- Requirements for trading platform software
- Best frontend technologies to build a trading platform
- Steps for creating software for a trading platform
- Need for Automated Trading Systems (ATS)
- Trading platform frontend that we created
- Your trusted partner for trading platform software development
Are you interested in trading platform software development for your business? In this article, we share the key steps to build an efficient frontend for a trading platform and provide some insights from our successful project.
If you are reading this article, you are probably one of the 1.8 billion digital buyers around the world, and in the next few years, this number is going to reach almost 2.2 billion.
According to recent research, the cryptocurrency market is steadily growing, and by 2026 is going to reach $2.2 billion. Cryptocurrencies will be adopted faster every year.
Online trading is a convenient way of selling and buying financial products via trading platforms. Companies that offer custom trading platform development services assist in trade monitoring and placing. This way, financial intermediaries can create a portfolio for investors.
Trading on an online platform is faster as it gives users total control and immediate execution of their actions. Funds are easily transferable, and extra services like live terminals are available to the users through the entire online trading platform.
Requirements for trading platform software
To avoid potential risks, the trading platform software should meet a list of some basic requirements.
- Firstly, a real-time market data feed must be easily available, as well as one of a company. Either built-in or integrated via additional sources, the access should be fast and effortless.
- The software should also be connected to different markets. If you are a multiple market trader, you know about various data feed formats, such as Multicast, TCP/IP, etc. The software of your platform needs to be able to deal with numerous formats and process them decently.
- One of the key aspects here is latency – the intermission/time delay, which happens when data points move from one place to another. In our dynamic trading reality, this latency needs to be at the lowest possible level so that you are safe getting the most precise and relevant information with proper time consistency. Direct connectivity to the exchange is one of the great ways to enhance latency.
- Your trading software should offer such important features as customisation and configurability.
- Great idea will be to allow traders to code their programs within the platform. That will make your product stand out.
- Module for comfortable simultaneous management of different trading tools like MATLAB, Bloomberg’s Tradebook, Broker Terminal, etc. The trader’s working style is unique, and it is always an advantage to provide the best options for creativity.
- If possible, always set your choice on the platform-independent software and platform-independent programming languages. You can never be sure how it will go on, and extra confidence is always a good investment.
Key functional features of trading platforms
To derive benefits from your trading platform, you should implement the right features. Here are the top non-negotiables of any successful online trading platform:
Offer your users Bio Authentication and allow them to create their profiles to make the most out of their information. This way, you can even make them invest more.
Allow users to integrate their bank accounts into their user profiles with Plaid API. It often gets difficult to connect bank accounts with any FinTech application without this tool.
A Home screen allows users to see their portfolio and the growth of the amount they have invested.
Trading platforms often have AI advisors that help them recognize profitable ventures for the future along with analytical insights.
Using push notifications
Users anticipate that trading platforms will be accessible around-the-clock and will be informed about any issues or most recent changes. You can keep them informed with customizable notifications as the trading platform tracks economic events, price fluctuations, market trends, and technical analysis. Moreover, it sends updates about the stock positions.
Placement of trades
The primary requirement of any trading platform is the ability to easily buy and sell financial instruments with candlestick charts to demonstrate relevant information. It is a must-have functionality. However, to allow customers to place trades with simplicity, every trading system should include a trustworthy and practical trade placement tool.
Transactions and payments
The most crucial components of custom trading software are the financial ones. Each user must be able to acquire and sell their assets with ease. Therefore, the more comprehensive the payment and transaction capabilities, the better.
Convenient functionality for admins
Client requests, order enrolling and status indicators, personal accounts, access authorization, monitoring transactions, managing pending and completed orders, and a long list of other things must all be managed swiftly and with just one click in a trading system. All these features enable decision-making in the quickest way possible and guarantee continuous access to vital information.
Analytics and reporting
In trading software, analytics and reports are extremely important. A high-quality trading app should, at the very least, give users access to indicators, trading graphs, and other statistical results to assist in monitoring and evaluating their activity.
This is a scheme showing what a typical trading app usually includes.
UI challenges with online trading applications
An appealing design is not a luxury but a must-have app component for successful businesses. UI matters a lot in custom trading platform development services, and the main challenges appear when something goes wrong with the user interface.
By all means, try avoiding intricate registration procedures and the lack of accessibility. Your system response should be clear and open, with no confusing hints, pagination issues, etc. Make sure your design adaptation is perfect, and your dashboard arrangement is efficient. The text field design and rounding are often challenging, so give them exceptional attention. All in all, your efforts will be rewarded. Intuitive, minimalistic, and functional UI is what your users need.
