Forex trading apps are gaining popularity in recent years as many aspiring traders see an opportunity in the market’s volatility. Forex is the largest global market by volume, and people want to make this an additional source of income. As you develop and launch an easy-to-use forex trading app, you will help these growing users with a reliable tool for trading.
This blog takes you through the technical aspects and the process of developing a forex trading app like OctaFX that users will love. Is it worth investing in a forex trading app? What is forex trading? Let’s start by understanding these aspects:
What Exactly Forex Trading Is?
Forex trading is the process of speculating on the prices of currencies for potential profit. Currencies are traded in pairs, so when exchanging one currency for another, a trader is speculating on whether one currency will rise or fall in value against the other.
The value of a currency pair is influenced by geopolitical, trade flows, political, economic, and economical events that affect the supply and demand of currencies. This creates daily volatility that can offer new opportunities to a forex trader.
Why Should You Develop a Forex Trading App?
Here, we are going to state the striking facts and stats of forex trading. Let’s take a quick look:
- The forex market is still 30 times larger than the US stock and bond markets combined.
- As per the reports, there are approximately 10 million forex traders in the world today.
- The value of the entire world currency trading market is estimated to be approximately $2.4 trillion, in other words, around $2.409 trillion.
- The Forex market is the largest and most liquid asset market in the world.
- More than 170 currencies are traded on the global foreign exchange market.
- Only 14% of traders trade for more than six hours per day, while 45 percent trade for one to two hours each day.
- Of those 10 million, 3.2 million are in Asia and 1.5 million in Europe and North America.
- The United Kingdom is the largest currency trading center, with 43.1% of the world’s foreign exchange turnover. In addition, the share of the United States in world currency turnover is 16.5%.
- 97% of respondents trade Forex, 43% Gold, 24% Stock Indices, and 9% Crypto.
- Most of the traders are between 25 and 34 years old. Men make up 89.1% of forex traders, which means that only 10.9% of traders are women.
Key Features of Great Forex Trading Apps
All forex trading platforms and apps aim to fulfill their own niches within the market, but the most trusted forex trading apps share the following features.
It can help users to keep their secondary information in the user profile. A user profile can include personal and professional details, history, subscription plan details, and other information.
Users prefer a centralized place to view their investments, growth status, and navigation links to other parts of the app. A well-designed control panel can serve this purpose well.
Allow your users to be active in their trading activities with a variety of features that allow traders to quickly buy/sell
Advanced Analytics and Tracking
Advanced analysis and tracking within a forex trading app help you discover the best currencies to buy or sell that day. You can also select an app to help you choose too short coins.
Setting alerts for currencies when they reach a certain price, software-powered trade notifications, and historical data ensure you’re making the right decisions. When it comes to spending their hard-earned money, investors never guess.
Bank Account Connection
The most important part is to securely connect the user’s bank account to your app. There are tools such as an API to execute direct bank integration.
With high-level security measures, we make sure that currency exchange software is capable of handling and tracking transactions.
Seamless Real-time Updates
The value of a currency can change in a second, so you’ll need up-to-date value information right away to make the most informed trade possible.
Test your forex trading app of choice with a few small test trades before committing to the platform to ensure it can provide the streaming and trading speed you need to complete your forex trades.
Allow your users to deposit their assets whenever they want, keeping the liquidity flow in the business in contact with the system.
Enable fast and secure asset withdrawal for users anytime they want by putting all relevant features at their fingertips.
In a constantly changing market, knowledge is power. The best forex trading apps offer information on both the technical side of trading and the latest international news and editorials.
As per a mobile app development services provider, it helps traders learn more about how to predict which currencies will go up and down in value.
Functional for Beginners And Experts
Choose a forex trading app that is functional for beginners or experts. You may be so new to the forex market that you have no idea where to start, and using the right app ensures you know what’s going on as you trade.
An app that helps you from the very first step of your journey is more helpful than an app that hopes to blind you with industry jargon and confusing graphics. If you are an advanced investor, you want an app that is customer focused, and that is why it should be functional for both beginners and experienced traders.
Access a Wide Range of Assets
By using the forex trading app, a user should be able to engage in CFD, Crypto-Currency, and Forex Trading as the app should offer a wide range of tradable assets.
Support Multiple Languages
A forex trading app should support multiple languages as the app will serve users from all over the world. Traders from the entire world are going to use the app in English, Chinese, Hindi, and many other languages.
A user must be able to verify and calculate the profitability of specific assets and monitor the prices using the trading app.
Almost all online trading systems come with an economic calendar, an element of fundamental analysis, which shows key global events that can influence financial markets.
Traders can select a time zone, currency, timeline, and importance of events. Also, when they click on an event, they can see its details: the history or how this event impacted the market, the volatility ratio of a specific pair, etc.
