Roman Dereka Head of Sales Department
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How to develop e-trading platform

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online trading platform development

Nowadays there is a common practice among people globally to make purchases online. Some of them choose to buy online for the ease of convenience, others because some online platforms offer competitive prices. Statista states that there are over 1.79 billion global digital buyers worldwide in 2018 and predicts 2.14 billion people will buy services and goods online in 2021. This tendency makes businesses more likely to think or behave in the way of online trading software development and implementation that will help to gain more profit.

statistics

Trading online is a great solution to buy and sell financial products through the e-trading platform. Currently, e-trading platforms are an alternative to using traditional brick-and-mortar trading firms and organizations. These platforms are normally provided by web-based brokers and are available to every person who wants to make money from the market. In today's high-speed trading environment, e-trading platforms offer a real-time solution with a full range of trading services.

What is an e-trading platform?

E-trading platform is also known as an online trading platform, comprehensive software solution providing an ability to place trades and monitor accounts, create portfolios through financial intermediaries for investors, traders remotely and in real time. With the advent of e-trading, the investors are actively rushing towards it. A growing number of active investors are bypassing conventional brokerage offices entirely and doing all their trading online.

Essential differences between traditional trading and e-trading

While many people value the traditional broker-client relationship, there have been technological changes in the trading industry that has left people to shift from the traditional method to the online trading methods. There are some significant differences between both the trading methods and the one that is best for you will depend on what you prefer the most. Here is the table in which you can see some of the top differences between traditional and web-based trading to reach an informed decision based on your needs.

Online Traditional
E-trading mechanism provides full control and immediate execution  Traditional mechanism does not ensure that control is provided.
 Funds can be easily transferred  There is a need to deposit and withdraw funds each time of trading.
 A wide range of additional services like live terminals can be provided to their clients through e-trading platform  Live terminals and other additional services are not applicable.
 It is possible to get advisory services throughout the platform.  Offline investors, traders cannot get advisory services in real time.
 There is a possibility to directly invest in IPO’s and mutual funds online.  There is no possibility to open a separate account to invest in IPO’s, mutual funds offline.
 No documents are required for trading  Delivery Instruction slips are required to trade
 E-trading is a time effective process  Traditional trading is a time-consuming process

Also, you can take a look at some of the major characteristic of e-trading platforms below:

  • combination of demand and supply on one web-resource;
  • inexpensive transactions;
  • operational aggregation of goods/services in accordance with market trends;
  • direct income from the first buyer (user);
  • easy handling when working with the client base;
  • high level of security.

Key features of the e-trading platform

Below, we have put a list of major features that any e-trading platform should include. However, the issue is how to turn these features into a great e-trading platform that will work correctly, or in a similar vein, how to develop an e-trading system effectively. Let’s take a closer look at the feature list below:

  • User authorization&user profile. Opening up an e-trading platform, users should find authorization as a user-friendly, highly secured process. Also, a wide range of options like to login with an email address, mobile phone number or social accounts should be offered. All users’ information is kept in their profiles and can be updatable and editable.
  • Search. With this feature, users can find relevant information they are searching fast and easy.
  • Portfolio updates. Users can track and monitor their portfolios with a filtering option in a real-time mode.
  • Deposits. This feature is in great favor. Users can access detailed deposits information in a convenient way.
  • Newsfeed. This feature highlights information that includes the latest news within the e-trading platform.
  • Notifications&alerts. With this feature, users are knowledgeable about the current news within the e-trading platform. Messages can be sent to them at any time to let them know if there is an event or they need to take some actions.
  • Transactions. Users can view dashboards, monitor, run reports about their transactions in the online mode.
  • Quotes monitoring. This feature allows users to view/monitor all their quotes flow online.
  • Sorting&filtering. With these built-in features, users can better navigate within e-trading system and display data in a readily understandable format.
  • Placing trades. This feature allows users to view/edit their financial data placed within the e-trading platform.
  • Analytics. Dashboards, charts, graphs, gauges, reports, and other visuals are invaluable tools for presenting information in a quick and easy to digest manner. They really help to illustrate the key financial data, analyze them to make an informed decision.

How to build an e-trading platform

Whatever choices are made, trading is a specific area, but it might be very profitable for businesses. Let’s take a closer look at these factors that should be brought to notice:

  • UX design. It is extremely important to increase user acquisition and user retention. When designing a system, its structure and user flows you should think through in order to avoid mistakes, create the perfect and coherent visual identity and give extensive attention to the usability goals, user characteristics, environment, tasks and workflow processes, and so on. Navigation within the e-trading system should provide users with a better orientation to promptly reach the desired section, quickly direct to the desired section, find and access the data you need.
  • UI design. It focuses on styling the structure and content that are easy to access, understand, and use to facilitate users’ actions. It brings together concepts from interaction design, visual design, and information architecture. All the interface elements such as colors, typography, graphics, images should be harmonious and used consistently across the e-trading software solution to evoke desired emotions.
  • Frontend development. Refers to the client side of the e-trading software solution and involves user interface, web pages development, and so on. When building an e-trading platform, frontend engineers implement the structure, design, behavior, and animation of everything users visually see on the screen when they open up the e-trading platform. The required technologies are HTML/CSS/JavaScript, jQuery, Bootstrap or Foundation, React or Angular.
  • Backend development. Refers to databases/servers the user cannot see in the browser, involves the communicating with the server that provides data on requests. All information, like user profiles, payments transactions are stored in the created database. Backend developers request the server to display required data stored in the database. The following technologies are used: Python, .Net, PHP, SQL-databases - mysql, postgres, sql server, and NoSQL databases such as MongoDB; RESTful Services, APIs, etc.
  • Testing. QA engineers with a great knowledge of testing processes and a "customer-focus" vision who will work on assuring the quality and integrity of features&functionality, checking them to ensure the e-trading platform operates correctly before going live are required. QA engineers verify that all the operations perform according to specification and all internal components have been adequately tested.

Also, you can read about: How we've created an investment platform

Benefits of the e-trading platform

Below we have identified some aspects of why online platforms for trading are so beneficial. Let’s read about them below:

  • Applicability. The online trading market evolves rapidly, providing an avenue for businesses to profit. Nowadays, you can create an e-trading solution with a seamless user interface and quite extensive functionality that will help you build wealth at the very start.
  • Profitability. E-trading platforms allow owners to reduce costs. There is no need to lease the premises or hire additional staff to run a business. You should just create an e-trading software solution and then promote it.
  • Availability. E-trading provides a broad spectrum of available financial solutions. You can find exactly what you need whether you are a professional or individual trader.
  • High level of control. Users can operate on the exchange, view all the actions, and control in a snap from their e-trading dashboard.
  • Oriented on user needs. E-trading platforms can offer highly personalized services to users through an understanding of their goals, philosophy and risk tolerance that increases user engagement.
  • 24/7 accessibility. You can access your e-trading portal whenever and wherever you are to perform the transactions or take any other actions.
  • Lower transaction charges. Users conduct transactions within the e-trading platform themselves from their accounts thereby obviating the need to hire additional staff to handle orders, etc.

Bottom line

The more mature trading environment becomes, the more particular about the quality of the products and services consumers become. That makes businesses offer more specialized advisory and financial services to serve consumers better. We, at DDI Development, have proven experience in building a diverse range of web and mobile solutions for different business verticals. If you are thinking of e-trading platform, let us know and we can turn your idea into a real software.

 

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