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5 things to consider before creating an trading platform

9 min read • January 15, 2021

Introduction

All of the participants, investors and brokers in the stock exchange closely follow and use all the developments in the web and mobile field by keeping up with the technology. E-commerce application is a good way to develop a stock market application. However, there is no perfect trading practice in the market yet. In our article, we will explain which ways to follow and what to pay attention to those who want to develop e-commerce applications.

What is the trading application?

The currently developed applications and websites are designed to make people's lives easier and make their transactions faster. People dealing with the stock market have also started to use this development to their advantage. In addition, brokerage houses have started to research how to set up an automated trading system with the developments in the web and mobile and have been successful.

People have been very eager to develop a trading platform in order to keep everything related to trade under control. Because they have become able to do all kinds of transactions on the stock market whenever and wherever they want. Such innovations and ease of use have also increased people's interest in the stock market.

As a result, an exchange web or mobile app targets both those who are interested in the stocks of large companies for long-term investment and those who want to make a short-term deal.

What are the types of trading platforms?

Trading platforms can be classified in different ways, but in this article, it is examined under two main headings.

1. Traditional oriented type

There are trading tools that have been used in this type of trade since ancient times. These are time-tested assets such as ETFs, currencies, stocks, precious metals, and much more. Traditional oriented type trading platforms allow people to make well-known investments. This group is the most preferred group because people find it safer to trade assets that they know to manage and have been tested. Also, your custom trading software doesn't need to be limited to a single asset, you can invest in a variety of assets.

2. Cryptocurrency focused type

The second type is related to cryptocurrency. These types of trading platforms allow transactions with Bitcoin, Ethereum, Litecoin and many other cryptocurrencies. You can do any kind of trading and similar transactions. There are also two options for exchanging cryptocurrency assets, centralized and decentralized, with the participation of intermediaries, and it works according to the p2p model.

As we explained, there are different digital trading platforms, but the best option to invest and manage well is a mobile or web platform. In the following parts of the article, it will be explained how to implement such a stock market, but first we will give brief information about who your competitors can be by taking a look at the market.

Your competitors

If you want to develop stock trading software and get the best performance results, you should pay attention to the E-commerce application. These applications are successful applications that users have gladly used for years. It allows investors and traders to easily interact with the stock market. Multi-functional mobile applications such as making transactions, tracking prices in real time and following the latest stock market news are the most suitable solution for E-commerce. But your only competitor is not E-Commerce applications. That's why you should examine other competitors before creating a high-quality trading platform.

- Robinhood

Robinhood is a trading platform that allows free trading of stocks, compiling personal lists of financial credit documents and security documents and obtaining real-time information about quotations.

- eToro

eToro has an original idea on stock market app development. Users can not only communicate with known traders, but also monitor their transactions and copy them.

The eToro database contains data such as portfolio information, risk indicators and trading history of millions of people from different countries. In this way, it creates a beneficial environment for those who want to learn and win simultaneously.

- Yahoo Finance

The Yahoo Finance application offers many services to its users such as real-time tracking of stock prices, latest stock market news, securities comparison, and monitoring of other users' investment portfolios.

- StockTwits

StockTwits is different from an ordinary stock market application. It is a Twitter-style application designed specifically for stock analysts. With StockTwits, users can learn the opinions of different individuals about certain securities documents and have anticipation of the future of their stocks by following what is happening in the stock market.

- NetDania

With NetDania Forex, you can interact with the foreign exchange and stock markets, monitor the exchange rate in real time and create charts online.

After a brief look at the competitors in the market, it is necessary to mention an important issue that concerns those who want to learn how to make a stock market application on Android and iOS. First, let's examine the basic features of stock market applications.

Stock market applications: key features

1. Registration; The application registration process should be simple and secure because data security is very important, especially when it comes to finance. It is most convenient if you provide different registration options such as social networks, phone number or email. In addition, if you are going to develop a modern application, your application must also support the Touch ID system.

