The presence of online trading platforms have grown dramatically over the years and is expected to grow exponentially by 2025 due to the pandemic. It has created a lot of opportunities for a millennial trader. All one needs is a device, an active internet connection, and funds to get into the world of online trading.
In this article, you will learn about the development of a stock trading software application.
Online stock trading platforms are internet-based websites and applications developed for brokers and traders for the stock market. These platforms assist in trading financial assets through an electronic medium. One can invest in anything, be it shares, currencies, bonds, debentures, or any other stock market trading instrument. In easier words, it is like e-commerce but for stock trading.
According to Statista, a highly renowned statistics platform for market data, over 14.1 million people in the United States of America are using online methods of investing. Because the biggest advantage of online trading software is its accessibility. One can perform any transaction from any corner of the world with no barriers to time. The reading system is also highly transparent and provides convenience of use.
There are other features as well that are discussed later in this article. Here are some benefits to build stock trading website:
1. It allows you to go beyond your geographical boundaries: You can do business beyond your geographical location, that means, any trader who has internet access to your stock market software management system.
2. Easily handle investors and clients: While you develop online trading software, you develop a technology that keeps all your client’s data in a systematic and protected manner.
3. Accessibility: Stock markets do not operate 24/7, but your website will. Hence any user can access the information regarding their investments anytime. A stock marketing web application creates convenience.
4. Reduces risk: An online stock market website gives real-time analysis of the market i.e. it helps you choose what stocks are better to trade with the use of artificial intelligence. Hence, reduces the risk related to investments.
Technology is the future of everything, so if you are thinking of developing online trading software you should go for it.
Online trading basically provides brokers a platform to find potential customers who want to invest their funds in stocks, trading instruments and other things. It also helps potential investors to find a suitable investment. Such web apps allow transfer of funds directly from your bank accounts to trading accounts and vice-versa, through your screen. It also ensures that you never miss out on a trading opportunity.
Now the question is, how to build a stock trading website of your own and what does it include?
An online trading website is beneficial for both the users and the financiers. For users, it creates a sense that they have control over their finances, and for brokers, it is one of the best ways to expand. By discerning what stock market website development includes, brokers can easily allure the younger, tech-savvy masses to the cosmos of stock markets.
However, before one decides to develop a website for the stock market industry, they should know that there are legal procedures that need to be taken care of. Some of these are:
Internet trading can be a matter of risk for beginners and those who are less aware of the know-how of technology. Hence, as a trading web developer, you should keep the design simple and use favorable features that will make the usage of the platform easy:
By adding this feature you are going to make it easier for your customer to search and filter through the portfolios/index, and monitor them in real-time. They can also easily monitor their own status as well. This will make them feel like they are using a custom financial software development service.
It is useless to think about how to develop online trading software if it’s not going to have any trading function. This is the main function of your website. The trading functionality is what primarily makes your website application and this feature needs to operate very smoothly and steadily.
For this, the trading web developers need to inculcate all the data associated with making a financial decision, such as company profiles, real-time data, and other relevant information. Do remember that the trading function is the core objective of your application and it needs to run as hassle-free as possible.
Since both buyers and brokers would be purchasing and reselling stocks, it only makes sense to have a fund transfer function to make the money transfer easier. Make sure to build this feature extremely simple and secure to protect transactions and any breach of data. A responsive web designing that would notify when the funds are securely transferred could help.
Since stock trading is a fast process, the brokers need to make rapid decisions. These decisions are based on the most recent stock updates. By live-streaming quotes and charts onto your website, you can make it more efficient and simpler for your user to make that swift decision. Make sure that all stock related news and information should be latest and updated, that too from respectable sources such as Insider or CNBC. This feature will help the users using your website to make informed choices about their finances. When you build a stock trading website, the right data plays an important role.
The stock market is highly responsive to both global and local events. Even the shut down of a mediocre company can affect the worldwide trading market. So having a real-time stock market just a few clicks away is going to help the brokers in many ways with their investment decisions.
When deciding on a custom stock market development of a trading software and what its functionality is, make sure to add this feature into the software. With a real-time based news feed analysis, you can give your users online updates on the market, exchange rates, stock prices, and any other happenings that might affect the stock market and their investments. Basically, you help them in making a wise choice.
The push notifications system is going to let your clients set alerts for major changes in the market that might influence their investments. This is a useful feature that you should not skip out while you develop a stock advisory website.
With the watchlist feature, the user can add capitals that they are engrossed in their watchlist so that they can follow it. Providing a personalized experience to users is an important aspect of a custom financial software development.
Most merchants use more than one medium to track and handle their finances. So during trading software development add the synchronization as a salient feature to the platform for consistent access to all their information on your exchange platform.
When deciding on an investment application development, the first question you should have an answer for is that do you need a website or a full-fledged desktop application. Commonly, an app allows more versatility and functionality than a desktop-based website.
If you are keen on application-based trading software development, the next action is to determine the platform: Mac or Windows or both. Conducting research on what platform the preponderance of your clients (or potential clients, if you’re developing an application-first stock trading platform) use. Developing an app for both platforms at the same time is usually a good idea.
