The concept of buying and selling stocks through our smartphones isn’t a new one. As more people feel the need to secure their livelihood, they will turn towards the easiest way possible to access the stock market. That is where stock trading apps come into play.
The market is full of various trading applications. Some are jam-packed with features, while others have a simpler interface. But for a stock trading app to really make it out there, it needs specific features. As to what those features are, we’re going to discuss that in this article.
Here are the basic tools that every trading application should include.
Stock Trading app overview
To create a stock trading app, startups will need to bring in a lot of people. And hiring developers isn’t cheap. More so, some features are more resource-demanding than others, such as developing real-time charts or implementing advanced security measures.
These features can significantly affect stock trading app development in numerous ways. One way is that it will take longer to develop them, while another way is it will require hiring experts in certain fields such as cybersecurity.
But let’s look at some statistics. The biggest market for trading apps is the United States. Research states 55% of adults in the US are trading stocks. As for stock trading apps, Robinhood is the most popular platform. According to Statista, it has more than 13 million users, which is more than 20 times more than five years ago. It means there is indeed an interest in stock trading.
At the same time, there is also a need for more solutions. While there are notable existing apps such as Extrade, eToro, Stocktwits, and Robinhood, the market is ready for new options. But the only way for a new player to grab a piece of the market is to focus on innovation.
That is exactly why startups should focus on implementing quality features.
Trading and Investment features
To develop a quality trading app or any kind of app for that matter, it is important to understand your target audience. Based on the preferences of potential users, a company can create a tailor-made application that will satisfy all their needs.
However, there are some common features every trading mobile application should have.
Authorization is standard in mobile applications that gather user data. It is a feature that allows users to either allow or disallow access to certain features of the application such as the admin panel, the payment tab, etc.
Stock trading apps deal with sensitive data such as bank accounts, balances, etc, so it is even more important to ensure the security of access.
Users can authorize access to trading apps in multiple ways. That can be done through Face ID, touch sensor, and log-in through other platforms such as Facebook, Twitter, etc.
Plaid API Integration
Any trading application has to allow users to access their bank account and subsequently fund their trading account. This can be done through Plaid API – a tool that allows connecting a bank account to an application account. It is a reliable feature used by well-known companies like Venmo and WorldRemit.
A stock trading app has to allow the user to create and access their profile. This section can include trading history, subscriptions, settings, customer support, etc.
Home screen or dashboard
A home screen or dashboard feature is a tool that visually represents information used in the app. Information like balance, amount of money invested, and ROIs are some of the most important data a dashboard should include.
However, it would be smart not to make the home screen overly complicated and crowded – it should be informative but simple to grasp. Most stock trading app dashboards sort data in charts, maps, and graphs.
What good is a trading app if it doesn’t allow the user to actually trade? Startups looking to launch their own fintech solution should make this feature a priority. After all, the purpose of these apps is to allow users a simple path to the stock market.
The trading function should include a few things. First, there should be a chart of the stock’s price, usually a candlestick. In addition, the trading tab should include the name of the stock, the name of the company, news related to the company, research reports, and more.
It is also a good idea to include a stop loss function to help users trade profitably.
Search and filters feature
With so many stocks out there, how would users even find the one they’re looking for? This is where a search and filter feature comes into play. A search bar where users can search for a stock by its name and symbol is a must.
In stock trading apps, notifications are even more important than on Twitter. Their role is keeping the user in the loop, which is essential in stock trading.
Let’s face it, not everyone has the time to monitor stocks 24/7. Most people like to buy stocks and be done with them. When that’s the case, it’s essential to implement a system where the app would notify the user of any significant event or price change relevant to the user’s investment portfolio.
But that doesn’t mean that everyone wants to be spammed all day long. When developing this feature, startups should allow the user to enable and disable notifications, and more importantly, decide what sort of notification to receive.
Before starting the stock trading app development process, startups should decide on the main features their app will focus on. While we’ve laid out the basic features, the scope and complexity of the project will determine the possible additional functionalities the application should have. While these are some of the must-haves, every startup should add unique details that will set them apart from the competition.