Android app development can be a lucrative career for many reasons. The popularity of Android devices alone guarantees a broad user base and a high demand for applications catering to diverse needs. With at least 2.5 billion active users in over 190 countries, Android is undoubtedly the most popular operating system in the world.
The mobile app market itself, valued at $197.2 billion in 2021, could be worth $583.03 billion by 2030, according to Straits Research. These numbers can mean a continuous stream of work or business opportunities for app developers.
There’s no stopping the growth of the global online trading market either. Statista says it was valued at $10.21 billion in 2022 and could rise to $13.3 billion by 2026.
If you’re exploring a career in Android development with a keen interest in trading apps, the prospects are certainly promising. Your success ultimately depends on your skills, but as a newbie, you can start by mastering these five crucial characteristics of a good Android trading app:
Apps are only as good as the satisfaction they bring to users, and it all begins with a user-centric design. The Android operating system is known for its extensive APIs and libraries for enhancing UI development. Simple or complex, a trading app must conform to the needs and requirements of the user through the following:
Streamlined user interface
When designing a trading app, picture an investor using it. They must be able to move through the interface instinctively instead of spending minutes figuring out where to go. It’s also wise to keep the design clutter-free and all essential features accessible—live market prices, newsfeed, analytics, forex affiliate programs, etc.
While users may not bother about color schemes or layouts, they will usually appreciate the ability to set their preferences for features like newsfeeds, price charts, and notifications. This can be especially true for investors who need to be “in the zone” when making trading decisions. That includes working on an interface suited to their unique habits and behaviors.
Nothing is more frustrating for an app user than an app that won’t work optimally on all screen sizes. Like personalization, responsiveness can help investors by keeping them from losing focus while trading.
Seamless integration with trading platforms
To give users the total trading experience, consider integrating your app with the most popular trading platforms, such as E*TRADE, Interactive Brokers, and MetaTrader 4 or 5. This feature lets users connect their trading accounts easily and execute trades from within your app.
When comparing a trading app and a trading platform, it’s important to understand the key differences. A trading app typically refers to a mobile application that allows users to access trading functionalities on their smartphones or tablets. It provides a user-friendly interface and convenience for on-the-go trading.
On the other hand, a trading platform encompasses a broader range of trading tools and features. It often includes advanced charting capabilities, customizable indicators, backtesting functionalities, and access to a wide variety of financial instruments. While a trading app focuses on simplicity and accessibility, a trading platform caters to more experienced traders who require advanced analysis and trading capabilities.
2. Offering Real-Time Data and Analytics
Trading is an activity that feeds on live market data and analytics. Therefore, a good trading app will come with real-time, actionable data, such as real-time stock quotes, market indices, and currency exchange rates.
It will also provide interactive charts with technical indicators, allowing traders to analyze data in the app. Additionally, it will have a push notification feature that keeps traders up-to-date with market news and movements relevant to their trades.
Needless to say, analytics is critical to a trading app because it provides invaluable insights that can guide traders when making decisions. They don’t only show trends or provide news, but they can also help users with more effective risk management. Just by reviewing historical data, they can assess potential risks, apply necessary measures, and set suitable stop-loss levels.
Analytics also enables traders to gauge their performance accurately by studying their trading data, helping them identify their strong and weak points. Using this knowledge, they can enhance their trading strategies and perform better overall. Additionally, analytics encourages traders to use objective data to make rational, educated decisions instead of relying on “instincts” or feelings.
As a developer, you will find Android’s robust framework handy as you incorporate analytics into your app. The operating system’s rich graphics and visualization libraries will also help you present data and analytics in a user-intuitive fashion.
Trading transactions are sensitive, so security must be a paramount concern when building an app. With Android, you can safeguard investors’ user data by providing an environment secured with the latest technologies.
For example, encryption protocols can secure the in-app transmission and storage of user data and other sensitive information. Two-factor authentication (2FA) offers another layer of security to your app, along with biometric authentication, whether fingerprint or facial recognition.
However, relying completely on these technologies is unwise. For more foolproof app security, you must perform regular security audits to detect or intercept potential vulnerabilities and address them accordingly.
4. Legally Compliant
Regulatory compliance gains users’ trust and protects everyone from legal complications, including yourself as the developer. Know Your Customer (KYC) is a common practice that allows you to verify user identities in compliance with current laws and regulations in the financial industry.
Your app must also comply with anti-money laundering (AML) regulations, which focus on monitoring transactions to identify suspicious patterns and activities. Additionally, you can implement a user-friendly onboarding process that makes it easy for users to provide their personal details and complete the verification process.
Fortunately, regulatory compliance is a given in Android app development. The operating system has built-in mechanisms for data encryption, user verification, and other app security features. All these help your app meet privacy and data protection regulations.
If you intend to sell your app on the Google Play Store, Android also gives you access to resources and documentation that help you with the site’s regulatory best practices and guidelines. This can also include updates to old regulations, such as new user data and account deletion policies, which developers must comply with before December 7, 2023.
5. Online Chat-Ready
Everything on a trading app happens virtually, but users need live human interaction to enhance their app experience. This makes online chat capability indispensable to a trading app, Android or not.
With this feature, traders can instantly communicate with each other, helping them make quick decisions and increase their trading efficiency. It also helps build a community among users, boosting app retention rates.
Users will also feel more confident about an app that lets them talk to real people when they’re having technical problems. Nobody wants to run into a brick wall when that happens, especially not when they’re trading!
Overall, a good Android trading app can do more than what is discussed in this article, but it’s an excellent place to start, especially for a newbie. Remember these five crucial app characteristics as you create a blueprint for your project, but don’t be afraid to explore the possibilities. Apps and trading are two dynamic industries where there’s always something exciting to inspire you as a developer.