How to Develop an App Like Groww

Develop an App Like Groww

In today’s fast-paced financial world, trading apps like Groww help investors manage their portfolios. The number of stock trading app users has significantly increased during the pandemic, growing from 11.7 million in 2016 to 22.9 million in 2021.

So, if you plan to enter the trading market, now is the time. You can reach out to a reliable stock trading app development company to build a robust app. You must also read this blog till the end to gain a complete understanding of developing an app like Groww.

We will discuss:

  • Stock trading app: Latest market stats
  • Steps to develop an app like Groww
  • Core features every stock trading app should have
  • Cost to build a stock trading app like Groww
  • Tips to reduce Groww trading app development costs
  • 7 ways to monetize stock trading apps

Let’s get started!

Stock Trading App: Latest Market Stats

U.S. stock trading and investing applications market
  • INorth America is a leading player in the stock trading apps industry, with a high market share and awareness.
  • By 2033, India is expected to register a CAGR of 25.6% in the stock trading app market.
  • Robinhood stands out as a leading stock trading app globally, with a market revenue of $618 million, up 40% YoY, crossing the estimates of $595.93 million.
  • The Android segment will dominate the market with a 50.7% share by 2033, while the iOS segment will grow at a CAGR of 24.0% through 2033.

Steps to Develop an App Like Groww

Now that you know the trading app market size, let’s check the steps to build stock trading app:

Steps to Develop an App Like Groww

1. Market Research and Analysis

Before creating a trading app like Groww, conduct extensive research to know your target market. Identify the unique selling points that can make your trading app stand out.

Make sure that your trading app follows the laws and regulations governing trade to avoid complications. Choose whether you want to focus on derivatives, stocks, or commodities. You must also consider the timeline, revenue stream, and budget.

2. Designing and Planning

Develop a user-friendly and intuitive UI for your stock trading app. Decide on the features you would like to have, such as charting, portfolio tracking, and livestock data. Visualize the flow of your Groww clone app via wireframes and prototypes.

3. Mobile Platform and Technology Stack

Select which trading platform you want to focus on (iOS and Android). Following this, choose the technology stack that best fits your stock trading app development strategy (native or mixed). Common programming languages for making mobile apps are Swift for iOS, Kotlin for Android, and JavaScript frameworks like React Native & Flutter.

4. Start with App Development

To create a Groww clone app, you must code it as per the app plan and design. Next, you need to hire mobile app developers with expertise in both web and mobile development. Your Groww clone app needs to be well-secured to guarantee the security of user data and financial information.

Build APIs to access data, trade in real-time, and integrate with stock markets. Likewise, develop powerful backend systems to process orders and transactions, and safely store user data without fail. It is crucial to integrate analytical tools with real-time market data.

5. Testing and Quality Assurance

After developing the Groww clone app, you must extensively test its overall functionality, security, and performance. You need to perform a range of trade scenarios to ensure the app functions properly in diverse circumstances.

Quality assurance experts must check for bugs, glitches, or vulnerabilities. The performance of your stock trading app can be improved through user input and beta testing. Lastly, evaluate the security protocols to safeguard users' financial information.

6. Launch and Marketing

Once testing is completed, you can launch your Groww clone app on your choice of platforms, such as iOS, Android, or Web. Furthermore, develop a marketing plan to reach your potential users. You can use partnerships, content marketing, and social media to promote and market your stock trading app. Provide enticing commissions and pricing structures to draw in traders.

7. Maintenance and Updates

After the launch, focus on regular maintenance and updates. Fix bugs, add new features, and improve the user experience through app updates. Likewise, stay up-to-date on the latest rules and developments in the trading app market.

Core Features Every Stock Trading App Should Have

Be sure to include these nine core trading app features into your Groww clone app to enhance the trading experience of your users:

Features of Stock Trading App

1. Simple Check-in Process

The app check-in process must be simple and burden-free for users. You can provide your users with multiple check-in choices, such as a PIN code or biometrics, to ensure their experience stays safe.

2. User Profile

Add a user profile feature in your trading app so users can easily save their personal details and preferences as per the frequency at which they want their account to get debited.

3. Putting Trade on Stocks

You must allow your users to execute orders and monitor their flow of funds. It is one of the most essential features of a stock trading app.

4. Real-Time Portfolios

Irrespective of your stock trading app goals, you must include real-time update features. Allow users to monitor their portfolios in real-time and receive regular updates. By creating a stock trading platform driven by AI, you can 10x these capabilities.

5. Deposit and Search

Add a deposit feature to your app so investors can regularly see the status of their deposits in real time with minimal effort. Likewise, include a search feature to allow users to search for active stocks and their live prices in the market.

6. Personalized Watchlist and Alerts

Allow users to create custom watchlists so they can track specific stocks and market movements. You must also integrate personalized alerts for price changes, news, and portfolio updates to keep users informed.

7. Educational Resources

Provide a library of educational articles, videos, and webinars, which your users can access to improve their trading knowledge. Likewise, you must include social trading and community features to encourage information sharing and collaboration among users.

8. Customer Support

Maintain user satisfaction and loyalty by providing your users with 24/7 customer support. In addition, your app must have a user-friendly help center with FAQs and troubleshooting guides so users can quickly find answers to their questions.

9. Advanced Charting Tools

Your app must have professional-level charting tools with technical indicators, interactive charts, and analytical features, allowing users to analyze market trends & make informed decisions. Lastly, your app must have options for 'trade from chart' for quick execution of trades.

