If you are developing a fintech business, consider digitalizing your processes and developing trading software. The stock market has steadily moved online in recent years, and if you want to attract more customers and meet their needs, your software could help you do so well. But for newcomers to the digital world, knowing where to start can be challenging. That’s why we’ve put together some tips to help you get off to a good start.
Before moving on to how to create trading software, it is worth knowing the basics. Trading software is designed to make trading stocks and other assets easier for traders. In addition, such apps and websites often become a communication channel for traders and brokers, as brokers help traders carry out the necessary operations to buy/sell assets.
The years of the coronavirus pandemic have proven to the world that it is okay not to be in the office to trade stocks efficiently, fairly, and profitably. Many people have been forced to stay at home, but this hasn’t hurt the trading market. Quite the contrary: it has grown significantly, and people who used to spend most of their lives at work have realized that they can do the same thing but also see their families more often and relax.
Therefore, trading software has the following advantages:
- Traders and brokers can work from anywhere worldwide and remain just as efficient.
- The speed of operations and processing of information arrays increases significantly. After all, a computer can process information much faster than a human, and the sampling accuracy increases due to the more significant amount of data processed.
- Some processes can be automatic, freeing up more time for people to relax and stay at home with their families.
- You can set up a triggered search with notifications. As soon as an offer with suitable parameters appears on the market, a person will receive an information on their smartphone screen or at least an email.
Software development for traders and brokers helps to realize these and many other advantages. It is also worth noting that there are commercial and prop platforms. This article will tell you more about how to create the second type of software for traders.
So how do you make trading software convenient and attractive to your customers? It would be best if you considered at least the following factors:
- Type of software: website, smartphone app, desktop or laptop program
A lot depends on this. Experts believe that nowadays, every software should have a free version. If it’s a website, you’ll at least need a responsive performance for a smartphone screen, which usually requires additional development. Computer software, although it has advantages such as faster work with data stored in the memory of a device, is becoming less and less popular. A website or app is what you should focus on.
Let us explain a bit more about mobile. Unlike a computer or laptop, a smartphone is something that people can always take with them. This means a trader will always have access to their trades wherever they are. This will immediately add to your loyalty as a company and to the client’s convenience and confidence that they will not miss a single profitable trade.
- User-friendly design.
Don’t underestimate the power of high-quality UX design. Specialists in this field spend time not just drawing beautiful buttons and forms. They study the psychology of customer behavior and ensure that the software product you create is intuitive and does not cause problems in the use process. This is incredibly important if you want your app or website to be convenient and fast to use.
There are several ways to develop trading software and make it profitable. First of all, you can sell subscriptions to the service, as streaming platforms do. Once a month or for another period, the client will be charged. This is often done so that the basic set of functions can be obtained for free. But you have to pay extra for premium features.
You can also ask for a one-time payment — such apps usually cost more but are more profitable for traders because they do not need to pay out of pocket every month.
Another option is to charge a small percentage of the transactions made through your software. This can be very profitable, but we must warn you that this practice is now being abandoned. And traders themselves are less and less willing to use such applications.
And an option not immediately thought of in the fintech industry: you can place relevant ads in your software. You’ll be surprised how profitable this can be, especially if you can guarantee that your ads are targeted to their target audience.
We will never tire of repeating how important data security is in fintech software. After all, asset trading involves not only debits and transfers of significant amounts of money but also the exchange of vulnerable information about sellers and buyers of such assets. What can we say about the same banking data and personal information of your customers!
Therefore, during development, it is essential to focus on the multi-level protection of your software from cyber threats: viruses, denial-of-service attacks, data theft threats, and server overload. You should also take care of client-side security and make two-factor authentication mandatory. It will make it much harder to hack your app, even if the client accidentally loses their phone.
- Personal account.
Unlike a pizza delivery site, a personal account in software for traders is crucial. After all, it will store transaction history, information about executed trades, clients’ data, settings for automatic trade search, and other critical data. Therefore, we recommend that you pay considerable attention to the convenience and reliability of your personal account and its content. Think about what should be in this section and what order.
It is indispensable nowadays, as they increase the efficiency of fintech companies and make them faster, more reliable, and more progressive than others. Artificial intelligence can take over some of the responsibilities of humans. Algorithmic trading would not be possible without AI, and this type of trading is the trend of recent — and future — years.
We realize that all of the above may make your head spin. But you do not have to understand all aspects of modern development. To create high-quality software for traders and bookmakers, it will be enough to turn to a contractor. And Fintatech is exactly such a company. We have extensive experience in developing software for the fintech industry and even have our Trading Platform Designer, which will significantly speed up the process of developing software for your company. We guarantee maximum customization and consideration of your business’s needs and peculiarities.
Sign up for a consultation, and we will discuss all the necessary details with our project managers and development and design specialists.