Do you know of any comparable program like Robinhood? You’ve come to the right place if you want to learn more about it and how to construct an app like Robinhood.
Now that the internet’s stock trading market has grown, people depend on e-trading services like Robinhood.
Investors prefer digital alternatives to stock market trading, as seen by the popularity of stock trading apps. Because these online stock trading and investing techniques are popular with beginner investors, they are not used only by experienced investors.
It is difficult to make two apps seem to be the same. You can contact the best app developers on the planet with the help of well-known and potential customers. They will supply a critical, up-to-date information on the most current technological advances.
This blog will look at the development of Robinhood Clone.
Table of Contents
What does the “Robinhood app” really do?
Robinhood is a stock trading platform that enables anybody to start trading stocks. Its goal is to ensure that everyone has equitable access to money. Users may use this program to buy stocks without paying a brokerage fee. When people used to buy and sell stocks in a conventional manner, they had to pay a lot of money to brokers.
By not charging brokerage fees, Robinhood avoided the problem. Robinhood has eliminated unnecessary fees and allowed individuals who have never traded before to do so. Users may choose from stocks such as Tesla, Apple, and Google. Individual investors will profit from enabling consumers to trade, according to Robinhood.
Why might a business consider creating stock trading software based on the Robinhood App?
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 average Robinhood account is $3,500 in value, and the company has $80 billion in assets.
- The average payment-for-order revenue for Robinhood in 2020 was $682 million, a 514 percent increase from the year before.
- 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 Robinhood Clone Script?
You may use Robinhood Clone app development to build your own trading platform for stocks and other assets without paying fees. This Robin Hood Clone generates stock trading software that may be completely or partially modified and contains 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 provides the foundation for independent legal software such as Robinhood. As a consequence, traders may be able to benefit from their investments.
If you want to develop Robinhood Clone for individual investors, consider how the firm has developed and how it offers free online trading and investing platform. You’ll see how powerful the Robinhood clone script 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 predict how much it normally costs to build an app unless you know how complex web3 development is since the price varies depending on the customer’s wants.
Considering everything, the typical cost of building a trading platform like Robinhood would be between USD 20,000 and 25,000. Each platform may cost more than $35,000 USD if the app version is advanced. The software will become more complex and time-consuming as more features are introduced.
Book a free consultation with a blockchain expert to determine what you need from an app. You should choose the best web3 development company for your project.
Some strong arguments for developing an app like Robinhood are as follows:
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.) The app on your phone is easy to use and understand: When people use this website to buy or sell anything, transactions are usually completed quickly.
3.) There are no ongoing fees: Beginning with a small number of shares, investors may 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: Two-step authentication is used by the Robinhood clone app.
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 costs are low, and bitcoins and fractional shares may be exchanged.
7.) Cash flow planning and frequent investments: The platform facilitates regular investments and cash management.
Wrapping up
Even during the pandemic, only a small proportion of the several available stock trading programs were in use. You can think about using stock trading software like Robinhood to help your firm grow. Robinhood is the most well-known e-trading platform since it popularized the notion of no-cost investment.
