Trading App Development: Tips and Tricks

Trading App Development: Tips and Tricks

Over the past few years, trading has been growing in popularity. It is not surprising: various exchanges have become more accessible, they have many tools for learning, and the Internet is full of information and advice for beginners. In other words, almost anyone willing to invest time and money can now make money on the “stock market game.” On the other hand, businesses have begun actively paying attention to this area regarding possible profitability. Therefore, new applications, apps, and programs help traders in their work appear on the market daily. And you can develop a trading app and not only help your clients make money but also make your profit from it. In this article, we will tell you what to consider if you want to create such software.

Trends that are important to consider

Just like software development in other areas, trading app development has its peculiarities and pitfalls. We recommend approaching this issue methodically and taking everything in order.

First of all, it is worth noting that there are two main types of platforms for traders:

Some platforms are hybrid, which is also a very profitable option. However, most still offer trading in physical assets — notional gold, currencies, or stocks — or cryptocurrencies. One of the most popular options is bitcoin trading.

Also, if you are going to create a trading app, we recommend that you focus on the following features and capabilities that a modern trading platform must have:

  • Convenient deposit and withdrawal of funds.

The more options you have for depositing and withdrawing traders’ financial assets, the better. Because in this way, you expand your potential target audience because, for example, by limiting yourself to only one “payment” method, you immediately cut off people who do not like this particular method.

  • Reasonable commissions.

Commissions are your most obvious way to earn money while cooperating with traders. However, you should be careful with them. For example, there is a well-established opinion that millennials do not like an excessive number of commissions, and zoomers despise them altogether. Therefore, if you are new to the market, we do not recommend introducing commissions for every transaction, as, for example, Binance does. You can get by with a withdrawal fee — it will give you enough profit.

  • Personal information and transaction history.

In general, the ability to conveniently familiarize yourself with and track your income/expenses is crucial for any trader. The ability to log in to your Account and immediately see statistics and total PNL for the selected period dramatically improves the usability of the platform as such.

  • Sandbox.

This tool is suitable for not very experienced traders. Besides, it can be used even by trading gurus who have decided to develop or test a new strategy. After all, trying a new approach in real time and risking real money is different than being able to test a strategy on data from the previous few days or even weeks or months.

  • Elements of automation.

Automated trading is now at the peak of its popularity. The ability to place orders and close positions not manually but based on specific signs and parameters make life much easier for those who don’t want to sit on the stock exchange all day. Currency rates, for example, can change rapidly throughout the day, and by successfully launching an automated strategy, a person can earn money while doing anything.

Besides, when figuring out how to create a trading app, first of all, pay attention to the mobile version of your software. The mobile-first methodology is gaining momentum, which states that the mobile version of any software should be developed first. What is the reason for this? Everything is quite simple. Every year, the percentage of mobile devices worldwide is increasing while the share of desktops is decreasing. This can be seen in the analytics data of many websites – from marketplaces to food delivery services. More and more people are using smartphone apps or mobile versions of websites for their purposes. This is understandable: smartphones are now often even more powerful than simple computers, and it is much easier and more convenient to take them with you.

What determines the price?

Another cornerstone of the problem is the trading app development cost. Will it differ from the development of other types of software? And how much? And why?

In fact, it is quite difficult to answer this question. Many factors influence the cost of development:

  • The amount and complexity of the functionality.
  • The timeframe you need to meet.
  • Whether you need to create an MVP.
  • Whether an in-house team or a contractor will do the development.
  • How big a team is necessary.

And a bunch of other things that can adjust the cost of creating the product you need. In this regard, the same rules apply as in the case of other cellular products. The only thing that may differ is how important it is for you to cooperate with people who specialize in trading software.

Development process: stages

Each trading app development company has its differences in the software development process, but the general stages will likely be the same for everyone. If you do everything “by the book,” ideally, your software will have the following steps:

  1. Formation of ideas and hypotheses.
  2. Initial user interviews.
  3. Design and roadmap development.
  4. Development of MVP.
  5. Testing the MVP on real users.
  6. Processing of feedback and formation of edits.
  7. Implementation of additional features based on MVP edits.
  8. Testing.
  9. Finalization of improvements.
  10. Release the product.

You can also add stages related to content — writing texts6 and filling them with content – and design changes after user tests. But practice shows that, first, many steps can occur in parallel or be excluded from the process altogether. For example, user tests are rarely conducted nowadays, at least in the initial stages of product development. Also, content is often filled in during development for each feature created. And so on. The process can be adapted to the needs of a particular business and its capabilities.

The only thing necessary to say here is that you need processes, whatever they are, but you need them. The team needs to work efficiently. And for this, you need uniform rules, team meetings or calls, the mechanics of working with tasks, and, in general, a system that you can rely on. That’s why many people turn to different methodologies like SCRUM. They help organize teamwork and make it clear, transparent, understandable, and effective.

Who can you ask to help?

One of the best solutions for developing software for traders is to contact Fintatech. We specialize in software creation for traders and have considerable experience in this field. It is easy to see this: look at the examples of our work.

Sign up for a consultation to discuss all the details with our specialists. We will be happy to help you! We will find the best solution for you and create the necessary software in the shortest possible time.

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