Trading platforms are essential tools that brokers and investors use to make trades. Thanks to the developments of technology, making a trade is as easy as tapping on the screen of a smartphone. You select the currency that you want and then you tap it.
But what if you want to create a trading app rather than just use it? Here are just a couple of steps that you should go through, along with some advice on how to make things perform.
- Initiate the Project with Competent Staff
When you initiate the app creation process, you require competent staff on your team. You need a good project manager, an IT architect, and at least one business analyst that can help you out with the financial insights of digital trading. Do some research on the market to gain more insight and find out what your customers value the most. You need to create a trading platform they will be able to use with ease.
- Define the Scope of Your Project
How big do you want the platform to be? Do you want to only operate locally, or do you want it to function globally? For example, FX brokers offering MT4 or MT5 platform for US clients might want to read the international guidelines, especially if their headquarters is in a different country.
- Decide on the Type of Trading Platform
Do you wish to create a day trading app, or do you want your focus to be on long-term investments? Do you want to work with stocks and regular currencies that are often offered via MT4 and MT5 trading platforms, or do you want to work with cryptocurrencies? Think about what is likely to become popular in your area, as the features of the trading app may be different.
- Consider the Main Features
What exactly do you want the users to be able to do? You need to ensure that the trading platform is easy to use, yet complete. For example, aside from the trading feature, you should make sure they have easy access to the news. You must also make watch lists available for users that want to keep track of other investors’ performances.
- Focus on Security
When you build a trading platform, you need to be aware of the fact that you are dealing with sensitive information. You will have access to people’s personal data along with their money. The last thing you want is for your platform to be hacked. Because of this, you need to add security features like data encryption, better firewalls, good APIs, etc. You may also want to add user-specific security, such as fingerprint scans or two-factor authentication.
The Bottom Line
A trading platform may be quite challenging to create. That being said, with a good plan and a team of reliable people, you should be able to release it within a year. Make sure to do your research and thoroughly test the platform before you release it.