Based on years of experience in multiple industries and deep understanding of business needs.

Fintech

Product Development

Artkai has been an expert in trading software development and modernization for more than 10 years, and we guarantee the quality and reliability for clients. Our portfolio is constantly expanding with a large number of not only traditional trading platforms but also crypto projects and trading platforms, such as <a href="https://artkai.io/works/cex-io-bitcoin-and-crypto-exchange">CEX.IO</a> and <a href="https://artkai.io/works/huobi-mobile-trading-platform">Huobi</a>, which bring our clients large profits.

In this guide, we decided to share all the insider secrets and tips about trading platforms. Namely, let's look closer at the tech stack's features and relevant functionality and what exactly to focus on to get a high-end, profitable solution.

Key steps in trading platform development

Whether it is stock trading software or a stock trading app, the approach and development will depend on the project. Based on <a href="https://artkai.io/blog/our-fintech-case-studies">our top solutions</a>, we gained many insights into the main steps for trading platform development.

At this stage, requirements for a trading platform or stock trading software are collected. Traders are interviewed to understand their interaction logic and pain points when using other trading software. Immersing yourself in user groups' personal strategies and analyzing market data can give you an idea of trading platform development. Next, we create deliverables that provide a visual understanding of the process:

BRD (Business Requirements Document) with a description of goals, functionality, and user groups.

User personas with behavioral patterns, problems, and expectations. 

Customer journey map with visualization of the user's path on the platform. 

Market research report with an overview of competitors and essential trends.

Product backlog with a prioritized list of the main functions.

Project estimation with a timeline by development phases and scope of work. 

Further, the design stage focuses on building fast, clear, and logically reasoned interaction for both users of the stock trading and crypto trading groups. The main goal is to create compelling interfaces. Therefore, the final part of this stage is deliverables:

UX wireframes with the main scenarios such as asset management, registration process, and stock trading).

High-fidelity interactive prototypes for web and mobile versions.

Design system with color palettes, component styles, and typography. Let's take a closer look at the main components of this system and benefits that will effectively impact your product. 

The main parts of the trading platform design system are:

Typography, which contains headings, texts, and system fonts.

Color palette with palettes for optionally dark and light product themes and system colors of interfaces.

Interactive elements (buttons, checkboxes, etc.).

Input components (time and date selectors, inputs, etc.).

Information blocks of notifications, statuses, and badges.

Maps and panels (analytical modules, navigation panels, etc.).

Implementing a quality design system will give your company several advantages:

Accelerated development, as all components will be ready for implementation.

Simplified communication between all parties to the project.

Consistency, as all screens will look consistent, improving the user experience.

*Please note that the components provided are flexible and may vary according to the technical specifications of your project.

The purpose of the architecture stage is to lay the technical foundation that will ensure stability, regardless of whether it is a trading software or a stock trading app, with the main deliverables being a comprehensive blueprint that guides the subsequent development phases. This involves defining the core components, their interactions, the technology stack, and non-functional requirements.

The list of essential deliverables from the architecture design stage of a trading platform development or stock trading platform depending on the specifics of the product:

System Architecture Diagram that provides the fundamental visual representation of the system's structure and component interactions.

Data Model that ensures data integrity, consistency, and efficient retrieval.

API Specifications for enabling communication between different internal components and potential external integrations.

Security Architecture that outlines the fundamental security principles and mechanisms that will protect the platform and its users.

Based on the discovery, design, and architecture stages results, you can proceed to the direct step of trading software development. In the context of financial markets, the focus of development can be on different aspects depending on the type of platform, such as brokerage integrations, volatility processing, transaction recording, etc. 

The technology stack for trading software development is selected individually for each type of product and depends on the functionality of the stock trading app and the workload. 

*The following stack can be adapted to trading platform software development and modified according to your business needs: 

Web: React, Vue.js, or Angular with TypeScript or JavaScript for building robust and responsive web applications with dynamic data handling.

Mobile: React Native (TypeScript/JavaScript) for cross-platform development, or native development with Swift (iOS) and Kotlin (Android) for optimal performance.

Node.js (TypeScript): Event-driven, non-blocking I/O for real-time applications and scalable APIs.

Go: High-performance, concurrent language suitable for core trading logic and low-latency systems.

