Stock Trading App Development: How to Make Trading App And How Much Does It Cost
November 7, 2022
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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.
What to Expect in 2024 in Stock Trading App Development
2024 will usher in a period of substantial innovation in stock trading app development. With the dynamic shifts in market trends, let's peer into the crystal ball to predict what awaits the world of trading apps.
Artificial intelligence (AI) will play a significant role. Users can expect AI-powered tools for predictive analysis, pattern recognition, and tailored investment recommendations, empowering informed decisions.
Decentralized Finance (DeFi)
The rise of DeFi platforms will integrate with trading apps, offering advanced financial services, including lending, staking, and yield farming, all within a single trading application.
The gamification of trading apps will continue, creating an engaging and educational experience for users. Virtual trading, challenges, and rewards will be integrated, making learning about the stocks enjoyable.
Environmental, Social, and Governance (ESG) investing will become more prevalent. Stock trading apps will feature ESG ratings and insights, allowing users to align their investments with their values.
In this dynamic environment, the development of stock trading apps will continue to be a thriving field, with innovation at its core. With technological advancements and an eye on market trends, the future looks promising for traders and investors alike. Be prepared for the exciting updates in stock trading app development that lie ahead!
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 fintech software, you need an idea and a team of professionals to bring it to life. You need to find a reliable technology partner for fintech 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.
Perfsol Trading App Development Case Study
For one of the leading investment platforms (the project name is confidential under NDA), we undertook a comprehensive stock trading app development project that exemplifies the future of robust online trading. This initiative aimed to revolutionize user experiences in the world of ETF trading by providing real-time, relevant data on a cutting-edge platform. This trading application empowers investors with the tools and resources necessary to navigate the complex world of stock trading successfully and efficiently, making it a valuable resource for both beginners and experienced traders in the stock market.
In this project, we harnessed the power of multiple APIs and big data to deliver real-time ETF data to users. The main challenge lay in the seamless integration of various data sources, ensuring that data was standardized and displayed without delays. This intricate task required precision and expertise, ultimately resulting in an innovative trading app that corresponds to the client’s business objectives and market demand.
This case study highlights our ability to tackle complex trading app development challenges and create a dynamic platform that offers users a streamlined and data-rich trading experience. If you’re looking for a partner with practical expertise in developing stock applications, Perfsol can definitely come in handy.
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.
I follow a proactive approach in life to solve simple to complex problems systematically. I fully understand the nexus of people, process, technology, and culture to get the best out of everyone at Perfsol to grow the businesses and deliver a societal impact at the national and global levels.
How do I find a good stock trading up development company?Look for firms that already have stock trading app development projects in their portfolio. Or simply contact Perfsol and we'll start a new stock trading up development project in no time.
Why do I need a stock trading up development?Investing requires that the process be technically organized. This is done by using software to help you search for and buy assets, as well as keep track of your portfolio. Stock trading app development helps businesses close the needs of investors and profit from it.
Are stock trading apps popular?Among the plethora of stock trading apps, there are some of the most popular. Currently, there are several proven stock exchanges, some of which provide a complete package of services. As you can see, stock trading app development is an extremely popular and profitable niche.