Do you know what the name of software like Robinhood is? You’ve come to the right site if you want to learn more about it and how to create an app like Robinhood.
Now that the industry for online stock trading has evolved, e-trading applications like Robinhood have a role in people’s life.
The demand for stock trading applications demonstrates that investors prefer digitalised alternatives to trade in the stock market. Because many young investors utilise these online stock trading and investing applications, they are not exclusively used by experienced investors.
It’s difficult to create one app that looks like another. However, anything is possible if the appropriate individuals are working on a project. You may contact the greatest app developers globally with the support of well-known and probable clients. They will provide useful, up-to-date knowledge of the most recent technological developments.
According to Statista, the global online trade market is worth $8.28 billion. With 7.3 million users globally, Robinhood is one of the most popular e-Trading applications.
This post will provide a detailed overview of the app that resembles Robinhood.
What exactly does “Robinhood app” mean?
Robinhood is a free stock trading app anybody can use to get started. Its purpose is to ensure that everyone has equitable access to money. This tool allows users to invest in equities without paying a brokerage charge. When consumers used to buy and sell stocks old-fashioned, they had to pay a lot of money to brokers.
Robinhood avoided the problem by not charging brokerage fees. It drew people in like bees to a flower. Robinhood has eliminated unnecessary charges and made trading accessible to even those who have never done so before. Users may choose equities from firms such as Tesla, Apple, and Google, among others. Robinhood claims to assist individual investors by offering them the ability to trade.
Why should a company consider utilising the Robinhood App to create a stock trading app?
Here are a few quick stats that demonstrate how Robinhood differs from other cryptocurrency trading apps:
The Robinhood app’s yearly revenue increased to $959 million in 2020, and as the price of Gamestop shares fell, it added $3.4 billion to its stake.
The Robinhood app was used by 22.5 million more individuals between 2020 and 2021.
The Robinhood app was valued at an estimated $11.7 billion in 2020. It was valued at $20 billion in 2021.
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 per cent increase over the previous year.
The Robinhood app market was valued at $13.1 billion in 2019. It is predicted to be valued at $18.3 billion by 2027.
What Is the Script for the Robin Hood Clone?
With the Robinhood Clone Script, you may create your own commission-free platform for trading stocks and other assets. This clone script provides a fully or partially customisable stock trading application that includes all of Robinhood’s key features. It allows you to create a platform similar to Robinhood that allows you to purchase and sell stocks without paying fees.
How Can An App Like Robinhood Be Made Available?
It lays the groundwork for legal software that can exist independently, akin to Robinhood. Individual traders may be able to profit from trading as a result of it.
If you want to be the next Robinhood for individual investors, you need to create a Robinhood clone and create an online trading and investment platform that includes a free trading platform. You’ll see why the Robinhood clone app is crucial in today’s environment.
How much does it cost to develop a Robinhood-like app?
One of the most difficult tasks is determining how much it will cost to create an app for a trading app like Robinhood. It’s difficult to estimate how much it normally costs to produce an app without knowing the specifics of web3 development since the price of an app varies greatly based on what the client needs.
Considering everything, the typical cost of developing a trading platform like Robinhood would be between USD 20,000 and 25,000. If the app version is sophisticated, each platform might cost more than $35,000. The software will grow more sophisticated as the number of features increases, taking longer to create.
Before making any selections, it’s a good idea to schedule a free consultation with professionals to discuss what you need from an app. For your project, you should hire the best web3 development firm.
Some benefits of developing an app like Robinhood include:
1.) Trading without commissions: Robinhood’s fame is founded on the fact that it allows you to trade stocks without paying any costs. Fees are not charged to investors who purchase or sell bitcoins on the site. Trading in cryptocurrency is completely free.
2.) Simple to use and comprehend: The app for your phone is simple. When users utilise this site to trade, transactions are typically completed fast.
3.) There are no recurring fees: Investors may begin with a small amount and gradually increase their holdings until they own the same amount as everyone else. There are no monthly costs with this platform.
4.) Two-step authentication: The Robinhood clone app employs two-step authentication.
5.) Dividend Reinvestment: As part of the payout reinvestment procedure, a cash dividend is automatically reinvested back into the shares from which it was received.
6.) Fractional share and cryptocurrency trading: Transaction fees are low, and you may exchange bitcoin and fractional shares.
7.) Financial flow planning and continuing investments: The platform provides alternatives for recurring investments and aids in cash management.
When you think about it, a tiny percentage of the many accessible stock trading apps were massively popular even at the height of the pandemic. If you want to expand your company, you might consider investing in developing a stock trading software similar to Robinhood. Robinhood is the most popular e-trading platform that popularised the concept of no-fee investing.