The stock market trading history goes back to the 13th century, but it has become highly competitive in the last couple of years. In the modern-day stock market, investors can access a variety of markets online, right from laptops and smartphones owing to the advancement in technology.
Today, stock trading is mostly done online through customized apps which allows buyers and sellers to connect worldwide. The demand for customized trading apps has increased significantly in recent times due to their popularity.
So, if you are planning to jump into this growing business model and would like to get an estimate of the cost of developing a trading app, you’re at the right place.
Let’s decode them!
Cost of Developing Trading App
There is no definite answer when it comes to the cost of developing a trading app, as not all apps are created equally.
However, you should expect to spend somewhere between 30K -100K, keep in mind that this is just an estimate and the mileage may vary.
You’ll need to get in touch with the best mobile app development company in India for a more accurate number. Now, let’s address the factors that affect the cost of trading app development sequentially.
Factors That Impact Trading App Development Cost
Although, the list of factors that impact the cost of developing a trading mobile application is huge, however, we have listed some of the important ones.
1. Features
Before you start looking for app developers or agencies to build the trading app, perform market research and create a meticulously detailed document. Make sure to outline the features you want in the app, such as:
- Real-time market data
- Managing stock portfolios
- Newsfeeds
- Historical price trends
- Predictive analysis tool
- Customer service
- Integration, and more.
The overall cost of the trading application will be affected depending on the complexity of the features you wish to integrate, the more features, it’ll probably cost more.
2. Hourly Rate of the Developer
Next, you need to hire an app developer or a full-fledged agency and their cost will vary. Developers’ hourly rate usually varies based on location, technology stack, and experience.
Whether you hire locally or overseas, the rate will vary based on the location. For example, the hourly rate of mobile app developers in India starts from $15, whereas in the US, the rate starts above $40.
The second factor is the technology stack, which usually refers to the list of services and tools the developers use to build the trading app, such as programming language and frameworks like JavaScript, HTML, CSS, PHP, and React Native.
The final factor that will affect the hourly rate is the experience of the developer, the more experienced the developer/s, the more expensive their cost will be.
With that said, always ask for portfolios, check their previous work, contact the clients, and see if that developer or app development agency is the right fit for you. If you decide to outsource overseas, ensure that they have a good reputation and check the time zones.
3. UX (User Experience) and UI (User Interface)
The trading app development process is time-consuming and the cost can be affected by the number of hours taken to complete the project. The number of hours it takes will depend on the complexity of the UX and UI design.
UX covers the user journey, you’ll want them to navigate through the app easily and efficiently. UI is the visual design, such as font, icon, color, palettes, and other interactive elements. In a simpler term, UX makes the app perform well and UI makes the app look good.
An app that is easy and smooth to use is better than an app that just looks good, so make sure that you are not cutting down on UX while focusing on UI.
Also read: Cost to Develop an AI-enabled Fintech App
4. Platform
Determine whether you want the trading app to be built on a single platform, such as iOS or Android, or you want it built for both platforms.
Depending on your choice of platform, you can choose between Native, Hybrid, or Cross-platform. In terms of cost between the three, Native is the most expensive, Hybrid is the cheapest, and Cross-platform is right in the middle.
Native is the most expensive as the app will be built for one specific platform and will not work on other platforms. Native applications are developed using device-specific software and hardware. While it is the most expensive option, it brings high value in return.
However, if you wish to develop the app for both iOS and Android, you’ll have to develop two separate apps. Hybrid and Cross-platform works on more than one platform.
Hybrid may be the cheapest option and takes the least amount of time, but it has limited features and support. Cross-platform applications work on several operating systems and can be created from a single codebase.
Additional/Hidden Cost Involved in Development Trading Application
Here are a few hidden or additional costs you should consider, 3rd party integration, Admin, Infrastructure, and Maintenance Costs.
Each new 3rd party integration will increase the cost. You’ll also need robust security measures to protect user data and transactions. One important factor that’s often ignored is support and maintenance cost, which is a monthly recurring cost to ensure that the app is functioning well. All these additional features will be reflected in the final cost of developing a trading app.
Now, that we have taken a close look at the factors that will affect the cost of your trading app development, let’s take a look at some risks and challenges that come with it.
Challenges That Come with Developing a Trading App
Security of personal data is one of the major concerns for any app user; thus, it’ll be a major risk for you as well. It should be your top priority to protect the users’ personally identifiable information and their financial data. To revise the risk, check in with your legal counsel and do not compromise on security features.
When it comes to app development, you get what you pay for, so don’t cut corners and go for the cheapest option, as the cheapest option is not always the best option. Invest in it and you’ll see a high-value return.
Hope you now understand what the cost will be for paying the development team for a trading app and the factors that typically impact its cost. While discussing with various app development companies, here is a rough cost estimate for developing a trading application.
A rough estimate for developing a simple trading app-
- Research and Planning: $2,000
- Design and Development: $8,000
- Testing and QA: $3,000
- Deployment: $1,000
- Total: $2,000 + $8,000 + $3,000 + $1,000 = $14,000
Wrap Up
Are you ready to build your trading app? Build a customized app by partnering with a fintech software development company and become a part of this growing business.
