How Much Does It Cost to Develop App Like Robinhood?

How Much Does It Cost to Develop App Like Robinhood

We need to understand that the COVID-19 pandemic has created several unpredictable moments in retail trading. The majority of us are struggling with the financial crisis, staying at home. To find a proper opportunity we mostly need to rely on large revenues on the investments. Although we need to understand that trading is mostly about stock trading.

It involves trading rules, lots of calculation, prediction and regulation, etc. It discourages the individual to progress further with the stock trading market. Although there is a similar and influential stock trading app called Robin Hood. It has opened the opportunity for several amateur stock traders which counts around 13 million.

Amateurs used after downloading the app will have the ability to easily trade by making their own decisions. That’s because the app is having the ability to help the amateur understand the proper way to invest their money. Most importantly the service is available with zero Commission fees across all the trading platforms.

This is one of the sole reasons the app is highly recommended with increased activity and continues to be expanded. Most amateur traders are gathering or using a similar application that offers easy access and reliability. The app is having quick accessibility interfaces along with interactive features. This is the major reason for grabbing the attention of young investors who are mostly amateurs.

In case you are interested in getting into the fintech industry, then it is high time. Developing apps like Robin Hood will gain the attention of the target audience in the field of online investment. Although understanding cleared successfully creating a trading app. It is important to embrace all the abilities which make sure the track of the stock movement will be successful.

The app needs to have the ability to sell and buy the stocks in real-time which will increase the user base quickly. We need to go for the cloning of trading apps like Robin Hood. It is the most popular trading app available in the market which will help us to progress further and stand above the competition. Most importantly we also need to consider the cost of the development which comes with the proper development process.

Also read : How Much Does It Cost to Build an Online Sharing/Stock Trading App?

Challenges and Legal Issues Need to Deal with for the Development of Trading Apps:

Once you are having the final decision for disguising the brokerage and investment business, then it is time to expand into all the mobile markets. Although we need to consider all the challenges and legal obstacles we need to deal with for the process. Before getting started with the development of the trading app, we need to look into all the investment policies.

It is recommended to hire an experienced and skilled mobile app developer who will go through all the legal policies. They will help in avoiding all the legal issues which might face after the deployment of the app in the market. To safeguard all the legal issues there are a few factors that need to be considered.

We have listed all the factors which are needed to be dealt with while developing a stock trading app similar to Robin Hood.

  • It is important to join with the investor protection programs. It is recommended to get connected with various regulatory institutions similar to FINRA and SIPC. This will surely increase the credibility of the platform by increasing its reliability.
  • It doesn’t matter in which country we are planning for launching the stock trading app. It is important to obtain a license from the country’s regulatory body. The license needs to be issued respective of the company to ensure every kind of legal security.
  • It is important to implement protection for the users and their money by ensuring multifactor authentication. It is important to include 256-bit AES encryption into the application. It is also mandatory to include AI-based fraud detection along with various other security tools. This will increase the reliability of the app and increase the user base without any trouble.
  • The app also needed to secure and protect all the sensitive data of the consumers. It is advisable to follow all the PSD2 directives and similar rules for securing sensitive data. It is important to protect the data theft to ensure the proper reliability among the user base.

These are the major factors and teams which need to be followed for overcoming all the challenges. This will ensure to protect from data fraud detection and legacy of the app. Although we need to consider that the success of any stock trading app is not entirely dependent on the encryption policy. It is also important to implement all the major functionalities and features to make it successful in the market.

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Cost of Developing an App Like Robinhood:

Actual estimation and calculation of the development of the trading app could be a difficult task. The cost of development varies according to the requirement of the client. So, without understanding all the specifications and the requirement we cannot assume the cost. It is far difficult and challenging for getting an estimation of the average app development cost.

Various factors need to be considered including features and functionalities, the complexity of the app, technology is being used, I design, hiring any mobile app developer, etc. Although clip the number of hours being used for the app development process. We also need to understand that the hourly cost of every app developer is different from region to region.

It is important to understand the cost range of any app developer before looking for a proper development process. So, with a quick evaluation and estimation, the average cost of building any trading app is required to understand on various factors we mentioned above. By considering all the above-mentioned factors it is estimated that the cost of development could be ranging between$20,000 to $25,000.

Although the cost could go beyond$35,000 for every platform if the app needs to be implemented with major advanced features. The more features we are going to implement into the app it will increase the more complexity it will take more app development time. The increased number of hours will increase the actual budget of the app development services.

It is recommended to go for be consultation services which will give you an understanding average cost. Consultation session within a proper discussion with the developers on the requirements for building the trading app.

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