oDo you know of any Robinhood-like applications? You’ve come to the right site if you want to learn more about it and how to make an app like Robinhood.
Since the online stock market has developed, people have depended on electronic trading services like Robinhood.
Investors choose digital alternatives to stock market trading, as seen by the prevalence of stock trading applications. Unlike seasoned investors, Novice investors often use these online stock trading and investment techniques.
The look of the two apps can be different. Anything is feasible if the right individuals are working on a project. With the help of well-known and future customers, you may get in touch with the best app developers in the world. They will provide crucial, current information on the most recent technological advances.
This blog post will examine the development of the Robinhood Clone.
What does the “Robinhood app” really do?
Using the free Robinhood app, anybody can begin trading stocks. Ensuring everyone has fair access to financial resources is its main objective. This application allows users to purchase stocks without paying a brokerage charge. People used to have to pay brokers a lot of money to purchase and sell stocks in an old-fashioned manner.
Robinhood got around the problem by refusing to accept brokerage fees. It drew them in like bees to a flower. It has removed pointless fees and made trading possible for those who have never done it. Users may choose equities from companies like Tesla, Apple, and Google. According to Robinhood, allowing customers to trade will assist individual investors.
Why should a business think about creating Robinhood-based stock trading software?
Listed below are a few facts that distinguish Robinhood from other bitcoin trading applications:
- The worldwide value of online commerce is $8.28 billion, according to Statista. One of the most well-known e-Trading platforms, Robinhood, has 7.3 million members worldwide.
- Despite a decline in the price of Gamestop shares, the Robinhood app generated $959 million annually in 2020 and expanded its holdings by $3.4 billion.
- The number of users of the Robinhood app will increase by 22.5 million from 2020 to 2021.
- By 2020, it is anticipated that the Robinhood app will be valued at $11.7 billion. In 2021, it was valued at $20 billion.
- The average Robinhoods account is $3,500 in value, and the company has $80 billion in assets.
- The Robinhoods app’s market expected to be worth $13.1 billion in 2019. Its expected to valued at $18.3 billion by 2027.
What Is the Robin Hood Clone Script Development Process?
With the Robinhood Clone app development, you may create your commission-free trading platform for stocks and other assets. This Robinhood clone creates stock trading software that has all of Robin Hood’s key features and can be fully or partly altered. You may use it to create a platform like Robinhoods, which lets you buy and sell stocks without paying commissions.
How Can an App Like Robinhood Created?
It lays the groundwork for independent, lawful software programs like Robinhoods. Because of this, traders could profit from their investments.
Consider how the business has developed and provides a free online trading and investing platform if you want to be the next Robinhood for individual investors. You’ll see the Robinhood clone program’s increased strength.
How much does it cost to create an app like Robinhood?
One of the most challenging tasks is calculating the cost of launching an app like Robinhood. Because web3 development so complicated, it’s impossible to estimate the typical cost of an app because it depends on the client’s needs.
Considering everything, constructing a trading platform similar to Robinhood would typically cost between USD 20,000 and 25,000. Each platform may cost more than USD 35,000 if the app is a sophisticated version. The software will become more complicated and time-consuming as additional features added.
Book a free consultation with an expert to find out what you need from an app before you make any choices. For your project, you should choose the top blockchain development firm.
Here are several compelling reasons for creating an app similar to Robinhoods:
1.) No-commission trading: Robinhood is renowned for enabling fee-free stock trading. The site is free for investors who want to purchase or sell bitcoin. Trading digital currency is cost-free.
2.) Transactions: Your phone’s software is easy to use and comprehend. Transactions on this website often finished fast when users purchase or sell anything.
3.) There are no ongoing fees: Investors may begin with a modest number of shares and increase their holdings over time until they are equal to everyone else. The use of this website is free each month.
4.) two-step authentication: The Robinhood clone app uses two-step authentication.
5.) Dividend Reinvestment: A cash dividend is automatically reinvested in the shares from which it was earned as part of the payout strategy.
6.) Bitcoin and fractional share trading: Bitcoin and fractional shares may be traded with minimal transaction costs.
Only a tiny portion of the several stock trading applications that were readily accessible was being used even during the pandemic’s peak. To help your business expand, think about using stock trading solutions like Robinhoood. Since it made no-cost investing popular, Robinhood is the most well-known e-trading platform.