Do you know that the COVID-19 affects the drop of client assets by almost 14% industry only from January to March 2020? Nevertheless, this not very good statistics provoked a sharp increase in the demand for trading assets in the current year, 2021. So, now is the best time to learn how stock trading applications are created and think about the development of the particular one. Below we will answer the question: “How do stock trading apps work?” and tell you about the cost of development.
What Is a Stock Trading App?
The situation in 2020 provoked the development of absolutely all virtual services, especially financial ones. All major brokers have their own smartphone applications based on major operating systems. In addition, investment experts note that over the past few years, the financial literacy of passive investors has grown dramatically, and a well-designed application for investing and trading assets should quickly respond to current customer requests. So, what is a stock trading app?
In general, applications are web platforms where assets with external market value are traded: it can be securities, minerals, currency, etc. This is the place where you can buy or sell Coca Cola or Google shares.
As for the functionality, the main task of this software is to display the current value of assets and provide online purchase and sale operations. At the same time, the application, obviously, has to support the withdrawal and crediting of funds in a form that is absolutely safe and secured for users.
Platforms where you can buy and sell cryptocurrencies like Bitcoin, Dogecoin, Litecoin and others deserve special attention. As practice shows, they are especially in demand among millennials.
Functionality of the Average Stock Trading Application: Top-7 Must-to-be Features
Let’s take a look at what features make up the MVP – the minimum viable product – for this type of mobile application. As far as possible, you can always add something authentic to the existing functionality that will distinguish your product from competitive applications
Registration and authentication window
Since all manipulations with such apps are performed after logging into a user account, it is obvious that a registration and authentication form must be present here. It will be great if you speed up these procedures with API integrations of popular social networks.
With the help of such a menu in applications, the user can quickly adapt in the interface without third-party help. It is very important to structure it correctly, ensuring a logical relationship between the sections, since asset and tools for its implementation is an initially difficult topic.
This is a panel in applications where users can enter their personal data, adapt the application settings for themselves, and also link a payment card.
Balance and reporting
This panel displays the real-time data about the user’s balance, about the companies whose shares he or she owns, about the value of the purchased assets, etc. It is very important to ensure that the content is informative enough so that even a novice trader would be able to understand it.
Tools for assets sale and purchase
Here you should provide for the display of charts with the value of assets at a certain time interval, which are updated in real time. It is also important to take into account the presence of windows with a brief description of the external market value of the companies assets that take part in the auction, as well as indicate (preferably visually) growth indicators.
Payment gateway integration
In order for users to be able to carry out money transfers within your application, you have to provide integration with a payment gateway (for example, with Stripe). In this way, you can guarantee secure and instant payments.
This apps component is used for long-term user retention. Thanks to the ability to constantly monitor the level of income generated by your software, your users will be able to gradually increase the amount of money credited to their account.
Legal Side of Stock Trading App Development
Before creating your own application for trading assets, you will need to seek the help of a lawyer to make sure that the use of your software in the countries where your target audience lives is absolutely legal.
How Much Does It Cost to Develop a Stock Trading Application?
As practice shows, the time spent on competitor analysis, development and testing of MVP in this niche starts from six months.
As for the opportunity to save your money (if we are talking about mobile development), here you can kill two birds with one stone, and instead of creating a separate application for each mobile platform, resort to cross-platform or hybrid development. In this case, you will be able to save up to 30-40% of the initial budget for two native stock apps for iOS and Android platforms.
And finally, if we talk about the financial costs of development, prices start at about $ 70,000 with a basic set of functions. Obviously, when scaling such a solution and adding new features, the budget will increase by $ 10,000 – 20,000.
Why Will Trading Apps Always Be Popular?
Whether you are looking for attractive long-term investment companies or want to make a fast deal (for example, selling or buying copper or oil), the stock market always makes us feel excited and heart-pounding. This means that chasing these feelings, people will look for applications in order to get another dose of adrenaline. Therefore, there is definitely no need to doubt the relevance of such software.