.NET (C#): Mature framework for building scalable and secure enterprise-level applications.

Java: Robust and widely-used platform for building large, high-performance systems.

Python: Versatile language for rapid development, data analysis, and backend APIs.

Transactional: PostgreSQL (open-source, reliable, extensible), MS SQL (feature-rich, strong tooling).

Time-Series: InfluxDB (high-performance for time-stamped data), TimescaleDB (PostgreSQL extension for time-series).

AWS (Amazon Web Services): Comprehensive suite of cloud services for scalability and reliability.

Azure (Microsoft Azure): Enterprise-focused cloud platform with a wide range of services.

GCP (Google Cloud Platform): Strong in data analytics, machine learning, and containerization.

best-stack-for-trading-apps

Ready frontend and backend parts of the trading platform.

Implemented APIs for market data, authorization, and trading.

Implemented a storage and indexing scheme in the database.

After the development is completed, the full testing of the trading software follows since even the slightest bug can lead to market malfunctions. Let us highlight the main types of testing:

Unit testing with testing of each component. For a trading platform, this may include checking the logic of order validation, etc.

Integration testing to check the interaction between modules, such as databases and third-party APIs. 

User acceptance testing (UAT) with representatives of target groups in real-life scenarios. 

Performance/load testing with simulated scenarios under high load.

The final technical stage's main goal is the fast and stable operation of the system without failures. 

To prepare the trading platform for further modernization, it is essential to maintain the technical component after launch with the help of a professional: 

For this purpose, a trading software development company provides deliverables:

After the trading software development stage, product development is just beginning, as the introduction of new functionality is a mandatory part that will improve the trading platform's capabilities. 

What core features should a high-end trading platform have?

Regardless of the main vector of the trading platform and whether it is created for digital assets or stock markets, success depends on the functionality of the stock trading app or trading platform. Below, let's take a closer look at the key features and <a href="https://artkai.io/blog/fintech-trends-to-embrace">trends</a> that a trading software development company can offer you:

For a modern trading platform, this is an essential component of high-quality and complete data analysis, so let's focus on what it can contain:

Interactive charts with the ability to select time intervals, display types (candles, line chart, histogram), and overlay technical analysis indicators (RSI, SMA, etc.).

Analytical dashboards with current market dynamics, price fluctuations, trading volumes, and popular assets.

Forecasting modules based on AI and historical data.

Signals and notifications with information about changing trends or price levels.

Data visualization in this context should be constantly updated in real-time, flexible, and accurate, ensuring informativeness.

This should be the core of the trading platform for companies, investors, and investors. Therefore, the development of a dashboard may include:

It is a mandatory feature of trading platforms and stock trading apps for withdrawing and depositing funds and buying and selling assets. It should be noted that the payment gateway must guarantee:

Withdrawals and deposits with fast transaction processing, bank cards, cryptocurrencies, e-wallet support, and status messages about transaction success/failure.

Buying and selling assets with a direct connection to the client's balance, currency conversion if necessary, and integrations with the trading platform's internal functionality.

Currency support with automatic conversion during transactions and accounting for commissions during conversions.

Transaction encryption with SSL/TLS data protection protocols and protection against unauthorized access and fraud. And compliance with KYC/AML integrations.

Depending on the type of assets, there may be a connection to external services such as Stripe, PayPal, and others.

Two-factor authentication mechanisms and transaction confirmation via email, SMS, or mobile application.

Ability to set limits and delay transactions with the possibility of additional confirmation.

Access to stock market changes will allow you to stay in the flow of important events, so the development of a newsfeed is a relevant addition to a stock trading app and can contain:

Any trading platform processes thousands of assets; therefore, analyzing and building a trading strategy can be complicated if data filtering is not applied. For daily work, the ability to search and filter is a tool that can include:

Developing this functionality for a trading platform has many benefit:

Saves time when working with large data sets, such as stocks, indices, and cryptocurrencies.

Allows you to focus on truly relevant assets according to the strategy and interests of users.

It is a way of direct trading in real-time.

The development of an educational and informative module in a trading platform can significantly improve the onboarding process and further product navigation. The best option is to highlight the following:

Auxiliary explanations of the functionality

Functionality is the primary determinant of a trading platform and the primary vector of trading platform software development, and it constantly raises a product's or platform's relevance. Having a clear idea of the business opportunities, it is worth moving on to practical principles and proven approaches that should be applied in trading software.

