Do you know of other apps similar to Robinhood? If you want to learn more about it and how to create an app like Robinhood, you've come to the correct place.
People rely on electronic trading platforms like Robinhood now that the stock trading sector on the internet has evolved.
As indicated by the popularity of stock trading apps, investors prefer digital alternatives to stock market trading. Seasoned investors do not always employ these online stock trading and investing systems because beginner investors do.
Two applications cannot have the same appearance. If the appropriate people are involved in a project, everything is possible. You may contact the greatest app developers in the globe with the support of well-known and potential consumers. They will provide vital, up-to-date knowledge on the most recent technology breakthroughs.
According to Statista, the global value of internet trade is $8.28 billion. Robinhood, one of the most well-known e-Trading programs, has 7.3 million users globally.
This blog article will look at the evolution of Robinhood Clone.
What exactly does the "Robinhood app" do?
Anyone can start trading stocks using the free Robinhood app. Its goal is to ensure that everyone has equitable access to financial resources. Users can use this application to buy stocks without paying a brokerage fee. When people used to buy and sell stocks the traditional way, they had to pay a lot of money to brokers.
By not collecting brokerage fees, Robinhood avoided the issue. It attracted people like bees to a flower. Robinhood has eliminated unnecessary fees and enabled individuals who have never traded before to do so. Users can choose between stocks such as Tesla, Apple, and Google. Individual investors will benefit from enabling consumers to trade, according to Robinhood.
Why should a company consider developing stock trading software based on Robinhood?
Here are a few statistics that set Robinhood apart from other bitcoin trading apps:
In 2020, the Robinhood app made $959 million each year, and despite a dip in the price of Gamestop shares, it increased its holdings by $3.4 billion.
In 2021, 22.5 million more people will use the Robinhood app than 2020.
The Robinhood app is expected to be worth $11.7 billion by 2020. It was worth $20 billion in 2021.
The assets of Robinhood are $80 billion, and the average account size is $3,500.
Robinhood's average payment-for-order income was $682 million in 2020, representing a 514 percent increase over the previous year.
In 2019, the market for the Robinhood app was predicted to be worth $13.1 billion. By 2027, it is predicted to be worth $18.3 billion.
What Is the Process for a Robin Hood Clone Script?
You may use Robinhood Clone app development to build your trading platform for stocks and other assets without paying commissions. This Robinhood Clone generates stock trading software that may be completely or partially customized and includes all of Robin Hood's major features. It enables you to build a platform similar to Robinhood, which allows you to buy and sell stocks without paying fees.
How Can a Robinhood-like App Be Developed?
It establishes the foundation for independent legal software such as Robinhood. As a result, traders may be able to benefit from their investments.
If you want to be the next Robinhood for individual investors, consider how the company has evolved and how it offers free online trading and investment platform. You'll notice how powerful the Robinhood clone program has become.
What does it cost to create a Robinhood clone app?
One of the most difficult things is estimating the cost of establishing an app like Robinhood. You can't estimate how much it normally costs to build an app unless you know how complex web3 development is because the price varies depending on the client's wants.
Considering everything, the typical cost of building a trading platform like Robinhood would be between USD 20,000 and 25,000. If the app version is advanced, each platform may cost more than USD 35,000. The program will become more complex and time-consuming as more features are introduced.
Before you make any decisions, book a free consultation with a specialist to determine what you require from an app. You should select the best web3 development company for your project. The following are some strong reasons to develop an app like Robinhood:
1.) No-commission trading: Robinhood is well-known for allowing you to trade stocks without paying fees. Investors who use the platform to buy or sell bitcoins pay no fees. Trading cryptocurrencies is completely free.
2.) Transactions: The software on your phone is simple to use and understand. When people use this website to buy or sell anything, transactions are usually completed quickly.
3.) No recurring fees: Investors can start with a small number of shares and gradually expand their holdings until they have the same amount as everyone else. There are no monthly fees for using this site.
4.) Two-step authentication: The Robinhood clone app employs two-step authentication.
5.) Dividend Reinvestment: As part of the payout reinvestment approach, a cash dividend is automatically reinvested in the shares from which it was obtained.
6.) Bitcoin and fractional share trading: Transaction fees are low, and bitcoins and fractional shares can be exchanged.
7.) Cash flow planning and frequent investments: The platform facilitates regular investments and cash management.
Wrapping up
Even at the height of the pandemic, only a small percentage of the several available stock trading programs were in use. Consider using stock trading tools like Robinhood to help your firm grow. Robinhood is the most well-known e-trading platform since it popularized the concept of no-cost investment.