Forex trading apps are gaining popularity in recent years as many aspiring traders see opportunities amid market volatility. Forex is the largest global marketplace in volume, and people wish to make this an extra earning source. As you develop and launch a user-friendly currency trader app, you will help these growing users with a reliable tool to trade.
This article takes you through the technical aspects and the process of building a forex trading application that the users would love. Is it worth investing in an fx trading app? What sort of app would be better? Let's begin by understanding these aspects:
Understanding Forex Trading App Market
You can see rapid growth in retail users of apps for forex trading after the inception of online forex trading and mobile internet accessibility. Leading banks and brokerage websites also provide forex trading as an additional investment option. Most notably, as an app builder for forex trading, you must educate novice users and encourage them to make informed decisions.
Forex Trading Platforms Types
What sort of a forex trader app would you like to create? Knowing the broad classification of forex trading platforms is vital before jumping into development. Here are some practical options:
It is crucial to determine your target audience and their preferences to choose the platform for your app: would you like to build a mobile app or a web app? Studying the technicalities, appearance, and user-friendliness of apps for forex trading on different platforms is critical.
- Based on Targeted Investors
Who should use your app? Are you targeting seasoned or novice investors in the basic to intermediate stage of learning? Experienced investors expect more advanced trading and analytics features, while newbies prefer trading apps with better learning resources.
It would help if you predetermined the purpose of your best platform for forex trading, as it is practical to develop an automated forex trader app for high-frequency trading or long-term investments. Some traders want the app to trade on their behalf, leveraging AI to grab every small trading opportunity. Some traders may believe in long-term games.
Features to Enrich Your Forex Trading Platform
The next critical consideration is the features you wish to add to your currency trader app. Features add value to your apps. The following are a few must-have features for the best forex app:
Arrange to let users in through usernames and passwords or biometric IDs. This feature is essential to make users feel secure and collect their consumer behaviour patterns in the backend to promote various activities.
You can help users keep their secondary information on the user profile. A user profile may include personal and professional details, history, subscription plan details, and other information.
Users prefer a centralised place to view their investments, growth status, and navigation links to steer to other app parts. A well-designed dashboard can serve this purpose well.
The most crucial part is securely connecting the user's bank account to your app. There are tools like an API to execute direct bank integration.
The best trading platform for forex should enable users to dig deeper into the desired currency pair by looking through candlestick charts and other analytical visualisations and going through the news and expert insights to make informed trading decisions. Similarly, your app should allow users easy and swift buying and selling of currencies.
The app should notify the users about a trading opportunity and other critical events, help them learn to trade in forex through educational resources, and protect their hard-earned money through risk management tools to avoid huge losses.
Steps to Make the Best App for Forex Trading
The process of conceptualising a forex platform to launch it to the market may be complex. It involves numerous technicalities, including legal aspects, as the app deals with securities. Planning and execution of the project require adequate technical expertise. Let's drill down the steps to bring an idea of a platform for forex trading to reality:
1) Pick a Platform
A platform is a software running in the backend, aggregating the forex market data, user transactions, and several other activities on your app. It is technically feasible to obtain forex data API from us and build your app around it. You need to code the logic for every platform you cover, like Android, iOS, and more.
You need to change the code for every platform whenever you have an update. Testing your forex trading platform in a live trading environment requires adequate technical know-how.
2) Mobile-friendly Design
It would help if you thought from a mobile user's perspective while designing the User Experience (UX) and User Interface (UI) as you create a mobile application. Set the exemplary architecture to incorporate user transactions, forex data, and various app features to synchronise. Consider limited screen space, and fit in your tabs and features, avoiding that large screen view on a desktop or web application.
3) Forex Data API and SDK
Adding a forex data retrieval feature to your best forex trading app is most important. We are the most trusted providers of forex data via API, WebSockets, FIX, and other delivery methods. We empower your apps through our wide-ranging forex data products for historical and live forex market data.
Also read: How to Get Forex Historical Data?
Acquiring reliable and accurate forex data to enrich your app is at the heart of the app development process. We simplify the integration process through detailed tutorials, documentation (Software Development Kits), and prompt technical support.
As we source forex data from multiple reliable sources, like reputable banks, financial institutions, and broker-dealer networks and aggregate it to provide the data in real-time, you don't need to worry about the quality and accuracy of the forex data obtained from us.
Forex trading app development requires technical expertise in coding, programming, and several forex trading aspects. It is critical to incorporate the following:
- A rule-driven plan on a flowchart
- A tried and tested analytics-based trading strategy,
- Technical indicators,
- Coding based on quantifiable forex data to set buy and sell orders,
- Connecting the algorithm to trading transactions,
- Trading automation to make the app trade on the user's behalf
The automated trading strategies you implement within the app can be fruitful when the forex data you obtain is unbiased and aggregated. Therefore along with the development expertise to set logic and trading rules, acquiring reliable and accurate forex data is essential to make the best forex trading platform.
Financial technology accepts user-friendly trading apps free from bugs, as the app would help traders invest their money. Underestimating the testing phase is impractical when you target to build an app for forex trading. You must test your app for user experience and algorithmic issues, as these factors derive the popularity and success of your fx trading platforms. Similarly, stress testing your app during extreme market volatility to assess the number of users it can handle in a lag-free manner is also crucial.
Connecting the algorithm to the data feed and ensuring the proper execution of trading orders is essential. Backtesting and forward testing the trading strategies, assessing the success rate in a live forex trading environment through a demo account and ensuring proper execution of trades are a few practical ways to test the algorithmic aspects within your apps.
6) Beta Version
It is a good practice to build a small app with essential features and launch a beta version. Fintech companies can request selected users to test this app and provide feedback about their overall experience. You can make necessary changes as per user feedback to improve the application.
This strategy makes your project cost-effective, as you can fine-tune the features and functionality in the way users desire them. It is better to improvise by leveraging the beta version and testing through selected users before going full-scale.
7) Deployment and Maintenance
Consider the predefined requirements and norms of public or enterprise app stores while developing your best trading platform for forex. Abiding by the parameters of Google Play Store (for Android apps) and Apple App Store (for iOS apps) will make uploading your app on these platforms easy. Connecting the app to the production server environment is another critical step in this phase to make the app up and running for your users.
Maintenance activities for your platform for forex trading are not limited to debugging. You may add new features and update the app according to the latest versions of the operating system. It is an excellent practice to have dedicated environments for testing and production. You need to test the new features in the test environment without real money and make them available for your users after ensuring the functionality.
As you will market a trading application, you must register as a broker-dealer with the concerned regulatory entity in the country. It would help if you considered KYC, Anti Money Laundering, and other relevant norms enforced by the Authority (like the Financial Conduct Authority (FCA) in the UK and the Securities and Exchange Commission (SEC) in the US).
How TraderMade Helps
TraderMade has been the most preferred forex data provider, with a vast customer base for decades. We provide reliable and accurate forex data via API and WebSockets and help start-ups bring their incredible product ideas into reality.
Please look at our start-up program to glimpse our strategic initiatives to help start-ups and prototype builders get started at an affordable cost.
We offer flexible subscription plans and extended trial periods to start-ups to help them develop their dream apps. Additionally, our designers and developers enable you to launch any project on any scale in different industries. We offer a feasible way to start so that you avoid plunging yourself into a vast project leading to a massive investment at the outset.
Make the most effective use of data, charting, and analytics tools that TraderMade offers. Similarly, TraderMade’s team of experts helps you improve the following of your forex trading app through social media engagement and newsletter content.