How To Create A Trading Platform – Working for over 7 years, we have helped over 170 companies design and build successful mobile and web apps.
With each passing year Banks are losing their power in the eyes of young people. Today, you’ll find Millennials or Gen Zs at the bank desk waiting to make a deposit. They are more likely to invest their money in the stocks of large companies and startups. That said, most of them support the use of mobile trading apps. Take Robinhood for example – 40% of its users are Millennials and 32% – Gen Z, and every year their needs and requirements are becoming more and more demanding.
How To Create A Trading Platform
So creating a mobile trading platform seems like a good business idea! And we know what we’re talking about, we help build 2 trading platforms for our clients. Read our article to know the pitfalls of developing your own platform.
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What is a trade? Trading is commonly understood as trading stocks, options, currencies and cryptocurrencies. You can also own Apple or Tesla shares through your smartphone.
As for trading apps, they allow users to trade these assets on their mobile phones, so most of the functions that you can use on your laptop and PC are also available on mobile apps.
If you are still wondering if it is necessary to build a trading application platform? Check out the facts below. Statistics show that even after the post-pandemic crisis. Small investors haven’t stopped investing. Robinhood Trading App Reports Record-Breaking Deposits in First Quarter of 2020, While Daily Trading Volume Increases 300% Compared to 2019
The competition in the trading app marketplace is fierce. Therefore, before entering the market You should know your competitors face to face.
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Both platforms are available for Android and iOS and allow users to manage their funds. Easily get live updates, generate reports and check market news.
E*Trade’s main competitive advantage is the opportunity to choose risk (small, medium and large) and commission-free ETF trading options.
Stash works with stocks and ETFs and charges monthly up to $9 depending on the user’s investment volume.
Stash stands out for its educational content. User friendly and simple interface. Great Getting Started Routine This makes the app the perfect trading platform for beginners.
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Robinhood is a relatively new company. Founded in 2013 (30 years after E*Trade), the platform offers trading in stocks, options, ETFs and cryptocurrencies. Robinhood star marks are commission-free trading.
An attentive reader may have a question – how do trading platforms like E*Trade and Robinhood make money? Great! Let’s look at some of the main monetization models:
Despite being criticized as a plan, it works. Yes, the user has to pay extra – when the bank charges interest on your cash deposit based on your amount.
But if you are sure that your service is valuable and users are willing to pay for that service. It’s a good choice.
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That’s how apps like Robinhood make money, they offer their users a Robinhood Gold account. With a $2000 balance, you get access to additional shares, margins and extended trading hours.
What features will be included in the trading application? We work in the discovery phase to answer this question. competitor analysis interview the target group And finally, consider the basic functionality that the trading application should implement.
The discovery process is a great practice. especially when there are many unknown elements. There is a fixed list of essential properties:
Since the registration form is the first step of the user experience on the trading platform (after the landing page), it should not be flawless. If the user faces serious problems with this You will lose it forever. Of course you don’t want that!
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To avoid such failures We recommend keeping the pages minimal and simple so that users don’t take more than 3-4 minutes to complete.
To facilitate the user experience. You need a team of skilled designers. Check out our article on how to create a product with a user-centered design approach.
You must ensure that users are aware of all confidential and financial information during this process. in other words Users should exit the registration process confident that their information is safe.
In safety Some trading platforms ask users to sign in via social media or phone number.
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I can’t stress it enough – it makes users feel welcome. Getting started is a great way to do that! Getting Started is a tool that can help users understand how an app works. Getting started may include:
User activation is required in accordance with the relevant Know Your Customer (KYC) terms and regulations: Data Privacy and Data Protection Open Banking.
You will protect them from the disappointment of missing out on special features. You also protect yourself from losing new users.
Nothing much to say here. Make sure the user profile has all the necessary information – name, picture, language settings, etc.
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Additionally, the dashboard should include real-time charts and market analysis reports to help users trade better.
Tip: Dashboards are always about complex diagrams, graphics, and charts. All of this can be extremely overwhelming for users. Therefore, to prevent users from headaches. Make sure the dashboard is informative yet simple. For this reason, UX designers often conduct user testing. This ensures that the application has proper usability.
An important part of the service is the opportunity to trade stocks or currencies. This function should include:
A trading platform should always have a payment function. to run secure payments on your platform I recommend including a certified payment gateway provider for secure transactions and user data. For example, Stripe.
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You should encourage your users to invest more and make more important trades. to motivate users The trading platform has added a page with personal statistics. Some platforms generate automatic reports once a week/month.
Security is important in all kinds of apps. But when it comes to trading platforms This point is even more important. How can you provide security when building a trading platform?
Here is a list of tools that will provide you with the necessary level of security in your mobile banking application:
Tip: Want to know which features will resonate with users? You should conduct user interviews and testing.
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The cost of building a trading platform depends on the amount of work required. If you decide to build an app from scratch It will cost you approx. 100,000-150,000 USD $50 per hour per hour This price includes the discovery phase, UX/UI design, the entire development phase. product management and team communication
Finances are tough. Therefore, to create a trading platform You face a number of legal restrictions that keep your trading platform in existence. Let’s look at these limitations!
You must obtain a license in each country where you want your trading platform to operate. The licensing process will be outlined in the national regulations, so please consult a legal advisor for assistance.
By creating a trading platform You will need to deal with sensitive issues of protecting user data. Many countries (e.g. United States) or regions (e.g. Europe) have their own data protection legal regulations.
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For example, to operate in the United States You must comply with the requirements of the Securities and Exchange Commission.
When it comes to developing trading applications You need a team of developers with various skills. especially The developer team you employ should be experts in various technology tools. Each project will have a different language pack. Here is an approximate list of programming languages for developing trading applications.
The trading industry is attracting more and more people, even those who are not professionals in the field of finance. As a result, the demand for trading platforms that are easy to use and user-friendly is increasing exponentially. And making a trading app is a great business idea.
Is a leading product development company Working for over 7 years, we have helped more than 150 companies build successful mobile and web apps. Looking for a way to develop your trading platform in 2023? Surprisingly, your whole idea is building one of the most profitable businesses that allows traders to automate and improve their trading performance. Can be given to a development team with more or less talent. It is better to delegate the task of developing trading software to real professionals.
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Experienced developers know how to organize processes that involve a large number of important and interrelated steps. As a rule, professionals have a vision to create trading platforms for trading stocks or cryptocurrencies according to the needs of their clients. already
You may have noticed that the popularity of cryptocurrencies As one of the investment options has increased recently, that has left companies wondering how and what they need to build a trading platform in 2023. Keep in mind that while developing.
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Originally posted 2023-08-10 04:40:28.
