Today, the evolution of mobile technologies has affected many areas of our lives, which evolve trading in the stock market. Mobile apps can perform numerous tasks that one cannot imagine. So, with the help of it, one can make an intelligent investment. The best example in this sphere is the Robinhood Clone app, as it allows anyone to trade stocks and make investments for free.
This guide will let you know what Robinhood Clone is, how it makes money, and what it takes to create an app. So, stay with us because we are going to walk you through this complete guide.
How does the Robinhood Clone App work?
Robinhood is a stock trading app, and it allows every individual to get into trading. Also, a user can invest in stocks by using this app without paying any brokerage fee. However, in traditional stock training, the investor needs to pay brokers a hectic amount.
Thus, the Robinhood clone app made this hassle-free without charging any brokerage fees. It hasn’t laid off extra costs, but it makes trading easy. Moreover, it contains vast arrays of stocks like Tesla, Apple, Google, etc.
So, before we start with the development process, let’s look and find out how the Robinhood clone app works. Robinhood is a free application program for stock trading, and it offers you interest-free trading and exchanges funds with accurate time information.
How to Launch a Robinhood Clone App?
Robinhood is sided with the biggies, and it allows individual investors to earn money via trading. Thus, if you want to be the next Robinhood for the individual investors, you first need to join and develop a Robinhood Clone.
Some of the Reasons that shows why Robinhood Clone App stands out from the Crowd:
1: It contains simple as well as attractive designs.
2: There are no extra charges for trading.
3: No account minimum.
4: It is a secure app for use.
Here we have defined some of the Best Features of the Robinhood Clone App:
Let’s get in!!!
1: A Broad dashboards:
The dashboard is defined as a term where all the data gets displayed to the trader. It involves order status, balance, watchlist, holdings, etc. Also, all your data should remain clear and understandable.
2: Traders Portfolio:
It is a feature in which the user can create and manage their trading portfolio. This feature comes with a filter and different sorts of functionalities, and it aids the user in searching effortlessly.
3: Chart Projections:
It would help if you remembered that data of stocks should get updated every second as the value of stocks keeps varying. Thus, you need to ensure that data must be projected with charts and make it understandable for the users.
4: Stock Trading:
It is one of the essential features of the Robinhood clone App. The users can either buy or sell the stocks by using this fantastic feature.
5: Fund Transfer:
In order to trade, the user needs to transfer their funds from their accounts. Besides, the user can either buy or sell a stock if he has transferred funds into the app.
It is a feature by which the user keeps track of certain stocks that he wishes to buy or sell in the future. Also, the watchlist can be easily edited at any time.
With the help of this feature, the user can easily synchronize his trading account via his devices. They also keep on trading with either a mobile phone or laptop.
8: Keep track of the latest market data:
The app helps in pulling data in real-time mode, and such an approach gives users a chance to monitor changes in their portfolio and make purchases and sales more consciously. Moreover, the data in the app is well-structured and well-organized. You need to think about the issue because beginners will find reading tons of figures and analytics challenges.
Various apps send notifications about dividends on investments and the different upcoming investments. In this way, the apps keep in touch with customers. Apart from it, you can also use this trick in order to inform your users about investment opportunities. One of the most important things is to give users a chance to choose what notifications they want to get and what they don’t.
10: Mobile Orientation:
Most modern customers prefer their smartphones over their computers. The Robinhood Clone app considered this when they were developing the app, and it made the interface simple for everyone. So, you need to think about a mobile version if you are looking to attract young customers to your product.
11: Free Stock Trading:
Unlike other brokerage applications, the Robinhood Clone app and its paid version allow customers to manage free deals with the minimum down payment. When you remove the initial deposit barrier, you can acquire users who don’t have experience in trading in the stock market.
On the other end, the experienced traders can provide additional deals and higher risks and charge commission on interest. In a premium account of the Robinhood Clone app, the users need to pay for extending trading hours.
12: Data Protection:
Robinhood Clone app encrypts all personal information and helps in protecting sensitive user data. Apart from this, the increased level of security allows users to control their accounts. Also, all personal data like transactions, bank balances should be encrypted in your app; otherwise, you cannot attract long-term users.
Steps to be successful in Crowded Robinhood Clone app:
You can indeed do little things on both the designing and development front. Thus, it would help to keep up with the standards that the Robinhood Clone app has set in the stock trading industry. You can work around on different features and make your application a lot expensive.
