When you’re planning to pamper your pet, you order something new among animal feed in a specialized online store. If the aim is to update a wardrobe, the path leads to an online fancy mall. But if you’re targeting to improve your financial position, any coach will advise you to learn the opportunities that a trading app offers. When we are talking about investment, diversification of assets presupposes a wide range of tools for saving and growing one’s fortune. A specific application that equips users with opportunities to sell and buy stocks – shares of really working enterprises – is known as a trading app. Though it sounds a bit challenging, any entrepreneur can become a founder of his own version of a platform for traders. And if you’re really interested in the issue, Purrweb’s guidebook on how to start a trading app will be a bit of help. Lean upon practical expertise while adjusting your “route to success”.
Who Is Worthy Of Emulation: Searching For References
Trying to articulate your picture of a product, find some solutions you can refer to illustrate your needs. Shaping their financial future, people already use existing platforms among which you will discover some to emulate the most prominent strategies and features.
Robinhood attracts users with a commission-free policy that inspires newbies to try their skills in investing. Moreover, the app opens the gates to the world of crypto trading without any commission. The mobile version of a trading app equips users with the opportunity to become an investor on the go.
Plus, the trimmed-down interface makes it easier for newcomers to sort out how to invest. Another advantage is the service doesn’t set limitations for minimum accounts. But there’s a fly in the ointment: no mutual funds or bonds are available, and customer support isn’t sufficient.
TD Ameritrade fits for everyday trading: due to its timely syncing basic charts and watch lists, ratings, recommendations from third-party providers, and their research, the platform allows traders to navigate easily in information as well as functions. The solution is available in its web version and mobile solution. Mobile app supplies users with 400+ indicators for technical analysis, taking their making decisions up to the next level. But there are some limitations in using the product: no fractional shares, no cryptocurrencies. The design of the interface could be more user-friendly as well as the writing style.
E*Trade offers an excellent choice of investment tools: ETF, mutual funds, options, and stocks. Apart from a large investment selection, it contains a number of up-to-date tools and user-friendly support that can help you when there are any misconceptions. But the platform doesn’t seem to be suitable for non-frequent investors, so newbies can find the website difficult to navigate.
As you see, there are pros and cons for each product. What you can do is combine the most sought-after features in your own invention.
Let’s think about which features to give a head start for your project. Obviously, people value:
A cute range of investment tools (ETF, mutual funds, stocks, options, and cryptocurrencies).
Easy-to-navigate interface (make sure all the elements are set in the places where they can be found thanks to common sense and intuition).
Nice choice of specific tools for analyzing information, taking decisions, and buying/selling assets.
Person-oriented customer support ( this service is mandatory if you’re targeting to build a trading app suitable for newbies).
Of course, if you’re planning to create a product for advanced traders, you have to take into account their interest in deeper analytics, fast information delivery (broadcasting), and automation of routine activity. An intelligent robo-advisor can become a shtick for attracting visitors.
The Core Features Combination: Start A Trading App With MVP
All this mix of features can sound a bit overwhelming for an inexperienced digital entrepreneur. And there’s good news: you can build the app with basic functionality and add other features gradually while attracting investment.
So, keep the focus on the functions that are essential for starting your business.
1. Onboarding, sign-up pages, and user’s profile
Let users catch the benefits of your product in a few words. If they are interested, offer them to register on the project and get access to a personalized space: a personal profile where all the information related to a definite trader will be accumulated.
2 . Information Dashboard
No trading app can be imagined without timely informing about assets’ rates. Well syncing chart list and watch list should be included. As well the person should be informed about the cost of acquired assets and get timely information that can influence the decision to buy/sell them.
3. Payment services
Oversee a secure integration of third-party payment services in order to provide safe opportunities for purchases and sales.
These three features are a basement for a trading app that can engage and retain users. Gradually, such functionality as analytical news feed, customer support, and tools for automated trading can be implemented. But the first step is the most significant since it determines the direction and speed of your business growth.
Just Three Steps That Separate You From Building A Trading App
- Identify what and for whom you’re intending to deliver: What’s your customer’s trading style? Which assets are essential? Which is their location?
- When the idea is crystallized, select a contractor to discuss how the functionality can be embodied. At this step, you’ll make budgeting and plan which features are in priority and which can wait for the second stage.
- Ask the team to create a UI/UX design for the product. When you have a clickable prototype, it’s easier to explain the advantages of your idea to providers of financial support. If your budget allows you to pay for all services for a trading app, you can build a fully functional product at this step. So, it makes sense to choose a full-cycle development agency in order to reduce expenditures for transferring an idea into a working product.
Don’t neglect the necessity to take care of testing the product and its further maintenance. It would be more reasonable and convenient to entrust this duty to the team that has developed the app.
Risks To Consider Before Performing A Trading App
Each country has its own legacy requirements for business, and financial activity isn’t an exception. Identify the location where your solution will be available. If you are planning to make a service in your own country, find out which permissions and license you have to receive in order to conduct the barrier-free activity. If you’re targeting some foreign countries, make sure you can work in compliance with their laws. Prepare all required documents in advance.
Monetization Strategies
How are you going to earn money with your trading app? There are several beaten ways to monetize it.
- Subscription plans. By offering to users some extended functionality or additional opportunities, you can attract them to paid conditions of service.
- Commission. Some platforms charge a small fee for every transaction you do. Though it seems to be outdated, for no regular investors such an approach can be beneficial if they’re focused on long-term strategies.
- Interest. The service can charge a bit of money for keeping non-invested money in an account. This method is likely to make users less happy though some companies implement it.
As you see, there’s a variety of opportunities for bringing something innovative to life. And all you need is enough interest and consistency in order to formulate an idea, find a contractor, and start building an app.