Cost to Build a Stock Trading App Like Groww

The cost of building a trading app like Groww depends on multiple factors like the size of the app, features, technology stack, and complexity. However, the cost can be anywhere between $8,000 and $30,000.

Cost Of Developing A Trading App like Grow

Not to mention, the cost is also influenced by factors like the location of the app development company.

Tips to Reduce Groww Clone App Development Cost

How to Reduce Groww Trading App Development Cost

You must carefully allocate resources and make strategic decisions to reduce the cost of building a trading app like Groww.

In addition, you can follow the steps mentioned below:

1. Clarity of Requirements and Vision

The first step to lowering the development costs of a trading app like Groww is having clarity of goals and requirements. Thoroughly research the needs of your target market. Determine the essential features and functionalities of your app.

2. Open Source Technologies

You can significantly reduce the Groww clone app development cost via open-source frameworks and technologies. When developing the essential parts of your app, you can use free libraries and frameworks to save time and money.

3. MVP Approach

Follow an MVP development strategy for the success of your app. Rather than developing a trading app with advanced features, focus on creating an app that is user-friendly and straightforward.

This way, you can obtain valuable feedback from your early users. Then, based on the feedback, you can decide which features to prioritize and add to the app. It reduces the possibility of developing expensive features.

4. Offsourcing and Outsourcing

Outsource a reliable trading app development company to cut expenses. You can reach out to freelancers and development firms, particularly those based in nations with reduced labor expenses, as they offer competitive rates.

Select a reliable mobile app development company with a proven track record of building successful apps. Outsourcing or offshoring can be a cost-effective option if you have a good project manager and effective communication.

5. Cross-Platform Development

Use cross-platform frameworks like React Native and Flutter to create your trading app. This way, you can save time and money by writing the code only once and having it deployed across several platforms (Android or iOS).

Cross-platforms are not as flexible as native, but they can be an effective way to reach a wider audience using a single codebase.

6. Cloud Service and Scalability

Cloud services can be used for scaling and hosting. You can use the pay-as-you-go pricing strategies available on cloud platforms like Microsoft Azure, Amazon Web Services, and Google Cloud Platform (GCP) to reduce the cost.

Additionally, these systems have scalability features that enable you to modify resources in response to demand. It stops wasteful spending of resources. Serverless designs reduce expenses by using automated infrastructure management.

7. Continuous Testing and Quality Assistance

Follow a thorough testing and quality assurance process during the development cycle. That’s because resolving bugs during development is far less expensive than doing it after the app has been deployed.

You can use AI technologies to streamline your app’s quality and testing. Find security flaws before they become breaches via regular security audits, penetration testing, and other techniques.

Ways to Monetize Stock Trading Apps

Ways to Monetize Trading Apps

Once you have developed a responsive app like Groww, choose ideal monetizing strategies to generate revenue and sustain your business.

Here are effective strategies to monetize stock trading apps:

1. Free Model

Under the free model, users can access basic features. But if they want to use advanced features, they would have to pay a small fee. This model allows users to use the app's core functionalities before paying for additional benefits like advanced charting tools or real-time market data.

2. Commissions

You can generate revenue by charging commissions on trades executed through the app. However, you must offer competitive commission rates to attract users while ensuring a steady income stream for the app.

3. Subscription Plans

Under subscription plans, you can provide users with exclusive features, premium content, and advanced analytics tools. Subscription models offer a predictable revenue stream and encourage user loyalty by offering ongoing value and benefits.

4. In-App Advertising

In-app advertising is another way to monetize stock trading apps. You can display ads based on the users' trading behavior, interests, or demographics. Make sure your ads are relevant and non-intrusive to offer users a seamless experience within the app.

5. Affiliate Marketing

You can partner with financial institutions and brokerage firms through affiliate marketing programs. Promote third-party products or services within the app and earn commissions for referrals or conversions. Affiliate marketing can diversify your revenue streams and user traffic.

6. Data Analysis and Insights

You can charge a small amount for offering user data and trading insights to users interested in in-depth market research, trends, and personalized investment recommendations. Monetizing data analysis can provide valuable insights to users while creating a new revenue stream for the app.

7. White-Label Solutions

You can explore white-label solutions by licensing your stock trading app to other financial institutions. White-label solutions can expand the app's reach and help you generate revenue through licensing agreements.

How Can Protonshub Help You Develop a Stock Trading App?

You can reach out to Protonshub Technologies to discuss building a trading app like Groww. Our professional team has vast experience in developing robust trading app solutions like Groww. Regardless of your project size, you can trust our developers to help you reach your app development goals.

Frequently Asked Questions

Common technologies for developing trading apps are APIs for market data integration, blockchain for secure transactions, and AI for personalized insights to enhance the functionality and performance of your trading app.

When developing a stock trading app, you must stay informed about financial regulations, licensing requirements, compliance standards, and data protection laws.

You must design your app with scalability in mind, leverage cloud infrastructure, modular architecture, and agile development practices. This way, you can adapt to changing market conditions.

To ensure the data security of your trading app, you can implement encryption protocols, 2FA, secure login processes, and compliance with data protection regulations.

To optimize the user experience, you must focus on creating a seamless user interface, personalized notifications, and customizable settings.


Ekta Singh

"Senior Content Writer"

Ekta Singh is a rookie food experimentalist and k-drama fan with 4+ years of experience in writing. Bridging gaps between companies and customers through conversion-driven content is her forte. She believes in writing stories for a living and living life for exploring places.