Proven best practices for developing reliable trading software

Let's take a closer look at the critical aspects of stock trading apps and trading software that will contribute to their higher efficiency and reliability. 

Trading platforms should operate legally and inspire trust from companies - clients, partners, and users, so some of the most essential norms and standards are highlighted:

KYC is mandatory for the fintech industry.

GDPR (in the EU) for personal data processing.

FinCEN (in the US) for the financial services registry.

PSD2 (EU) for the control of payment services.

SEC / CFTC (USA) for regulating derivatives and securities markets. 

The <a href="https://artkai.io/blog/ux-cryptocurrency-simplifying-trading-for-everyone">importance of UX</a> has long been a requirement, not just an option, because it helps to attract and retain users. A well-thought-out logical design also helps to effectively use all the features of the trading platform. Moreover, thanks to UX, the trading process can be greatly simplified.

In trading software, where tens of thousands of transactions are processed every second, any minimal problem can have critical unforeseen consequences. To avoid this, you should use the following methods:

SSL/TLS encryption when transferring data between the server and the client.

Use 2FA through applications, SMS, or email.

Regularly update and maintain the platform

Trading software support has several elements that will guarantee scaling and correct operation. Let's take a closer look:

This will result in easier implementation of new features, higher user retention, and fewer failures. It should be emphasized that a trading software development company should constantly provide its client companies with an understanding of the connections and business value of a particular process in trading software development. 

Therefore, below, we will give specific examples of successful trading platforms and not only, which demonstrate competent implementation and a balance of experience, approaches, and expertise. 

Our experience includes trading platform development services, stock trading software, and other <a href="https://artkai.io/blog/top-projects-in-blockchain-crypto-and-nft-by-artkai">blockchain and crypto projects</a> occupying top financial market positions. Below, let's take a closer look at our approaches to crypto trading software development and platform design based on the example of our cooperation.

CEX.IO is an all-in-one crypto platform with an ecosystem of services and products for buying, selling, trading, holding, and earning cryptocurrencies. Our  goal was to develop a trading app for iOS and Android for selling and trading crypto, creating a solid, intuitive user flow and building a consistent visual system, stock trading software, where users can buy, store, sell, trade, send, and earn digital assets.

crypto-platform-by-artkai

CEX.IO's focus as trading software should be on advanced order-matching algorithms, a high-liquidity order book, and analytical tools for traders with a simple interface to buy or sell instantly. To make the product even more useful we added to it the following features:

Purchase with the ability to buy Bitcoin, Ethereum, Ripple, and other cryptocurrencies.

Selling and withdrawals to Visa/MasterCard in any currency. 

Exchange involves the creation of trading pairs and the exchange of crypto and fiat currencies. 

Earn/stake with a system of user rewards. 

Price alerts, such as notifications about price and market changes. 

Passive earning with rewards for coins on your account. 

Our cooperation with the client enabled us to interact with the economy and simplify access to an open financial system with crypto and fiat transactions. 

CEX.IO is among the top 10 safest trading solutions of 2021, according to CryptoCompare. 

The most reliable exchange in the UK in 2022, according to the International Business Magazine Awards. 

Artkai developed Huobi (now HTX) trading software, namely a mobile application and a marketing website, in cooperation with the client. At the time of the request, the client already had a fully functional exchange platform that was successful in Asian markets. However, the product was not adapted for the European market, where different interfaces, legal compliance, and UX requirements apply. The main tasks and goals of trading software development were:

Product Modernization

One of the most innovative ways for companies to test their ideas is to build an MVP. This is a way to secure the interest of investors and attract users without spending too much money. But the question is: How much should you spend on MVP development? 

Our guide will examine the real costs of developing an MVP, starting with choosing the design and technology stack, covering hidden expenses, and selecting the right team. It will also provide proven tips on optimizing your budget while guaranteeing the MVP's functionality for the following stages of development. 

In most cases, the budget varies from $30,000 to $180,000, depending on several factors, such as time to develop the feature, priority, platform type, and more, which we'll discuss later. 

