How To Create An App Like Robinhood Its Cost, Features And Business Model - AppsDevPro

Overview

Online stock trading applications have grown in popularity in recent years due to the accessibility and convenience they provide for stock trading. Anyone may manage their assets on the fly with a stock trading app.

Thus, if you've finally decided to build an app like Robinhood, you may use this blog post as a reference. Everything, including the price to make a trading software like Robinhood, its features, tech stack, revenue model, and more, has been discussed here.

The market for stock trading apps was forecast to be worth $13.6 billion in 2022 and is anticipated to rise $89.8 billion by 2032, according to the FMI survey study.

In fact, it wouldn't be incorrect to state that the release of the Robinhood app has significantly changed the financial industry. In the viewpoint of millennials, some financial institutions have lost their worth. Simply guess how many young people you observe lining up to deposit or withdraw money from the bank.

HowToCreateaStockTradingApp?

1. Conduct a Market Research and Understand Your Business Goals

Typically, individuals don't realize the value of performing marketing research and neglect this phase while designing an app. Make sure you have a thorough grasp of the stock market before you attempt to develop a successful, feature-rich stock trading application like Robinhood. Try receiving a response to these inquiries to make it simple:

What is the purpose of developing a trading app like Robinhood?

To whom you are trying to target in the market?

What is your budget limit and how early do you want to launch an app?

What are the technical requirements?

Who are your competitors in the market?

You will have a better understanding of the fundamentals and be able to organize your app development process much more effectively as a result.

HowToCreateaStockTradingApp?

2. Decide Upon Development Approach

Selecting a dependable development strategy is the second stage in creating an internet trading application. Make a decision on whether you want to create an app from scratch or search for prebuilt modules that allow you to launch an app quickly. Going with pre-made solutions makes sense if you're a startup handling things with few resources. Your project will get off the ground in a week thanks to this, but the scalability of the program will be constrained.

Another option is to hire an Indian software developer to create an app with the functionality you want, third-party API integration, and more. Also, you must choose the operating system on which you will launch an app before you start your development project or choose your development strategy. Whether it is for a hybrid or native Android/iOS device.

HowToCreateaStockTradingApp?

3. Create a Seamless UI/UX Design

The moment has come to construct an app wireframe and prototype that will help you convert your users into prospective customers once you've finalized the app development strategy and worked on the roadmap. Make sure that the app UI is simple to use, engaging, and easy to access.

4. Choosing the Right Software Development Team

Make sure the app development company you choose has the skills necessary to produce a product like Robinhood. The developers' talents and knowledge, which they put into the project, are a crucial factor in the app's success.

As a result, while hire app developers in India, ensure that the team also includes a business analyst, project manager, app developer, UI/UX designer, and quality assurance engineer. In actuality, depending on the requirements and complexity of the project, the team makeup for the construction of an online trading platform will vary substantially.

HowToCreateaStockTradingApp?

5. Follow Regulatory Requirements

To prevent fines and ensure that your trading app is operating lawfully, you must adhere to all applicable regulations when developing it.

Here are a few legal requirements you must fulfill before releasing your trading app if you are building one in the USA:

The derivatives and futures markets are governed by the Commodities Futures Trading Commission (CFTC).

FinCEN, also known as the Financial Crimes Enforcement Network.

BS Act: Bank Secrecy Act (BSA).

The NFAA is the National Futures Association.

HowToCreateaStockTradingApp?

6. Test and Deploy Your App

You may simply finish the coding procedure if you have the assistance of the app development team. After it's finished, it's time to run an app testing procedure to find flaws and mistakes. To guarantee that your app will function as intended, make sure the testing team uses both manual and automated testing approaches.

When the app testing is complete, it's time to deploy the app. When required, let your team launch an app on the appropriate platform.

As a result, while creating a typical app like Robinhood, you must concentrate on the features you intend to provide. Now let's go right into the app's functionality.