Additional Features in Forex Trading Apps
- Contracts for difference and options;
- CFD trading;
- margin trading.
Tools and Technologies to Develop a Forex Trading App
What tools would a developer use to create a trading application like OctaFX? First, let’s see what the application at hand is built with:
- java programming language
- ASP.Net, a dynamic web development server-side framework
- HTML5, a markup language for content organization and presentation
- Bootstrap, a front-end framework for web and mobile development
- Highcharts, to produce charts and graphs
- New Relic Analytics Platform for Mobile Solutions
If we take development units and APIs, which reduce delivery time, we can use many. Android SDK, Java JDK, Core Data, RestKit, and a few more depending on business requirements and featured app features.
Next, we’ll discuss the process of developing a forex trading app like OctaFX.
How to Develop a Forex Trading App Like OctaFX?
Here, we are going to provide a step-by-step process to develop a forex trading app like OctaFX. Follow the steps to build your own forex trading app.
Step 1: Choose a Platform
A platform is software that runs on the backend, aggregating forex market data, user transactions, and various other activities into your application. It is technically feasible to get a forex data API from us and build your application around it.
Additionally, you need to code the logic for each platform you cover, such as iOS, Android, and more. You must change the code for each platform every time you have an update.
Step 2: Mobile-Friendly Design
It would help if you thought from the perspective of a mobile user when designing the user experience (UX) and user interface (UI) when creating a mobile app. Establish exemplary architecture to incorporate user transactions, currency data, and various application functions to synchronize. Consider the limited screen space and adjust your tabs and features, avoiding that big screen view on a web or desktop app.
Step 3: Forex Trading App Development
Developing a forex trading app requires technical expertise in coding, programming, and various aspects of forex trading. It is essential to incorporate all the features that we have already mentioned in the previous segment. After completing the app development step, now is the time to move on to the testing phase.
Step 4: Testing of Developed Forex Trading App
Financial technology accepts easy-to-use and bug-free trading applications as the application would help traders to invest their money. Underestimating the testing phase is impractical when your goal is to create a forex trading application. You should test your app for user experience and algorithmic issues, as these factors drive the popularity and success of your forex trading platforms. Similarly, it’s also crucial to stress test your app during extreme market volatility to assess how many users you can handle without delays.
According to a finance app development company, it is essential to connect the algorithm to the data source and ensure the proper execution of trading orders. Backtesting and future testing of trading strategies, evaluating the success rate in a live forex trading environment via a demo account, and ensuring proper execution of trades are some practical ways to test your trading strategies. algorithmic aspects within their applications.
Step 5: Deployment and Maintenance
Keep in mind the pre-defined requirements and rules of public or enterprise app stores as you build your best forex trading app. Adhering to the Google Play Store and Apple App Store parameters will make it easier for your app to load on these platforms. Connecting the application to the production server environment is another critical step in this phase to get the application up and running for your users.
Debugging is just one type of maintenance for your forex trading platform. You can add new features and update the application according to the latest versions of the operating system. Having separate environments for production and testing is a good practice. You must test new features in the test environment without real money and make them available to your users after ensuring functionality.
How Much Does it Cost to Build a Forex Trading App?
A word of warning right away: we can’t name the exact cost estimate, whether it’s for a proverbial app like a forex app or a certain type of app. Nobody can come with this application deadline, and if someone does, you should be critical of it.
With the advancement of technology, accessing the global business world from the palm of your hand has become much more feasible. Not only is trading becoming more lucrative, but it is also becoming much more adaptable for those who want to participate.
People can run their forex trading site or app, which will make trading even more effective either way. All you need is a forex application development company that will provide you with the right software that meets all your requirements. The apps have some innovative features that make it easy to deal with all currencies.
They maintain security and dependability while maintaining a high level of functionality. When it comes to the features of the apps for computers and phones, there isn’t much of a difference. As a general rule, the cost of creating a Forex platform depends on the complexity and scope of the project, which, in your terms, is determined by the needs of your business.
If you want to estimate the cost of a forex trading app, you should connect with our team of professionals. We will provide you with an exact quote for the development of the forex trading application.
Forex Trading App Development – Summing Up
A complex business requires complex solutions, so hire dedicated developers to build your forex app. If you are already in FX brokerage, it means that you are not afraid of challenges and such a difficult task – developing a Forex application – will not scare you.
The market for forex trading apps is lucrative, yet it is highly competitive. Your application must stand out. Expect the development project to be complex, partly due to strict data security regulations. Being a reputed mobile app development company, we would love to help you out.
If you’re looking for the best developers to help you build your forex trading app, why take a moment to contact us? Our community of expert developers and development teams have created several forex trading, stock, blockchain, and AR/VR integrated apps that are on the market today!