Why Outsourcing Stock Trading Software Development Is A Wise Decision?
Technology has been evolving since the day we all gained senses. Who knew one could earn or multiply money via their smartphones on a platform. The trading application allows traders and investors to trade financial products such as stocks, options, cryptocurrencies, and other financial products.
According to Statista, the global e-Trading market is 8.29 billion USD, and in July 2021, there were 1.09 million monthly active e-Trade users alone in the USA. Trading platforms like WeBull have 2.69 million users globally in 2021, therefore making it ideal for entrepreneurs to invest and develop Webull Clone apps.
Most of the brokerage and startups are jumping the bandwagon and are investing in stock trading software development. If you are planning to create a stock marketing trading platform, then this post is for you. Here you find answers to why outsourcing your trading app development is a wise decision.
But first, let’s start with the introduction of the stock market trading software.
What is Stock Trading Software?
A stock market is a place where traders and investors buy and sell stocks of registered companies. A well-built stock trading software makes it easier for traders and investors to buy and sell stocks. The trading software gained popularity as it improved the trader's efficiency, allowed traders to remain in control, and access stock markets anytime.
One of the biggest plus points of these trading applications is that they allow users to stay in touch with the stock market via their smartphones. Investors and traders buy and sell stocks, invest in IPOs with lower commission fees whenever they want. They make trading so easy that even new traders are investing in stock markets and making profits as well. With stock trading software users can do all sorts of financial transactions and open the door of new opportunities to invest in stock markets. The top fintech app development firms can add on many features that provide ease to newcomers and expert traders.
Must-Have Features In A Stock Trading Software
A well-built stock market software assists users in buying and selling stocks in the best possible way. Here are some of the must-have features of stock market software that are common in most leading trading applications:
- Sign-In Process - For any trading application, it is important to have a user-friendly interface and a simple sign-in option to access their account. A user can enter the application with verification methods such as Pin, Biometrics, Authentication code, and so on.
- User Dashboard - A well-built stock software has a dashboard feature for users to see their stocks, equity, IPOs, and other relevant information about their trading account all in one place.
- Easy Deposits and Withdrawals - This feature allows traders to deposit money directly from their account and withdraw money directly to their bank account whenever they want. Easy deposit methods such as UPI, NEFT, Credit card, Debit card makes the complete process smooth and easy.
- Buying and selling stocks - The functionality of this feature is the most important during the complete stock market software development process. This ensures that users can buy and sell stocks smoothly without any hindrance to the flow of money.
- Search Feature - This is a handy feature for investors and traders as it allows them to find stock and its current price.
- Stop Loss/ Set Buy - This feature allows users to buy stocks at a particular price and cut their losses or profits at a set price limit.
- Market Analysis - A stock market software must-have features like technical analysis, fundamental analysis that helps traders to predict current market scenarios.
- Trade History - A well-built trading software helps users see their previous trading history and help them analyze their performance.
- KYC - This feature allows the admin to verify users and ensure all users follow all regulations before creating the account.
- Holding - Here, a trader can view their shareholdings, view their funds, and allocate them accordingly.
- Push Notification - These notifications are the best way to inform users about the latest market news, IPOs, events, how their stocks perform, etc.
Revenue Models Of Stock Market Trading Software
- Membership Fee - In this revenue model, users pay a fixed membership fee for trading in the stock market.
- Transaction Charges - In this revenue model, a specific amount per transaction is charged by the platform.
- Cross-selling - In this revenue model, the trading platform generates money by offering financial products such as Mutual funds, Insurance, SIP plans, etc.
- Advertisement - This is one of the best-proven revenue models where platforms can generate money by advertising on their stock market platform.
Stock Trading Software Development Cost
There's no set limit when it comes to the exact estimation of developing a stock trading software application. So, we have created a list of factors that affect the overall development cost.
- App design
- Platform choice (Android, iOS, or both)
- Support and maintenance cost.
- Technologies used
- Choice of an app development company
A clear view of the platforms' features, requirements, and USPs will help get approximate costs from stock market software developers.
Why Outsource to Stock Market Software Developers?
The stock market software developers in the UK, USA, and Europe usually charge more, making outsourcing software development-wise and budget-friendly. Plus, the outsourcing development companies have more expertise and quality of the product. Therefore, there is no need to spend extra bucks. Here are a few pointers that make outsourcing stock trading development a wise decision:
- Customized Price Models - The prime reason most of the IT companies and startups in the USA, UK, and Europe choose outsourcing is to minimize the stock market software development cost. Outsourcing companies offer plans such as the Hourly price model, Fixed price model, and Dedicate hiring model as per the client’s demand. This gives entrepreneurs an option to choose the best suitable plan and keep the development cost down.
- Expertise - As most projects in the USA, UK, Australia are outsourced. An outsourcing IT company gets new projects in different industries and thus has more expertise in developing wider applications.
- Quality Development - An outsourcing development company understands the needs of its customers. They engage with their clients during the complete development process to ensure optimal client satisfaction and provide the highest quality product.
- Customer support - To provide seamless engagement with their client’s the outsourcing IT companies offer 24*7 customer support. This ensures that all the client’s needs and issues are well communicated and resolved within a given timeframe.
Now, you know why outsourcing trading software like WazirX Clone development is a wise decision. The next thing that you need to do is find a clone application development company that can help you build and launch an application within months. While finding the right stock market software development company, ensure that you check their services, experience, working hours, and client feedback.
So, what are you waiting for? Take advantage of the current market trend. Start searching and develop your trading application with the right app development company.