A Comprehensive Guide to Developing a Fantasy Stock Trading App

Updated 28 May 2024
Published 25 Mar 2024
Nancy Bhargava 1850 Views
Fantasy Stock Trading App Development

Enterprises that invest in gamification and learning are attracting a large fan base nowadays. Fantasy stock trading applications lower the risk of losing money and allow millennials to start their investment journey.

These applications are said to make the trip engaging and simple. Fantasy stock trading app work like fantasy sports applications.

In this article, we will learn about the application’s key functionalities, the cost involved in development, and how to build a fantasy stock trading platform. Let’s learn about fantasy stock market app development.

What is the functionality of Fantasy Stock Trading App?

From an operational standpoint, a fantasy sports stock trading platform functions similarly to a fantasy sports program.

Once the program has been installed and registered, all you need to do to play the fantasy stock trading game is follow the below-listed procedure:

  • After registering for the program, the user can select whatever league or competition they want to compete in.
  • After paying the registration fees for the fantasy trading league, you can start assembling your team of stocks based on your personal preferences.
  • Make sure your team is prepared before you lock in. Remember that you won’t be able to alter your roster after it has been locked in.
  • Throughout the game, pay attention to the players’ performance. An upward performance will translate into higher stock prices and vice versa.
  • Purchasing and selling stocks should be done based on the players’ performances.
  • After the game is finished, you can transfer the funds to your bank account using one of the many available payment options.

The stock market fantasy app development will allow enterprises to have their own platform to invite users to trade and make money.

They can set up their daily stock fantasy business and accept real money. The application can be configured per the company’s requirements and vision.

Why are Fantasy Stock Market platforms becoming more popular?

There are several reasons why fantasy stock market apps are gaining popularity, some of which are mentioned below.

  • Accessible

One of the stock trading fantasy platform’s most beneficial features is its availability seven days a week, around the clock.

Users can access the site at any time to monitor their investments, which is one of the main reasons why an increasing number of people are becoming interested in stock trading platforms.

  • Risk Management

Besides providing real-time information, the fantasy software uses artificial intelligence to suggest stocks based on historical performance.

If you are still determining your selections, you can make a less risky statement by betting on the recommended athletes.

  • Geographic boundaries do not exist

An online fantasy trading platform has no geographical restrictions. Regardless of where they are, consumers may use your platform with a smartphone and an internet connection. Moreover, this is one of the leading causes of these platforms’ vast user bases for their services.

  • Manage your investors

Software specifically created for fantasy stock trading can help the administrator manage investors and consumers easily and systematically.

Thanks to enhancements to the administrative controls included as standard, the software can monitor each user and their investing activity.

Read More: How to Make a Sports Prediction App?

Feature to be included in any fantasy Stock Market Apps:

Here is the list of must-have features to be included in any fantasy application:

  • Check-in procedure

The permission process must be uncomplicated to guarantee that it does not impose any obligations on consumers.

After reaching this point, you should provide your consumers with several check-in options, including PINs, biometrics, and other techniques.

If you proceed with this method, you can demonstrate that their experience is risk-free.

  • User Profile

Users should be able to save their personal information and preferences about alerts or just the frequency at which they want their account debited.

This decision should be made available to users, and it would be beneficial to make this choice accessible.

  • Investing in the Company’s Stocks as an Investment

One function that should be included in developing your stock market app is the ability to give customers the capacity to execute orders and track their cash flow.

The addition of this functionality is the most obvious one that should be made.

  • Portfolios that maintain a constant state of modernization

When it comes to providing clients with a stock trading app worth their time and money, nothing is more beneficial than providing them with real-time updates.

This is something that every single fintech application development company will agree upon if you ask them. This is the case regardless of the company that you are inquiring about.

Users ought to be provided with the convenience of accessing their portfolios in real-time, and they ought to be updated promptly to offer them a prominent picture of where they stand to aid them in making investments.

Creating a stock trading platform driven by artificial intelligence also has the potential to multiply these capabilities by a factor of ten.

  • Deposits

By employing this technology, investors will be able to view the current status of their deposits in real time, and they will not have to exert nearly as much work as they would otherwise.

  • Search

The stock trading software you have developed for investors should allow users to search for active stocks and the current prices at which those stocks are trading on the market.

  • Analytics

It would be advantageous for those who take part in the stock market to be able to analyze the statistics and assess the results of the numerous trades, transactions, and other activities they engage in.

  • Push Notifications

Push notifications are yet another critical component that should be included in the process of designing your online trading application.

Providing your customers with notifications about the movement of their stocks is something you should do; however, these notifications should be timed in such a way that they do not upset investors who are already very busy with their responsibilities.

  • Newsfeed

Even though the component of an application used for stock trading receives the least attention, it is among the program’s most essential elements.

A newsfeed can provide novice traders with information about recent events in the stock market, such as the winners and losers, the most recent mergers and acquisitions, information about initial public offerings, and so on.

Having addressed the feature sets for trading-based fintech app development, you can now progress to the next phase and start preparing the technical components that will power your stock trading app’s functionality.

This is because you are now able to take the following steps:

How to Develop a Fantasy Stock Market Software?

One stock trading application is an online system that enables users to quickly and conveniently buy, trade, and manage stocks on a trading platform.

Let’s examine the procedure needed to create a stock trading app:

Step- 1. Start the Project

The first step is to choose a team of expert app developers with good financial software development services and industry expertise. Plan a minimally viable product with their help.

