Did you know that COVID-19 is affecting the decline in customer assets by almost 14% industry only from January to March 2020? Nevertheless, these not very good statistics have caused a sharp increase in the demand for trading assets. in the current year, 2021. So this is the best time to learn how stock trading apps are created and think about how to develop it. Below we will answer the question: “How do stock trading apps work?And tell you about the development cost.
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 apps based on major operating systems. In addition, investment experts note that in recent years the financial literacy of passive investors has grown significantly and that a well-designed app for investing and trading assets should respond quickly to current client demands. So what is a stock trading app?
In general, applications are web platforms where assets with an external market value are traded: these can be securities, minerals, currencies, etc. This is the place where you can buy or sell Coca Cola or Google stocks.
Regarding functionality, the main task of this software is to display the current value of assets and provide online buy and sell operations. At the same time, the app must obviously support the withdrawal and crediting of funds in an absolutely safe and secure form for the users.
The platforms where you can buy and sell cryptocurrencies like Bitcoin, Dogecoin, Litecoin and others deserve special attention. As practice shows, they are particularly in demand among millennials.
Average Stock Trading App Functionality: 7 Must-Have Features
Let’s take a look at the features that make up the MVP – the minimum viable product – for this type of mobile app. Whenever possible, you can always add something authentic to the existing functionality that will set your product apart from competing applications.
Registration and authentication window
Since all manipulations with such applications are carried out 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 popular social media API integrations.
The navigation menu
With the help of such a menu in the applications, the user can quickly adapt in the interface without the help of a third party. It is very important to structure it correctly, ensuring a logical relationship between the sections, because the assets and the tools for its implementation is an initially difficult subject.
This is a panel in the apps where users can enter their personal data, adapt the app settings for themselves and also associate a payment card.
Balance sheet and reporting
This panel displays real-time data on the user’s balance, the companies in which they own shares, the value of assets purchased, etc. It is very important to make sure that the content is informative enough that even a novice trader would be able to understand it.
Tools for selling and buying assets
Here you have to plan the display of graphs with the value of the 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 assets of the companies participating in the auction, as well as indicating (preferably visually) indicators of growth.
Integration of the payment gateway
For users to be able to transfer money within your app, you must provide integration with a payment gateway (for example, with Stripe). This way you can guarantee secure and instant payments.
This application component is used for long term user retention. With 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 aspect of the development of stock trading applications
Before creating your own asset trading app, you will need to seek the help of a lawyer to make sure that using your software in the countries where your target audience lives is completely legal.
How much does it cost to develop a stock trading app?
As practice shows, the time spent on competitor analysis, development and testing of the MVP in this niche starts from six months.
As for saving your money (if we’re talking about mobile development), here you can kill two birds with one stone, and instead of creating a separate app 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 around $ 70,000 with a basic set of features. Obviously, when scaling such a solution and adding new features, the budget will increase from $ 10,000 to $ 20,000.
Why will trading apps always be popular?
Whether you are looking for attractive long term investment companies or want to close a quick deal (for example, sell or buy copper or oil), the stock market always makes us feel excited and exciting. This means that chasing those feelings away, people will look for applications in order to get another dose of adrenaline. Therefore, there is certainly no reason to doubt the relevance of such software.