While professional traders use online trading as a source of income, millions of retail investors use it as additional income. Together they form a huge pool of trading platform users. Why are so many people taking online training? It is easy to access, can be done with small deposits and offers so many financial instruments in so many different markets that everyone can find the one that suits their interests.
Such a degree of public engagement in e-commerce is bringing new FinTech startups to the commerce industry. If you are considering launching your trading platform application, read this article to find out how you can benefit from partnering with an external technology provider and how to choose a reliable one.
A trading platform is software that allows traders to access international stock exchanges and financial markets. The trading platform allows traders to execute buy and sell orders with securities and manage financial assets on the stock exchange.
The software can be used through the following platforms:
- the Web
The popularity of online trading has grown among professional and retail traders as it allows them to operate in global financial markets from anywhere in the world. Users only need an internet-connected device and a trading app.
Such popularity encourages startups to think about creating their own trading platforms. However, the competition in this FinTech niche is fierce, so it is difficult to create a competitive product. There are two options to complete the challenge. You can try launching your trading platform on your own or delegate the project to an experienced outsourcing software company. We advocate the outsourcing approach, and you can find out why in the next block.
Why do you need a trading app development company
The answer is that a trading platform software development company helps you dramatically reduce time to market and overall development costs and improve your product quality. An external technology provider covers a wide range of work. To build your own trading platform software, you must:
- Configure your project
- Define the features to include
- Plan the project budget
- Consider safety aspects
- Select a tech stack
- Choose your monetization strategy
- Develop the marketing strategy
- Engage your development team
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The launch of your FinTech product is therefore not only about the technical aspects. It is also about business development and management. And outsourcing trading platform software development to an outsourcing company allows you to focus on your trading tasks. While your product is being built by a team of external technology vendors, you can work on attracting potential partners, brand ambassadors, and demand generation strategy.
Developing trading platform software requires deep expertise in various technologies, both front-end and back-end, as well as experience working with microservices architecture. These are one of the main reasons to hire an outsourcing development company.
Must-Have Features of Trading Platform Apps
There is a set of mandatory features that any trading platform application must include. Here is a list of features that will help an app win over users.
Personal data protection and data security are top priorities for users today. Especially when it comes to financial data. To gain user trust, provide them with multi-factor authentication for granted verification and biometrics (e.g. face ID) as an additional security solution.
Search bar and filters
This feature helps users quickly find needed stocks and filter them by criteria such as volatility, types, prices, etc.
To make informed trading decisions, traders need all the essential information at their fingertips. The News Feed feature is all about tackling that task. Provide users with valuable information to help them forecast market movements.
Hit or miss trading is the path to zero bottom line. To maximize the chances of winning and create a robust trading strategy, traders must analyze the markets. Make sure your app provides users with historical and real-time data, charts, stock indices, and other crucial information.
This is where users can see real-time stock prices, their fluctuations, and the hottest asset pairs. It allows users to see the current picture of the markets at a glance.
A limit order allows platform users to set a specific price for the execution of buy and sell orders. Market makers enter the amount they want to buy or sell an asset, and once the market price reaches that value, the trading platform automatically executes the order.
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Once users come across an asset that they want to work with permanently, they can save it to a specific folder. This ensures quick access to a desirable asset when needed.
The speed of reaction to market fluctuations defines the eventual profit. Push notifications are one of the most convenient ways for users to receive configured alerts on market movements and breaking news.
Tips and user guides
If you are a FinTech startup, retail traders and newcomers to commerce will take a fair share of your target audience. Help them start trading effectively right from the start. Prepare educational materials, guidelines, glossary and video tutorials on trading and how your app works.
Building a trading platform is a very sophisticated process. This requires deep expertise in complex technologies, and to ensure that you are going to partner with a reliable outsourcing software development company, check out their portfolios on FinTech products. Browse customer testimonials, case studies, and their pricing on independent sources like Upwork, GoodFirms, and Clutch.
See if their tech stack meets your requirements. Note that a comprehensive technology provider can suggest an even better and optimal technology stack for your project than the one you designed. It is therefore a good idea to book a call with a potential development company and clarify all aspects of your trading platform application.
Take your time to consider several potential suppliers. Depending on the region, the hourly rates for services can differ significantly. Generally, the lower rate will result in poor product quality. However, Central and Eastern European software development outsourcing companies have proven that they can deliver high quality products at affordable prices.
Building your own trading platform app is a challenge. It takes a lot of steps to do. While some steps relate to the technical side of a product, others relate to marketing and business development issues. FinTech startups can optimize their product development process by delegating the technical part of a project to a reliable external technology provider. The key to success here is to carefully select your supplier.