How to build a trading platform? What’s worth knowing?
In today’s technologically advanced world, fintech applications are thriving in the financial market. Every time more and more people decide to make their purchases online and engage in online stock investments. With the number and variety of online trading platforms, almost everyone can become a trader or broker. Thus, businesses are likely to put their funds into trading software development as it is likely to result in very profitably. Want to know more about how to make your own trading platform? Find out in our article!
Trading platforms market overview
The online trading platform market, one of the fastest-growing financial markets, is replacing traditional non-automated daily traders’ work. Over the last years, we could notice a significant expansion of new trading apps. Now, on the current market, there are hundreds, if not thousands, of them. Thus, the abundance of brokers joining online trading platforms is equally impressive. For instance, the number of users of one of the most prosperous trading platforms, Robinhood, grew from half a million in 2014 to 13 million in 2020.
The online trading platform market keeps on thriving incessantly. In 2019 the market was valued at USD 13.1 Billion, and now it is anticipated to reach USD 18.3 Billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.
This financial market is not only booming in numbers, but also it expands among regions around the globe as its clear interface and convenient floor trading methods gain more approval even of the most demanding clients. Broad market digitalization and users’ increased knowledge about trading platforms are an engine for future commerce.
How to develop a trading platform?
Fintech applications are created to improve users’ daily tasks, in the case of trading platforms, to support them in swift, reliable investment and trading solutions. There is a great chance that developing a well-designed product that encourages clients to manage their budget and investments will bring you remarkable profit. So, how to build a stock trading platform? We will guide you through every step.
Strategy and idea validation
When you have an idea for an application, the first step is to develop a strategy for its creation and implementation on the market. That is why we offer thorough tech consulting. Our team carefully analyzes the current market values and customer needs to validate the chances of your transaction platform succeeding. At this stage, our developers also create the product backlog and conduct user research to explore what improvements you should implement. With our consulting service, you can be sure to develop a market-desired application that will attract many traders and brokers.
Focusing on end-users is a crucial point while creating any application. Offering a transparent and simple yet effective user interface is key to building a prosperous trading platform. Our developers know how to provide perfect orientation through the whole system with transparent and coherent visuals. User experience and user interface are essential parts of the development process as on that depends if end-users will find the product useful and enjoyable. Thus, our team will make every effort to deliver a product with an appealing and intuitive look that satisfies even the most demanding customers.
Developing a trading platform is a complex process. You need to consider your application’s website and mobile version. The best way to cope with this task is to involve a team of qualified developers who will write robust code using innovative technologies. If you aim at building an app that works on several platforms, you should consider cross-platform app development. This can be achieved with React Native or Flutter tools, where the platform can be deployed in iOS and Android simultaneously. Our team provides a variety of services tailored to your needs.
Building a trading platform is a complex task that requires lots of development work. Therefore, this type of application requires careful quality verification to make sure that there are no bugs or glitches that could hinder the flow of data and quick responses to current stocks or investments.
Furthermore, trading platforms involve sensitive data like social security numbers or credit card credentials. Our qualified team provides a wide range of verification services to check your product’s condition and to meet legal standards before releasing it to the market.
When it comes to financial applications, it is especially crucial to monitor and improve service performance incessantly. On that relies smooth and robust real-time trading, and, as a result, client’s satisfaction. Developing a prosperous trading platform is just half of success. To ensure undisturbed workflow, provide the best maintenance services for your application.
How do I make a trading platform?
Building a fintech application like a trading platform is a complex task that involves lots of markets analysis, back-end and front-end development, constant working on improvements, and a lot of paperwork to ensure you are not breaking some type of law. You can learn all that and do it on your own. However, it will take a lot of time and money.
Instead, you could start by choosing a reliable company that will research the stock market thoroughly and supports you at every stage of the development process. From the initial tech consulting through application development to quality assurance and maintenance after launching the product, every step is crucial in building a product with a high potential of succeeding in an abounding financial market.
Key features of trading platform
There are some key features every trading platform should have to enable efficient and effective trading transactions. Let’s see what these functions are.
The online trading platform dashboard is kind of a control panel where users can view statistics, current stock, monitor the market flow, and manage their investments. Simply put, it is your platform’s center where lots of data and other features can be found.
The trading feature is a key one in a well-functioning trading platform as it enables users to place trades on stocks and mutual funds. It also gives them an opportunity to track and modify the data they need.
Payments and transactions are the core function that enables monitoring and management of funds flow. Also, it results in useful in order processing.
Real-time alerts let users stay up to date with current trading news. Messages are sent to let them know about events or required actions. Also, a functional notification system enables you to maintain contact with the user easily.
Real-time streaming of stock quotes
This functionality is available on a platform’s dashboard. It enables user to trace the real-time stock quotes stream and invent more efficient strategies. In this modern system, the data is updated 24/7 automatically so analyzing it is more convenient and accurate.
Examples of the trading platforms:
Robinhood is a trading platform that launched as an application even before the website existed. It offers commission-free investing with many tools that facilitate trades. Even with minimal input, you can start investing quickly, build a customized portfolio, and trade in real-time.
eToro is yet another fintech application that offers commission-free stock investments. Also, it enables short and long-term investments, trade currency pairs, indices, and commodities with CFDs.
Plus500 is one of the highest-rated CFD trading apps on the Apple App Store and Google Play. It is a market-leading CFD provider offering excellent conditions for trading stocks, commodities, cryptocurrencies, ETFs, and more.
Webull is a stock brokerage firm focusing on commission-free trading. The company started as a research firm, whereby, it has quite an amount of technical research and analytics which attract technical traders.
- TD Ameritrade
TD Ameritrade is a platform that enables you to choose an appropriate application accordingly to the experience you have. Beginners will find an easy-to-use version that will provide a lot of research and advice, while more experienced users can enjoy the advanced version, where more features are available.
How much does it cost to build a trading platform?
The total cost of building your own trading platform can range a lot depending on your goals and the current trading market. Development value depends on the features set, product’s complexity, and many more factors like connecting cloud services and payment gateways. Normally, the charge is calculated based on the hours necessary to develop the whole product.
To estimate the exact figure of creating your trading app, request a consultation. Every project differs – we will analyze the current financial market and provide you with the approximate time and prices of creating your customized stock trading app.
Future of trading apps. Conclusion
While traditional forms of trading have become obsolete, online trading platforms keep on gaining more popularity. Why does that happen? Innovative technological solutions based on AI and machine learning create better, more efficient, and easily accessible financial markets. The trading industry, as well as clients, are looking for complete process automation. Simple and easy-to-use interfaces, a variety of trading tools, real-time quotes free of charge, or prompt response from the customer support team are just some of the trading platforms’ advantages.
Continuous innovations benefit in easier inclusion and data integration. Investment become more accessible and affordable for almost everyone. Thus, the broad market of trading apps superseded the traditional brokerage services and it’s going to expand even more in the near future.