The recent events have shown people all over the world how someone’s financial state can be impractical and vulnerable due to economical turbulence. Intending to keep their riches safe, people are looking for the tools to solve the task quickly, reliably and with ease. While some are acquiring defensive assets, the others are waiting for the opportunity to double or triple their fortune because of buying stocks and bonds at a lowest price.
The economic crisis can impact people to improve their financial literacy and build diversified assets. Obviously, the demand for the opportunities to reach these goals with less effort will be growing. The companies that can offer their customers progressive tools for mobile investment are expected to be at the top. If you are acknowledged in financial securities and get ready to test the promising niche, the research about stock trading app development can be apropos and forehanded.
Why do people use trading apps
In the US and Europe using smartphones for different needs including financial operations is common. Having learnt more about personal finances, people try to turn investment into a useful habit that lets them complete several tasks: keep savings, accumulate money for definite goals, and, of course, to multiply their funds. As they try to keep a finger on the pulse of their financial situation, the stock trading apps got wide spread. Many users have experienced how it is at risk to keep money in cash. Stealing money by inflation is sensitive. And in unstable times the desire to defend savings and increase income will push people to search for up-to-date tools. For example, when in Iran inflation reached 48%, the quantity of stock trading participants increased by 15 times!
So, the unpredictable situation in the world will fillip the interest to the innovations in the financial industry. And if you consider the way to contribute into this niche, stock trading app development can turn out to be a well-timed solution.
What makes trading apps worth development
It might seem confusingly sophisticated and tangled to develop a trading app, but this is a superficial assessment. In practice, the trading app looks like a marketplace where the goods are replaced by stocks, bonds, mutual funds and other «items». The customers sell and buy these securities, and the company that provides this exchange gets commissions on operations. This fee per trade is only one way for monetization strategy.
Another is related to the extended opportunities that the users are ready to pay for. Prolonged trade hours or balance free of limitations, whatever it is, if it matters to the user’s profit, it can be in demand. Separate companies injure interest for money on the balance. For example, Robinhood keeps this practice towards the unused funds in the account.
According to stats, during three years the audience of trading apps tripled as well as the revenue of the companies in this sector. It exceeded $10 bn.
As you see, the place where people gathered to make money offers enough approaches for money making and building a profitable business. All this encourages entrepreneurs to perceive trading app development as a ticket in the world of big opportunities.
How to start trading app development
Before establishing a new business, put yourself in your customers’ shoes: find out what feels good and what is disappointing while you’re dealing with the existing trading apps. To smash the target, dive into market research and learn as much as you can about your competitors. Collect the specialties that make you admire the service and make notes about the features that need improvements. «Reincarnate» into a critical thinker, meticulous and observant, in order to sort the features worth implementing. Unbiased studying of strengths and weaknesses paves the way for a vision of balanced version. Think of the pros that can attract visitors. Human financial advisor?
Modernized real-time streaming quotes charting with multiple indicators? Order notifications? Price alerts? Synced watch lists? What can be improved and how? Try to depict the alterations you want to see in the real apps.
The references you have collected in the research stage give an impetus to creativity of UI/UX designers in the expected direction. You don’t need to be Salvador Dali to make drafts of screens. But these visual «landmarks» are very helpful for the design team when it comes to inventing the interface and structure of the necessary information. What modules will the app consist of? How are they connected? What is the priority?
But if you stumbled at this task, this is the sign to start collaborating with the software development agency. Communication with IT experts not only can enhance the trading app development strategy but clear up many business questions.
For example, if the budget for trading app development is limited and the timeframe is short, you can get advice to start with MVP. This strategy can be helpful in case of dealing with complex projects: you can build prioritized features first and add improvements later. For example, basic stock alerts aren’t available in half of existing apps as they aren’t core features.
How to single out an IT team for trading app development
Taking into account the complexity of the project and high competition in the industry, the selection of contractors plays an essential role in the app’s success. Trading app development is a tricky and effort consuming process that requires proven expertise in this related field. As the product contains features with complex calculations and sensitive data, you need highly qualified back-end developers. At the same time you shouldn’t neglect how the app looks and feels. The catchy and credible design and well organized navigation through the app is a mandatory thing for skyrocketing popularity.
And that means you’d better hire gifted UI/UX designers. But what is conducive to confidence is a cooperation with an experienced software development agency that has a track of skillfully completed works in the industry. Here we can recommend to lean on reviews, expert posts and portfolio on trusted resources. Check them, analyze and make rational decisions.
Well established processes and proper staffing, rich experience, and passionate-to-challenge specialists – all this results into a product that can become engaging enough to attract millions of users and retain them. Don’t underestimate the importance of appropriate contractors: invest time and effort in order to discover the team that is responsible, experienced and has an impressive reserve of creativity. When all these factors coincide, the guarantee of successful trading app development multiplies.