Stock on-demand mobile trading app trading platforms are the backbone of stock exchanges, without them, no one will be able to sell or buy any stocks. And everyone knows that without the stock exchange market the whole world’s economy will collapse. In the past few years, stock trading became so popular even among the younger generation that it came on the google trends. Since you ask How to develop the best on-demand mobile trading app, let us tell you that, Although there are already so many on-demand mobile trade apps available in the market it is always the best idea to build a new one while offering users something that others are missing. Welcome, today we are going to share with you How to develop the best on-demand mobile trading app.
How to start your business:
Since you are thinking about developing an app for a stock exchange platform we are going to assume that you already have an in operation stockbroker agency. And if you are reading this article from the USA and want to develop the platform for that country you are going to face a lot of challenges. Since you already have an in-operation agency you know most laws, rules, and regulations about stocks exchange in addition because you are going to handle money and securities, you will be under the radar of SEC (Securities and Exchange Commission). But if you are from another country there will definitely be a government body that will handle all the licensing and checking.
Once you have taken care of everything legal it will be time for checking your competitors.
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Stock trading app competitors
E-trade was establish by William A Porter in 1971. Later they went online and by that time they called their product (digital stock trading) NASDAQ (National Association of Securities Dealers Automated Quotations). Though what they created to where stock trading right now exists are two different things. Today you can register and start trading whenever you want but when E-trade started it the process used to take almost 3-5 days to complete. Currently, the E-trade finance corporation holds about 1.84% market share.
The company was launch in April 2013 by Baiju Bhatt. The biggest advantage of Robinhood is that there are no commission charges. That means customers can use their apps and make the trade without giving a single penny in commission. Not charging commission from customers might seem an illogical choice to make but Robinhood makes plenty of money. The actual business model of Robinhood is while they do not charge customers, they use their money and stocks to invest and earn profits (the same model on which banks work).
Acorns was founded in 2012 and released its trading app in 2014. The best and unique thing about Acorns is the platform is Automatic, which means you do not need to make any trades instead Acorns ask you about your financial information with other information and use that information to select 5 ETFs (portfolio) to invest. You can choose your investment schedule(daily, weekly, monthly) and Acorns will invest automatically for you.
This Mumbai, India based company was founded in 2016 by Prakash Gagdani. They are said to be one of the top fastest-growing apps and provide one of the lowest brokerages in the whole industry. According to top10stockbroker.com, their rating is 4 out of 5 ratings.
Funds India is another India based brokerage firm. Serving with more than 1 million customers Funds India is one of the best brokerage firms out there. The website was found in 2009 and currently own by Wealth India Financial Services Pvt. The website was first launch for mutual funds trading but later started offering services such as stocks, corporate fixed deposits, bonds, and more.
Zerodha is a brokerage firm based in Bengaluru, India. It is also on-demand mobile trading app. The company was find in 2010. The main selling point of the company is their attractive discount and offers that they regularly provide to their customers. The company offers various services such as currency and commodity trading, retail and institutional broking, and mutual funds and bonds.
The company was initially found in 2013 by Dmitry Zaretsky. They offer trading services such as stocks trading, ETFs trading, cryptocurrency trading, binary options, digital options, Forex, and many more. They have more than 48 million worldwide users making almost 1 million transactions per day.
So these were the top 7 best on-demand trading mobile apps. If you are planning to take features from them that will be great. Now we will talk about some required features your on-demand trading app should have.
Features of the trading app:
- Registration: If a user wants to register onto the app platform then they need to pass authorization first. They can do so by providing information about their full name, address, bank account details, social security number, credit card credentials. Although since you are asking users for their sensitive data it will be your responsibility to encrypt and secure that data.
- Dashboard: This will show their portfolio, earnings, stock value, and other information, in addition, the user can navigate through the whole app from here.
- Portfolio: User can check what companies he/ she have invested in and the current value of their stock holdings.
- Trading option: This will be your app’s core function, users will look through different companies’ shares from here and purchase or sell their stock holdings.
- Payment gateway: Users can use this to transfer funds into the app wallet or take their money out.
- Newsfeed & forecast: Daily market news is an important part of the app’s functionality and in addition, it will show the forecast with current trends.
- Watchlist: Users can select companies into their watchlist, this way they can directly see the performance of their stock.
- In-app customer support: This is an important one, customers should be able to contact customer support during working hours.
The development cost of this on-demand trading app:
The cost will depend upon the following factors
- The location of a developing country: Choosing an India based company rather than choosing a USA based company will be cheaper with compromising the quality and efficiency.
- The complexity of the app: The total number of features will determine the complexity of the app and the more complex your app development will be the more its cost will be.
- The total number of platforms your app will run: If you want your app to run on both IOS and Android platforms then it will cost you more.
The total development cost of your app will be almost anywhere between $10,000 to $40,000 dollar depending upon features and the number of platforms you want.
Looking for a development company:
If you are looking for a development company then let me suggest a good one, Tech Pathway is one of India’s top software development companies. Our team has good experience in developing both Android and IOS based applications.