The world is undergoing an unprecedented digital transformation, and that includes finance. Globe Newswire reports that global online trading is growing exceptionally fast. It’s even expected to reach a market size of $12.16 billion (£10.04 billion) by 2028.
This development promises multiple opportunities to work in global online trading. You may particularly want to consider designing an app for trading in the foreign exchange (forex) market. That’s because it deals with the world’s currencies, making it the largest and most liquid market out there.
If you haven’t dabbled in forex just yet, you may be wondering what to include in your designs. Below we list a few key features to help you out.
These features are the most necessary to your design. That’s because trading apps are meant to allow mobile access to trading platforms — platforms provided by forex brokers so users can place trades on the market. FXCM notes that opening a forex account should be simple: a user should be able to select their country of residence, fill out an optimised-for-mobile application form, and assign a username and password to their account. From here, your app should allow for the instant placing of buy, sell, limit, and stop-loss orders on the market. Make sure these orders can be placed simultaneously as well.
Forex news and technical analysis
Technical analysis software allows your users to make more informed decisions. Your own software should be able to take a number of relevant measurements. One is price pattern analysis, which automatically detects market trends that traders can leverage. One example you can take after is the MetaTrader 4 trading platform and app. Its software uses more than 2,000 indicators to analyse the market, as well as a live news feed that keeps users informed of the latest forex news.
If you really want to stand out in the market, this is one feature your app can’t miss out on. An app that automatically places trades appeals both to new traders and experienced traders who are busy but still wish to keep trading. This feature also reduces the risk of human error in placing trades and automatically adjusts to changes in the market. Here, MetaTrader 4 offers you another starting point. Its automated trading feature makes use of the Integrated Development Environment software application and the MQL4 programming language, which specifically allows you to develop trading robots.
Trading forex can be overwhelming at first glance. That’s why many new traders may want to practice the strategies they’ve studied before actually placing their first orders. Including a demo mode in your app can help users do what’s known as paper trading. Similar to what Investopedia explains is a trading demo account, this mode should simulate the real market along with your app’s regular essential trading features. This way, traders can use your app to better their forex knowledge — all without risking their finances.
As the demand to trade forex on the go grows, so does the need for forex trading apps. Designing a forex app can help you tap into this demand as long as you include the right features — and, as we mentioned in ‘Five UX Design Best Practices in 2022,’ test your work to ensure you’re making the right thing for your users.
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