The stock market has moved to online platforms several years back. All the necessary transactions and trading happen while sitting in front of your computer screen. But ever since the mobile revolution, we haven’t found many players opting for stock trading mobile app for consumers to trade, invest and transact while they are on the move.
What are the probable reasons that many businesses haven’t turned up to making such a product that will simplify financial investments for the consumers? Or how an app like Robinhood has been a great success especially for the millennials who found investing and traditional stock market trading tasteless?
The world of finance has revamped lately. The stock exchange has attracted the younger generation to invest, learn about the latest stock market trends and perform operations while they are on the move.
The leader of stock trading apps is Robinhood, which enables user to do the following-
- Trade free-of-cost directly from their smartphone
- Invest smartly while on the go
- Provide up-to-date market data and stats
- Notifies about completion of a transaction, changing status and more
- Stock portfolio creation and free trading
- No commission charged for trading stocks, withdrawing or adding money to the account
It has certainly taken the game of stock market to another level by leveraging users to use capabilities to their advantage. So, if you are also looking to get associated with a premier app development company for building a stock trading app then consider reading the following section more attentively.
Challenges to overcome for mobile app developers while developing an app like Robinhood
1. Design issues
Designing a stock trading app isn’t everyone’s cup of tea. The mobile app development company should have proficient app designers who can put complex structures, numbers, charts, equities, shares and basically, everything that’s related to exchange market in a small workable mobile screen. There is plenty to be shown, a lot of actionable and clickable elements, real-time insights and above all, a reliable and an easy-to-operate gateway for trading stocks.
Simplicity is the key to mobile app success, which is what mobile app designers need to focus on. There are a lot of details involved in this exchange domain that makes it difficult for developers and analysts to decide what to include and what to exclude. This is one area where Robinhood developers have done a great job. They have kept candlestick graphs away from the app, which is one of the most common aspects of financial apps. They proved that detailing is important but to a certain extent in case of a mobile app. So, getting the right elements to appear on the screen and to the right set of users is an important aspect to consider for the team behind.
2. Getting the right fit for the market
Offering something that’s vital and highly desired by the users is what will make things work for you. Just like what Robinhood did. It made traditional investing modern by involving millennials via a medium they commonly used, i.e. smartphone. It made them realize that it’s extremely easy, secure, reliable and mobile. The app offered the same appeal as online banking apps. It made users feel in control of their finances and let them explore, monitor the latest market trends and how it relates to their investments.
3. Technical challenges
There are several technical challenges that your app development partner needs to overcome, time and again for producing bug-free and robust stock trading app. Since an app like this requires extensive testing and you can’t always use real-time data for the same, you need alternatives to accomplish the needful. This calls for third-party API integration, which further calls for potent and experienced mobile app developers to get the things on the right shelves from the word go.
Features you need to have in a stock trading app
The list of features is long for stock market exchange apps. We have covered quite a few in the following section. Make sure you have all these at least in your app version of Robinhood if you plan to intervene in the success route of the leading players.
- User profile and authorization
- Fund transfer functionality in/out of the trading account
- Reliable payment gateways
- List of stocks available for trade
- Buy/Sell feature
- Status of stocks added to your account
- Personal profile (portfolio, balance, settings and more)
- Synchronization and time tracking planner
- Push notifications and messaging
- Market trends, analysis and statistics
- Expert stock recommendation
- Stock market utility integration
- History of holdings
- Security and encryption
- Tutorials for beginners
- Customer support
Cost for developing a stock trading app
Development of such an app will depend on the following factors-
- Targeting mobile platform- Android or iOS or both
- List of other advanced features to include in the app apart from the ones mentioned above
- Third-party APIs to integrate
- Payment systems and stock exchanges to integrate
- Country of hired mobile app developers
- Experience of app development company you plan to get associated with
- Will it be dedicated to hiring or not?
Talking about the development cost, it would lie in the range of $40,000 to $60,000. This is an estimate of app development companies based out of sub-continent countries. For developing the same app, European or Australian app development companies may quote much higher. This depends on several factors like the cost of living in a particular country, standard salary bars, the size of the company you wish to work with and more.