How to Build a Forex Trading App

Foreign exchange or shortly known as forex is the largest and most liquid marketplace. Technological innovations have enabled individual traders to participate in live forex environments through online trading. 

As forex markets operate round the clock, 5 days a week, forex trading is gaining popularity as an investment method to make passive income.

These possibilities encourage increased use of forex trading platforms or applications to facilitate users to analyze the market and place trades. You can grab this opportunity to help users by developing a forex trading app. 

Though major players in this industry occupy a large portion of the market share, a well-designed, user-friendly, secure, and robust forex trading app has tremendous growth potential.

At the same time, developing and launching a forex trading app is a complex process involving several techno-commercial aspects. Let me help you understand the process by depicting the most significant considerations of building a forex trading app.

Marketing Perspective

You require building a feature-rich and user-centric application at an unbeatable price to compete with the established app-building companies already flourishing in this sector. Define your target audience and make your app convenient for them. 

For instance, novice traders prefer access to charting, analytics, and learning resources. On the other hand, experienced traders will expect excellent features to place well-thought trades at the right time.

Technical Aspects

There are several technical considerations. Here is brief information about the most crucial aspects:

The Platform

As you define your target audience, decide on a suitable platform for your application. Determine if you want to build a mobile app, a web-based app, or a desktop app - and accordingly, think of the platform to create the application.

The Technology

What tech stack, a team of developers, testers, and product managers, do you require? What programming languages, back-end, front-end, and architecture would you prefer for your app?

The Features

Users may expect numerous features in your app, including a centralized dashboard, user profile, authentication, connecting users’ bank accounts, and trading mechanism. Additionally, think of charting, analytics, and learning resources your app should have.

UI/UX Design

Consider the mobile-friendly design, as present-day traders prefer handheld devices. That will make your app more acceptable among individual traders. Think of the best user experiences through proper interfaces.

Development and Testing

Prefer development by adopting agility, as you can split the task into sprints, and talented developers and testers can accomplish their contribution autonomously. 

Beta Version

It is better to have a beta version of your app before launching it. You can test the beta version through power users and amend any technical issues to ensure a better user experience after launch.

Compliance

Consider the regulations of your country’s concerned authorities and the public platform where you want to place your app for downloads. Building your FX trading app per these guidelines will help you attain faster time to market.

Support

Have a support team trained to resolve users’ technical queries and provide technical support in case of issues related to servers, latency, and other technicalities.

Launch

Set your infrastructure in place, spread some word about your app launch through digital marketing strategy, and bring the app to the world.

Forex Data Integration

Another crucial aspect is integrating market data from reputed providers like TraderMade. You don’t need to capture and store forex market data, as you can integrate their API into your app to help users access historical and live forex rates. 

Would you like to learn more about developing a forex trading app? I suggest you read the detailed article about How to build a forex trading app. Explore features and steps to develop the app in detail. Choose TraderMade as your market data partner to ensure users get accurate and reliable price feeds.