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Everything You Need To Know About WazirX Clone Development

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Everything You Need To Know About WazirX Clone Development

As cryptocurrency starts gaining much prominence, developing apps like WazirX Clone has become necessary. Crypto is a digital currency like others of the age, with a little twist of blockchain technology integration. Its decentralized nature has often caused doubt, but its many benefits in making transactions easier, transparent and faster have attracted many brands and organizations to investigate the matter. 

Today, there are quite a few crypto trading platforms available. They may allow trading and exchanging several crypto coins, such as Bitcoin, Ethereum, Litecoin, etc. Crypto is thought to be the future, and blockchain technology has been equally hyped for paving the path for a technologically advanced transactional solution. 

WazirX Clone P2P Exchange Workflow In Detail

WazirX Clone P2P Exchange Workflow In Detail
WazirX Clone P2P Exchange Workflow In Detail

With that being said, the reason for developing a WazirX Clone seems quite clear. So, let us begin with the workflow, which will be the groundwork for the app development. Usually, the workflow of an application states the chronological steps through which participants are supposed to access the platform and its services. Based on this same workflow, the rest of the gets built. 

Step 1: Register

Users are initially required to register using their email or phone credentials. They will have to fill in all the essential details required to register and access a personal digital wallet allotted by the platform. 

Step 2: Payment Options

The seller, on the other hand, has posted their bids. They can specify their offers based on currency type, rate of exchange, and many payment methods included. It is important to add at least a few payment methods so users can freely approach without having a restriction. 

Step 3: Notifications

Whenever buyers seem to like an offer posted by any seller, they can notify them of their interests. The seller does a similar thing if they think the transaction is worthwhile. The buyer can pick a suitable option from ads posted on the WazirX Clone

Step 4: Authentication

As the buyer confirms the deal, a chat head will appear for the buyer and seller to continue the trade more intimately. They can negotiate the offers and deals and arrive at an agreeable point before making payment. 

Step 5: Payment

Once they have agreed, the buyer will be prompted to make the payment. They choose among the various payment methods allotted on the platform and pay the stipulated amount. 

Step 6: Transfer

As the seller verifies the transaction, the admin releases the escrows. The requested crypto amount gets immediately transferred to the user’s wallet. 

Vital Features For A WazirX Clone

Vital Features For A WazirX Clone
Vital Features For A WazirX Clone

This entire workflow of the WazirX Clone is the basic framework upon which the features and other aspects are implemented to give it a final look. The A P2P crypto trading app has a user and an admin as its most prominent participants. The user contains both buyers and sellers. 

WazirX Clone User App Features

WazirX Clone User App Features
WazirX Clone User App Features

Both the buyer and the seller on the platform are looking for their advantage. While the seller wants to sell their coins to the highest bidder, the buyer is looking for the best deal for themselves. The platform has multiple buyers and sellers making it easier for each party to go through several options before deciding. 

Margin Trading

Margin trading is a popular method in today’s crypto exchange. People who wish to increase their crypto holding can borrow funds to secure their crypto assets. The popularity of this feature is enough to add it to the WazirX Clone in terms of customer demand. 

Manual Trading

Margin trading features are all fancy, but manual trading is the most important. As a currency exchange and trading platform, it is obvious for the users to indulge in personal trading. Unlike random trades, personal trades can be conducted manually. 

Trade Search

This feature allows the user to search for different deals on the platform. They can use it for manual trading and finding a recipient. Or, they can also use the search bar to look for offers and deals publicly uploaded to the WazirX Clone

Real-Time Pricing

Users are always notified with real-time updates on pricing. Crypto rates may change anytime, these changes have to be informed to buyers, so they can decide to purchase or even back out if the prices have gone out of their reach. The concept of trading itself dabbles in probabilities. 

