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Anyone can take part in operations on financial markets. To make it, users just visit the brokerage company's website or install a trading application on their phones. Today one can find a great variety of trading applications - trading terminals that allow them to buy and sell stocks, bonds, futures, currencies, and other assets. In this situation, the prospect of becoming the owner of your own stock trading platform is extremely tempting. In this article, we will tell you how to develop your own stock trading app, consider the latest trends in stock trading app development and find out how much it costs.
Stock Trading App Development Market Overview
When approaching a stockbroker for help in investing in the stock market, clients face certain problems. First and foremost is the need to pay a service fee and a limited selection of financial instruments.
There are no such problems with stock trading apps: they offer options, stocks, bonds, and cryptocurrencies. Users can take advantage of the stock trading app for little or no cost, and many find that very tempting. Micro-investors have become an extremely large market segment. According to statistics, Wealthsimple's stock trading app audience increased by 54% in 2020. At the same time, the stock trading app Robinhood reported a record number of new deposits and a 300% increase in daily trading volume in the first quarter of 2020 compared to late 2019.
Stock trading apps are a progressive and reliable way to become part of the investment world, and as such, the influx of new users is breaking all records. However, right now, most stock trading apps on the market can't cover the full range of needs of the target audience, which means it's time to seize the moment and start the development of your own with the new needs in mind. So what kind of functionality does a stock trading platform need to have in order to break through to the top?
Top 4 Trends in Stock Trading App Development
The basic functionality of the stock trading app is about the same, but there are a number of features that will ensure the success of the software with the potential audience.
It is essential to build the ability to monitor the investment portfolio. For example, assets on a stock trading platform can be recorded in a table broken down by position. Also, stock trading app must necessarily display the total balance of the account and performed transactions. This will allow users to monitor the impact of individual processes and changes in the portfolio.
For new users, it's extremely important to do onboarding, that is, the process of adapting the interface. This function should work right after registration to orient the user in the application and point him to all the sections he needs. For those who are not first-time users of the stock market app, you should add the ability to skip this step.
Dashboard with the ability to analyze will be a huge advantage of the stock trading app. For example, in a number of applications, it is possible to receive a signal automatically from the advisors, which are systems based on different options for carrying out analysis. They automatically accept the trading signal.
If a hacker gains access to any of the functions, for example, can change the parameters of the automatic deal closing, the trader will suffer losses. In addition, a lot of confidential information is stored in users' personal accounts: data on current and planned trades, history of operations, and information about the available funds on the balance. When working with the terminal, traders must be sure that their information is reliably protected, that they receive reliable information about the state of the market and that no one can interfere in the process of trading.
How to Create an App Like Robinhood
One great example of a stock trading app for small online investments is the Robinhood app. Let's take a closer look at it to see how to create an app like Robinhood.
Robinhood is a free stock investing and trading app that allows users to invest in stocks, ETFs, cryptocurrency, and more. Robinhood first launched on phones and other Apple products (AAPL), and now Android versions are available as well. Robinhood has grown rapidly since its launch in 2013. Most recently, the company reported 6 million users. This surpasses that of the major online exchange E*TRADE (ETFC).
Robinhood doesn't require a minimum amount of funds in an account to start trading and offers commission-free transactions to its users. Robinhood also offers a premium Robinhood Gold account that allows users to trade on margin.
Robinhood works in a way that encourages stock purchases. When a new user signs up, the app highlights popular stocks such as Tesla (TSLA), Netflix (NFLX), Microsoft (MSFT), and many others. Despite the fact that Robinhood doesn't charge commissions from trading, it makes money through many other channels, including lending and premium accounts.
In addition, the app charges a fee of $6 per month for access to Robinhood's premium Gold service, which provides investors with up to $1,000 of margin, allowing them to trade on the amount available in their account.
The basic functionality of such an app is clear, but how do you engage in the development of something like this? Well, like in the development of any software, you need an idea and a team of professionals to bring it to life. You need to find a reliable technology partner for stock trading app development. For example, if you turn to Perfsol, on the basis of whose expertise this article is written, you will get a well-coordinated team of specialists in stock market application development. Let's take a look at how this process works.
Stages of Building a Stock Trading App
The process of stock trading app development consists of several key steps. A reliable stock trading app development partner will always provide you with a comprehensive service for the best final result.
Stock trading app specialists will analyze your idea and business needs. Based on this analysis, a stock trading app development plan will be developed.
UX and UI designers will take care of the look and feel of the stock trading app. Also at this development stage, the logic of interaction of elements in the stock trading app is created.
In this phase of stock trading development specialists write the code.
Once the app has been released, experts will continue to ensure that it runs smoothly and update it if necessary.
Trading App Development Cost
So how much does stock trading app development cost? To calculate the stock trading app development cost, you need to decide on the software functionality, because the richer it is, the longer the project will last.
During the development of a trading application with an average number of functions, a team of 6 persons will work for about 40 hours. The total cost of a service like Robinhood ranges from $75,000 to $85,000 for a full development cycle: with a finished prototype, UI/UX design, versions in Android and iOS, testing, and so on.
However, there is a way to lower the cost to build a stock trading app considerably. If you turn to developers from Eastern Europe, the development cost can be almost halved.
Stock trading app development is a complicated and complex process, however, it can also bring an excellent profit. For the development of really high-quality software to be really successful, you need a reliable stock trading app development partner who will take into account all your wishes and needs. Contact Perfsol now and development will start in the blink of an eye.