Over the few decades, the trading market evolved towards online platforms. All the transactions and tradings are being done online while relaxing at your home or office or traveling at any place without physically present to the trading place. But since mobile technology revolution, not major player found to opt using the stock trading mobile app for the customer to trade, invest, or transact while they are on move.
What would be the probable reasons why many businesses haven’t shifted towards such mobile app product for stock trading that can simplify financial investment process for the customer?
The era of investment has turned lately. The stock trading has pulled investors especially young generation to invest and learn about the latest stock market and execute the operations while they are on move.
Previously it was not a cup of tea for everyone to invest money in the stock market until a mobile app like Robinhood populated. An app like Robinhood has made the stock trading easy that even person who hasn’t experience in the stock market can invest and trade efficiently.
We can form a conclusion according to the fact from Robinhood that the average age of app user is 26.
The leader of Free Stock Trading app Robinhood allows the user to perform following:
- Trade free-of-cost straight from their smartphone
- Invest smartly while on the go
- Provide up-to-date market data and stats
- Notifies about completion of a transaction, changing status and more
- Create Stock Portfolio within the app
- No commission charged for trading stocks, withdrawing or adding money to the account
It gave the new face to the stock market and leverage the user interaction to benefit the users.
What are the challenges to overcome while building an app like Robinhood?
If you are planning to build your own platform or get associated with a premier company for the mobile app development, following things you should consider:
1. Design mobile-first commission service
Design mobile-first app is an unusual approach to finance platforms though Robinhood team has preferred the mobile-first approach ultimately your look and feel what matters to the user. The design is one of the main reason why Robinhood became popular. While designing such app often many of designers and designer agencies place plenty of graphs, charts, numbers and complex statistics, everything placed in side a smaller mobile app screen. Instead there are plenty of clickable & actionable elements and real-insight and above all, a very easy to operate gateway for trading stocks.
2. Finding the perfect fit for the market
Robinhood became successful as we know it today after they were able to find their product perfectly fitted to millennials. There are no new things in the stock trading but allowing such access through a single mobile app democratized this investment tool likewise uber that democratized car sharing. Today no one needs to buy Mercedes to ride on, they can book the Mercedes and can take the ride of it for that they just need to pay the fee that conceptually Robinhood does, it does not take any commission for the trading and investing and that’s how Robinhood made their place in the market.
The demand for this platform is proven by the fact that Robinhood’s originators ended up with more than one million people on their wait list before the product was ready for launch.
3. Technical challenges and use of Third-party APIs
Developing such high-end app may arise with some technical challenges. While developing an app like Robinhood, it would require showing some real-time information that probably time-consuming and required more efforts. Thus to overcome such challenges developer required some third-party APIs which provides this real-time data that can be integrated with the system bug-free.
Features required to have in a Free Stock Trading App
In general, there are plenty of features possibly can be in Stock Trading App though we have collected some features must require to have in a Stock Trading Finance App.
- User Registration and Sign in
- Stock Listing available to trade
- Ability to Buy/Sell Stocks
- Status of stocks added to your account
- Personal profile and Settings (folio, balance, settings and more)
- Watchlist for make watch on some particular stocks
- Synchronization and time tracking planner
- Push notifications and messaging
- Fund transfer facility in/out of the trading account
- Reliable payment gateways
- Market trends, analysis, and statistics
- Expert stock recommendation
- Stock market utility integration
- History of holdings
- Security and encryption
- Tutorials for beginners
- Customer support
Developing such app like Robinhood come up with number of challenges both technically and marketing though stock investment finance app is very modern field of investment. Building product like Robinhood can be the right choice of investment according to today’s trend.