It would consist of the following steps:

  • Researching the customer base
  • Setting up sessions to learn about your client’s needs and how your financial technology solution could meet their demands
  • Using methods like the “pain and gain map,” you can prioritize features for your MVP.

Describe the scope of the project in detail

Your team should prepare a comprehensive list of features and functionalities required for developing your trading mobile app before the actual development process.

Discuss how long it will take to apply for your app development. After consulting with the customer, project managers, and sales team, the project developers would create the initial schedule. The project’s scope would follow this timeline.

Step- 2. Make your App safe

Security is unquestionably one of the most crucial considerations in creating trading apps. Since sensitive information is involved in producing stock trading software, the industry is now governed by strict regulations.

Try to lower the risks related to application security, such as injection, cross-site scripting (XSS), XML external entities (XXE), and so forth.

The protection offered can be increased by utilizing features and capabilities, including next-generation firewalls, multi-factor authentication (MFA), bank-grade encryption, and other related technologies

Step- 3. Look for Fundamental Elements

You can accelerate the development process using managed cloud services like Platform-as-a-Service (PaaS) and Mobile-Backend-as-a-Service (MBaaS).

After that’s finished, you may start creating and developing the APIs, or application programming interfaces, for the main functionality.

You ought to leverage third-party APIs for any additional non-core functionality, such as push notifications. When developing a mobile application, ensure the best possible user experience, performance, and security.

Step- 4. Assemble the group that will work on your app development

Regarding “how to make a stock market app,” the response mostly depends on the qualifications and background of the development team you choose and then assemble.

The following should be on your team if you want to create a stock trading mobile app:

  • Programmers who create websites with JavaScript
  • Android developers
  • UI/UX designers
  • The DevOps engineers
  • iOS developers

Develop an API, or application programming interface, to implement core and non-core features

The trading aspects are the most prominent features showcased in the software you have presented. Implementing capabilities by designing and developing application programming interfaces (APIs) is advisable.

  • Utilizing Postman is one of the most valuable technologies for expediting the development and testing of APIs.
  • Host APIs using an Amazon Web Services account.
  • Implementing quotas, gateways, throttling, authentication, and encryption are all proper techniques to lower the risk related to API security.
  • Effective management of development and staging environments for APIs is crucial.
  • Ensure that the web, iOS, and Android application programming interfaces (APIs) are compatible.
  • Create relevant URLs to ensure that your requests and responses are efficient.

Step- 5. Product Inspection, Delivery, and Maintenance

Now that your stock trading application has launched successfully, it’s time to complete the complex testing steps across several devices.

Any existing defects or difficulties will be located and fixed with the help of your quality assurance team. Testing on mobile devices can be done effectively by examining the apps.

Not only are the shortcomings noted, but the functional and non-functional needs are also documented. Your application needs regular maintenance and support; improvements will be required as technology advances.

Customization is highly valued nowadays, so you can create your custom stock fantasy platform by contacting a reputable firm for development. Contact Now.

How much does it cost to create software for a fantasy stock market?

Several factors can affect the cost of designing software for fantasy stock markets. It isn’t easy to provide an estimated cost when you don’t know what your project will require.

Numerous factors, such as the application’s size, functionality, developers’ location, compatibility with several platforms, and many more, affect the overall cost.

The number of developers varies in different places. An estimate of the price is provided below:

  • Indian-based developers $30-$70 per hour
  • Australia-based Developers $70-$120 per hour
  • USA-based developers $150-$250 per hour
  • UK-based Developers: $100-$150 per hour

As a result, developers with American headquarters are far more expensive than those with locations in India. The price rise isn’t solely attributable to the developers’ level of experience.

That being said, it is untrue that Indian programmers lack the requisite degree of expertise. The developers’ level of knowledge is a significant component that affects the total cost.

The average development cost of fantasy stock market software that provides basic features and works with a single platform is between $15,000 and $25,000.

However, if you wish to develop a cross-platform application with all its intricate features, the price can easily reach $40,000.

Final Thoughts

The fantasy stock market application is intended for experts who thoroughly comprehend the sports and financial industries.

However, the fact that this network unites users interested in stock market trading and fantasy sports on one platform contributes to its continued popularity.

You are undoubtedly aware now of how widely these platforms are being used.

Numerous research conclusions indicate that its popularity will only grow in the years to come. If you’re interested in investing in developing a fantasy trading app, this might be the best opportunity.

If you are serious about creating a fantasy sports app, consider reaching out to a reputable Fantasy app development provider for assistance.

FAQs

  • Can stock trading apps be trusted?

    All of the top-rated stock trading apps are reliable and secure. These programs abide by the laws that control the trade of financial resources in many different countries across the globe. They also come with an extensive encryption and security system that ensures your money and personal data are safe from start to finish.

  • Which platform is best for developing your fantasy stock trading application?

    Many platforms can be used for developing fantasy stock trading applications, like iOS or Android. If you can develop cross-platform software or applications, you can reach out to a broader audience and enhance user accessibility and convenience.

  • Are there any legal challenges or concerns with developing stock trading apps?

    For newly established businesses venturing into trading app development, addressing legal issues upfront is crucial. While it may be easier for authorized brokerage firms to expand online, starting from scratch requires careful consideration. Key steps include obtaining licensing from regulatory bodies, joining investor protection programs, adhering to data protection regulations, and bolstering security with multi-factor authentication and AI-driven fraud prevention measures.

Nancy Bhargava

Nancy works as an IT consulting professional with Arka Softwares. She has an in-depth knowledge of trending tech and consumer affairs. She loves to put her observations and insights of the industry to reveal interesting stories prompting the latest domain practice and trends.

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