In short, development costs depend on the set of features and the time you need to implement them. <a href="https://artkai.io/blog/mvp-development-guide">MVP's business value</a> is justified due to faster time to market, adaptation of your strategy and vision, and quick testing of ideas.

mvp-development-calculation

Pre-development for MVP app development consists of the stage of research and validation of ideas. In terms of time, it is a variable step, as it takes place in the process of constant mutual communication. 

The average cost is $8,000 - $14,000

This step includes prototyping and creation of wireframes with a standard term of up to 2 weeks. You get documentation for quality assurance: 

Portrait of the target audience and competitive analysis

Analytical report with recommendations and strategies for MVP development

The information architecture of the product

Part of the design for MVP development cost ranges from $8,000 to $16,000. In most cases, the provider's services include the logic of user scenarios, UI components, interactive prototypes, and wireframes with UX optimization.

The development process stage is calculated mainly for Frontend and Backend development.

Frontend. The average cost of functions such as interface layout, API connection, adaptation for different devices, and client-side development can reach $8,000 - $40,000, with a turnaround time of 2 to 8 weeks.

Backend. MVP app development also takes 2 to 8 weeks. It includes a complete set of services, such as data logic development, API development, database management, and security and authorization settings. The cost ranges from $8,000 to $40,000.

Databases and their customization cost from $2,000 to $4,000 with a turnaround time of up to 2 weeks. The outsourcing services in this area include query optimization, server/hosting setup, and database structure design.)

Integrations in the MVP budget can range from $1,000 to $20,000, depending on your request, such as connecting to CRM, third-party APIs, or payment systems.

Deployment, mainly for minimum viable products, costs $1,000 - $4,000 and includes setting up AWS, Azure hosting, SSL connection, domain registration, uploading such an app to the App Store/Google Play, etc.

Maintenance and support can include various packages, ranging from $500 to $10,000, with services such as bug fixes, system upgrades, adding functionality, and security and UX updates.

We would like to emphasize that the cost and terms are approximate and depend on your company's peculiarities and requests and the format of cooperation with the development partner. Nevertheless, the real MVP development cost varies from $30,000 to $180,000, so you get a product ready for the market at the finish line.

After development costs are estimated, what can be done next? Next, you need to analyze what exactly influences the formation of this amount and the key factors of development costs and their causes.

Many of the following factors are under your control, so you should be guided not only by development costs but also by the goal of creating a high-quality product with high profits. 

With this in mind, here are the factors that will significantly affect MVP development costs:

elements-that-impact

Development costs depend on the complexity of your project, whether it's a simple MVP with a turnaround time of up to 4 months, medium complexity of up to 6 months, or highly complex of up to 9+ months. 

What exactly affects the level of complexity of an MVP project? 

For example, a simple MVP is developing a basic landing page with a subscription function. Its purpose is to quickly test the viability of an idea in the market with minimal costs. For businesses, it is primarily about testing a hypothesis and assessing the demand for a product without significant investments with feedback from the target audience.

Medium MVP goes beyond the basic functionality, and such a minimum viable product may include a user account, interaction with payment systems, and onboarding. This is a necessary base for checking the solvency of the audience and launching pilot sales involving real users. It also involves the prospect of financing the product by investors or partners.

A complex MVP app development is a fully developed solution with all the necessary technology stacks, unique AI-based features, customized dashboards, complex interactive interfaces, and more, depending on the core value proposition.

Therefore, the project's complexity is due to the set of features that you want to release during the pilot launch. 

Team structures that you can hire: In-house Team, Outsourcing, or Hiring Freelancers. Their working hours will also vary:  

The in-house team option is the most expensive and most extended with estimated development costs in the range of $50,000 - $200,000+ and a timeframe of 3 to 6 months. Additional costs will be required not only for the minimum viable product but also for benefits, office space, recruitment, equipment, etc. The in-house team cannot guarantee perfect MVP development; the advantage can only be in established communication..

Outsourcing the development of an MVP app to a dedicated team is more cost-effective than hiring internal staff or freelancers. Many agencies offer a wide range of services and domains and have a core value proposition that includes a successful MVP, proven market demand, and cost-effectiveness. The price of outsourcing directly depends on the initial MVP development budget's goals and basic business requirements. Before choosing an agency, also consider their experience in your domain. The timeframe for MVP development ranges from 2 to 5 months on average, but it can be longer depending on the complexity of the MVP.  It's more likely that the team will basically consist of 50% designers, 50% QA, 25% PM and 100% Senior. The average MVP development cost ranges from $50,000 to $180,000.