The development process of Stock market software management
The development process is easy if well understood. Here are the basis of stock market web development:
To make your website successful, you should research well about your target audience and available market opportunities for similar web apps like E-Trade. Understand their requirements, compare your version with that of competitors, and brainstorm on what new can you offer.
It is important to consider the financial resources. Later, in this article, we have discussed the estimated cost of such applications. However, development cost varies with the technology one uses. Fix your budget according to your resources.
Find a team that has proficiency in programming languages and understands your industry. Look for a team that will help you learn the trends, technical aspects and be able to provide the best feasible solution.
Here a few must-have attributes that can help you develop stock advisory website:
The first thing the user undergoes is the authorization process. So keep it as simple as possible. Adding features like an alternative sign-in method like login using Google or Facebook. Do remember that making the sign-in easy doesn’t allow a stock market developer to compromise on the website’s security. When dealing with trading software development, you have to be more careful with the safety standards.
A profile page of a user keeps a track of all their information and updates it when required.
While constructing a stock marketing web application, make sure the profile page is easily accessible. All the information required on the profile page needs to be relevant to the app and its function.
While you build an online advisory website, remember that the homepage is where the customer is going to find all the information about the stock market. It is very simple to sophistically present all kinds of information and charts on the website.
Some other features are discussed above, for a highly professional experience build an online advisory website that is capable of providing a personalized experience to its users.
While developing an online trading software, your designs and its usability play a pivotal role in providing a seamless user experience. To build a stock market management software with zero redundancy the UX/UI Design (discussed later) should be appealing, responsive, and functional for all users.
All these aspects should clarify what investment application development demands. But it’s equally necessary to learn the tech perspective as well. Let’s examine.
Now that you are well aware of the important features one must inculcate into their desktop application, it’s time to learn about some of its technical aspects:
1. Website Development
For the first part of the development stage, you need the help of an experienced fintech software company services. Such companies provide developers skilled in programming languages such as python or java can help you with custom stock market development applications from scratch.
2. Backend Development
The backend development primarily includes the development of the server and database of your desktop-based application. For this, you require a proficient backend developer, basically, someone who deals extensively with database planning and structuring, and Website development services.
It is during this phase that all the functions such as notifications, sign in, and transactions are going to be developed.
3. Frontend Development
The frontend development refers to the development of the user-side of the application, the screens, the interface, and everything the user will be interacting with is incorporated in the frontend development.
When you hire a custom software development company it makes it easier for you to get a hold of your trading software development. You also get access to proficient developers who can get the work done quicker and better.
4. Payment gateway integration
The payment gateway must be chosen very carefully, not only it should be safe and secure but provide major options of payment like e-wallets, debit and credit cards, and net banking. It should also cover all major banks of the country for easier trade.
5. The UI/UX Considerations
The stock market is such a place where one incorrect judgment can drive to a major failure. While keeping this in mind, if you do want to build a successful online trading platform keep the design uncomplicated and efficient.
Trading web developers need to start outlining the UI/UX design while planning for the application, and formulate ideas and requirements for the application. Don’t overlook the significance of testing the software. It may be challenging because the stock market does not function 24/7, but corporations such as E-trade do offer the use of their APIs.
With proper testing, you can make sure that all your software functionality is working properly and also make changes wherever necessary before opening it to the public.
One thing that you must not forget is to keep The Safety Top Notch priority, you have to take proper safety measures for an online exchange platform. Finding the correct balance between accessibility and security is key to retaining happy customers.
The main reason why you need to find the correct balance is that the users will be unsatisfied if the security method is too long or too complex. So while planning for UX/UI design keep the security process smart, simple, and easy to adhere to.
Nobody can tell you the exact cost right away. Without knowing your exact requirements, preferences, and needs, it is hard to arrive at a cost bracket. But, here is a small analysis:
The objective of this analysis is to demonstrate the scope of work and the merest price for a website trading app. Every company has a different structure, some charge on an hourly basis while others even on a monthly basis or a lump sum amount. You should know about what goes into web app development, the web app cost components, and the expertise the company offers.
With a median market hourly rate of $50, we assume saying that to build an app for traders, software development services would require at least 3 to 4 developers and 3 months or more of dedicated hard work, now let’s put it all together. About 500 hours for back-end, and about 600 hours for native app development (Android/iOS/Windows). Plus, at least 100 hours for website design and the same for quality assurance.
500 + 600 + 100 + 100 = 1300 hours.
1,300 * $50 = 65,000
So here is a bottom line: expect the cost to make a trading web app like E-Trade to be nothing lesser than $65,000.
The world is rapidly evolving with the technology and the trading world is also changing along with it. The electronic trading platforms may seem a little intricate whether you are a trader, broker, or a client. But stock market software can make one’s investments even more beneficial. So, when you search for a trading platform developer, research well, go through all the feasible options. Look for the stock market software company that has case studies, advanced and latest design skills, and offers a better communication platform before you hire them.
Have an online trading platform idea in mind? Let us know your obstacles and we’ll help you out in every way possible! That’s true, at Maven Cluster we aim to bridge the gap between the idea and its development. Our developers are proficient in website development, UX/UI design, Artificial Intelligence, backend development and so much more. We guarantee that not only our prices are competitive but our services too. We are one of the best software development company in India. We use almost all technologies PHP, Java, Python, and Angular just to name a few.