The overall process of buying and selling stocks has become highly flexible with the growth of stock trading mobile apps. With the pool of benefits a stock trading mobile app delivers, entrepreneurs are coming up with their own application idea. However, an idea becomes successful when entrepreneurs have a brief knowledge about the project they are going to start. In this article, we will lay down a complete process of stock trading mobile app development with the tech stack and cost. But, before that, we must look at the scope and opportunities of building a stock trading mobile app.
Stock trading- what is it, and how it works?
Stock trading is driven by the Stock market. According to Kar Tretina, a contributor at Forbes,” The stock market is a constellation of exchanges where securities like stocks and bonds are bought and sold”. Companies list their stocks in the stock market, which is visible to the stock traders who buy the stocks.
Companies raise their stocks in the stock markets. Stocks are a small part of a company that is sold to investors. Investors invest in the company and buy stocks. The valuation of a company increases when it attracts more investors, which in terms, transforms into profit. Then the same profit is distributed to the investors.
Hence, investors earn through stock trading. Below are the benefits of stock trading for investors:
- Earning profits when stock prices fluctuate
- Generates a regular income for investors
- Uplifts companies toward growth
The Scope- Is stock trading app development a sustainable idea?
The scope of the stock trading mobile app is sustainable. Future market insights published some of the incredible growth factors with respect to the growth of stock trading mobile apps:
Stock trading app market to grow at a CAGR rate of 20.8% by 2023. Both the platforms, iOS and Android, will register this growth.
Similarly, the business of apps published key stock trading statistics helping entrepreneurs to determine the scope of stock trading mobile app development.
- Robinhood, a stock trading app, registered $10 Billion in revenue in 2022.
- 137 million users were active on stock trading apps in 2021.
Stock trading app ideas driving business opportunities
We have seen how the Stock trading app idea is sustainable and can drive robust growth and revenue for you. In order to supplement it, here are the top business opportunities related to stock trading mobile app development:
- Stock advisor app
- Stock trading news app
- Trade learning app
- Stock exchange monitor app
You definitely have a pool of stock trading mobile app ideas driving business opportunities to you.
The complete step-by-step process to build a stock trading app
So that you are clear about the scope and opportunities related to the stock trading app. It is now time to learn the step-by-step Process for building a stock trading app.
Consult your idea with the management teams
The first step to building your stock trading app begins by consulting your project idea with management teams. These teams should be from the IT department for better clarity of your project idea. You can hire project managers and a team of business analysts to prepare blueprints of your stock trading app idea. Or you can also hire a stock trading mobile app development company that has the team in-house so you can focus on more important tasks.
Further, you should build a minimum viable product for exceptional stock trading mobile app. This will help you to:
- Conduct market research to gain insights
- Arrange what customers want with your idea
- Prioritize the features that customers want
Lay down the scope of your project in terms of Platform
What Platform do you want to target on which you will build your stock trading mobile app? You can clear it in advance. There are multiple options available from which you can decide:
- A web app for your stock trading app idea
- Android app
- iOS application
If you want to target all three mentioned above, you must opt for Cross-platform app development frameworks. This will deliver you the flexibility to run your app on multiple platforms keeping the resources and timeframes minimal.
Build the right development approach
- Embed Platform as a service to fasten your development process
- Make use of robust 3rd party APIs instead of building from scratch
- Build a native mobile app if you want to ensure a high level of stability; however, you can also hire a top cross-platform app development company to target multiple platforms
- Focus on testing parallel to your stock trading app development process
Determine the security of your app
When it comes to finance-related activities, whether with a stock trading app or banking, security is an essential part
You have to take key security measures to build a secure app. Also, stock trading is governed by strict regulations
Ensure the following security parameters:
- Strictly monitor and mitigate risks like XML external entities and cross-site scripting.
- Embed cloud computing with the right analysis and choose your cloud provider wisely.
- Ensure modern techniques like next-generation firewalls and more.
Secure your APIs.
- Use intelligent solutions (AI) to identify possible cyber security threats.
Know the resources to be deployed on your stock trading app development project
In case you do not know about the resources required for your project, here is the list of people who will work on your project after business analysts:
- UI/UX designers’ team
- Android developers (Kotlin and Java)
- iOS developers (Swift and Objective C#)
- Cross-platform developers, in the case (Flutter and React Native)
- Quality assurance team
- DevOps engineers
All the teams would be led by their respective team leaders and project manager.
Features you must embed in your Stock trading app
A good stock trading application covers multiple aspects known as features and functionalities. If you are targeting to build a stock app development, you must ensure the following features:
Multiple authentication options
43% of the users abandon the app due to frustration with digital identity authentication. Make sure that you offer multiple authentication options to your users, be it fingerprint or face ID.
