Stock trading app development: from idea to the product.
Aug 24, 2022 18:51
Trading app development: must-have tips from experts.
There is no need to visit special agencies, sign documents and get notifications about changes in your post box if you want to start investing. All those complexities are well known to people born in fifties-sixties. Digital era has changed the financial industry. Now it's much easier and faster to buy or sell stocks. Due to online tools it takes minutes to start and minimum of effort. And it's usual for digital generation to solve different tasks on the internet. That explains why trading via specialized apps is so popular. For example,
Robinhood, a famous trading app, has shown that it's daily trades tripled in the first quarter of 2020.
The trend of growing interest in simple-to-use applications in the financial industry is growing. Yes, this domain is very overcrowded and competitive like every niche where a galore of money is. But there is always an opportunity to make something better. That's why the desire to learn more about stock trading app development makes sense.
The financial turbulence caused by the pandemic induced growth of investing in stocks. Willing to gather a safety nest, many young people try to improve their financial literacy and provide themselves with secure savings. This leads to an increase of the audience which needs user-friendly applications that make financial manipulations easy to understand, fast, convenient and secure.
Trading app development: where to start?
There is an article devoted to stock trading app development where IT experts analyze existing solutions, highlight core features and money making strategies of this type of applications, and examine the sequence of steps that's required to build a successful trading app. Apply their expertise in order to create a product worth thriving in the market.
It may seem tangled and complex to launch your own trading app. But your perspective will be changed as far as you learn more about specific requirements and necessary steps to bring it to life.
Let's open the secret. Regardless of the type your app belongs to, the development process begins from market research and identifying the portrait of your target audience. The better you understand what, why and for whom you are creating, the more demanded product you'll be able to launch.
If you start trading app development with a customer-centric approach, you'll be able to meet the expectations of your target audience. It's essential to build a product that differs from competitors, but at the same time it's simple, comfortable to use and good looking. So, start with your competitor's features research and think of how to make their inconveniences your advantages. This is where the difference can be born.
Legal aspects of trading app development
You should be prepared that except for an array of technical issues you will have to solve a bunch of administrative tasks. Since you are going to start a legal business, you have to get all necessary documents and permissions in the related institutions within the countries where you plan business presence. For example, in the US the online trading issues are overseen by the Securities and Exchange Commission. Along with this organization, you need to conform your activity with CBOE, MSRB, NFA, and FINRA. It's better to learn all the rules and conditions and to take them into account before you start your online business.
Technical aspects of trading app development
After you've explored the market and understand what you want to create, for whom and why, it's time to cooperate with an IT team experienced in the related industry. Check their portfolio, read reviews, examine their design style and software solutions in order to find out if it corresponds to your vision of the project. If you feel you are ready to trust these guys you can share your ideas and try brainstorming together. The help of professional UI/UX experts goes far beyond the visual presentation of the app. UX specialists will encourage you to see the product from your customer's perspective and to determine which features are core in the application functionality and which can be added later if necessary.
Traditionally there are several core components that every trading app includes. Information panel, exchanging tools, personal profile, support and so on. Experienced UX designers will organize all the features in a logical structure so that every user will be able to find and use them with ease. Don't underestimate this stage of the trading app development process. There's stats that reveals overwhelming facts: every forth app downloaded in Google play was used only once. That's why the UX design of the app is an essential part of work that foretells success or failure of the product. Well done UX design is a reliable fundament for further work and there is no sense to cut costs at this kind of work.
Since you with the UX team specified the core features for your app and built the architecture of connections between them, the trading app development team can start completing the range of tasks to transfer the prototype into a full-fledged product.
What technological stack fits for trading app development better?
When we are talking about the opportunity to create a trading app simultaneously for iOS and android mobile platforms, it's a good idea to pay attention to React Native. So you can get a universal product at a lower price as long as it saves development time and, respectively, decreases the cost of the app.
This tool enables developers to build an app that can be scaled. That means you don't need to worry about some troubles in the future caused by overload.
How much does it cost to create a stock trading app?
To answer this question, we need to know the scale of work required for your individual tasks. Multiply the quantity of working hours of developers by hourly rates, and you'll get the number.
The other factor that impacts the price significantly is the level of expertise the developers have and their location. The US companies offer the most expensive services. As for Southern Asia, the prices are lowest but you can't be sure of quality. One of the reasonable decisions is to pay attention to Eastern or Western Europe agencies. The price is lower than in the USA, but the quality of work is at the same level. For example, at Purrweb a stock trading app development will cost $75,000-85,000 depending on the precise technical tasks.
How much time does it take to complete a trading app development?
The answer depends on the qualifications, experience of developers, proper staffing and well-established working processes within the company. For example, the completed team at Purrweb consists of 5-6 members: project manager, account manager, UI designer, UX designer, back-end developers, QA engineers. An agile approach empowers the team to fulfill a wide range of tasks simultaneously. That's why it's possible to get a working product in a 6 months period regardless of its complexity. Before starting trading app development, set the real time limit to make sure that everything goes in accordance to the plan.
Robinhood, E*Trade, eToro, StockTwits,
StashStash and other trading solutions started like ideas. And if there is an excellent idea, enough enthusiasm and perseverance, it can be embodied into an outstanding trading app worth a place in the market.
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