Developing a Custom Trading Software: Essential to Know

Developing a Custom Trading Software: Essential to Know

Bohdan Kachur
December 29, 2022

Despite the crisis events of the last few years, the fintech sector is at the peak of its development. Data from various sources evidence this. In particular, during the first two years of the Covid-19 pandemic, the trading market has grown significantly. Moreover, cryptocurrency, in its various variations, has achieved significant development and popularization. This can also be said about NFT, which is directly related to cryptocurrency because payment for unique tokens is made using cryptocurrency. In all this, business owners in the fintech sector should highlight the main thing that will help them develop their company. And custom trading software development can become such a tool, opening many doors and opportunities for you.

Advantages: why it is worth developing custom software

First of all, you should determine why you need software at all.

The abovementioned statistics indicate that the world is rapidly moving to the digital plane. And if you, for example, provide brokerage services to traders, you should definitely catch up to the general trends. And these trends are quite prosaic: such a business needs software that will simplify your and your customers’ work.

Here we can move on to the next question: why should you choose a custom software product rather than purchase a ready-made software solution?

There are at least the following reasons:

1. Maximum personalization.

We will hardly surprise you when we say that every business has its unique features. When you buy a ready-made program, you need to be prepared for some of its functions you will never use and some you will miss. Software development for your company allows you to avoid all these inconveniences.

2. Optimal user interface.

You know your customers better than anyone. Moreover, you can always conduct in-depth interviews to identify their pains and determine what would help them most in their work. Thanks to these interviews, a professional UX designer will design the user flow so that it will be most convenient for the software users to use. This will save them precious time, and you will increase engagement and loyalty, and as a result – you can increase profits.

3. The ability to keep up with trends.

A particular drawback of ready-made programs is that they begin to become outdated at a certain point in time. If we talk about time-tested solutions, some of their functionality could not even be updated effectively enough. If you hire a custom trading software developer, he can create software to implement current trends. In particular, artificial intelligence, which significantly speeds up the work with data, as well as cloud services that help to collect information at the same time conveniently and safely, are now “on the ear.”

4. Increased level of security.

Speaking about the trends of modern development and the advantages of custom software development, we should remember the possibility of implementing the latest data protection protocols. This is very important if you work with traders and various financial transactions. After all, the information you have to process and store is extremely sensitive – such information should be guarded as the apple of your eye. To prevent data leaks and preserve the trust of your customers, you will definitely need an enhanced protection system for your software.

5. The possibility to allocate resources more optimally.

We mean both human and financial resources. In particular, you can significantly save or at least stretch the cost of new software over time if you outsource custom trading software development services to a contractor. Plus, a significant advantage is that you will have to pay for the development once (i.e., after the completion of the period of work on the software, you do not need to pay anymore), and ready-made software solutions are often sold on a subscription basis. That is, you would have to make regular payments, and as a result, such software would constantly be an item in your company’s expenses.

Creating a custom trading platform

In general, the development of custom software for traders is similar in structure and sequence to any other software. Namely, you will need the following:

  • Find a development team.
  • Analyze the needs and set goals.
  • If necessary, conduct in-depth interviews with users.
  • Develop a design and work out the internal logic of the future software.
  • Develop the code part of the product.
  • Test and refine the software to eliminate possible bugs and errors.
  • Deploy the software into the product.

This flow is similar to the flow of any software development. Therefore, in this section, we want to list the things that must be present in modern software for traders and brokers. This knowledge will help you keep track of everything when creating your own software.

  • Payment system.

In one way or another, trading is closely related to financial transactions. Your software should allow you to make payments without unnecessary hiccups, providing various payment and settlement options online.

  • Mobile version.

According to the news, the number of mobile devices and users as of 2022 already significantly exceeds the number of computers and laptops and their regular users. It’s simple: it is much easier to take a smartphone with Internet access than to be tied to one place all the time. Your cell should have a smartphone app or a high-quality mobile version of your website so that your customers can always do their work no matter where they are.

  • Notifications.

A smaller but not unimportant part of your future software is notifications. Why is it necessary: Given the speed with which trades are nowadays closed from time to time, an extra few seconds or minutes can cost a trader a significant profit. Your software must be able to send notifications about changes in the status of each specific project.

  • High-quality filter system.

Often, software for traders includes the possibility of, for example, automated trading or at least filtering trades and deals. This is necessary to increase the convenience and speed of using your future platform. Otherwise, finding the necessary information in the data array will be almost impossible.

  • Analytics.

Both you and your customers need it. The ability to collect analytics will help you to improve your software in the future or even, for example, to make special offers inside your application, which will be customized depending on the behavior of users in your software. Traders need analytics in a slightly different sense. For example, analytics of the success of operations for the month and the current state and market trends will help traders in their work.

  • Profile.

Unlike services, for example, for ordering pizza delivery, in software for traders, you cannot do without a personal user account and profile page. Why? Because you will need to know a lot of information about your user, and he will need to have a history of his operations. The only convenient and possible way to store such data conveniently without having to enter it manually every time is to collect and display it on the user’s profile page.

How much will the work cost, and who can do it

When choosing a custom trading software development company, pay attention to FintaTech. We offer a wide range of services to develop custom software solutions for brokers and traders.

In particular, our Trading Platform Designer will allow you to develop a program for your company in the shortest possible time and, at the same time, customize it to your needs. Trading Platform Designer is a constructor of ready-made components based on which you can easily build a completely unique new software.

We also have considerable experience in working on software for the fintech segment and will be happy to help your company optimize the current or create a completely new software product.

Sign up for a consultation, and we can discuss everything in more detail.

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