2. A user page is required to manage profiles containing personal data. The information in the profile should be open to editing by the user.

3. While developing your custom trading software, the most important issue you need to pay attention to is the ability to view and edit the required data and to trade stocks.

4. Payments and transactions. With this feature, you can fulfill orders and provide the opportunity to monitor and manage the flow of funds.

5. News stream. The stock market is very sensitive to local and global events. For this reason, being able to follow the developments live is one of the most important requirements of developing stock market applications. Current news should be collected from a variety of sources, including financial analysis reports, expert opinions, because this feature is important for users to be aware of events that could affect the value of their stocks and predict the future.

6. The user needs a list of the stock exchange's updatable portfolios because it must be capable of tracking in real time and observing their location.

7. With the deposit feature, you can check the deposit status effortlessly and at any time. It is an important feature that should be found in high demand trade applications.

8. Offer tracking. Users should be able to see all offer updates in real time.

9. Search. Thanks to an easy and convenient search engine, users can easily find what they need.

10. Analytical. Those interested in stock trading prefer applications that have features such as monitoring statistics and analyzing the results of transactions. Providing different types of performance charts and reports is an important part of making the application attractive.

11. Thanks to the sorting and filtering systems, users can view them according to their needs.

12. Receiving notification. The notification system is the best way to be in constant communication with users.

After listing the features required for a successful trading platform implementation, it is necessary to explain how to set up an automated trading system. The stock market application development process is quite complex, but to make it as simple as possible, it is necessary to pay attention to 5 things.

1. Mobile site VS Mobile application

If you are only going to develop a mobile application, you can skip this step directly because in this step we will talk about two different options that will allow you to decide how to interact with users' smartphones in order to understand how to create a stock market website.

Mobile site. The mobile version of the website adapts to any screen of mobile phones. No need to create a new resource for different platforms as it works equally well on all mobile devices

Full-fledged mobile application. The application has many different features that cannot be adapted to the mobile site. You can also be involved in the customer interaction process more effectively with the application.

2. Choosing the best platform

You can decide on which platform your application will run by researching which devices your target audience uses most frequently. E-commerce is compatible with all operating systems. Develop your app for the most popular platform, taking into account these tips and your research.

3. Development process

After preliminary issues, three basic stages of stock trading software development need to be examined.

For mobile development, you will need the services of iOS and Android developers, so iOS experts should know programming languages like Swift or Objective C, and Android experts should know programming languages like Kotlin or Java.

Backend development. To develop a commerce application, you need a backend developer who is an expert dealing with server technologies: a database, architecture, software logic. The developer uses server programming languages and frameworks such as Ruby, NodeJS, Python, Java, .Net to ensure that the server and databases are working correctly.

Front end development. Front-end development means design and creation of web interfaces. Required only if you decide to build a stock market web application. Front-end developers create a "client" section of the site and handle everything the user interacts with. This developer should be well versed and experienced in HTML, CSS, JavaScript. It should also be able to create complex systems using Angular or React (including Bootstrap, jQuery, etc.). In addition, it needs to master Ajax technology that allows access to the server without reloading the page.

4. Trading system design

A wrong move in the stock market can lead to huge failures. Therefore, the following factors should be considered when designing interfaces.

You should think about UI / UX to formulate ideas and needs for your application.

You should run a usability test to test if the product is functioning as you plan.

UI / UX should streamline the stock market application development process. It also helps prototyping and understanding how users interact with the application.

5. Security

Finance is one of the areas where security is most important. However, users do not like to deal with multi-step authentication, although it has their benefits. That's why you need to find a balance between comfort and security. But under all circumstances, security should be prioritized.

In the light of all this information, the last step is to find qualified stock market software developers with the necessary experience and tips on how to set up a trading platform. We think that your success will be inevitable when you pay attention to all the details and add features to your application that will make you stand out unlike your competitors in the market.