How to Create Your Own Trading Platform: A Guide for Beginners
Aug 23, 2023
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From improving trading strategies to increasing accuracy, various processes can be automated via digital platforms for traders. Digital trading platforms help provide traders with modern solutions to get and analyze large amounts of data as well as valuable insights.
If you're thinking about creating your own trading platform, you've come to the right place. Creating your own trading space isn't as easy as it seems. There are various steps that you'll have to follow. Mentioned below are a few of them:
Outline Your Goals
First and foremost, you need to start with analyzing problems a regular trading platform presents. After that, think of how you can fix those problems by creating your own trading platform. If anything, it will help you in outlining your goals. Knowing exactly what you're looking for, what you need to do, and what results you want is the key here.
To give you a better idea, here I have a list of the goals that can be achieved by creating a customized trading space:
- Incorporation of more and better payment gateways
- Helpful notifications
- Improved user experience
- Utilization of custom trading algorithms
- Minimized trading fees
- Fetching and analyzing larger amounts of data
- Increased speed of order placement
When analyzing the problems that the current trading platforms present, you'll be able to create a list of goals. Once you have it all on paper, you'll know exactly what needs to be done. On top of that, you should also consider the kind of trading platform you need. It could be a brokerage application for cryptocurrency or trading stocks. Plus, all these considerations and analyses will help you in analyzing the market. It will update you about the new trends as well as your competitors and everything that they're doing.
Work on the Product Vision
If you want the process of creating a trading platform to be seamless, you must look into the input artifacts; for example, product vision. Product vision refers to a document that outlines your aims of creating a trading platform. It includes both your long-term and short-term goals. It will help in strategizing the theory of creating a customized trading platform as well as creating a coherent development map. Not to mention, it will be extremely effective in bringing new members on board.
Furthermore, you should also look into how your trading platform will look and operate. Some people prefer using trading applications while others like sticking to the good old website. Thus, all such details must be considered beforehand. If you're thinking about creating a website for your trading platform, there are a few additional things that you need to check out.
For one, you'll have to purchase an interesting domain name. Second, you'll need to choose a good web hosting service. It's the tricky part, so we suggest you find the best deals with free VPS hosting trails. You can try the VPS hosting service before making the payment and taking a risk. Third, you'll have to hire a content writer and a web developer to work on your website and make it functional. The same goes for creating an application. It also has a few crucial steps that need to be followed.
Develop UI/UX Design
To achieve your business goals effectively, you need to work on developing the UX design. It will analyze all your business requirements and help you develop a mock-up of your trading space. Besides that, you'd need to hire a graphic designer who can help with creating a logo for your business and picking an attractive theme for your website or application.
Remember that having an interesting theme with all the right colors is essential and it must never be taken lightly. It is something that will help in maintaining consistency when creating a UI/UX design for your digital trading platform. If you have no experience with anything similar, we suggest you create a few different mock-ups and pick one that you like the most.
Bring Developers on Board
When creating a trading space, you need to hire a team of software engineers or developers. Either you can get freelancers to work for you or you can hire an in-house team of developers. It all comes down to how much you’re willing to spend on the given venture. In both cases, you’ll have to spend some money and share all the chunks of information with them along with your goals and business plan.
Once they have all these details, they’ll know what you exactly want and what’s expected from them. The primary activities at this point include:
- The setting of code quality standards
- Creation of tasks backlog
- Task management and communication environments' configuration
- Presentation of technical requirements and product visions
Create the First Version of Your Product
Lastly, you need to work on developing an MVP as well as composing a coherent plan for the initial or the first release of your product. It must include all the required features to fulfill the primary business goals. If you take the Agile product development approach, you'll have to create a backlog of tasks in order to start the trading process.
In case you're thinking of taking another approach, we'll like to mention here that Agile is one of the best software development methodologies. It does not only make the development process easier but also helps in making it interactive. Everything at this stage needs to be in sprints and one sprint should last for about a month. After every sprint, the developers must review the progress before taking the next step.
The Takeaway
When you're done with all the steps mentioned above, you can finally move toward testing your website or application. If you're happy with how everything looks and works, you can release the MVP. While it all seems a bit complicated right now, it's pretty straightforward if you follow every step we've shared above properly and attentively.
Tags: English