The use of mobile apps is increasing in almost every sector of the economy. The stock market is no different.
The days when investors had to rely on stockbrokers to invest in the financial markets are long gone. Stock trading was once considered a privilege reserved for a select few who understood the financial world.
Thanks to the introduction of stock trading clone apps like Robinhood, users can now buy and sell securities with a single tap on their mobile screen.
As a result, the stock markets have been modernized, according to Robinhood.
Robinhood App is a free investment platform that allows users to buy and sell stocks, ETFs, options, and cryptocurrencies without any commission.
Founded in 2013, Robinhood has raised a total of $912 million in 8 funding rounds in a short period.
Robinhood App has ensured its exponential growth among its users by providing the option of low-cost service and mobility in stock trading.
That is why it has become a popular online trading platform for young traders who want to get started with stock trading on the go.
If you want to enter the online stock trading market and build a stock trading app like Robinhood, you must first understand why such an app is needed, what features a successful stock trading app should have, and how much it will cost to develop the app?
Here’s everything you need to know before building a stock trading app like Robinhood.
Why Is It a Good Idea To Build a Stock Trading App Like Robinhood?
Robinhood, which is currently value at $7.6 billion, has a user base of over 6 million people. Robinhood is making rapid progress toward its goal of democratizing the world of finance for all by allowing app users to do business from their phones.
If you want to build a stock trading app like Robinhood, you will need a good understanding of the market and the major players that are ruling it currently.
Let’s look at how well Robinhood and its competitors are doing in the market to see if we can figure out why it’s a good idea to build another stock trading app like Robinhood.
Robinhood App: Receives over 510,307 app downloads per month, according to Crunchbase. Robinhood App is the market leader in online stock trading, with an estimated annual revenue of $90 million.
FreeTrade: FreeTrade, launched in 2016, is a no-fee stock trading mobile application that allows users to trade stocks while receiving professional advice.
At the British Bank Awards 2019, the FreeTrade app was named the Best Share Trading Platform. Throughout seven funding rounds, it received a total of £20.6 million. Freetrade believes in making over $2 million per year.
eToro – eToro is an online social and investment platform that allows users to trade currencies, commodities, indices, and shares. eToro has raised a total of $222.7 million in more than ten funding rounds. With over 217,680 monthly app downloads, eToro has an estimated annual revenue of over $8 million.
The rising funding profile of these stock trading apps clearly shows that their utility increases day by day. The popularity of these online stock trading platforms expects to increase among users in the coming years.
8 Features to Look for in a Stock Trading App Like Robinhood
The key to developing a successful app is to include incredible features that ensure maximum user engagement. That is especially important when it comes to stock trading apps.
The basic premise behind developing a stock trading app is to encourage more and more people to invest in the stock market. There is no better way to ensure this than to include user-friendly features in such apps.
Before you start building a stock trading app like Robinhood, here is a list of features to be aware of:
Collection of Market Data
Stock Trading Functionality
If you want to build a stock trading app like WazirX Clone, you should encrypt user data like bank data, balance, transaction details, etc. That will ensure that users remember your app for a long time. That is because people want to earn money, but not at the cost of their personal information.
How Much Does a Stock Trading App Like Robinhood Cost To Develop?
Well! It isn’t easy to put precise numbers on the cost of developing a stock trading app like Robinhood. That is because the price may vary depending on the needs and requirements of the customer.
Usually, the cost is calculated based on the number of hours required to complete the app development process. Also, app development per hour varies depending on the country in which the app is developing. So, to give you a ballpark figure for the total cost of developing a stock trading app like Robinhood, we’ll say $15,000-$40,000.
If you have any further questions, please don’t hesitate to contact us. Please tell us what exactly you need to build an app. Our team of experts will provide you with accurate pricing.