FeaturestoCreateaStockTradingAppLike

Many of you frequently inquire about the possibility of creating another trading app from the development firm due to the abundance of trading applications on the market. So let’s get started with the list of features required to create an app like Robinhood:

Verified User-login Process: Given that this is a significant money-transaction software, it's critical that users be able to sign up using a variety of methods, including phone numbers, social networking sites, and email addresses. The user is better secured with a biometric or touch ID identification method.

Dashboard: The user will arrive right to the app's main page after logging in. Be sure to make this area for investors really enlightening. Typically, it contains all the information that investors need, such as order status, watchlist, balance, charts, holdings, and so on.

Build Portfolio: With the help of this feature, investors will be able to create and maintain their own portfolios without the assistance of outside agents. They will be able to quickly discover what they want by filtering and sorting in this manner.

FeaturestoCreateaStockTradingAppLike

Many of you frequently inquire about the possibility of creating another trading app from the development firm due to the abundance of trading applications on the market. So let’s get started with the list of features required to create an app like Robinhood:

Verified User-login Process: Given that this is a significant money-transaction software, it's critical that users be able to sign up using a variety of methods, including phone numbers, social networking sites, and email addresses. The user is better secured with a biometric or touch ID identification method.

Dashboard: The user will arrive right to the app's main page after logging in. Be sure to make this area for investors really enlightening. Typically, it contains all the information that investors need, such as order status, watchlist, balance, charts, holdings, and so on.

Build Portfolio: With the help of this feature, investors will be able to create and maintain their own portfolios without the assistance of outside agents. They will be able to quickly discover what they want by filtering and sorting in this manner.

FeaturestoCreateaStockTradingAppLike

Sorting and Filtering the Stocks: By sorting and filtering the pertinent information from the ledger that describes each trade record, investors may assess the stocks. The stock market will be easier to navigate with user-friendly navigation. A crucial function that aids in keeping track of all transactions is transaction tracking. Using this method, consumers may safely check their order executions and manage their payments with ease. Every currency transaction, whether it involves deposits or withdrawals, would yield the necessary data.

Watch List: By maintaining a list of stocks to follow, users may keep tabs on price, volume, bid price, and percentage changes as well as plan out future investments. A watch list is required for stock research.

You have countless options for adding functionality to the trading app. However be aware that it is one of the main cost-driving elements before you start adding on the features. Let's now think about the expense involved in developing an app similar to Robinhood.

HowMuchDoesItCostToCreateaTradingApp?

An app like Robinhood typically costs between $12,000 and $15,000 to develop, but it may cost up to $30,000. You might be perplexed at this point as to why the price of developing an app varies so widely.

Making an app is more like purchasing a vehicle, I guess. Every car's price is determined by its model, features, and variants. The price to develop a trading app similar to Robinhood depends on a number of factors. Here are the few major cost key driving factors are:

Deciding upon the operating systems

Choosing the features and functionalities of the app

The complexity of UI/UX design

App testing and deployment

The choice of the app development team and their location.

WhatAretheBestMonetizingStrategies?

On their platform, traders are charged commissions both to trade and each time they trade. As these costs are far less expensive than those at conventional brokerage firms, traders may find Robinhood to be a desirable alternative.

Commission fees: Robinhood can charge interest on cash balances kept in the app in addition to making money on commission-based trades. Customers that deposit money into their Robinhood accounts have their money invested by the firm in low-risk, short-term assets in order to generate a return.

Providing Premium Features: A paid subscription is required to access any of the extra premium features that Robinhood offers. These rewards may include having access to cutting-edge research tools, superior customer service, or other perks. To access premium services, you may provide clients the option of weekly, monthly, or yearly subscriptions.

Conclusion

Using this comprehensive blog post's instructions, you should now be able to construct an app similar to Robinhood. However it is difficult to keep up with the market's expanding requirements given the new technology in the app development space. This is why you need to work with an Indian mobile app developer to create an app with cutting-edge features and functionality. No matter how complicated your app needs are, feel free to contact our specialists with any questions or to submit a question in the form below.