The stock market has been around for centuries and most people are aware of its prosperity and the opportunities it provides. NYSE was started in 1792 by 24 stockbrokers who famously met beneath a Buttonwood tree. Since then the stock market has made countless fortunes. Nowadays, it is a crucial wall-building tool in modern society. Meanwhile, society doesn’t stay still, creating new twists to old ideas.
In 2020, the global market capitalization increased its revenue to $95 trillion. The numbers are impressive and prove once again that investing is a real opportunity to earn money. Stock trading app development rises too, as it’s extremely demanded and profitable.
Investigate the market
Deep research of the market should be a startup owner’s core task. Are there any flaws in your competitors’ platform? Is there any solution eliminating those drawbacks you can suggest? And a few more necessary items to consider:
- Investment portfolio;
- Updated data market;
- Free stock trading;
- Data protection.
What steps you should take to develop a stock trading app
The pandemic forced lots of businesses to go online. However, stock trading apps have been operating online for years. For instance, Robinhood platform – is a platform for free trading of funds, cryptocurrency, stocks and options, was created in 2013 and it’s still commonly used. So, let’s cover the basics of building a stocks trading app.
- MVP is always a good idea
A minimum viable product is an initial version of a product that allows you to launch your platform with the basic features only. You will be able to test it on the market and receive users’ feedback without spending all your budget at the first stages.
MVP development is an initial part of your app, responsible for covering your target audience’s wants and needs. It also allows you to add and delete features based on the users’ preferences. As a result, you will only implement demanded features.
- Mobile app internationalization
Unless you intend to focus on a single specific location, you want your platform to be available at least in several languages. Yet, these changes in the code have to be set in advance. Otherwise, you’ll face certain difficulties — if the code is already created, internationalization may be too hard or time-consuming to implement.
First and foremost, you must be aware of the legal aspects of every region where your app will be available. For instance, some countries have restrictions to gambling, end-user license agreement, etc.
- Security is vital
Numerous incidents of hackers gaining access to individual’s personal data have finally taught businesses that users’ security is extremely important. Your app is no exception and shady individuals or shadowy organizations will be on the lookout for any security weaknesses in your end-to-end encryption. Keep in mind that each region has different requirements when it comes to gathering users’ personal information. Hence, you’d better be aware of the certain rigorous regulations for a given region. To protect your users, you’ll have to consider injection, XSS (cross-site scripting), XXE (XML external entities), etc. In addition to that, implement MFA (multi-factor authentication), next-generation firewalls, bank-grade encryption, and so on.
- Dream team as a goal
It’s always challenging to find somebody professional who is also good at dealing with people. You need to have the right team with you from the very beginning. This includes a competent project manager, experienced designers, skilled Android or iOS developers, engineers that are well-versed in app testing, and HTML professionals. Your perfect employee should have both strong hard skills and advanced soft skills. A good project manager is a person that you can rely on, delegating projects effectively. Nowadays, many project managers utilize the Agile methodology.
Picking the right team is always one of the crucial issues for a project to be successful. That’s why they say: if you want to go fast, go alone. If you want to go far, go together.
- The first user’s impression is crucial
To avoid huge bounce rates, you should create an attractive and emotional web design. When users come to your platform for the first time, they pay attention to its design and functionality. Being surrounded by beautiful visual content daily, people see the smallest flaw in design if there’s one. So, a good-looking website is a big deal. Otherwise, there’s a big chance that the majority of visitors won’t stay with you any minute longer.
Crafting a budget for building a stock trading app
Creating a stock trading app may cost you up to $40.000. However, the exact cost for a stock trading app may vary depending on many factors, such as:
- The toolkit and tech;
- The size or location of your team and company;
- The unique features you want to utilize;
- The app’s backend and frontend;
- The platform(s) you choose to launch your app.
To sum it up, there’s no secret that the stock trading market is profitable. One of the best things is that everybody can follow the market, create their investment strategy and make money using their logic. So, who knows maybe your app will become the most successful in the industry?