Users Are Continuously Increasing The argument is backed by the fact that one of the most popular commission-free trading apps, Robinhood, has been gaining 4 Million new users every year. The app grew to 6 Million users in 2018 from 2 Million in 2017. And in the first four months of 2020, the user base reached 13 Million users.
Even with a glance at the App Annie screenshot I’ve shared, it is clear that state-of-the-art banking apps are gradually implementing investment features to become more versatile for their customers. Some banks directly add the feature into the existing banking app, while others have launched standalone apps for investment like Bank of America’s MyMerril App.
Recently, Investopedia conducted a surveyof 1405 Millennials, Gen Z, and Gen Z. the survey found that only 23 to 38% of their money is invested. Almost half of their income resides in savings and checking accounts. Hence, the potential to capture a new user-base is very high.
Types of Investment PlatformsAlthough, there aren’t any specific types of investment platforms. But, we can distinguish between different investment platforms in terms of the way you create an investment app.
Investment Platforms by Device SupportBased on your target audience demographics, you can decide which platform you should create an investment app. The device you focus on for your investment app will decide the technologies you would use for your investment and trading software development.
Investment platforms that focus on catering to a larger segment of customers would create an investment website or app for multiple platforms. The Fidelity Trading App is a perfect example of an investment app built for several smart devices. The Fidelity Trading App can be accessed from:
The argument is not to convince you to create your investment app for every platform; it is just to make you aware that you should keep your target audience in mind while developing your investment platform.
Day-Trading vs. Investing PlatformWhen investment methods are of different types, the investment apps have to be specialized for every one of them or just all of them. Some investment apps are optimized for day trading, while others are suited for long-term investing.
Some investment apps like M1 Finance restrict the users from trading the same stock more than once a day. At the same time, other apps like E*Trade or TD Ameritrade are perfect choices for the users who prefer day trading. However, these apps also support long-term investments.
Skill Level of InvestorsApps like Stash, Acorns, Robinhood are highly optimized for novice investors, while other advanced electronic trading platforms like E*TRADE and Ameritrade are built for educated investors. New users would have to spend some time learning the fundamentals and functionality of these apps. It is always recommended to keep the learning curve at exponential growth.
Apps that aim to novice investors include a lot of training material and support of Robo-Advisors. While professional investment apps usually offer advanced investing options like four-legged spreads.
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