Further, also ensure that your app has an easy and fast signing or login process.
Build a solution that users can access from anywhere
Users prefer apps providing them with a seamless and flexible user experience. They want to pick up their tasks from where they left off on their other devices, be it a laptop, tablet, or phone.
Build a solution that users can access from anywhere. Your trading app shall have a web version that works as an extension of your app. In case a user doesn’t have an app, they can flawlessly access your stock trading app.
Do not forget the newsfeed feature to keep users engaged
Instagram attracted 200 million users reaching from 1 billion users to 1.21 billion users in just a few months. It was because of the feature of reels.
When you keep your users engaged on your Platform, the screen time of your app increases. It also builds a strong brand image where users become a part of your app.
Build a tab for a news feed where all the news from top stock companies and analysis of the proper stock market is bundled. This will engage users on your app for a longer duration. When you embed multiple features in one app, you head towards building a super app. A one-stop destination for multiple activities.
Push notifications to update users
Push notifications can boost user retention by 190%. Deliver real-time notifications to the users, whether it is about a price drop in stocks or a bad day in the stock exchange market. Keep communicating with your customers through your app. Also, ensure that you do not overdo the notifications part. A frustrated user will straight uninstall your app.
Multiple payment options
Definitely, payment would be an integral part of your app. You do not want your customer to leave your app for payment. In such cases, you have to provide multiple payment gateways to the users. Be it digital wallets, UPI apps, or international apps like Paypal. Provide your users will a large stack of payment modes so they choose the best one according to their convenience.
Best Tech-stack for building stock trading application
Although there are ample tech stacks available for you to build your stock trading app, the below tech stack is used by top mobile app development companies globally.
For the Android platform, you can use
- Programming languages: Kotlin, Java
- Database: MongoDB, MySQL, NoSQL
For the iOS Platform, you can use
- Programming language: Swift, Objective C#
- Database: MySQL, NoSQL, MongoDB
For Cross Platform you can use
- Frameworks: Flutter, Angular, React
- Database: MongoDB, MySQL, NoSQL
Popular Challenges in Stock trading app development
You may encounter the following challenges while building a stock trading app:
- Ensuring security and reliability
- Integration with financial platforms
- Staying up to date with market trends
- Compliance with financial regulations
Top-grossing stock trading apps for your reference
You can refer to the below top-grossing stock trading apps. We have provided the link to the play store platform in case you want to perform a competitive analysis.
Robinhood is a well-known app and one of the most popular in the stock trading industry. The app has a 4-star rating with 10 million plus downloads.
The cash app is an easy way to spend, save, invest, and transfer money. It has 2.27 million reviews with a 4.6-star rating.
eToro is a popular investing app offering investment options to users at 0% commission. The app has a 4.0-star rating with 129k overall reviews.
Revolut lets users manage their budget and get started with investment. 25 million + customers are already using the app.
What is the ideal cost of building a stock trading application?
Although the cost factor is something that varies from company to company. It also varies over the region from where you hire the stock trading app developers. For example, the stock trading app development cost in India will be budget friendly as compared to building the app with USA-based developers.
We cannot suggest a fixed cost for stock trading app development, yet a typical stock trading app might cost you from $30,000 to $100,000 to build. The cost factor highly depends upon the complexities, features, and functionalities you want in your app.
Why choose RipenApps as your stock trading app development partner?
We have aided the Finance industry with top-notch solutions in terms of digital transformation. Our cutting-edge fintech solutions involve:
- Seamless Payment gateway integration
- Secure digital wallet architect
- Fraud prevention mechanism
- High-quality investment solutions with robust AI
We have a certified team of experts who have built and deployed top-notch stock trading apps. Our full application development cycle ensures everything from start to bottom for your requirements. And we adhere to our business values with the following as a priority:
- Budget-friendly app development
- Transparent communication
- Meeting deadlines
- 100% satisfaction to the client
Q1. What is the Scope of Stock trading app development?
The scope of the stock trading app development idea is sustainable. Top-grossing stock trading applications have been driving revenue in millions. Hence, the idea of building the stock trading app will be fruitful for you bringing ample success opportunities.
Q2. What is the process of building a stock trading application?
- Idea consultation
- Determining the scope of the project
- Build development approach
- Determine the security
Q3. What are the best Features to add to the stock trading app?
- Multiple authentication options
- Build cross-platform solutions
- News feed feature
- Push notification service
- Multiple payment options
Q4. Which is the right Tech stack for stock trading app development?
- Framework: Flutter, React Native
- Database: MongoDB, MySQL
Q5. What is the Cost of building a stock trading app?
The cost of building a stock trading app varies by the complexities, features, and functionalities. However, for a rough idea, stock trading app development can cost you from $30,000 to $100,000. Yet, there cannot be a fixed number.