How to Build a Trading App?
Mobile revolution has changed many spheres, and the world of trading is no exception. Even if you are not an industry expert or fintech enthusiast, you are aware there is no perfect trading app out there yet. What about building the best mobile trading app yourself? Let’s review the steps you would need to go through before you start this challenging process.
Before we get down to all nitty-gritty details , let’s try to answer the question why such a product hasn’t been invented yet? To do this, consider Robinhood, being the leader among trading apps, as a great example to evaluate. The application has the following functions:
- Relevant market data analysis and stats development;
- Free-of-cost trade directly from the mobile phone;
- Smart investing on the go;
- Completion of a transaction, changing status and other notifications;
- Stock portfolio development ;
- Stocks trading, commission-free withdrawal of funds from the user account.
Apart from all these, a newly-created trading app should be user-friendly and have an intuitive interface to allow easy navigation. Having this point in mind, move to the steps below to see what needs to be done to make a quality trading app.
Trading App Development Process
Step 1: Mobile development. This stage implies the work of iOS and Android developers. iOS specialists must have knowledge of Swift or Java programming languages, and Android specialists — Kotlin or C#. The choice of the platform will profoundly affect technical and budget requirements. Did you know that building an iOS app is two times cheaper compared to an Android one? For more information about the costs of making a mobile app, refer to our latest article in our blog. However, these languages represent only the most common options. You might choose to create a cross-platform application that can be installed on all devices. Nevertheless, in this case, the app will not function as smoothly as
Step 2: Backend development. Trading app development requires the work of a backend developer. This specialist is responsible for the database, architecture, and software logic. Backend development aims to ensure that the databases and the server are working accurately, using such programming languages as Java, PHP, Ruby, Python, Net. At this stage, such features as sign-in, transactions, alerts and others are created.
Ultimately, all the above-mentioned specialist are the bare minimum as they are still not enough to build the trading app of your dream. You will require assistance of the following professionals:
- QA engineers;
- UI/UX designer
Step 4: Design
Trading is not an easy process, and every move you costs you real cash! That is why interface design should be developed perfectly. If you are going to build a trading app, UX/UI is what you have to consider in advance. Perform usability testing to ensure consistency of the product with the original idea. App design should facilitate the process of app development. It gives a perfect possibility for developers to see how users interact with the app and track their journey.
Step 5: Testing
Testing is a necessary process in any app development, even more so when you are dealing with finances. Nobody wants users to be disappointed with their product. To avoid that, you need to test your app for bugs, issues, inconveniences, etc.
Features a Trading App Should Have
Now you know how the trading app is developed. Here is the list of features the final product has to provide when all the above steps are completed:
- User profile and authorization;
- Personal profile;
- In/out of the account;
- Stocks list;
- Payment gateways;
- Buy/Sell feature;
- Time tracking function and synchronization;
- Notifications feature;
- Market data, statistics, and analysis;
- Utility integration;
- Expert stock recommendation;
- Holdings history;
- Customer support.
To achieve all of that, you need a team of skillful developers with extensive experience in fintech and knowledge of building trading apps of different complexity. As for the cost of the trading app development, it depends on different factors: a country, average salary level, and the particular company you decide to work with.