Best frontend technologies to build a trading platform
App development with Angular and React
Angular, being a full-fledged framework, offers a complete view of how the application should be designed and a variety of libraries that help to produce complex apps. Meanwhile, The React library is focused on UI elements. Developers need to leverage Flux to implement MVC design, but they have more freedom in the code structure.
The Angular framework supports both one-way and two-way data binding. Two-way data binding means that if we adjust the UI input, the model state will be updated, and the opposite. Since React allows one-way data binding, UI elements cannot modify the state of a component.
Numerous material design elements, which are a part of Angular, simplify UI creation for developers. At the same time, community-developed UI tools for React.js offer a large selection of UI components.
Angular supports dependency injection, enabling unique life cycles for various resources. On the other hand, each component in React has its global state, and dependency injection is not fully supported.
When a new DOM is built, Angular compares it to the prior one and applies the differences to the “real” DOM, only allocating memory when necessary. This technique is known as incremental DOM. With React, when the DOM changes, it creates a new virtual DOM that is compared to the old one, and only the differences are updated in the “actual” DOM.
React has a solid reputation for one of the best performance for app development. However, Angular does not lag behind in the race. Angular addresses code optimization methods that result in improving performance.
Clean code development and dependency injection are among the main benefits of Angular. In addition, to build solid template solutions, developers can employ a variety of Angular libraries. By extending HTML syntax, Angular enables the creation of reusable components. Rxjs and AngularCLI, two built-in capabilities of Angular, enable creation channels for transferring data and autonomous processing of events. By running the components in parallel, Angular maximizes developer efficiency and reduces code volume. It boosts overall performance and offers quick server-side rendering, supporting the views without browser-side rendering.
Steps for creating software for a trading platform
Let us go through the steps of the custom trading platform development process.
- Project Start. Assemble a team of experienced professionals with a good amount of experience in the fintech industry. Choose between agile and waterfall methodology. Moreover, start thinking about planning your MVP.
- Project Scope. You need to figure out if you want an iOS or Android platform. Bear in mind the availability of cross-platform apps too.
- Intuitive UI/UX Design. The design should be focused on the users’ experience.
- API Integration. Fill your app with APIs that provide real-time and historical data that helps you make informed decisions.
- Testing. Checking the platform for bugs is a must. In the area of trading and finances, bugs can be fatal for the money invested.
- Maintenance. Post reviews of your platform will ensure that the app is updated to read out bugs and that you replenish it with new features.
Need for Automated Trading Systems (ATS)
Following an investment pattern with the help of computer programs, ATSs generate buy-and-sell orders on different exchanges like stock markets, etc. The algorithm manages trades based on the rules settled and agreed upon before or more progressive calculations. Even though an ATS is incomplete without human monitoring, it can create buy-and-sell orders more efficiently. This is the case where an investing strategy is being followed much more accurately compared to a human effort.
ATSs have lots of benefits, and the most important one is connected to the world of emotions. The absence of them is useful when it comes to money and trading. Emotionality creates unnecessary disbalance and leads to irrelevant choices while getting rid of it empowers the trader with steadiness in their strategy.
ATSs also make the trading process faster. Instant responses, rapid transactions, higher precision level, and more orders processed in a shorter period. Moreover, following different strategies all at once is possible with this approach. This brings diversity to the trading workflow and, no doubt, better results.
Compare the pros and cons of automated trading systems with the help of the image given below. This will help you make your own conclusions.
Trading platform frontend that we created
Our team developed quick searching and filtering capabilities with the help of the Angular framework. Traders can swiftly search rates, orders, currencies, indexes, and commodities using the software and filter the information delivered in real time. In this project, our software developers also created the dashboard’s front end, which contains valuable statistical data.
For a real-time simultaneous study of currency rates across many time zones, the platform runs continuous updates and uses data from various charts and pricing sheets. The charts also display historical data and trends for the convenience of users of the trading platform.
A newsfeed has also been integrated into the platform since being informed before making any financing decisions is crucial. The traders require the most relevant information and insights about the world’s currency markets, which are available directly on their stock trading platform.
Your trusted partner for trading platform software development
Be realistic in your expectations for your software when you create it for your trading platform, test it thoroughly and keep challenges in mind. Your development team should consist of the highest-level software developers to successfully implement your idea.
You have come to the right place if you are looking for a custom software development company that will guide you through the whole process of online trading platform development. We are a Ukrainian IT company that creates custom trading platforms and FinTech solutions and aim at successful partnerships with our clients all over the world.
As you may already be aware, there are many advantages to outsourcing platform development to Ukrainian software development experts. Most significantly, you get high-level service and adhere to deadlines while cutting costs. In addition, the convenient time zone facilitates continuous connection and availability, and fluent English helps with perfect alignment in the development process.
We will consider all the specific details and particular requirements to help your business expand and thrive. Contact us right away!
Let’s talk about your project
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