/Allow User and Change Logo. All of these are for managing the platform.
- The admin of a Coinbase Clone has to keep reports of everything happening over the app platform. They have allowed permission to view users and their activities on the platform.
- The KYC verification that the user has to go through is concocted and checked by the admin. They will be responsible for sending the approval notice out to the user.
- Whatever the admin can view, the user deposits in their crypto wallet.
- The admin will also have the ability to view the list of completed and pending orders.
- Anytime a user applies to withdraw an amount from their wallet into their bank account, the admin will be sent with the request. The admin can look at different factors, and after they are sure, they approve of the request and then process the withdrawal.
Cutting-Edge Features On A Coinbase Clone
A Coinbase Clone needs cutting-edge features to carry out the workflow. Today, app platforms survive and thrive upon a dynamic range of features. These features impact how the app will perform and how users take it. This is why developers usually pay much attention to deciding the features needed to be stacked up. Here are a few notable ones to begin with.
Responsive User Interface
For an application to make a difference in any field, it must have a responsive user interface. The responsiveness allows the user to be guided while making a command on the screen and get a fast response. The user interface is the virtual version of the services platform that appears on the user’s mobile screen and the activities when users take action over the app. For example, suppose the user of the Coinbase Clone makes a coin transfer; the user interface will guide it throughout the transaction.
KYC System
KYC is all about knowing your customer, as the full form suggests. A crypto exchange platform or any online transactional platform will need sensitive information about the customer. This info is protected under the server of Coinbase. From personal info to bank account details, everything is included under KYC.
Instant Buying & Selling
As a platform specialising in crypto exchange and transfer, it allows users to buy and sell cryptocurrencies however they please. You can find different bidders or askers on the platform. Buying or selling crypto coins through Coinbase Clone is very quick and easy.
Send/Receive
Along with being a crypto exchange platform, it is also a place for digital transactions. For example, Crypto coins can be sent out to recipients or received from them using the platform. Bank transfers are also part of the platform, as users connect their bank accounts to cash out or add some balance.
Transaction History
For a platform dealing with transactions, every record is important. The platform will surely have a few automatic tools installed, which will record all activities, day in and day out. This entire record gets saved on the Coinbase Clone server. Every user gets to access their bit of the transaction history from their account. The admin has access to all of the transaction history of the platform, with the mention of each user separately.
Communication Channel
The app also requires any communication channel that connects the buyers and sellers and lets them negotiate on different accounts. For example, the platform could include an in-app chat feature that will let users have a conversation and arrive at an agreement only after that. There are other modes of communication that you could include, but chatting is the most common and the most convenient one.
Two-Factor Authentication
A Coinbase Clone must have at least a few security measures to conduct crypto transactions safely. Out of many tested methods, two-factor authentication is a fine invention that has been used quite elegantly by Coinbase. Although this two-factor authentication is a two-way system where transactions are being made, this method helps protect the user’s wallet.
Push Notifications
Push notifications are a common ingredient of app making. It helps the app communicate with the users uniquely and sends valuable info that the user may require. For crypto platforms, these are mostly regarding coin exchanges and often about certain bids and asks. In addition, the admin may also send notifications for specific updates about the app or app policies.
Robust Escrow Wallet
Escrow wallets have been noted to be one of the most useful crypto storing options. With the escrow wallet, the user holds on to coins for a longer period until they have found the right buyer option. As for any buying-selling platform, the seller will have its terms, to which the buyer must agree. The wallet allows the seller to wait for the agreeable one.
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Coinbase Clone is a bidding platform, and sellers are always looking for an opportunity to get the most out of it. Like any seller on a digital platform, promoting their crypto coins will give them an edge over other sellers. With a greater advertisement reach, the user will get more customers.
Multiple Coin Support
There are different types of cryptocurrencies available in the market. And as a crypto exchange platform, it is important to include at least a few cryptocurrencies, the popular ones like Bitcoin, Ethereum, Litecoin etc.
User Bans
The admin panel has a specific feature for banning users; if any user daily follows the rules and regulations of the platform mentioned under its policies, they are at high risk of getting banned from the platform. Other than that, if some user has received reports from other users on the platform, the matter has to be looked into by the admin. If they find something incriminating against the user, the admin can ban the user account.
Conclusion
Cryptocurrency took the world by storm when Bitcoin, Ethereum, and other crypto coins started gaining popularity. There was and still is a debate around blockchain technology, and its legality of usage is still not approved by many countries. However, platforms such as Coinbase Clone are making a difference by creating universalised apps, in-build with blockchain technology to carry out crypto transactions.