With the advent of applications such as Robinhood, the financial sector has undergone a major transformation. Robinhood, which is a renowned American financial service company, provides people the ability to invest in Exchange Trading Funds (ETFs) and stocks for free. It also enables them to do crypto trading via Robinhood Crypto without paying a commission.
When the company was launched seven years ago, only a few people thought that it would make any change to the industry. But, the company raising a whopping $320 million funding, recently, from the existing and new (TSG Consumer Partners and IVP) investors is a proof that it has totally disrupted the financial markets.
With this funding round, Robinhood is planning to lift its financial platform and improve customer experience by building and offering new products to its users. Some of the other key highlights of the app are:
- Robinhood allows its users to create an investment portfolio
- Users can check updated market data
- Users receive timely notifications for their upcoming dividends
Here Is How Robinhood Is Disrupting the Financial Market:
Zero commission promise
There is no commission fee for buying or selling stocks. The account users create facilitates instant trading. However, if you are willing to take bigger investment risks, then you might need to pay for enrolling in the Robinhood Gold subscription.
No monthly or annual charges
To access Robinhood services, users don’t have to pay any monthly or annual charges for membership. All they have to do is to create an account, set up an investor profile, and start availing the services. No base fees, no exercise and assignment fees, and no per-contract commission.
No commission cryptocurrency investment
Robinhood also facilitates commission-free cryptocurrency trading. You can trade or invest using Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Dogecoin, Litecoin, and other cryptocurrencies.
Robinhood is currently serving its investment and trading services in more than 45 states in the United States of America. These states include Virginia, Wisconsin, North Dakota, Montana, Michigan, Missouri, District of Columbia, Arizona, Alaska, Lowa, Indiana, Illinois, Mississippi, Washington, and others.
This financial investment and trading app offers amazing referral programs using which users can get a chance to earn free stocks. All they have to do is to invite their friends to use this app. A user can get a maximum of $500 in reward stock each calendar year.
Robinhood, which is SEC-regulated and is a member of the Financial Industry Regulatory Authority (FINRA), allows users to set up watchlist to monitor the stock market and for hassle-free trading. Moreover, it also keeps its users updated with the latest market data.
Types of accounts
To suit every user’s investing requirements, Robinhood offers three types of accounts:
Some of the other reasons behind the disruption Robinhood has brought in the finance sector include easy cash management, simple documentation, secure bank linking and fund transfers, and hassle-free taxation.
If you are impressed with the continuously rising demand of applications such as Robinhood and want to build a similar stock trading app for your startup, then here is what you need to know:
A stock trading app should have these essential features:
- Sign up/Sign in
- Investment portfolio
- Updated market data
- Push notification
- Data protection
- Fund transfer
- Stock trading functionality
- Auto sync
To make your app stand out, you can think of adding some exceptional features, such as educational elements, research capabilities, discussion forums, and more.
Development Team Required for App Development
- Project managers
- Android or iOS developers
- HTML professionals
- App testing engineers
While building a stock trading or any other mobile application, it is imperative to build the monetization strategy beforehand to get maximum ROI. Since Robinhood doesn’t charge any commission from its users, you must be thinking about how it makes money. The main source of Robinhood’s income is its premium service, known as Robinhood Gold.
The service is dedicated to the experienced investors who want to invest big. With this membership plan, those users can get extended trading hours and additional buying power. They can also borrow money to purchase stocks and ETFs.
Cost of Development – Stock Trading App Like Robinhood
Roughly, you might need to pay for stock trading app development cost somewhere between USD 30,000 to USD 40,000. The price may change depending on your specific app requirements. The cost of developing a stock trading application depends on various factors:
- Design of the app
- Complexity and features of the app
- Platform where you want to release the app
- Backend and frontend of the app
- Size and location of the development team or company
- Tools and technologies to be used for developing the app
To know the exact pricing, reach out to a reliable mobile app development company, or hire mobile app developers now.
Robinhood is a well-recognized stock trading application, with more than six million customers, that allows users to invest in stocks and ETFs sans any commission or fee. This article covers up how mobile apps like Robinhood are creating disruption in the finance industry. Besides this, we have also provided important points required to keep in mind while building a stock trading application such as Robinhood. For further queries on stock trading app development, contact an experienced app development company.