Unless you've been living under a rock for the past year, you've probably heard of Robinhood and how it's led to an explosion of everyday people learning how to buy and trade stocks online. The stock market is a pretty difficult thing to predict in terms of success, but one thing is for certain: building a stock market app or platform can be highly profitable for you or your business.
Financial app development is a bit different from developing apps for other sectors or industries. For one, there is more legwork and paperwork involved in the process of starting a financial company. Another thing to remember is you'll need to actively keep paperwork related to your business, its financing, tax details, and other important documents related to your business. With all these possible restrictions and red tape to get through, you might be curious if developing a stock app is worth it. Let's take a look at some stats and insights to help you make your decision.
It's no secret that if you're a stock trader, a day trader, or simply someone looking to make some long-term investments that Robinhood might be the best app for you. Not only does it have consistent market data and informs users about upcoming dividends from the stocks they buy, but Robinhood is designed with user simplicity in mind to make trading for beginners easy. Moreover, Robinhood allows these users to invest whatever amount they want, design their own portfolios, and set up their own personalized savings plans. Additionally, they can use the app to purchase cryptocurrency on top of traditional stocks.
One thing you might be wondering: if Robinhood lets its users trade for free, then how do they make any money? What is their revenue stream? There's a specific way Robinhood makes its money, as well as a few ways those who make Robinhood-like apps can generate income for themselves as well. For one, Robinhood Gold provides the company with the majority of its revenue. The upgrade allows for extended trading hours for users and fewer limits on how much they can purchase within a single market period. These plans are monthly subscriptions and typically range anywhere from $10 to $200, decided by the tier the user chooses to go with.
Additionally, stock trading apps typically utilize trading fees. Trading fees can be anything from 1 to 3% of the total amount of a buy purchase, and it can be a lucrative way for companies to generate revenue. For example, cryptocurrency exchange Coinbase has a 3% fee on all transactions; leading the company to become a leader in the crypto trading industry.
So to review, most stock trading apps get their income sources from either:
Now that you've got a bit of an idea of how an app like Robinhood works, you might be wondering how you and your business can go about developing your own stock exchange and trading platform. Given that your app will be dealing primarily with financial matters, as well as the funds of customers using your service; you need to ensure security and encryption of personal information is first on your list of features to include.
If you're looking to develop your own platform, Let's Nurture is ready to help. They've been building websites, apps, and software for the past two decades and make it their aim to help businesses make their tech solutions a reality. By choosing Let's Nurture for developing your platform, you'll be working with our expert teams of developers, app designers, project managers, analysts, and UI/UX experts who will work efficiently and transparently with you and yiur team as you develop your stock exchange platform.
Given the complexity and number of features needed to develop your stock exchange platform, the ballpark price from Let's Nurture would be CAD 30000 to CAD 40000 per platform and depending on what is included. Websites can also be constructed for roughly CAD 22000 to CAD 30000.
|App Users||Customers App||Admin|
|Basic Features||Guest User||Login|
|Log in/Sign up||Dashboard|
|Search Stocks||Manage Industries|
|Order Status||Total Stocks with Filter|
|Balance Charts||Manage Portfolio|
|Holdings||Latest Market Data (view)|
|Create Portfolio||Manage Articles|
|Edit/Delete Portfolio||Manage Notifications|
|Explore different portfolios||Total Revenue|
|Add filter in portfolio||Manage Subscription|
|Latest Market data||Customer Support|
|Stock Trading functionality||Logout|
|Add Stocks to the watchlist|
|Remove Stocks from the watchlist|
|Payment gateway integration|
|Check Analyst ratings|
|Buy and Sell Cryptocurrencies|
|Help and Support|
|Cost of Development||CAD 35000 to CAD 39000 for Both Android and iOS + Web Admin.|
|App Users||Customers App||Admin|
|Discussion forum||Customer Analytics|
|Invite and Earn|
In addition to providing the best customer service experience and most efficient development possible, Let's Nurture also utilizes new technology to improve the overall functionality and use cases of your app; as well as working to provide you with accurate data and analytics.
Let's Nurture aims to help you complete your daily digital payments and transactions safely and with your data kept secure. In order to do so, we utilize blockchain technology to encrypt your transactions and keep them on public record utilizing a shared blockchain ledger.
Through the use of voice commands and modern smartphone assistants, Let's Nurture uses innovation to assist with a variety of factors like your budgeting, development, and implementation of your project.
If you're looking to figure out what products and services are selling best with specific demographics, machine learning can be used for analysis utilizing predictive tools and AI algorithms to help you understand marketing trends.
As previously stated, Let's Nurture offers custom development for both Android and iOS applications and platforms. If you're looking to develop with us, we'll provide you with an expert team compromised of the following staff:
Mobile and web app development experts with rigorous experience in developing web or iOS/Android apps.
Expertise in Stock Exchange Trading app development using the latest technologies.
Expert and free consultation on strategic features, their development, and an effective testing strategy.
Great value on costs for Stock Trading App development.
Stock Trading App development coding as per the guidelines of Apple Store & Google Play.
Support in Application deployment and Approval.
As you can see, the stock exchange and trading industry still have plenty of room to grow in the mobile app world. If you or your team are interested in developing an app like Robinhood, you can contact Let's Nurture for a free consultation.
Have an !dea to develop a Stock Trading App like Robinhood?