Overview
With the secondary market being out of control, our customer FiPME came to us with the issue of ensuring trade regulations are followed. They fear that certain players in this market may benefit unfairly and that there may be risks of fraud, money laundering, and other illicit actions. Additionally, FiPME wishes to guarantee that its games adhere to pertinent trading laws and regulations, which can be difficult in the current market.
Challenges
Our challenge was to create a system that would allow us to clean up the secondary trading market from fraud which is currently fulfilling the in-game items markets, and which would be capable to:
Solution
We’ve created a trade exchange engine similar to the normal existing commodities exchanges where the users can post their BIDs and Offers, see the market trading analytics, and where all the secondary market trading would be conducted within a controlled protected environment with fraud excluded. Our solution was designed to address the following key requirements:
Transparency
We ensured that the trading solution complied with all relevant regulations related to trading, including anti-money laundering and anti-fraud measures.
Compliance
The trading solution included robust security features that protected against fraudulent activity and ensured the integrity of the trading environment.
Security
 To promote a fair and transparent trading environment, we included features that made pricing easy to understand and ensured that all users had access to the same information
Usability
The trading solution was designed with usability in mind, making it easy for gamers to use and trade seamlessly and intuitively.
Features
Our solution has included the following features:
- Depth Of Market (Trade exchange)
The engine of the trade exchange, managing all the orders’ queues, deals statuses workflow, cancellations, funds transactions
- Instant shop layout
This is an alternative UX for the trade exchange (managed by the same workflow engine in the back-end) for those users who might not feel comfortable with using a professional broker Depth of Market layout
- Trading limits the user earns while accomplishing the trades successfully
System of limits and restrictions protecting the Buyers from fraud and dishonest Sellers. To trade big deals, the Seller should earn a higher trading level starting from very small sales.
- Real-time chat
Allows communicating fast in case of any issues related to the trade - right on the platform. This help to prevent delays or misunderstandings that could otherwise have led to a breakdown in the trading process.
- Market analytics (Time&Sales, Audit Trail)
Statistics data collected from the whole market and showing the user how other players to trade, which are their positions. Having this data in real-time, the user can flexibly adjust his trading strategy.
- Wallet and BIDs escrowing system
Each trade is guaranteed by the fund's escrow system applied to each Buyer so that the system provides protection not only for the Byers but for Sellers as well.
- Ability to withdraw the money
Versus the existing platforms locking the user's earnings and forcing him to spend the earnings on the same platform, our system allows withdrawing the money after passing the identity verification - as a part of anti-money laundering protection
- Referral system
This system provided users with the ability to collect bonuses for referring other users to the platform. In this way, users can be encouraged to invite their friends and other members of their gaming communities to join the trading platform, encouraging its acceptance and use.
Tech Stack
/back-end
MySQL
/back-end
AWS
/front-end
PayPal
/front-end
Node.js
/front-end
Symfony (PHP)
/front-end
Angular
Client’s feedback
Requestum promptly delivered a scalable, intuitive, and compelling website, which helped secure a continued partnership for enhancements. They provided real-time communication over messages, phone calls, and email for any urgent matter. With the team's dedication throughout, all deadlines were met.
Co-founder, FIPME
Result
We successfully delivered the solution to production after developing it to address the problems that FiPME was experiencing. The client was pleased with the solution, which was able to address all of the issues that had been noted.
At this time, we are continuing to support the platform to make sure that it continues to satisfy the requirements of FiPME and its users. Together with improving user experience and compliance with trading regulations, we are extending the system to include additional features and functionalities.
