Brokers, investors, and other individuals who actively participate in the stock market have been using mobile and web technologies in their practice. Some trading software applications are so well-known that they have become household names, even to individuals who have no interest in the market. Still, most people would agree that there is no such thing as the perfect trading app.
To be sure, the foreign exchange market can be a bit tricky if you are a beginner looking to start trading currencies. If you want to do well and maintain your initial capital, you’ll need to learn a bit out about the ins and outs. If you are new or if you are experienced in the foreign exchange market and know a little something about web design, you might consider creating the next big online trading website using WordPress. Here are some tips that you may want to consider in order to make your website more user-friendly and hopefully more successful.
What Should a Good Trading Website Do?
This is the first question you need to ask yourself. For your website to be valuable, it needs to make life easier for a person trying to trade in the Forex market. Proof of this can be seen in the success of automated trading software systems. At some point in time, smart investors who were web savvy or who had connections to web savvy individuals began to examine the viability of creating an automated trading system. Some of these succeeded as they allow traders to have control over a number of transactions simultaneously.
For your website to be beneficial, it needs to work for individuals looking to make long-term investments in the market, as well as those looking to navigate short-term deals. There are a number of variables you will need to consider, but your best bet will be creating a trading platform that even allows beginners to start trading successfully.
Understanding the Legal Aspects Involved
Before you go ahead in creating trading software, you need to be aware of the legal aspects involved. If you already have a legally established brokerage business, then you likely have what it takes to proceed in harmony with the law. However, if you are a software developer who has an interest in finance and so you are starting to develop this website, you need to first look at the legalities of it.
For example, in the United States, the Securities and Exchange Commission is responsible for monitoring your online trading software website. If you plan to operate in other countries, you will need to do so in harmony with the regulatory organizations of those countries. You will also need to get licensing and accreditation for your platform. Some recognized investor protection programs include the Securities Investor Protection Corporation and the Financial Industry Regulatory Authority.
Every country is going to charge you something for your licensing and accreditation. You will need to go through background checks and in some areas will need to give your fingerprints. But this is the price of doing this sort of business.
Key Features Your E-Trading Platform Should Have
There are a number of major features that your e-trading platform must have if it’s going to be successful. These would include:
Profile Creation
The creation of a user ID and password on your website should be user-friendly, but it should also be secure. You may want to include a login process that utilizes phone numbers, email addresses, and social media accounts. Users should have the option to employ two-factor authentication. They should have the ability to update and edit their profiles at will.
Search
Users should be able to find all of the relevant information they need on your site quickly and easily.
Deposits
Users should be able to deposit resources into their accounts, monitor these deposits, and retrieve all relevant deposit information in a fast yet secure way.
Notifications and Alerts
E-trading moves at the speed of news. Your users should be provided with alerts about current news affecting your platform, and they should have the ability to receive and send messages whenever there is a need for them to take action.
Placing Trades
Users should be able to edit and view all of their financial data from within the trading platform. They should be able to place trades and monitor these trades in real-time and a safe environment.
Monitoring Quotes
Users should be able to view and monitor their quotes online.
Transactions
Users should have access to easy to understand dashboards. They should be able to monitor their transactions in real-time. They should be able to create unique reports based on their past transactions.
Filtering and Sorting
Filtering and sorting features allow users to navigate their E-trading system. They will be able to select the data they want to see. This data should be presented in an understandable format.
Analytics
Users should have access to the gauges, charts, graphs, dashboards, reports, and other visual tools that allow them to receive pertinent information in an easy-to-understand way. Analytics should help illustrate important financial data, allowing the user to analyze this data and make an informed decision.
Evaluate the Competition
In recent years, there has been a boom in stock trading Software apps. These have served as a virtual gold mine for the owners and the users. Since this is a highly competitive market, there are a number of big names that potential clients may choose from. These would include:
1. E*TRADE
2.Robin Hood
3.TD Ameritrade
4. Acorns
Take the time to examine the competition. See what works for them and try to emulate it. At the same time, look for potential weaknesses that you can make better with your product.
As you look at the competition, pay attention to their user interface design. What is it that you like, and what would you change? Examine their front end development. This includes the behavior you as the user have when interacting with the site. You will not be privy to the back end development of your competition’s app, but some cursory research will give you a basic understanding of how it works. Finally, once you have built your site, have it tested by quality engineers who understand the testing process and will focus on what your customers need and want.
Creating an online trading site is a challenge that can be very rewarding. WordPress is a great tool that can help you accomplish this goal. If you have created a trading site using WordPress, we would like to hear about it. Tell us about the successes and struggles you have had in the comments section below.