Stock Market Apps: Tips to Build a Trading Platform Step by Step | Eastern Peak

Understanding stock market platforms

How to use a trading app

A stock trading app like Robinhood opens the doors of the trading and investment world to the general audience. It eliminates the need for broker assistance on your way to becoming a full-fledged stock market expert.

Types of trading platforms

If you wish to build a quality, highly demanded stock trading app and rank among Robinhood competitors, knowing the difference between different kinds of stock trading is important. Then, you will need to follow the requirements of the chosen app type, and enrich it with specific features that polish up the trading process.

Benefits of using stock trading apps

Trading apps like Robinhood help you enter the stock market right from your home by using only a single application — this advantage is on the surface.

Accessibility

Stock trade apps turn trading newbies into advanced stock market players. If developers design the platform thoroughly, even a first-time user can comprehend the basics of stock trading effortlessly. Explicit guides and clear information will help newcomers make their first steps in trading successfully and motivate them to drill deeper into the field.

Cost and time efficiency

Online trading platforms help you avoid additional broker and consultation expenses. In some cases, you also get the basics of financial education for free or at the lowest price. On top of that, a well-designed stock market app carries out transactions in an instant, which is crucial, especially for day traders.

More confidence and control

The best stock trading app guarantees that you control all your operations without third-party mediation. Consequently, the chances of trades failing to be executed are significantly decreased due to any unclear communication with a broker and/or their dishonesty. With control being in your hands, you can be sure everything will be done correctly.

Market analytics are close at hand

Great stock market apps happen to be trading and investment libraries with tons of useful information for both inexperienced and long-time traders. Such platforms compile companies in a list and give info about their activity, performance, and stock prices. They can also give practical recommendations and prepare reports to help you navigate the ever-changing reality of stock markets.

The 4 best stock trading apps in 2022

Robinhood

Trading experts often mention Robinhood within the context of the best stock app on the market. Back in 2013, this company was a pioneer in offering trading services without any commission. Later, many other popular trading services followed suit.

E-Trade

Founded 40 years ago, E-Trade represented the origins of online trading platform development. Nowadays, the app has a wide spectrum of features for active day traders, as well as for long-term investors.

TD Ameritrade

With almost a half-century-long history, TD Ameritrade is now among the best trading apps. Since its emergence in 1975, it has evolved into a well-known multiplatform company with several apps and tools with desktop, web, mobile, and even smartwatch versions.

Coinbase

Are you a crypto enthusiast? We decided to include one of the most popular and trusted cryptocurrency trading apps on our list. Coinbase is similar to famous brokerage apps but focuses exclusively on crypto trading.

Key features of stock market apps

When you come to the process of trading application development, you should define the core features of your future app. What should you consider for turning your project into a great trading platform like E-Trade?

Authorization

The check-in procedure should combine extreme simplicity and strong protection. Users often expect one-tap registration, and this solution will greatly improve their first impressions. For that, add several authorization options, including signing up per email, phone number, or using social media accounts.

Dashboard

This page gives an overview of everything that’s going on in the stock market. Users discover their balance, informative charts, portfolio value, and the most beneficial investment opportunities.

User and company portfolio

A personal profile is a place where users can see and analyze their performance. This will help them plan further actions and make more balanced and advantageous investment decisions.

Trading

This section is the decisive component of a stock market app for most users. The best stock trading apps have a comprehensive set of tools and features for efficient trading. Among them are balance sheets, share-related info, including share number and prices, earnings per share, stock performance graphs, profit margin, reports, etc.

Payments

Allow users to connect their bank accounts to your stock market app. Then, traders will be able to further make payments faster and more seamlessly.

Analytics

The analytics of user performance is the embodiment of the most effective ML, AI, and data science practices. This page shows the results of traders’ activities and transactions.

Newsfeed

The stock market ecosystem drastically depends on everyday events, even if they’re not related to fintech directly. Traders often monitor the latest news, so it makes sense to integrate trusted sources in your stock trading app.

Watch lists

Some users may be interested in specific companies and want to track their performance only. A watch list is a handy database that contains information about selected stocks. It’s a must-have tool for independent analytics, and many users appreciate this feature in other popular stock market apps.

Support

You should always strive to make your app navigation intuitive, so users don’t need to seek third-party assistance. However, customer support is essential for any fintech platform. Especially in stock trading apps, users want to get instant responses and clear instructions, so consider adding a chatbot to your platform.

Notifications

In a trading app, this feature is not only a marketing trick but rather a must-have functional component. Personalized push notifications and alerts are a handy tool for those who want to react instantly to any change in the stock market. Make sure traders can adjust notifications to their needs.

Education

Investment apps like Robinhood usually have an education section. This feature expands your target audience and makes your app accessible even for those who deal with trading for the first time in their lives. You can add at least basic guides on investment, and make a compilation of quality resources such as videos, books, blogs, sources, etc. Finally, you can launch your company’s blog or even create interactive quizzes to engage and educate users at the same time.

Monetization models for trading apps

Stock market apps are profitable not only for traders and investors but also for app creators. So, how to build a stock trading app that brings revenue to the platform owner?

API integration

APIs are an essential technical aspect of stock market app development. It helps you create a trading platform faster, and more efficiently, and also provides core trading-related and non-core functionality.

Safety and security

Just like any fintech app, stock market apps deal with users’ money and sensitive information. Impenetrable data protection is key to becoming a top competitor of a trading platform like E-Trade. If you overlook the security aspect, the whole project is doomed to failure.

Legal things to consider

Stock market app development doesn’t come down to technical perfection. Before you create a trading platform, you need to undertake massive regulatory compliance work. Here are the steps to consider.

  • Think ahead of the countries and regions where you want to launch your app, as each of them has specific regulations.
  • You need to get a license as an official broker-dealer.
  • Your business has to meet the standards of local regulatory bodies, like the General Data Protection Regulation in Europe or the Securities and Exchange Commission in the USA.
  • You can engage in an investor protection program such as FINRA, NFA, or SIPC.
  • Take into account local anti-money laundering laws.

Wrapping up

Building a solid stock market app that will get listed among alternatives to Robinhood is a huge task. We’ve shown you the current state of this app development field and revealed how to create a trading app to become a strong competitor of the niche leaders. Eventually, if you follow in this way, you will not only generate consistent revenue and a strong bottom line, but also do your part for global financial wellbeing.

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Eastern Peak is a custom software development company which possesses deep expertise in working with startups and building intuitive mobile apps from ground up.

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Eastern Peak

Eastern Peak

Eastern Peak is a custom software development company which possesses deep expertise in working with startups and building intuitive mobile apps from ground up.