Virtual trading is a great way to test and learn about market indicators without taking any actual risks. A Virtual trading account has the same look and feels as a normal real money account, but trades in it provide no real material gains or losses to the account owner. In essence, it serves as a testing mechanism for determining volatility and how real-world markets operate.
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Making a career out of day trading is a lucrative daydream for anyone in the finance industry. After all, the prospect of amassing vast wealth while working for no one can entice even the wariest of individuals. But how do people begin trading? With practice and time. Virtual trading is an incredible platform for novice and experienced traders both as well as new investors who wish to get acquainted with financial markets.
There's nothing wrong with a little friendly investment. Especially when none of the actual money is at stake. Virtual trading is a type of simulation that allows people to trade with no risk by using a "virtual money account." The major distinction between virtual trading and real trading is that no actual money is at stake in the former.
A Virtual trading account has the same look and feels as a normal real money account, but trades in it provide no real material gains or losses to the account owner. In essence, it serves as a testing mechanism for determining volatility and how real-world markets operate. Virtual trading is a great way to test and learn about market indicators without taking any actual risks. Here we can implement new trading strategies in real accounts after spending time researching and practicing.
Steps in Building a Virtual Trading Platform
The virtual Trading platform is a complete environment dedicated to testing and executing various trading strategies. This can be understood by the fact that it is based on very strong analytical and mathematical models and methodologies, which enable financial result prediction and the testing of various strategies. The Virtual Trading Platform assists new traders in learning to manage the core features, and contents of a trading and achieve results that are more accurate.
Let's look at the steps Sri Technocrat takes while developing a Virtual Trading Platform. Take the following actions:
Step 1: Initiate the Project
Start by selecting a team of stock market app developers with a plethora of experience in financial software development services. We take the following steps in initializing the project:
1. Carrying out market analysis
2. Scheduling conversations to learn what customers want and how your platform can help them solve their problems
3. When prioritizing features for your MVP, use tools like the "pain and gain map."
Step 2: Define the Project's Scope
Together with your team, determine the scope of the development of your trading application. Make a list of the features and capabilities you'll need to create your own trading platform. Discuss how long it will take to develop an app for your platform development. The main deadline established by the experienced developers with input from the client, project managers, and sales team would be the project's scope. As a team, we have vast experience in developing trading platforms like algo trading, virtual trading, paper trading, etc.
Step 3: Organize and Form the Development Team
The answer to the fundamental question of "how to make a stock market platform" largely depends on the qualifications and experience of the development team you assemble. Our team has the following to build a platform for stock trading:
1. UI designers
2. Android developers
3. JavaScript developers for web development
4. Swift developers for iOS development
5. Testers, Database Manager
6. Server Management
Step 4: Design and Build the Key Features
Once the project is initiated, we design the complete layout so that it matches the client's vision. Then in order to implement the core features, we proceed with designing and developing the service APIs. For hosting the complete code base we prefer cloud services like AWS or Google Cloud. For push notifications and other ancillary features, it will be handled using third-party APIs. We build a platform that provides a top-notch user experience, performance, and security overall.
Step 5: Develop APIs for Incorporating Both Core and Non-Core Features
The key features in your proposed platform are those that relate to trading. Design and build the APIs first, then implement the features right away.
1. Use tools like Postman to speed up the creation and testing of APIs.
2. Use encryption and authentication to reduce the risk to API security.
3. Effectively manage API development and staging environments.
4. Ensure that the API works with iOS, Android, and web-based devices.
5. Create meaningful URLs to ensure that requests and responses are successful.
Step 6: Delivery, Testing, and Maintenance
Once your stock trading platform has been successfully deployed in a staging server, it is time to carry out the difficult testing procedures for various devices. The QA team will assist in locating and eliminating any current bugs and errors. Examining the applications on mobile devices allows for effective testing. The functional and non-functional requirements are noted down, and the defects are reported.
At Sri Technocrat, we help in building a trustworthy, scalable, adaptable, and customizable trading platform that enables traders to access their data from anywhere and learn trading strategies.
Step 7: Get Your App Protected
One of the main issues with developing trading platforms is security. A stock trading app's development process involves sensitive data, so the industry is currently subject to stringent regulations. Consider reducing application security risks like injection, cross-site scripting (XSS), XML external entities (XXE), etc. Use features and functions like next-generation firewalls, bank-grade encryption, multi-factor authentication (MFA), and others for increased security.
How much does developing a Trading Platform cost?
Trading software can be developed on a lean budget. A trading platform may cost between $15,000 and $80,000 to build on average. This is only an approximate estimate, though. The ultimate cost might vary depending on a variety of elements, including the app's design, and its functionality.
Futures and Options Virtual Trading
F&O helps in enhance fundamental understanding of the Indian derivatives market covering Equity Derivatives, Currency Derivatives, and Interest Rate Derivatives. Additionally, it helps in the understanding of the numerous hedging and trading strategies that can be built utilizing futures and options. It also makes it possible to comprehend risk management, clearing, and settlement processes, as well as operational procedures associated with derivatives markets.
An effective technique to become familiar with the fundamentals of stock market trading in India is through virtual stock trading. It's always a good idea to learn virtual stock trading for a few weeks before entering the real market.
We are also Algo Trading Software Developer and can help you build a high-end Algo Trading Platform connected with top brokers in India.