Multiple Coin Support

There are quite a few cryptocurrencies out there in the market, and a handful of them are immensely popular. Even if you do not have the patience to include all currencies, a few that your audience may be prone to should be included in the WazirX Clone

KYC / AML Verification

As an app platform that deals in money transactions, verification is necessary. Any transactional sites are genuinely the target for crimes like fraud and theft; hence safety has to be enforced at the very beginning. If the company has a history of fraudulent activity in the past, it may severely hurt its reputation. KYC / AML verifications are done over most platforms, with money transactions included. 

Trading Bot

The trading bot is an automatic bot that prompts the buyer and seller to start negotiations about trading. It emphasizes the process of trading and tries its best to enhance profitability. 

Wallet

The user is granted a digital wallet at the start of their journey on the WazirX Clone soon after registration. Every trading or exchange the user takes part in will be conducted through this wallet. Any deduction or addition is immediately updated to the wallet and may notify the user in real-time. 

IEO Launchpad

The IEO launchpad is technically linked to crypto tokens. This crypto token trading is often used for raising capital for an account or an organization. 

Payment Gateway

The buyer of crypto coins has to pay in actual money, transferred through a registered bank account. Hence, the buyer has to link their bank account initially. Once they have made the purchase, they must transfer the stipulated amount to the seller directly from their bank account, using one registered payment gateway. 

WazirX Clone Admin Panel Features

WazirX Clone Admin Panel Features
WazirX Clone Admin Panel Features

Like any admin, the WazirX Clone admin is also responsible for the activities taking place over the platform. They have the unsung duty of managing the whole platform and its content. The following features are included for the admin to perform the granted tasks. 

Centralized Dashboard

The centralized dashboard feature is increasingly growing in the app development scene. The admin has to switch between multiple management features, making it necessary for them to have a more centralized option to view all these managerial features and quickly access each function. The dashboard also displays crucial stats and analyses that the admin requires daily. 

Currency Activation

The admin has the power to integrate new cryptocurrencies onto the platform. A modern-day platform may already have necessary currency options; however, if you still need any other currency format, the admin has the power to temporarily or even fully integrate a currency if they see it fit. 

OTP Verification

Every transaction on the WazirX Clone is monitored and managed by the admin. For verification purposes, the platform generates an OTP every time a transaction occurs. The admin personally verifies it before allowing the transaction to happen. 

Order Management

All the orders placed over the platform also ha to pass through the admin panel. They can access the total order count, track the status, and do many more things. 

Commission Management

The admin manages the commission earned by the seller and the app. It is determined before the transaction and may even be scripted under their policies to avoid legal trouble. 

Customization

The admin can customize the admin panel. Like the dashboard, the panel also has features that the admin puts on priority, and the admin can also change certain account details. Some of which will be publicly visible over the platform. 

Security Options For A WazirX Clone

Security Options For A WazirX Clone
Security Options For A WazirX Clone

WazirX Clone has to be strict on a transaction-based platform’s safety and security quotient. For which, there are a few security features that have been included. These features are listed below. 

Two Factor Authentication

The two-factor authentication features allow both parties to be on the same page and consent to a mutual transaction. It can also be included in the registration process, enabling security during the onboarding process. 

Asymmetric Encryption

Asymmetric encryption is a feature that helps keep crypto transactions confidential. It keeps the secrecy factor in cryptocurrency alive. 

Email Verification

For onboarding, the WazirX Clone broadly uses email verification. It is the trend of the current times and has proven to boast fruitful outcomes. 

Escrow Enabled Wallet

Every transaction over the platform happens through an escrow wallet. They are known to be safe options, and crypto coins are transferred only after confirmation has been given. 

HTTP Authentication

HTTP authentication eliminates a website from any virtual threat or vulnerabilities of network connection. There is no other alternative for this. 

Conclusion

WazirX Clone Development
WazirX Clone Development

The WazirX Clone development is a multi-layered process. Once you have put all the pieces together, you will have to check if the app is functioning as you have wished it to. If changes are required, be very assertive about changing them. Once everything is working as you like it, you can launch the app for public use. 

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