The choice of freelancers is relevant for companies with a minimum budget. However, the difficulty is manifested in the inability to manage such a team for quality control, development process, and development phases. The development costs of hiring freelancers are as follows:

Junior Developer - $20 - $40 per hour

Senior Developer - $50 - $100 per hour

UI/UX Designer - $30 - $60 per hour

Project Manager - $30 - $60 per hour

Note: the cost is approximate and depends on the specialist's skill level, the MVP's complexity, and the region.

The budget for MVP development costs can be optimized by adjusting for the development team's location, compensation, qualifications, and expertise, as well as differences in approaches to organizing business processes. 

For example, the financial compensation for the average MVP development team is much higher in North America and Western Europe ($50,000 - $200,000+/m) than in Eastern Europe or South America ($15,000 - $50,000/m).

This is despite the fact that, for example, outsourced development teams adapt faster to the requirements of a foreign client, have well-established processes, and guarantee high product quality of MVPs and software at the level of their Western counterparts. 

Note that these are not the only factors that affect MVP app development costs because some aspects often remain out of focus at first and affect the MVP development cost after the start of cooperation with the development team. Let's take a closer look at the hidden MVP development costs that are not taken into account at the beginning of a collaboration with the MVP development team.

Development costs are agreed upon at the start, but in practice, the price increases due to non-obvious expenses that cannot be analyzed in the future. To avoid unpleasant situations, let's look closely at what affects the final budget. 

This is synchronized with the addition of new features or changes to those already approved by the customer for MVPs and their development costs. This also applies to the logic of app development or the development process in general. 

For the development team and the customer, it leads to: 

Increase in the number of hours for development.

Redesign of the implemented functionality.

As a result, you get a 10-50% increase in budget, which is an increased risk for minimum viable product projects with a limited budget and too fixed deadlines. 

Solutions for optimizing MVP app development: 

Maintain clarity in the SRS (Software Requirements Specification).

Implement changes only within separate additional phases or sprints.

Create change requests or contingency buffers with a fixed fork of additional costs.

Trying to meet tight deadlines often leads to quick and inefficient solutions in MVP development, such as development simplifications or lack of proper testing. 

The appearance of bugs and incorrect functionality

Elimination of the consequences of the "quick approach" to MVP development eventually requires: 

Implementation of an additional code review

In complex cases, the problem of integration with external services such as analytics, CRM, or payment gateways leads to 20-30% additional time and budget for minimum viable product development. 

Difficulties with customization to the needs of the minimum viable product.

Additional costs for subscriptions and licenses for APIs or SDKs. 

Costs of testing unstable integrations. 

Analyzing the cost and technical requirements of the third-party service in advance.

Allocate time for PoC development before full integration.

Setting aside a contingency budget for adaptation. 

Suppose your MVP is related to healthcare, fintech, or e-commerce. In that case, it must comply with the current legislation of the country or region, such as GDPR, HIPAA, PCI DSS, and others, depending on the project's focus, with the involvement of technical and legal consultants. 

Failure to comply with the requirements results in: 

Additional legal, due diligence, licensing, and certification costs after a compliance incident.

Such issues can cost 5-15% of the total MVP app development costs.

Add compliance expertise at the discovery stage.

Superficial testing in MVP app development is another way for your company to spend an extra $1,000 or 10-20% of the budget on fixing critical bugs. 

Additional costs for post-release support

Have a separate layer of comprehensive QA in the minimum viable product

Use automated testing for the main functionality

After launch, implementing user suggestions for interface usability or functionality requires additional development cycles, which can cover up to 30% of the MVP development cost.

If we are talking about a solution, it is possible if it is followed: 

A transparent process for prioritizing, analyzing, and collecting user feedback

Implementing a flexible approach to sprint planning

*Note that MVP cost is not only about design and development but also many factors, such as repeated iterations, technical debt, and others that arise from a poor approach. We've provided several solutions to avoid these costs, and in our next section, let's take a closer look at our tips for reducing MVP development costs.

Based on our experience, let's examine the proven tips for reducing development costs without sacrificing the quality of the minimum viable product.

Don’t overcomplicate your architecture and MVP at the start

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