How to create a perfect trading app: tips for beginners and beyond
Trading app development is a lucrative and exciting field. These apps can help even novice traders get in on the game with reduced fees and great opportunities to make some money. Apps like ETrade and Robinhood have revolutionized the way people think about investment and trading, so why not add yours to the mix? In this article, we’ll show you how to create trading app projects that you can monetize and sell.
Before we get into the ways to make automated trading software, we have to consider what a trading app is. When you make a stock trading app, you are essentially building a tool to support users looking for more robust and flexible trading solutions that enable them to follow their personal investment strategy according to their budget. It forms part of the fintech world of software development and has the same considerations for security and privacy.
In order to create a stock market app that really works, you need to start with intensive market research. You’ll need to understand what customers want from the app and how the stock market and its fees function. You’ll need to develop a stock trading app architecture, pick your platform and then undergo rigorous testing and quality assurance to create the best possible app. This will require a comprehensive set of tools, including multi-language third-party APIs. You’ll probably use a language like Java or .NET to write the code for your APIs. .NET Core Web API is a way to build server-side setup, and you’ll need to use Vue.js or Angular as your frameworks and libraries to build your Android and iOS apps.
Next, you’ll need to consider the features your app has to have. Take a look at Robinhood’s premium features and take your cues from them. Some of the features you may want to consider include:
- An adaptive portfolio dashboard with sortable data so that users can track their goals;
- Real-time streaming of stock quotes and charts on a dashboard, with data constantly updating so that users can see accurate analyses and price patterns and formulate their strategy;
- Stock screeners that provide technical, descriptive metrics to take advantage of when picking your stocks;
- Watch lists to keep an eye on stocks and plan for further investments to show users price, volume, bid price, and percentage changes;
- Recent market news so that users can make more informed financial decisions. This should be customized according to the user’s watchlist available on their stock trading app.
- Calendars and stock notifications, including real-time tracking and 24/7 availability.
The fintech industry keeps growing, and it can be tough to find the right developers and tools. Picking an operating system, choosing the final features, and deciding what the prototype needs to look like. Your developers and the features they need to build will be your most significant cost consideration, which is why so many companies outsource their developers from other countries. Outsourcing comes with its own considerations and can be difficult.
That being said, the right developers will be able to help you determine the cost of the project, including the cost of the basic set of features, the development timeframe, the time it will take to test and QA test the project, and the app design creation process.
All in all, it can take up to 1000 hours to build your trading app. Consider this: if the average US developer charges $50-$75 per hour, that means your app will cost up to $75,000 in development hours alone. That’s why many companies choose to hire developers from Eastern Europe who charges between $15 to $35 per hour.
You should add to this price the cost of UX/UI design, project management (10% of the total cost), and other extras, like research and marketing.
Consumers are more empowered today than ever, and stock trading is no different. There are many excellent stock trade apps that help users control their own stocks in the market. The success of these apps has been phenomenal, so trading app development may just be the right project for you.