Do you know of any software 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 spot.
People rely on e-trading systems like Robinhood now that the internet’s stock trading business has developed.
The popularity of stock trading applications demonstrates that investors prefer digital alternatives to stock market trading. Because these online stock trading and investing systems are popular with novice investors, experienced investors do not exclusively employ them.
It is impossible to make two applications seem identical. Anything is feasible if the appropriate individuals are working on a project. With the support of well-known and probable consumers, you may contact the greatest app developers around the globe. They will provide vital, up-to-date knowledge on the most recent technology breakthroughs.
According to Statista, the global value of internet commerce is $8.28 billion. Robinhood is one of the most popular e-Trading applications, with 7.3 million users globally.
This blog will examine the evolution of Robinhood Clone.
What exactly does the “Robinhood app” do?
Robinhood is free software that allows anybody to begin trading stocks. Its purpose is to guarantee that everyone has equal access to money. This software allows users to purchase stocks without paying a brokerage charge. People used to have to pay a lot of money to brokers when they bought and sold stocks the traditional way.
Robinhood avoided the issue by not charging brokerage fees. It drew people in like bees to a flower. Robinhood has removed superfluous costs and enabled consumers who have never traded before to do so. Users may choose among equities such as Tesla, Apple, and Google. According to Robinhood, allowing consumers to trade will benefit individual investors.
Why should a company consider developing a stock trading app using the Robinhood App?
Here are a few stats that distinguish Robinhood from other bitcoin trading apps:
- In 2020, the Robinhood app earned $959 million a year, and despite a drop in the price of Gamestop shares, it added $3.4 billion to its holdings.
- 22.5 million more individuals will use the Robinhood app in 2021 than in 2020.
- In 2020, the Robinhood app is anticipated to be valued at $11.7 billion. In 2021, it was valued at $20 billion.
- Robinhood’s assets are $80 billion, and the average account size is $3,500.
- In 2020, Robinhood’s average payment-for-order revenue was $682 million, a 514 percent increase over the previous year.
- The market for the Robinhood app was estimated to be worth $13.1 billion in 2019. It is expected to be valued at $18.3 billion by 2027.
What Is the Process of Writing a Robin Hood Clone Script?
You may utilize Robinhood Clone app development to create your platform for trading stocks and other assets without paying commissions. This Robin Hood Clone creates a stock trading software that can be entirely or partly customized and includes all of Robinhood’s essential features. It allows you to create a platform similar to Robinhood, which allows you to purchase and sell stocks without paying fees.
How Can a Robinhood-like App Be Made Available?
It creates the framework for independent legal software, such as Robinhood. As a result, traders may be able to profit from trading.
If you want to be the next Robinhood for individual investors, you should look at how the company has evolved and how it provides a free online trading and investment platform. You’ll notice how robust the Robinhood clone software is now.
How much does it cost to develop a Robinhood clone app?
Estimating the cost of developing an app like Robinhood is one of the most challenging tasks. You can’t estimate how much it usually costs to construct an app if you don’t know how difficult web3 development is since the price fluctuates based on what the client wants.
Considering everything, the typical cost of developing a trading platform such as Robinhood would be between USD 20,000 and 25,000. Each platform might cost more than $35,000 if the app version is sophisticated. The program will get more sophisticated and time-consuming as additional features are added.
Before making any selections, schedule a free consultation with a professional to understand what you need from an app. You should choose the most excellent web3 development firm for your project.
Some compelling reasons to create an app like Robinhood include:
- No-commission trading: Robinhood is popular because it allows you to trade stocks without paying fees. There are no fees for investors who use the site to purchase or sell bitcoins. Trading in cryptocurrency is entirely free.
- Your phone’s app is simple to use and comprehend. Transactions on this website are generally completed swiftly when individuals utilize it to purchase or sell anything.
- There are no recurring charges. Investors may begin with a modest number of shares and progressively increase their holdings until they have the same number as everyone else. This platform has no monthly charges.
- Two-step authentication: Two-step authentication is used by the Robinhood clone app.
- Dividend Reinvestment: A cash dividend is automatically reinvested in the shares from which it was collected as part of the payout reinvestment technique.
- Bitcoin and fractional share trading: Transaction fees are cheap, and you may exchange bitcoins and fractional shares.
- Cash flow planning and frequent investments: The platform allows for regular investments and aids in cash management.
Read: A Complete Guide for Cryptocurrency Wallet
When you think about it, even during the height of the pandemic, just a tiny percentage of the numerous accessible stock trading applications were in use. You may consider utilizing stock trading software like Robinhood to help your company expand. Robinhood is the most well-known e-trading platform since it popularized the concept of investing with no costs.