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Why are cryptocurrency exchange apps like Poloniex so hyped in the marketplace?

Hello! We live in a century where there is no shortage of technological innovations. All the innovations are made to improvise our lifestyles, ultimately leading to a sophisticated life. Technology has touched almost every sector, from food delivery to digital transactions. Going with the latter, digital transactions have become the most preferred option among users as it is fast, secure, and authenticated. In the conventional method of transactions, there will be a centralized banking system that controls all transactions. Problems like low-interest rates, financial bankruptcy made people lose trust in the banks, and that is where the basement for cryptocurrency platforms was established.

The cryptocurrency exchange platform is not backed by any centralized authority, meaning that the platform is decentralized. Even though it is decentralized, it doesn’t mean that the platform will lack security. There are cryptocurrency exchange applications that provide absolute security features, making the application extremely secure to carry out transactions. In this blog, you will know about one such secure cryptocurrency application called Poloniex clone script.

We use the word “secure” repeatedly to insist on the fact that the application has all the latest security features. The list of security features begins with two-factor authentication.

Two-factor authentication– The user will log in to the cryptocurrency application after completing the two-factor verification. The two-factor verification is done by confirming the user’s identity with QR codes and private keys.

Domain registry lock– This security feature will block the domain at the entry-level so that the domain name can be protected from making changes to it.

Distributed denial of service– There may be cases where the app will receive numerous access requests to break the application. To eliminate this, the system employs a denial of service protocol.

HTTP protection– You would have seen a lock symbol in the address bar of websites. The lock symbol denotes that the site is HTTP protected. The cryptocurrency exchange app is HTTP protected, which will prevent the leaking of confidential information.

Let us now take you through the other crucial features of the cryptocurrency application.

Trade engine– The app has a robust back-end that can process multiple transactions without any delay. A faster transaction is what users expect from the app. With the powerful trade engine, the user’s expectations will be met.

Smart contracts– The app with the smart contract means that all the processes are executed automatically, and there will be no middlemen intervention.

Auto-withdrawals– Once the transaction is completed, the user can automatically withdraw the crypto-coins from his/her crypto account.

High liquidity– The app has high liquidity nature, denoting that the crypto coins can be easily converted into cash. Since users can convert the crypto coins into cash quickly, the app will stand a chance to grab the user’s attention.

Trade analysis tool– As an investor, the user will have to know the app’s happenings. In-app happening like the number of transactions carried out, profit margin, etc., will be presented to the user.

Real-time chat– The user can check with the admin team if he/she needs any assistance while using the app.

If you doubt whether the app’s usage will be difficult for users, here are the easy steps the user will carry out to complete the transactions.

Step 1- The user will enter the details requested by the app for registration. Once the user is registered with the app, the user will receive a unique User ID.

Step 2- Next, the user will go to his/her home page and select the type of cryptocurrency to be deposited. The user can choose any of the supported cryptocurrencies like Bitcoin, Ripple, Stellar, etc.

Step 3- The user can propose a trade with sellers if he/she finds a suitable trading pair.

Step 4- After completing the transaction, a certain amount will be deducted from the user’s account as commission fees.

Step 5- The user will rate the app based on user experience, liquidity nature, commission fee deducted, etc.,

Conclusion

The entire process of cryptocurrency exchange development may seem tedious, but with a perfect app like the Poloniex clone, you can build a better crypto exchange platform for your business and users.

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Written by Kevin jack

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