During the last 20 years, the world has lived through several financial crises and is now going through another one because of the COVID-19 pandemic. The economic situation is highly dependent on the social situation and the possibility of lockdowns, so there is no wonder people are looking for opportunities to create a financial safety cushion. And the younger generation prefers trading.
In 2020, the company Wealthsimple was getting around 7,000 new users weekly, and around half of them were under the age of 34. This fact is worth mentioning because Millenials and Gen Z favor mobile devices. It means that creating a mobile trading app is a potentially profitable idea.
One of the most important steps in the development process is deciding what features to include in a trading app. Here is a shortlist of functionality that will be perfect for the first release.
The first functional page that your users will see is a sign-up/sign-in form. It’s important to keep in mind that this screen should be as simple as possible. No one really likes wasting time filling in multiple forms and fields.
Another crucial element here is security. Users are going to give you their sensitive financial data that must be protected from any third-party agents.
Regarding user profiles, you can implement several user roles to make the app convenient for everyone. Three main user roles include:
- a client (a person who owns the aspects and wants to participate in trading)
- a broker (a licensed agent who buys and sells assets for the client)
- a staff member (a representative of your platform who manages all other profiles)
The most common parts of a user profile are the name, photo, trading history, investment portfolio, and general settings.
When a user logs in to the app, they will appear on a dashboard. It will show the most important information from the user profile in a convenient way. This page will definitely include a lot of charts, statistics, and numbers, so you should pay extreme attention to the UX here. If you don’t have enough expertise or you don’t want to hire an in-house design team, you can turn to software developers like Itexus and ask their designers and developers for help.
Well, your trading app will not be a trading app without the necessary financial functionality. To address the basic needs of your users, you should implement real-time updates of main metrics, analytical tools, and, of course, the ability to buy and sell assets (consider payment gateway for safe payments).
With push notifications, it will be easier for users to track the market and follow their activities in real-time. Also, there can be technical alerts, newsfeed information, and other types of reminders.
It doesn’t mean that your mobile trading app should only have the above-mentioned features. Other possible functionality can include search, filters, tech support, advanced analytics, watch lits, and portfolio. You can add them right away or postpone their implementation for later updates. Now, when you know the top features of a trading app, you can start the development.