Software development has revolutionized almost every sphere, and the trading industry is not an exception. Brokers and traders are earning more money as more people install and actively use mobile trading apps. According to statistics, the number of people purchasing goods or services online will rise to 2.1 billion in 2021. Quite an impressive number, isn’t it? It is essential to create a stock market app if you want to reach more users. You have to keep up with the tendencies to stay ahead of the market competition.
What is the main aim of stock market apps?
The answer to this question is obvious. Applications are created to make our lives simpler and more convenient. If you build a stock market application, it gives you full control of all the transaction processes. It increases user interest and experience. Besides, your company becomes more attractive for making long-term investments. There are many existing trading apps in the market, but not all can boast of their high quality. The first point of how to create a trading platform is analyzing the best solutions available. We can single out such market leaders as eToro, StockTwits, E-Trade, and Netdania Forex.
Let’s analyze how E-Trade works.
Its features are trader account management, placing trades, and getting real-time quotes. E-Trade also enables 24/7 market access and covers all the possible market activities. It is a perfect option for any kind of user, as it has a clear interface, instant quotes, and many other features, enhancing user performance.
Main types of stock market applications
The very first thing to decide when you are going to make a stock market application is its type. There are two main types. Each has its peculiarities:
1. Traditional
Traditional stock market apps are in high demand nowadays. They cover such things as currencies, securities, and other conventional assets.
2. Cryptocurrency
The second kind of stock market app is more specific and relatively new. Everyone has heard about such currencies as Bitcoin, Litecoin, and so on. This type manages the transactions of crypto assets, such as purchasing or selling.
There are various trading programs to build. Our recommendation for beginners is to design a full-coverage platform that is convenient for beginner investors and traders.
3 Steps to build a trading platform like E-Trade
The process of application development is time-consuming and tricky, especially for such a complex system as trading.
Step 1. Choose the type of application
This is not the same as in the previous point. There are two app types: a mobile website version and a full-scale app. The first one is cheaper and faster to develop, and the second one is richer in functionality. Decide this point first, as all the rest depends on it.
Step 2. Select the most suitable platform
The ideal option is creating an app like E-Trade on both Android and iOS platforms. It is more expensive, but it helps you reach the most potential users.
Step 3. Development
You will need to hire both frontend and backend developer teams. Inform them about your requirements and make sure they take them into account. Keep in touch with the team and monitor the progress of your application. When the development stage is over, you need an expert UI/UX designer to create a convenient interface and design. After that, the app should be tested thoroughly. Don’t skip the testing stage, as it guarantees high quality and reliability. We recommend performing usability testing, as only this testing type can ensure that the result corresponds to the initial plan.
Now let’s get acquainted with the essential features to include in your application to make it competitive and stay ahead of the game.
X must-have features to include in a custom online trading application
- A simple authorization process is a must for any application.
- An online dashboard allows the user to see the sortable data and monitor the instant changes.
- Stock scanners deliver any kind of metrics the user may require.
- The latest news leads to more rational financial decisions. Make sure to personalize them to the user requirements.
- Push notifications and calendars are the best way to interact with the user.
- Portfolios make the search process easier and more convenient.
- Control lists are extremely useful for investors for planning further investments.
- Security and safety are essential for financial applications. So make sure your app is 100% secure for users to protect your brand image.
It is quite difficult to predict the cost of building a mobile trading app. It depends on the functionality you want to include and the development company you choose. The only thing we know for sure is that it takes several months to develop a high-quality stock market application. So, don’t expect quick results. You may also pay attention to the cost of native app development and website app development suggested by different companies. Choose the one that fits your budget best.
The bottom line
Hopefully, our article gave you the necessary information on creating a stock market app like E-Trade. App development is a process full of pitfalls, but you can avoid much of them using the plan and features we provided in this article.