Yup, you planned for a building exchange like Wazirx? That sounds great but your exchange will not succeed if you imitate WazirX features blindly. Because, there are flaws in big exchanges too.
Ask yourself, why do you want to build? Why should people choose your exchange over WazirX? What is the major pain point you want to solve that WazirX failed to do?
If you can answer this, you are good to go for building WazirX look alike in your own way.
How To Build Crypto Exchange Like Wazirx
Step 1 - Buy WazirX clone or Build with WazirX
Wazirx clone script redefined the pathway of creating the crypto exchange platform.This clone script is the white labeled website script which encloses the vital features of wazirx. Anyone can establish their exchange by getting this clone script and enable cryptocurrency trading in particular geography.
You can connect with the WazirX team to build an exchange lookalike WazirX. Yes, there is a program that connects entrepreneurs with required tools, resources that are required to build an exchange. First you need to fill out their application form, then the team reviews your application and approves the request. If the application is approved, amenities like Liquidity, tech infra, custody, compliance support are backed up by the team.
Step 2 - Hire the technical team
No matter how techy a founder you are, there should be a technical team behind you. Whether for installing clone scripts or building with the WazirX team. Hire the professional developers who have efficiency in front end, backend programming knowledge.
Step 3 - Test and deploy on server
Testing is the pillar strength formula for your exchange success. Your exchange is going to be experienced by millions, so that testing phase should be conducted in different scenarios. Test carefully with all the possibilities and business logics. When the final version of testing is done, gear up for the next phase of launch.
Step 4 - Promotional activities
Crypto exchange spends millions of dollars in marketing activities. As a baby boomer, you don’t need to spend this much money. Initially, focus on Google search campaigns with your budget timeline, then go for influencer marketing, and then do TV ads, Youtube ads, celebrity marketing in a big way.
Wazrix is considered to be the largest crypto exchange where 30+ cryptocurrencies are traded. Wazrix paves the pathway for peer to peer exchange(P2P) which is known as the exchange of cryptos directly from one another. In P2P exchanges, traders of the same interest come together and transactions are organized in a systematic way.
Crypto assets like Bitcoins, Litecoins, Etherum are traded in a peer to peer exchange module in WAZIRX. It is well known as it provides a user friendly interface within a secure environment.
Why Do We Need A Platform Like It?
- WazirX is capable of processing millions of transactions. To meet surge demand, their infrastructure can scale up in a matter of seconds.
- Identity verification to complete KYC is done within a few hours after signing up, ensuring that the proper KYC protocol is followed. They are incorporating robustness to cut verification times in half.
- The foremost and vital feature is the security protocols followed in their backend database at least, they guarantee.
- Wazirx has its availability in IOS, Android, web for fast trading experience.
Features of WazirX you shouldn’t miss
Wazirx is a P2P business model of cryptocurrency exchange with an automated trading engine. Before creating an exchange like WazirX, first you need to decide what are the features you want to implement as WazirX or do you do any customizations inspired from other exchanges. The features that are notable in WazirX are,
- Escrow Integration
- Integrated Trading bot
- OTC Trading
- Cryptocurrency staking
- Bounty Features
- Atomic Swap
Is Wazirx Safe?
The WazirX has an escrow system that takes special care not to cheat any other party. In this system, WazirX holds the cryptos of the seller until the transaction is successfully completed and the payment is confirmed.
For a seller, WazirX will not release the crypto to the buyer until you confirm the receipt of INR. For a buyer, WazirX will not release the crypto of the seller until you have paid the seller.
The WazirX P2P exchange is very unique. Together this exchange provides sufficient liquidity, security of funds and a good support.In this exchange you can deposit and Withdraw in INR.
WazirX has grown to be the trusted exchange in the Indian crypto market. It is a part of Binance which is the world’s largest crypto exchange, serving users in 180 countries. Wazirx and Binance have recently announced in alignment with its vision of making crypto accessible to India. So, it is safe.
Being different from other trading platforms, Wazirx supports the deposit and withdrawal directly through the wallets. OTC trading is the exchange of digital currency in a decentralized manner without the use of central authority controlling the user assets. Wazirx has a dedicated OTC desk.The important aspect is there must be a trade request of $50,000 to get your project accepted. BTC/INR, USDT/INR and ETH/INR are the pairs of tokens traded in wazirx.
IEO commonly known as Initial Exchange Offering that takes place to purchase tokens with the funds from the wallets. IEO ( fundraising) taking part in some exchange platforms are known as IEO Launchpads.The user can perform an exchange within this platform with some amount of funds as it provides the highest security features. IEO Launchpads has some special features like two factor Authentication, KYC/AIML solutions, User friendly interface, Real time statistics to attract the crypto investors.
Atomic swap refers to the exchange of cryptocurrencies in link with blockchain technology without the involvement of any third parties or intermediaries. Atomic swaps pave the way for the token owners to take the whole incharge duty.These technique mainly uses the functionalities of smart contracts for the highly deployed enactment.Hash Time Lock (HTL) is used here which is a time bound smart contract to automate the exchange process.
It is referred to as the setup made for the exchange of any assets which is a very trusted medium for the transactions which in turn assures safety and security for the traders using the exchange platform.This escrow integration helps the traders from the scammers. Each and every activity of the users like depositing and withdrawing funds will be kept on the track to analyze whether the transaction is carried on the right pathway.
Integrated Trading Bot
Special computer programs written for the trading cryptocurrencies are known as the integrated trading bots. For automating trading strategies and analyzing the profits from the trade, these bots are very useful. In a nutshell, they use automated and smart technologies like AI, machine learning, etc. There are many types of these bots grouped like arbitrage bots, coin lending bots, margin trading and market maker bots.
In wazirx, the features of staking are enabled for the traders performing exchange,which means they can earn rewards for holding certain cryptocurrencies. Staking uses a consensus mechanism called Proof of Stake which is the way of ensuring that all transactions are verified and secured without a bank or payment processor.
That’s it. When you want to build an exchange like WazirX, it's your decision to implement the features that are helpful in WazirX. Also, make note that solve the most underlying problem that WazirX fails to do. This will distinguish your exchange from other peer exchanges.
In case if a technical team is needed to back you up, get in touch with us to build your crypto platform with lifetime customer support.