How to Create a Trading & Investment App like Robinhood?by Alicia Thomas Business technology
The development of mobile technology has affected multiple aspects of our lives, including stock exchange investing. Mobile applications will also execute every job one can think and imagine. And it is as simple as that almost every business segment company looks for a mobile app development company.
Having a wise investment is as simple as using a health tracker and its assistance. One of the strongest examples of this field is the Robinhood application, which helps someone with little prior knowledge to exchange stocks and make investments for free. If you also want to build an application like that, hire an excellent company providing Android and iOS mobile app development services.
If you want to know what the Robinhood app is, how it makes revenue, and what it takes to build an app like Robinhood, stick around because we are into Android app development solutions, and today in this article, we’ll guide you through it.
Global smartphone app sales exceeded 365 billion US dollars in 2018. Pay advertisements and in-app advertisements will raise more than 935 billion US dollars in sales by 2023. So, being a mobile app development company – there is a pool of opportunities open.
What are the critical set of features an app like Robinhood possesses?
Though different stock trading apps, such as Robinhood, provide distinct sets of benefits, some of these amenities and advantages are commonly prized by consumers rather than others.
It’s a good idea to go through as many features as possible because this experience can come in handy later on in the creation process. So, when you are dealing with a company providing Android and iOS mobile app development services, discuss it.
Account and trade protection
The vast majority of users, regardless of computer skills, are concerned about protection, especially when engaging in financial-related online activities.
As a result, the most critical and challenging challenge for a mobile app development company is to convince the viewer/customer/users that the app is secure and accurate in any way. While each additional protection mechanism raises the expense of a stock trading app like Robinhood, it is never a good idea to skimp on safety.
To win the audience’s interest, make sure you provide at least a few measures for protecting user details, such as multi-factor authentication, sophisticated encryption algorithms, and surveillance for irregular behavior.
Orientation for both experienced and inexperienced traders
When you are in the ideation phase of Robinhood, like a stock trading application, tell your Android and iOS mobile app development services provider that you are looking for a more extensive consumer base to optimize the target demographic and future income.
To that end, ensure that the program does not necessitate any particular technological or financial expertise or experience. Offering a concise and detailed tutorial, like a step-by-step guide or a manual with a FAQ section, is a perfect way to draw inexperienced users.
So, when you hire an Android app development solutions firm, keep this in mind.
Structure modularity and integration potential
We will recommend choosing a flexible framework for your stock trading application to support a broader range of users and functions. It allows you to group functionality into functional blocks for easy access and usability.
The architecture of this app also facilitates numerous monetization plans dependent on the availability of various services, which we will discuss late on. Furthermore, a flexible framework allows for creating many iterations of the software with minimal or “more oriented” features. For example, you might create a cryptocurrency or CFD trading app similar to Robinhood.
So, if you are looking for the same, hire a mobile app development company that can provide you with such functionality.
Once you’ve decided on the number of functions and functionality to include in your apps, the next phase in developing an app like Robinhood is design creation. This method aims to have the best UX/UI possible by considering the characteristics of different modules, hardware architectures, and operating systems.
It is a difficult job that necessitates careful consideration of different development technologies such as languages, APIs, interfaces, protocols, data formats, etc.
Naturally, some are better adapted to particular tasks than others, so developing smartphone and web versions can necessitate various resources. Hire Android and iOS mobile app development services wisely.
What is the cost of the development of a Robinhood-like app?
As you would expect, the amount of the above features and technology selected has a significant impact on the expense of developing a stock trading app. The more sophisticated your app, the more man-hours it would take for development and testing. So, clarify your budget with an Android app development solutions provider. You could also ask for a quotation from the potential mobile app development company with who you are
It involves every functionality, assisted framework, and additional functional module. Furthermore, the need to outsource certain stages of the construction phase raises the overall costs.
Bear in mind that Android and iOS mobile app development services providers in the United States or Western Europe charge more than their counterparts in Eastern Europe or Asia. Their prices often differ based on their expertise and experience.
However, if you want precise figures on the expense and time required to build an app like Robinhood, please contact our sales department, and we can approximate the costs based on your specifications.
How do startups like Robinhood earn money?
Robinhood retains an effective monetization model by preceding the need for an office and employees and large-scale advertising activities, resulting in considerable cost savings.
Furthermore, a premium “Gold” version of this application has more functionality than the free model. You are free to use this model as is, change it as you see fit, or use a different form of monetization. Demand that a mobile app development company create the revenue generation model for you.
You can also sell a 24-hour VIP client service membership, as well as an ad-free experience membership fee. Hire an excellent android and iOS mobile app development services firm.
Advertising is one of the most common methods of monetizing free services and works particularly well with mobile networks, while web-based apps can still use this model.
Last but not least, there is an obvious way to profit: charge commissions on any exchange made with your app. Although it can be a source of income for the service, the negatives almost outweigh the possible benefits.
The preceding list of features and criteria demonstrates that designing a free stock trading application is a challenging process that requires a significant amount of time, labour, and money.Work with MOON TECHNOLABS to build your next Robinhood-like application. As being a top-class Android app development solutions provider, we have the required expertise and experience. Send your company inquiries to firstname.lastname@example.org. Hire an excellent android and iOS mobile app development services firm.
Created on May 10th 2021 08:24. Viewed 352 times.