People who boosted their financial literacy know how many opportunities are hidden in the turbulent market. If one buys stocks at the bottom, he gains better chances to double and triple his savings. And if he is smart and lucky, the trader can grow his fortune even greater.
The pandemic restrictions, political and economic crisis have brought down the stock market and offered a plethora of profiteering opportunities. So, people will look for the new easy-to-use tools in order to make the process of trading quick, convenient and safe.
And here is a room for starting your own profitable business: to give people a specific application which enables them to conduct all types of operations they dreamt of. If you are ready to delve into
the issue in detail and find out how to make a stock trading app, the tips from experts will be timely and opportune. Having completed hundreds of products, the practitioners can provide you with a full information about diverse nuances that you can face in your business journey.
Three reasons to start your own trading app development
Favorable expectations
If you follow the news you are acknowledged that inflation has become a tangible threat in many countries, even where it didn’t play a noticeable role before. Respectively, people will be compelled to look for the defensive assets in order to keep their savings, while the other more experienced users will search for the advanced tools for mobile and safe trading. So, it’s obvious that the demand for specific software will grow during the next decade. When the world faced the pandemic, the quantity of trading app users grew exponentially, and any turbulence promises to push people to use new opportunities. During five years, the number of users increased by three times, exceeding 90 million.
Profitable niche
The global revenue of trading apps has been estimated at more than $8bn, and it’s expected to demonstrate further growth. If one analyzes statistics, he’ll discover that this indicator has tripled in the last five years.
Competitive, but not over saturated market
US-based companies like Robinhood, E-Trade, Charles Schwab, eToro have become popular in the market and compete for users through better conditions. Though these leaders have strong positions in the market, several startups from Europe (among them are Freetrade, Trade Republic etc.) try to conquer the audience with new shticks. So, if you count on the interest from people, take into account the experience of competitors in your trading app development in order to make it more advanced.
Market research: which are your main competitors?
Entering the market, it’s essential to learn as much as you can about the competitors in order to turn their weak features into your own advantages and adopt their strengths. Trading app is a digital service that enables users to manage their assets online: buy and sell stocks, ETF, mutual funds and other securities.
The history of online trading started from the launching of the E-Trade platform. Nowadays, users have access to two mobile solutions tailored specifically for smartphone and iPhone owners. The users respect the product for convenient tools for juggling assets, the balanced diversity of financial products and well thought politics of money making: the fee for transactions depends on their frequency and is charged per each deal.
Planning your own trading app development, think over the details of your monetization strategy in advance. There are various approaches to the issue: 1) different subscription plans for different categories of traders; 2) fee per transaction; 3) payment for advanced opportunities etc.
You can take a ready-made strategy or invent your own mixed strategy in order to make your trading app development a profitable undertaking.
For example, Robinhood refused to charge for every case of trade. Instead, the company offered a subscription that allows users to get extra margins, specific stocks and additional time for trading when their conditions are complied with.
If you examine eToro, CashApp, Freetrade, Trade Republic and other solutions, you’ll discover that the core functionality intersects in the majority of them. As a rule, trading app development includes as follows:
- registration form for onboarding users,
- personal profile,
- dashboards with real-time graphics,
- analytics,
- payment services.
You can add some other features that can enrich the functionality of the app with additional values. Custom support or online consulting services or something else.
Three steps towards your trading app development
- Market research and concept of the product
This part of work you can make on your own: examine the existing solutions and compose the list of features you want to see realized due to the trading app development.Think what would you like to offer to the audience and how the public can benefit from it.
- Creating a clickable prototype
As you can imagine how your product looks and how it works, it’s time to transfer your vision into a real tool. The first step in this direction is to start collaboration with the UI/UX design team. A perfect UI and UX design of the product is an impressive leap towards trading app development as it equips you with the opportunity to see and feel how the product will work. Furthermore, this stage of trading app development empowers users and possible investors to assess the app’s potential. Having a clickable prototype, you can count on attracting financial support.
- Fully working product
The previous step lets you test your solution with real users and correct all the shortcomings revealed. If the prototype looks and feels as you wanted, you can turn the prototype into a fully working product. As you invest into a back end development, you can complete the process of trading app development successfully.
Safety issues: how to protect sensitive data
Since your project resumes dealing with personal and financial information, it requires a high level of user data protection. Starting trading app development, devote enough attention to this question.
For example, in the Purrweb practice multi-level protection is usually applied.
- Face ID, Touch ID and other ways to save the access to profile from scams is highly advisable when you’re dealing with trading app development.
- Two-factor or multi-factor authentication is obligatory for being sure that the data is kept in a reliable place. Several paroles prevent the app from hacker attacks.
The trading app development also requires developers to provide secure data storage that can be also reached through encryption and selecting reliable servers and other possibilities.
The bottom line
Dream to have a piece from a profitable pie? The trading app development is one of the cutest ways to try to get a place under the sun. To make sure you can get exactly what you planned, invest time into selecting a prominent software development team. When a contractor has relevant experience and takes care of your project as their own, you can expect to reach desirable results on time and within a reasonable budget.