5 Things to know for making perfect stock trading app

The usage of technology is not new in the stock market, brokers, investors and various other participants have been using websites and mobile apps to facilitate their trading. There are many solutions which have provided ease and convenience in trading such as E-trade applications. The best thing about E-trade applications is, they are limited to one kind. They can be available in variegated forms with different features and attributes. Following the uptrend in trading, many stock exchange software development services have surfaced and given several options to traders.

If you are an aspiring developer who wants to create E-trade application, this article may be helpful for you. So let’s get started with the basics:

1. Define ‘Trading App’.
2. Know your competitors.
3. Including key features and attributes.
4. Key to make successful trading platform.
5. The cost analysis

Trading App

You already have an idea of what a trading app does as we are familiar with mobile apps. However, there are different types of apps that serve different purpose, thus, their structure and style of development is different. Understanding the needs of users and shaping up your application is the key factor that needs to be kept in mind. Hence, it is most important to understand the nuances first before going deep.

Brokerage companies started making their automated trading systems and it gave them quite a fruitful result. The reason behind their success is also the fact they are the ones who understand the market really well. Therefore, it becomes important to understand the basic of stock trading as well, if you want to develop a application that facilitates trading.

Today, investors and brokers are conducting their indulging in their trade activities on mobile apps as well. That’s why, you need a make a strong framework which could be compatible with desktop as well as smartphones. This would make your application widely adaptable across different devices and would also be helpful for all types of trading such as long-term investment and short-term deals as well. You should also take care of the user-friendliness and make it in such a way that an uninitiated could also adapt to it easily.

Read More: How to build a stock market website?

Know Your Competitors

If you want to make a successful E-trading app, then you will have to do a research which includes checking the contemporary apps which are already being used by the traders.

By viewing the other apps, you’ll get an idea what you can add and how you can make the existing features more useful. It helps you understand various other things about the requirements of all the participants in the markets. You would also be able to gauge how effective are the features inbuilt in the existing apps. After you study the other apps, you can make sure what you want to exclude and include in your own application. This practice would help you gain upper-hand over your competitors in every segment of app.

You must take broadminded approach and study as many apps as possible. Do not limit yourself to just couple of them, because in every app, you may come across something different which would help you make your own E-trading application better than everyone else’s.

Robinhood

Robinhood has gained huge popularity because of various reasons, it is a free trading platform, it allows compilation of personal security papers and financial documents, it helps you trade in companies’ shares without paying for transaction and it gives you real-time information and quotations. This app has been proved highly useful for traders and it earns through the accumulated interest from the accounts of all users.

ETORO

eToro has emerged as one of the most widely used crowdsourcing platform. It is much valued because it enables the users to communicate with other traders and at the same time monitor their transactions. It is indeed an original idea which has been materialized into an app, the number of users on this platform has been increasing steadily day by day.

The database of this platform has been protected with robust structure which allows millions of users across the globe to examine their portfolios, transaction history, risk indicators, revenues etc. This application has been proved to be significantly useful for people who like learn and earn at the same time without missing on any of them.

Yahoo Finance

Yahoo has always been one of the leading tech companies globally and they have engulfed almost every area of operations such news, politics, sports and finance. With an application which completely focuses on stock markets, Yahoo provides full-fledged services for traders and every other participant in stock markets and exchanges.

Yahoo Finance lets it users track all the latest updates and tidings, it helps them track the real-time stock quotes of enterprises and it also allows them to monitor investment portfolios of other users and compare different securities.

StockTwits

StockTwits takes the usage of stock market application to a whole new level. It is actually known as Twitter for the stock analysts by allowing the users to share their views about various security papers. It works more like a forum for investors and traders where they can discuss securities, commodities and bonds with respect to their value in domestic and international exchange markets, keeping everyone aware and updated.

NetDania

NetDania Forex is a trading platform that includes a vast range of features which are essential for traders. It allows them to stay updated with currency and equity markets alongwith the integration of international and local calendars for economic events. In addition to that, it also lets the traders build online charts and monitor the exchange in real time.

We are finished studying the basic features of leading stock trading platforms, it is now the time to explore more options which could be helpful for traders. Especially, when it comes to making those features available on both the platforms i.e. Android and iOS. You need to dig deeper into the usage of apps and components required to make them feasible and trading-friendly.

Features & attributes:

