What exactly is a Robinhood clone program? If you want to learn more about it and how to create a Robinhood clone app, you’ve come to the perfect place.
Now that the online stock trading business has grown, e-trading apps like Robinhood have an open position in people’s lives.
The increasing demand for stock trading applications shows investors’ inclination for digitalized market investment strategies. Many young investors regularly utilize such online stock trading and investing tools. Therefore, their user base is not limited to seasoned investors.
Clone app development is a difficult process. However, anything is possible if the right people are working on the project. With the help of noteworthy and future consumers, you may contact the greatest app developers on the planet. They’ll deliver up-to-date knowledge on all of the trendiest technological subjects.
According to Statista, the global market value of online commerce is $8.28 billion. Robinhood is one of the most popular e-Trading apps, with 7.3 million users globally.
This essay will go through the Robinhood clone app in great depth.
What does the Robinhood app mean?
Robinhood is a free stock trading app that allows anyone to start investing. Its purpose is to make money available to everyone. This tool enables users to invest in stocks without paying a brokerage fee. In the old-fashioned approach, individual investors had to pay the brokers big money when trading stocks.
Robinhood took care of the issue by charging no brokerage fees. It was a breakthrough that drew people in like bees to honey. Robinhood has removed the extra charges and simplified trading for people without prior knowledge. Users may pick from various stocks, including Tesla, Apple, Google, and others. Individual investors, according to Robinhood, are helped by providing them with trading authority.
Why should businesses consider launching a stock trading software based on the Robinhood App?
Here are some quick stats to help you understand how Robinhood differs from other bitcoin trading apps:
- The Robinhood app’s annual revenue climbed to $959 million in 2020, and as Gamestop stock prices plummeted, it added a total of $3.4 billion to its holding.
- The Robinhood app gained 22.5 million new users between 2020 and 2021.
- The average value of the Robinhood app was $11.7 billion in 2020, rising to $20 billion in 2021.
- Robinhood’s asset worth is $80 billion, and the average account size is $3,500.
- Robinhood generated $682 million in average payment-for-order income in 2020, a 514 percent increase over the previous year.
- The market for Robinhood apps was valued at $13.1 billion in 2019 and is expected to grow to $18.3 billion by 2027.
What Is a Robinhood Clone Script?
Using the Robinhood Clone Script, you may develop your commission-free stock trading and investment trading platform that is identical to Robinhood. This clone script, which includes Robinhood’s main features, provides a totally or wholly customized stock trading application. It allows you to create a one-of-a-kind, commission-free stock trading and investing platform similar to Robinhood.
How Does A Robinhood Clone App Get Started?
It paves the door for a real app that can stand on its own two feet and compete with Robinhood. Individual investors may benefit from trading as a result of it.
If you want to be the next Robinhood for individual investors, design a Robinhood clone and an online trading and investment platform with a personalized free-trading platform. You’ll understand why the Robinhood clone app is vital in today’s environment.
Why Is This Robinhood Clone App Different From Others?
- A simple and attractive design
- There are no additional trading costs.
- There is no minimum account size.
- The app is secure since it is a member of FINRA and SIPC.
The following characteristics distinguish the Robinhood impersonation:
Using a Robinhood clone, a ready-made stock trading platform solution is a straightforward approach for company owners to create a stock trading and investment platform. Consider some of its traits.
1.) Unmistakable Dashboard:- The trader’s dashboard displays all trading-related data. It includes information on orders, the balance, charts, the Watchlist, holdings, etc. Every piece of information must be clear and understood.
Portfolio of a Trader Users may use this tool to create and manage trading portfolios. It offers filter and sort capability, which makes searching easier for the user.
2.) Chart projections: Because stock prices move continuously, stock data should be updated every second. Charts and stock quotes must be shown to make this data intelligible to the audience.
3.) Market Trading: This is the most important aspect of the Robinhood Clone App. The user can use this tool to buy or sell stocks.
4.) Payment Transfer: To trade, the user must pay money from his accounts to the app. After depositing funds into the app, a consumer can buy or sell stocks.
5.) Watchlist: By adding stocks to a watchlist, the user may keep track of the stocks he intends to buy or sell in the future. The Watchlist may always be edited.
6.) Device Synchronization: Using this capability, the user may synchronize his trading account across all his devices and trade freely on his laptop or mobile phone.
7.) Market Scanners: The key to generating great money with stocks is for your user to watch the market, understand the data, and sell or buy at the proper time. This functionality assists your user.
How much does it cost to create a Robinhood clone app?
Calculating and estimating the cost of establishing an app for a trading app like Robinhood is one of the more challenging tasks. It is difficult to determine the usual app development cost without knowing the specifics of the app development because the cost of an app varies greatly based on the expectations and specifications of a customer.
The app’s impact, features and functionalities, UI/UX design, technology, hiring a mobile app developer, and other factors are only a few considerations. However, the app’s price is frequently decided by how many hours it takes to build. Furthermore, where you choose to hire an app developer will influence the app developer’s hourly fee.
After reviewing and considering all such components, the normal cost to build a trading program like Robinhood would thus be between USD 20,000 and USD 25,000. It may possibly reach USD35,000 for each platform in the case of a complicated software version. As the number of features rises, so will the complexity, eventually prolonging the time it takes to build an app.
As a result, scheduling a free consultation session with professionals to assess your needs for building an app before making any decisions is essential.
The following are some of the advantages of developing an app like Robinhood:
1.) Trading without commissions:-
Robinhood’s reputation is founded on its zero-commission stock trading. Investors’ bitcoin transactions are free of charge on the site. Trading cryptocurrencies is completely free.
2.) Easy to use and comprehend:-
The smartphone app is simple. When using this platform to conduct trades, transactions are handled quite rapidly.
3.) No recurring fees:-
Because there is no minimum account requirement, investors can begin with a small amount and gradually expand it to equal ownership. This platform has no monthly fees.
4.) Dual-factor authentication:-
The Robinhood clone app employs two-step verification.
5.) Reinvestment In Dividends:-
A cash payout is automatically reinvested in the underlying shares as part of the dividend reinvestment procedure.
6.) Fractional share and cryptocurrency trading:-
Low transaction costs and the ability to swap bitcoin and fractional shares.
7.) Cash flow management and continuous investments:-
The platform provides recurrent investment options and smart cash management.
Even during the epidemic days, just a tiny percentage of the various stock trading software accessible managed to become enormous hits. It will cross your mind if you want to invest in developing a stock trading app comparable to Robinhood to help your company expand. Robinhood is the main e-trading platform that popularized the concept of commission-free investing.