Give a look at the top finance apps on the app store by App Annie. 30% of the total apps are trading and investment apps.
Humans live on their mobile devices today. It is no surprise that its use is mounting in every sector of the market. Investment and trading are no different.
With the advent of mobile trading apps, there is no need to depend on brokers to invest in stocks and finance. Users can now track, buy and sell their stocks and securities with just a tap on the screen. The stock markets are now democratized.
To evaluate whether an idea is good or great, one must analyze the market for it. Building a successful trading app, you must understand how the trading app market works and who are the major players.
One of the biggies of the trading app market, Robinhood has a valuation of $20 billion as per businessofapps.com with transactions worth $350 billion in 2020. Robinhood aims at introducing the micro investor market and this is also the reason behind its massive success. The app charges no trading and investment fees at all.
While Robinhood is the market leader of trading apps other stock trading applications are making big bucks as well. The Freetrade app launched in 2016 does not charge any fees for stock trading. It has raised over €20.6 million in 7 rounds of funding.
Robinhood and free trade are just the tips of the iceberg of the stock trading app market. Users are increasingly using trading apps to learn, invest and make money from them. Along with apps that solely focus on investing, many other finance and banking apps also offer trading and investing as an in-app feature.
Above the overview of top trading apps and their funding profile, it is clear that developing such apps is a great idea. With the right marketing and features, a young trading app can also dominate the market and capture a huge user base. This is the right time to build a trading and investment app.
Have an idea for a trading app? Consult with our mobile app development company to discuss the scope of your idea with experts.
Amazing features are the key to a successful trading app. They make sure that users have the best time operating the app and are easy to navigate. User engagement is even more vital for trading and investment apps because if it is difficult for users to navigate the app, they will leave it quickly.
Even though there is a strong desire among users for stock trading, it is an important affair. Many of your users may not have traded stocks before. That is why it is all the more serious that no time is wasted trying to learn the workings of the app itself.
Stock trading apps are built to engage more people into investing and user-friendly features are the best way to achieve that.
Here is a list of the must-have features to know before building a trading and investment app:
The dashboard feature of your app is where users can access all the information of balance, stocks, status, holdings etc on one screen. This dashboard or home screen is also where users can see the total amount of money they’ve invested and whether their holdings are growing or not.
While designing the dashboard ensure that all this vital information about money is presented in a clearly formatted manner such that users’ minds don’t get into information overload mode.
This feature lets users create their investment portfolio by investing automatically. This means a simple Robo advisor or survey uses a basic algorithm to suggest investment options so that users also have the option to invest automatically other than selling and buying stocks by themselves.
You can also add a filter and sort functionality so that users can easily find what they are searching for to build their investment portfolio.
Our mobile app development team excel at coding new and interesting features in a mobile app. To discuss your trading app idea, we’re always ready.
With this feature, users can see all the market overview and insights in the app. This is an important feature as it educates the users and helps them stay updated with the changing market trends and make profitable investments.
By providing the market data in real-time the app allows investors to track the rise or fall of their portfolio. This creates trust between users and the mobile application. Also, users can make well-informed decisions before purchasing and selling on the app.
during the development of the stock trading app make sure that these market insights and data are well organized and properly presented. A structured format of information will help even new investors to understand the financial market.
This is the most important function of a trading and investment app. The stock trading feature is the one investor use the most and it is this feature why people want to download the app in the first place – to trade. This feature allows users to hold, buy and sell stocks in a hassle-free experience.
When developing a trading app, it is a good idea to not ask for a pre-deposit while signing up in the application. No prior deposit will lower the bar for entry and then your app will attract more users, even the ones with no experience of stock trading.
Utilize the already educated audience who knows the stock market dynamics. You can offer high-risk deals and charge fees on such transactions when the amount exceeds a certain limit.
Adding the notification feature is crucial for your trading and investment app. Notifications can be used to provide performance analysis of stocks, new investment windows, share fall, updates of upcoming investment events and more. Notifications are the secret weapon to increase the retention rate of your app, as they bring users to open the app many times a day.
While adding the smart notification feature in your app, also provide the options to choose the frequency of notifications and what they want to be notified about. Sending too many unnecessary notifications will annoy the users and they might switch to some other stock trading app.
This feature makes it possible to transfer funds from bank accounts to the mobile trading application. You can also add the functionality of periodic or one-time transfers. So that user can use their money in the bank accounts in trading stocks.
Fund transfer is a critical feature, it requires top-level security while developing the trading app. Only a secure fund transfer feature will build a certain level of trust with the users so that they perform real-time financial transactions.
This feature of a trading app tracks the performance of a stock to help users make more informed buying and selling decisions. Also, you can allow users to add stocks that they want to monitor on the watchlist.
With a watchlist, users will be empowered to track all the stocks they are interested in without searching for them every time they open the app.
You must work on a well-established security tech system that encrypts all the sensitive user data like bank details, balance, personal and transaction details, etc. this will build a long-lasting relationship with your app users. They always trust a secured payment and transaction gateway because everybody wants to make more money but not at the expense of losing confidential data.
We’ve discussed the features of a trading app and why it is the right time to capitalize through one.
But to determine the cost of a stock trading app is a little difficult. It is because the development cost depends on many variables and the needs of the client.
Usually, the cost is estimated based on the total hours of development. But this hourly cost may also vary based on which part of the world the offshore mobile app development company is operating in.
So, it is hard to give you an exact estimate. But if we try to calculate roughly based on our previous mobile app development projects, the total cost of building a trading and investment app starts around $15,000 for an MVP (Minimal Viable Product).
This cost can go as high as $100,000 or $150,000 depending upon the type of feature, functionality and complexity of the app.
So, are you ready to launch your trading and investment app? Let’s get started!
In the blog post, we’ve tried to explain the features and the cost comprehensively. But if you still have any queries or doubts, do contact our mobile app development team.
Tell us what your requirements are, and our experts will quote an exact price.