1. Signup and authorization: Needless to mention, the preliminary process to join any platform should be least complex and secure at the same time. In case of stock market apps, data security becomes more crucial than ever. You need to very cautious when it comes to registration, using the credentials such as phone number, email or social media ids become mandatory. In order to make your app easier and more approachable for users, you need to integrate cutting-edge technologies such as touch ID system as well.
2. Personal data management: That is a must for a stock trading application, this feature allows every trader to manage his/her personal data and enables them to track their profits and losses.
3. Placing trades on stocks: This particular feature allows traders and investors to track their investments such mutual funds, bonds, securities and commodities etc. It also enables them view and edit your data in the course of trading.
4. Payments and transactions: For the execution of orders and to manage the regular flux of funds, this feature is integrated, it helps them manage their daily trades. It also helps them estimate the future trends of markets and exchanges.
5. Newsfeed: Yes, believe it or not, it is an integral feature of any stock trading app with all the obvious reasons. A stock trader or investors has to be updated about the tidings in the domestic or international markets. Therefore, it becomes a very valuable feature that is needed by everyone, it helps the traders make their own strategy and help them forecast the downtrends and uptrends in the markets. Not only the news, but this very segment also includes financial analysis reports and expert opinions etc. With the help of this feature, a trader can remain alert and manage its resources accordingly.
6. List of updated portfolios: This one enables the users to track every movement in the markets real time, it helps them monitor their positions and reckon the outcome of active trading.
7. Deposits: As understood by the name itself, this feature helps the traders know the exact status of the deposit. It is an indispensable feature which cannot be overlooked, traders use it to trade their records and it helps them to reckon their earning.
8. Quote monitoring: It enables the traders to quote each and every update real-time.
9. Search: It is the most ubiquitous feature that can be found in any applications today, it helps them search for a particular event, stock, market or exchange.
10. Analytics: This comes very handy for the traders as they can compare different reports and analyse their outcome and impact on the markets. The inclusion of different types of reports and performance charts would be a great help for traders.
11. Sorting and filtering of data: This is a commonly available feature especially e-commerce apps, in terms of e-trading, it optimizes the search for traders and gives them more specific results.
12. Push Notifications: Another indispensable feature which helps users to keep abreast with whatever is happening in markets, it works as a reminder for traders to be active.

We are done with the features as well. Now you know what you need to include in your app to make it useful for trading. The next step is to know how exactly you can integrate these features into your app.

How to develop a conducive trading platform?

To develop an efficient stock trading application is not that easy, however, following these tips, you can know what exactly does it take and get headway into it:

1. Website Vs Mobile App

If you want to become a proficient stock trading application developer, then you have to understand both of the versions on which trading is taken place. You need to develop an understanding of the nuances applied to the different platforms. You also need to understand how users interact with different versions of a platform and accordingly g about the development.

Mobile site: This particular version helps customers adapt website interface on mobile phones. The advantage to understand this version is it helps you figure out both the website and app formats. It also lets you create the platform without needing a new resource which is a great help for any developer, experience or new.

Full-fledge mobile app: The integration of various features and their implementation helps you a lot to learn. Another brightside of this format is that it involves customers in the process of interaction, which gives an upper-hand in the process of development as well as business processes. Developing a full-fledged mobile app comes with many benefits for developers and when it is made, it is equally beneficial to the users.

Mobile apps are obviously more accessible, hence, are more used these days. It is a solution which works for everyone and makes trading much more convenient.

Choose appropriate platform

It is time for you to decide which version you would like to go for. The compatibility is not an issue as these apps can work on all the platforms, which enhances accessibility and efficiency both. You can check the prospects of making apps on both the platforms and kickstart development process.

Process of Development

Once you’ve decided the platform version, it’s now time to go ahead give shape to your app or website. Let’s get to the principles of stock trading software development which are categorised into 3 different stages:

1. Mobile Development: The services of both iOS and Android developers are required for efficient development. Programming languages such as Java and Swift are must for iOS experts, whereas, C# and Kotlin are the ones that must be mastered by the Android developers.
2. Backend Development: Backend developer has a pivotal role in the entire process of development, he/she is the one who deals with server technologies such software logic, database and architecture etc. The usage of programming languages is essential for the proper usage of servers and databases. The server tools that backend developers use are SQL, Python, Net, PHP, MySQL and Java. For the flawless creation of features such as sign-in, alerts, transactions and others of this sort, backend developer is accountable.
3. Frontend Development: You will need a frontend developer only if you are building a stock market web app. The job of a frontend developer is to create designs and web interfaces. They are responsible for the creation of everything that deals with users’ direct interaction with the site (which happens on the front). For this kind of development, a developer has to be thorough with programming languages like CSS, JavaScript and HTML. Another prerequisite for frontend developer is he/she must be able to handle different frameworks such as Angular JS, Bootstrap and libraries like jQuery. The last but not the least is the familiarity with Ajax technology that allows access to servers without reloading the page.

But that’s not enough, you also need some more technicians who could perform some additional tasks that become essential for developing a full-fledged stock trading platform.

You need a PM for figuring out the common ground among different developers

For the effective testing of app or site, you would also need QA engineers

For UI/UX creation, you need proficient designers

Trading System Design

Stock markets are volatile and involve a lot of financial assets, therefore, you need to ensure impeccable designs. Be mindful of a few things in process of designing:-

In the very beginning of the whole process, you need to start thinking about UI/UX designs and requirements thereof.

Usability testing is another aspect that you can’t ignore, it helps you remain stuck to the original plans for the product.

The designing of UI/UX also makes the process of development smoother. Technical support can be found easily with the help of prototyping and similar tools.

Security is Priority

Stock markets deal with financial assets, thus, security becomes a key point in the entire process of development. Many users have expressed their discontent about the multi-level authentication procedures as they indeed become tedious. However, it is essential to ensure the security of users’ information as well the platform itself.

You need to find equilibrium between security and users’ convenience. Ensuring the security is obviously foremost, but, at the same time, it shouldn’t a problem for users.

 

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