Current exchanges are quite technological and engage many people who had no previous investment experience. Many people are interested in the topic of composing trading apps because it is trendy today, and it can be your source of income if you do everything properly. So in the article, we will talk about how to build a stock trading app and what things to consider before you apply to a developer.
What is a Trading App?
Earlier, not everyone could afford to participate in investing in trade markets. Today it is accessible to everyone. All interested people can simply download an application and start buying shares and stocks. It does not matter where you are located, do it from home or work, around the clock.
Stages of Composing a Trading App
Before you start working on the actual interface and options, you have to write down some existential points and ideas. There are many ways of how to make a trading app. First of all, look at those popular ones that are already on the market. Test them, read users’ feedback, note what they like and dislike, learn the structure of the pages, and so on. After you gained enough visual experience, begin to focus on these elements, which we will further discuss.
Target Audience Selection
Decide on the group of users you wish to attract. Cover major channels to gain auditory of desktop computers or mobile devices and even watches. Sure, you can develop a more narrow approach and start creating a trading app for people who prefer smartphones. Consider all the benefits you may get if you choose either platform.
Newbies or Professionals
When you are finished, proceed to whether your application will be for experienced users and traders or newbies and beginners. Look at the top popular competitors on the market, like Ameritrade, Robinhood, and Acorns. See what features you can implement: a clear, understandable interface, instant help chat, and various options to withdraw money. For newcomers, you would need to provide more educational materials. It can be videos with instructions or a blog page where guest authors or loyal auditory can write small articles with tips and advice on certain subjects.
Top Features to Include in a Trade App
To make your application really convenient, add simple options, so the user can easily perform the commands and see the results of their actions. Here we would place a list of viable options:
- Security. This point goes first because it is of high importance to perform transactions without the risk of fraud. Integrate a PLAID API, so you can link users’ bank accounts to your app without jeopardizing them.
- Authorization. To gather user data and trade and invest from any mobile device, you have to let them create an account and verify it. Think about code touch ID entering or via a composed password and email. The best variant here would be to allow them to join using their social pages like Facebook and others. It gives you more information about a person, so as a result, you may come up with new ways of how to make a person invest more money via your trading app.
- Friendly welcome from a home page. Locate significant elements such as calendar, trading data, and currency rates. Sure, do not forget to display the user’s personal board with stocks and auctions he or she purchased, where all the growth and decrease will be shown.
- Pop-ups or massages with advice and assistance. This function is a must for newcomers. The robotic algorithms follow the traders’ sequence of actions and, based on the discovered data, offer him or her the best way to invest. Some popular trading apps even suggest assistance from a private manager. If you wish to attract VIP clients, this service would surely interest them.
- Profile creation. To obtain more information about your clientele, it is viable to let them fulfill a page about themselves. Knowing their birthdates would give you an opportunity to stimulate them with bonuses, discounts, and other pleasant surprises. As a result, it will increase their loyalty. Also, there on the page you can track all the history of trading of each user.
- Search options. To reduce the time for seeking some company or stocks, implement a search tool with filters, or create tags, for example, for a blog page.
- News sector. A trading app can lose points if it does not provide auditory with current events on the stock market. When building a perfect application, keep in mind that traders should not be distracted and use other sources of news feed other than your app when they are going to invest. Also, would be great if traders could communicate with each other and leave comments.
- Notifications. If anything happens with your pressures, a stock you, as a trader, would be pleased to know that as soon as possible. That is why you have to add notification push-ups and let the clients know everything that is going on.
- Financial tools. This point is the reason we created the trading app in the first place, to endow users with simple instruments via which they can buy and sell stocks and shares. Place candlestick or any other charts to show the lines of offered stocks. Provide additional information about each company, to make traders select easily. Implement expert analytics and researches.
- Favorites. Open clients an opportunity to save some stocks they like, so they can review them later.
- Extra feature. If you look at trendy trading apps you can see that they allow users to add daily limits for purchases, buy fractional shares, or add widgets for the home screen.
When all the planning is completed, you can proceed and give a ready project to a developer team. It is the last stage of your construction but a costly one. Find the best professionals and see if they built a fast, smoothly working application.
The Final Part
The professional team would run tests on the ready version of the trading app. Sure, it cannot update itself, so another part of your planning would involve outsourced assistance from an agency. In the end, you would have a perfectly functioning trading app that can work for you and bring new users and extra income.