Recently, trading apps have started to get more attention because they automate the process and improve trading strategies. Since these apps are transforming the trade, many entrepreneurs are moving towards trading app development.
See, custom trading apps provide tailormade features that enable traders to see deep analytics and perform the trade more efficiently. If you are planning to create a stock market app, that means you will integrate features that are best suited for you, meaning it will give detailed insights.
However, building a trading platform requires a lot of critical steps. Feel free to read this guide on how to develop a trading app (you can find more details by Topflight Apps here).
Trade Apps- What Are They And Why Are They Booming
OctaFX, XMglobal, and many more are some examples of trade apps. Such apps enable users to buy stocks without needing to go to the stock market. The apps allow users to trade stocks, predict patterns, see graphs, and talk to other traders.
Trade apps have been on the rise lately because many people feel like getting rich instantly. The Robinhood app, released in 2017, is the biggest commission-free trading platform. And its user base is growing, with 4 million users signing up every year. At the start, the app had 2 million users. In 2018, it reached 6 million, and by the end of 2019, the base was at 10 million. In 2020, the number of users topped the whopping value of 13 million.
This exponentially increasing number shows that a trading app is a good option if you are trying to create a stock trading platform. There is another reason why this is a good option. Millennials today are ready to invest their money (report by Investopedia). The point is it can become a game-changer if you enter this race right now.
Types of Trading Platforms
The market is filled with millions of platforms that enable users to trade stocks, money, and crypto. Here are some of the popular platforms that are worth entering.
Web-Based Platforms
If you want to make a stock trading app, one of the options that you can avail of is web-based platforms. Web-based platforms are the ones that come with the complete package without needing to install them on a PC. They are web-based and can be accessed using an active internet connection.
Desktop Platforms
Desktop platforms are advanced and more featured versions of web platforms. They are installed on the PC and come with complete customizations that can be used to perform trading.
Mobile Platforms
Mobile platforms are miniature versions of desktop versions that enable users to perform transactions on the go. The apps come with all features that are typically available on the desktop and web-based versions.
Algo-based Platforms
Another popular type of trading platform is an algo-based platform. These platforms perform executions based on the set criteria. In simple words, they are automated platforms. These platforms are pretty common among hedge funds and institutional traders.
Crypto Platforms
Recently, crypto platforms have gained a lot of attention because of the recent cryptocurrency trends. Apps like Binance allows users to buy/sell cryptocurrencies. Also, they can trade these currencies using these apps.
Trading App Development- What Needs To be Done
A lot of young people out there want to learn how to make automated trading software. So, here are the steps that need to be followed for a successful journey.
Researching and Analysis
In order to see how trading apps are dominating the market, it is important to do market research and analyze what is going on. See what types of apps are popular (types given above). Moreover, see whether users prefer mobile apps or web versions.
Also, take note of who your competitors are and what they are doing. What makes them unique? What’s the UI like? Are users facing an issue? Like this, develop an idea about what you are going to do.
Gathering the Tools
After you have an idea of what you will be developing, it is time to get your hands on the tools. By tools, we mean
- The technology stack (UX/UI platforms, APIs, storage)
- Team of developers
- Compliance/regulatory certificates (SEC, FINRA, NFA, etc.)
Prototype Development/Testing
The prototype will help you understand how well your app will perform in the market and among users. Develop a beta version of the main app, and launch it for a set of users.
Testing for such apps is also crucial. Recently, Robinhood got crashed due to a load of new users. If they had done the testing, that wouldn’t have happened. So, make sure you are resting your prototype.
User Awareness
Awareness among users is also an important step in trading app development. Even if your app is outstanding, providing state-of-the-art features, your customer base will not come if they don’t know what you are offering. For this, there is a thing called brand marketing and advertisement. It has the potential to convert leads into permanent features, provided you are doing it the right way.
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