The advent of stock trading apps has completely transformed how one can invest in the financial world. The people’s interest exploded after the COVID-19 era, resulting in an app like Robinhood cryptocurrency gaining immense popularity.
Such platforms facilitate individuals to invest money even without any economic background. They have more than 22 million active users, which shows how much scope Fintech companies can explore by entering the trading market. In this blog post, we will discuss the steps for developing a platform like Robinhood crypto app and a few crucial aspects of the trading world!
Statistics and Market in Stock Trading App
If someone looks closely at a report by Grand View Research, they anticipate that the valuation of stock trading apps will surpass the US$ 140 billion mark by 2020. It can be due to many factors, such as high-speed internet, technological advancements, and convenient computing power. All these things have assisted the audience to engage in the financial markets differently.
Also, the market is forecasted to grow at a CAGR of almost 6.5% in the next five years. Such promising acts showcase the potential for the success of trading platforms like Robinhood for cryptocurrency.
How to Create an App like Robinhood Cryptocurrency Quick?
Developing something like Robinhood coin app involves several complications, but our team has simplified the process into simple steps. Just look at all of them to create seamless trading for your community.
1. Conducting Market Research and Defining Scope
First, you have to conduct market research to understand the audience’s requirements and pain points. Think about analyzing a competitor app like Robinhood cryptocurrency to find gaps and what kind of opportunities can be explored in the market.
It will be beneficial for understanding the targeted audience and what kind of features you need in the trading app.
2. Planning App’s Core Functionality and Architecture
Once you have done the proper market research, decide what kind of basic and advanced features must be added to the app. Make sure the platform is designed in such a way that scalability and performance never get compromised in any manner.
Add basic features like comprehensive dashboards, real-time stock prices, and asset search to ensure the app’s core is maintained. Functionalities like advanced charting tools, technical alerts, and orders can be added later.
3. User-Centric UI/UX Design
The Robinhood cryptocurrency app clone interface should be visually appealing enough to ensure an excellent user experience. Take the help of an experienced cryptocurrency app development company that can deliver the core value proposition.
Ensure the app offers as much as possible on a single screen without overloading things. Also, create a mobile-friendly design to ensure top-level accessibility and a highly optimized user experience.
4. Creating a Minimum Viable Product (MVP) with Basic Features
We recommend developing an MVP before launching a fully developed app like Robinhood cryptocurrency. However, the app must include major features like real-time market, safe payment gateways, user registration, stock search, and other important stuff.
This step will help you determine whether your vision will work in the market. Also, you can conveniently learn the significant flaws in the app before getting launched on a large scale.
5. Testing and Launching the MVP
Before making the final launch of a platform like the Robinhood coin app, we recommend performing proper testing to identify bugs. You will be able to measure how much users are satisfied and what improvements are required.
Taking the help of experienced professionals for cryptocurrency app development services for this purpose will assist in developing exceptional solutions.
Read More: Ultimate Guide To Develop A Cryptocurrency Exchange App Like Binance
How Much Does It Cost To Develop An App Like Robinhood Cryptocurrency?
The cost always plays a handy part while creating an app similar to Robinhood crypto. There are lots of factors that play a critical part in the development process, ranging from server costing to design and maintenance. Each of them contributed convincingly to the cost you have to incur while creating such an app.
A lot of entrepreneurs use the help of a white label crypto exchange software development company. It not only allows them to save money, but also get assistance in launching their exchange in less time. However, it is recommended that you connect with an experienced blockchain app development company that will guide you throughout the process.
Features to Add in Robinhood Cryptocurrency App
With a range of apps already in the market, it is essential that your product should be able to serve the users well. To do so, there should be a list of features you can consider adding to the app that is similar to Robinhood cryptocurrency.
1. Verified User Login Process
As there will be money involved, make sure the users can register using a variety of different methods like email, biometrics, phone numbers, etc. The user access should only be offered after proper verification.
2. Dashboard
While creating a platform like Robinhood crypto app, make sure your dashboard is convenient for users. It should offer them information like charts, holdings, order status, balance, etc. Always ensure the details aren’t overloaded so the users doesn’t get confused.
3. Secure Payment Gateway Integration
The fund deposit and withdrawal should be protected by adding multiple layers of security. Go for the cryptocurrency app development services that focus on making the payment gateway integration as secure as possible. Users will get extra peace of mind when they find their funds protected against fraud.
4. Push Notifications and Alerts
The app development process should include adding a push notification feature to notify users about the stock price changes. They should be able to receive regular updates about their portfolio to boost engagement.
5. Advanced Analytics and Charting Tools
The advanced-level functionalities can assist the users in accessing the in-depth charts and getting technical indicators to understand the market and make better decisions.
6. Multi-Currency Support
The app you are planning to develop should be able to support various currencies to ensure people from all over the world can use it. It will expose your platform to a global audience.
7. AI-Powered Investment Recommendations
If someone is interested in providing advanced-level functionality to their app, they can think about utilizing the power of AI in wealth management. It will let the users receive personalized investment recommendations.
Read More: OTC Crypto Exchange Development: Features, Process & Cost
Wrapping Up
We hope this detailed guide has helped you understand how an app like Robinhood cryptocurrency can be created. Staying in the market by adding emerging technologies to the app development process is challenging.
Hire dedicated developers to build an app with advanced features and functionalities to tackle competition in the market. It doesn’t matter how complex an app you want to build; connecting with an expert team is highly recommended.
FAQs
Q1. Can I customize the trading app to target a specific audience?
Ans. Yes, you can connect with a professional cryptocurrency app development company for customizing the app to cater a particular audience and market segment.
Q2. Do users prefer AI recommendations for stocks?
Ans. Users prefer to trust AI-based stock recommendations when using a trading app. So, adding such a feature will be very beneficial for grabbing a wider audience.
Q3. How long does developing an app like Robinhood crypto platform take?
Ans. It depends on whether you prefer a customized or a white-label app for your platform. If we talk about customized trading apps, it can take up to 9 months to complete the entire process.
Quick Contact Us Call/whatsapp : +1-646-917-8081 Email : jiten@inventcolabs.com
Jitendra Jain
Jitendra Jain is the CEO and Co-founder of Inventcolabs. He is among the most endeavoring leaders in the space of advanced computing and information technology. He has been at the forefront of the tech innovation taking place at Inventcolabs, and his domain insights, ideas, and viewpoints on the latest IT trends and traits impact change through his words and works in motion.