Here we have defined some of the basic things that you can add to your stock trading application:
1: Amplify Educational elements:
Ensure the learning material that you should offer to a user belongs to a new investor. Also, it should explain all basics regarding the stock trading industry, and by doing it, one can be on the road of expert investors.
2: Increase Research capabilities:
Try to give users some space in order to explore the stock market further. You need to observe how the market moves and get some insights about what events you can increase or decrease. You need to determine what customers can expect from the stocks or if they have invested in the right ones.
3: Discussion Forum:
The stock trading application should come along with a forum where the users can easily discuss the market with some other investors and learn something new in the process.
Why is it a good idea to build a stock trading app like Robinhood?
The Robinhood clone app is valued at $7.6 billion, and it has a vast user base of over 7 million. It gives its users the ease as well as the comfort of mobile trading. It has been seen that the Robinhood Clone app is progressing at a much faster rate.
So, if you are planning to build a stock trading app like Robinhood Clone, you must need a solid understanding of the stock trading app market and the major players that are ruling over it.
In order to find the same, you first need to determine how well the Robinhood Clone app and its competitors are performing in the market. And then, you will find an answer to why it is a good idea to build another stock application.
Some of its competitors are:
1: Robinhood App:
According to some sources, it has been seen that Robinhood Clone app registers over 610,207 app downloads in a month. With an estimated annual revenue of $ 80 million, the Robinhood clone has been the online stock trading segment leader.
2: Freetrade App:
This app was launched in the year 2016, and Freetrade is a no-fee stock trading mobile application. It allows users to trade in stocks, and also, you can take advice from professional experts.
The app has been recognized as the best share trading app. It received a total funding of over $ 20.6 Million, and it has been estimated that Freetrad can earn up to $ 2 Million annually.
So, these are just an overview of the increasing profile of stock trading apps which clearly shows that the utility of these apps is improving day by day. But the traction of these online stock trading platforms has been generated among the users, and it will surely reach greater heights.
Reasons one should make use of Robinhood Clone App:
1: No need to give commissions.
2: Instant Deposits.
3: There will be interest in uninvested funds.
4: One can buy fractional shares.
5: Margin Trading.
6: Re-investment policy.
How much does the Robinhood clone app cost?
As such, several factors come together into consideration in order to estimate the cost of Robinhood Clone app development. All you need to understand are the factors that help you to get a complete understanding of how much it costs to develop a Robinhood clone app.
So, here is a breakdown of the cost of a Stock Trading app like Robinhood Clone, and it also gives you an idea of what goes into deciding the price of an application.
Here you can have a look at how much it cost to make a Robinhood Clone app:
1: Design of the App:
The Robinhood Clone application rides in a straightforward design. But it is also true that it uses various micro-interactions elements that aren’t commonly seen in other applications.
Robinhood Clone app concerning designing will not be so high, but it requires innovation and new techniques to design its elements.
2: Backend and Frontend development:
Both the front and backend of the application will play the most significant role in the cost of developing an app like Robinhood Clone. All these costs, in turn, will depend on the type of technologies and the frameworks you are using.
Whenever we talk about the backend part of developing a Robinhood Clone like Stock trading app, then there are two approaches that you can choose from: Monolithic and Microservice. The Monolith is cost-effective, and it holds the ability to make your application in the long term and is highly scalable.
3: Testing Part:
While testing an application like Robinhood handles people’s money in real-time. Also, it comes with some complexity with an attached cost. There are numerous things that you will need to ensure when testing your Robinhood clone App. When the app starts working, you need to ensure that all the APIs are working correctly and check if the synchronization is seamless.
4: Team size:
The team that is employed to build a Robinhood clone app will also need to impact the cost of Robinhood. Like for example, trading app development. This application requires a team composition, and it involves the following things:
2: Android App Developers.
3: HTML experts.
4: QA Experts.
5: iOS app developers, etc.
The more people you appoint against each task, the greater your Robinhood clone app development cost. The factors that you have considered here don’t end here. You also need to look into other elements, features, functionalities, etc. The next factors that play an essential role in deciding the time and thus the Robinhood Clone app development might come across. Its only mobile app development companies can estimate the exact development cost of this app. Suffescom is one of the top on demand app development companies in California and can deliver app you are planning. Get in touch now.
Final Thoughts: In the end, we can say that the stock market has always been the utmost priority, and the outsiders felt it challenging whenever they entered this arena. With the help of digitization, trading individuals get lots of benefits. One of the investment apps like Robinhood Clone, allows individual traders to follow the lead and it helps in launching a stock trading and a great investment platform.