Do you know what a Robinhood clone program is? You've come to the right site if you want to learn more about it and how to make a Robinhood clone app.
E-trading applications like Robinhood have a legitimate place in people's lives now that the internet stock trading sector has expanded.
The skyrocketing demand for stock trading applications reflects investors' preference for digitalized market investing methods. Such online stock trading and investing applications have many young investors actively utilizing them, so their user base is not only confined to experienced investors.
Clone app development is not a simple task. But anything is feasible if the appropriate individuals are working on the project. You may get in touch with the best app developers in the globe with the aid of notable and potential customers. They'll provide relevant and current information on all the hottest topics in technology.
The internet trading market has a worldwide market value of $8.28 billion, according to Statista. With 7.3 million users worldwide, Robinhood is one of the most downloaded e-Trading applications.
This article will explain the Robinhood clone app in detail
Robinhood app: What does it mean?
Robinhood is a free stock trading program that enables anybody to start trading. Its goal is to democratize money for everyone. This program allows users to invest in equities without paying a brokerage charge. Individual investors had to pay the brokers a significant sum when trading stocks the old-fashioned way.
Robinhood eliminated the trouble by charging no brokerage fees. It was a breakthrough that attracted people like bees. Robinhood has eliminated the additional costs and simplified trading for even those without prior experience. Users may choose from various equities, including those of Tesla, Apple, Google, and other companies. According to Robinhood, it supports individual investors by giving them trading authority.
Why should companies think about developing a stock trading app using Robinhood App?
Here are some short numbers that will show you how Robinhood differs from other cryptocurrency trading apps:
- The Robinhood app's yearly income increased to $959 million in 2020, and when Gamestop stock prices fell, a total of $3.4 billion was added to its stake.
- From 2020 to 2021, there were 22.5 million more users of the Robinhood app.
- The Robinhood app's average value was $11.7 billion in 2020 and increased to $20 billion in 2021.
- The asset value of Robinhood is $80 billion, and the average account size is $3,500.
- In 2020, Robinhood produced $682 million in average payment-for-order income, a 514 per cent increase from the prior year.
- The Robinhood app market was valued at $13.1 billion in 2019 and is anticipated to reach $18.3 billion by 2027.
Robinhood Clone Script: What Is It?
Using the Robinhood Clone Script, you may create your own commission-free stock trading and investment trading platform that is identical to Robinhood. With Robinhood's critical features included, this clone script offers a completely or entirely customizable stock trading program. It enables you to build a unique, commission-free stock trading and investment platform similar to Robinhood.
How Can A Robinhood Clone App Be Launched?
It lays the way for a legitimate app that stands on its own two feet and one that is comparable to Robinhood. Individual investors may profit from trading thanks to it.
Therefore, create a Robinhood clone and build online trading and investing platform with a tailored free-trading platform if you want to be the next Robinhood for individual investors. You'll be able to see why the Robinhood clone app is necessary in the modern world.
Why Does This Robinhood Clone App Stand Out From the Competition?
- A straightforward and lovely layout
- No additional fees for trading, No minimum account size
- Due to its membership in FINRA and SIPC, the app is safe.
Features of the Robinhood imitation include
A simple way for business owners to start a stock trading and investing platform is using a Robinhood clone, a ready-made stock trading platform solution. Take a look at a few of its characteristics.
1. Unmistakable Dashboard
The trader's dashboard is where all the trading-related data is presented. It contains information on orders, the balance, charts, Watchlist, holdings, etc. All of the information must be transparent and understandable.
Trader's Portfolio This tool allows users to build and manage their trading portfolios. It has filter and sort functionality, which makes it easier for the user to search.
2. Projections for charts
Since stock values constantly fluctuate, the stock data should be updated every second. Charts and stock quotations must be projected to make this data understandable for the audience.
3. Market Trading
It is the Robinhood Clone App's most significant feature. The user may utilize this tool to purchase or sell stocks.
4. Payment Transfer
The user must send money from his accounts to the app to trade. A customer can purchase or sell stocks after transferring money into the app.
The user may keep track of certain stocks he plans to purchase or sell in the future by adding them to a watchlist. Editing the Watchlist is always possible.
6. Device Synchronization
With the help of this function, the user may synchronize his trading account across all his devices and continue trading freely on either his laptop or his mobile phone.
7. Market Scanners
The key to making excellent money with stocks is for your user to monitor the market, grasp the data, and sell or purchase at the right moment. With it, this feature aids your user.
What is the cost of developing a Robinhood clone app?
One of the difficult jobs is calculating and estimating the cost of developing an app for a trading app like Robinhood. Without knowing the specifics of the app development, it is complicated to estimate the typical app development cost since the cost of an app varies widely depending on the demands and requirements of a customer.
The ramification of the app, features and functions, UI/UX design, technology, hiring a mobile app developer, and more are just a few of the variables. However, the app's price is often determined depending on how many hours it takes to construct it. Additionally, where you decide to employ an app development will affect the app developer's hourly rate.
The typical cost to construct a trading software like Robinhood would thus range between USD 20,000 and USD 25,000 after assessing and analyzing all such elements. In the event of a complex app version, it may also exceed USD35,000 for each platform. The complexity will increase as the number of features increases, eventually lengthening the time it takes to design an app.
Therefore, scheduling a free consultation appointment with specialists to review your needs for developing an app before making any decisions is worthwhile.
Benefits of creating an app like Robinhood include
1. Without Commissions Trading
The reputation of Robinhood is built on its zero-commission stock trading. The platform doesn't charge any fees for bitcoin transactions made by investors. Cryptocurrency trading is cost-free.
2. Simple to use and understand
The smartphone app is straightforward to use. The transactions are completed relatively quickly when utilizing this platform to make trades.
3. No ongoing charges
Investors may start with a small amount and increase it to equal ownership since there is no minimum account requirement. No monthly charges apply to this platform.
4. Dual-factor authentication
Two-step verification is used in the Robinhood clone app.
5. REINVESTMENT IN DIVIDENDS
A cash dividend is automatically reinvested in the underlying shares as part of the dividend reinvestment process.
6. Trading of fractional shares and cryptocurrencies
Low transaction costs and the option to exchange bitcoin and fractional shares.
7. Cash flow planning and ongoing investments
The platform offers recurring investment alternatives and effective cash management.
Upon consideration, even during the epidemic days, just a small number of the many stock trading applications that are available managed to become massive hits. If you're planning to invest in creating a stock trading app similar to Robinhood to grow your company, it will cross your thoughts. In actuality, Robinhood is the leading e-trading software that popularised the idea of commission-free investing.