What do you need to know to create a Trading Platform?

Investing in stocks is fashionable and reliable, so the number of traders is growing. The same trend is growing now for the trade exchange platforms. But what is a trading platform? It is a software tool for buying and selling in the currency, stocks, and bonds markets and to monitor the dynamics of the exchange in real-time. Brokers ensure the safety of buying and selling and make money on transactions. Different brokers provide different software for executing transactions, but the principle of operation is the same everywhere. Unfortunately, existing platforms do not cover all the needs of a large-scale audience, so now is the perfect time for a new creative idea of a trade exchange platform to enter the market.

This article reveals all the cards on what you need to know for creating a trade exchange platform and not to screw it up.

Pay attention to registration

For platforms it is very important the registration form. If the user has difficulties at the registration stage, then he is unlikely to use the service further. That is why it is so important to keep the page minimal and straightforward. Nobody wants to spend more than 3 minutes filling in all the data fields. Better let the user in and show the system as soon as possible. Then, you can ask all the necessary fields when the user tries to perform an action. That way, he will be much more engaged and motivated to do that.

Frontend development and design

It is critical to create a great UI and UX design of a trade exchange platform to differ for the better from other sites of a similar theme, to be aesthetic and attractive, stylish, but at the same time very clear and easy to use. For this, qualified UX and UI designers can help. Frontend developers can create a "client" part of the site and deal with everything that the user interacts with. Important to find a qualified developer with experience in HTML, CSS, JavaScript as well as good skills in using complex systems written in Angular or React.

Backend development

Hire a good Backend developer to create a trading platform. Backend developers will work with server technologies such as database, architecture, business logic. The developer should know how to use server-side programming languages ​​and frameworks such as Ruby, NodeJS, Python, Java as well as relative MySQL, PostgreSQL, Oracle, and MSSQL databases, or even distributed databases such as SingleStore.

Security and Confidentiality

Don't forget that when it comes to financing security is a top priority. If you are working with financial information you need to think a lot about the data privacy and security of the users. For example, many exchange trade platforms check customers at the authorization stage - for this, they ask to log in using social networks or by phone number. Also, make sure you add the Terms of Use to the platform and explain to users that their personal data is safe.

Legal aspect

Finance is a serious business field and to run a trade exchange platform you need to obtain a license in all the countries where you plan to launch it. We recommend that you consult with lawyers to learn more about the laws of the region where you will be launching the platform. The process of obtaining a license can be costly, but it is not the most important factor. More importantly, you will have to come to terms with careful analysis of all the data you provide.

It must be said that the development of a trade exchange platform can be a challenge! The trading environment becomes more and more mature and consumers become more tech-savvy and demanding. That is why it is important to create a perfect trade exchange platform that meets all the customer's requirements. Mifort is an experienced IT outsourcing company successfully delivered more than 180 projects for its clients including Trading Platforms. We help companies and start-ups to implement ideas and we are always looking for opportunities to help our clients make technologies a valued part of their practice.