How Much Does It Cost To Build An App Like Robinhood?
Robinhood, founded by Mr Baiju Prafulkumar Bhatt and Mr. Vlad Tenev, offers a one-stop financial solution with high-end cash management products. The app maintains an effective monetization model that reduces the need of hiring any workforce or going through large-scale promotional events. There are different versions of the app, its “Gold” version belongs to the premium model that unlocks many advanced features. Users can do trading in any currency, stocks, gold, funds, cryptocurrencies and even options trading on Robinhood.
Key Statistics of Robinhood
The demand for Robinhood Sky-rocketed in 2020 as users moves to look for better online trading options. The app generated $682 million with a 514% increase yearly. Furthermore, in May 2020, the app had 13 million active users. It is valued at around $20 billion pre-IPO.
Milestone | 2017 | 2018 | 2019 | 2020 |
| Users | 2 million | 6 million | 10 million | 13 million |
| Revenues | $21 million | $69 million | $278 million | $959 million |
| Valuation | $1.3 billion | $5.6 billion | $7 billion | $11.7 billion |
Source: TechCrunch
Key Features of Robinhood App
Are you planning to build a trading app? You need to make sure that your app is robust and fast. A minor delay can cause huge loses in the trading world. Entrepreneurs and traders need to get updated with even a minor change in the stocks market. So, here are some basic features of Robinhood app that you need to include in your clone version of the app. Check the list below:
- Dashboard
The dashboard will give the accessibility to check the order list, watchlist, stock reports, predictions and analytics. It should show the user’s holdings and cash flow. A complete window to the user’s activities.
- Portfolio
For your app like Robinhood, you can use this feature to allow users to manage and create their portfolios for investors. You can add filters and features to sort categories to make it function seamlessly.
- Stock Trading Functionality
This is the most important feature where you can let your traders buy, sell and fund easily in real-time. It should be made flawless.
- Real-Time Market Data
It’s important to keep your traders updated with the latest market data to let them crack a good deal and earn huge profits.
- Watchlist
The watchlist features make it easier to track the stocks your traders are interested in.
- Synchronization
Through account synchronization, you let your users access the app from more than one device. It adds to the time they spend on your app.
Cost Of Basic Features of Robinhood
Here is the estimated cost of individual basic features with the estimated time required to integrate them.
Basic Features | Estimated Time | Estimated Cost |
| Dashboard | 45 h | $2,118 to $2,267 |
| Portfolio | 25 h | $1,500 to $2,000 |
| Stock Trading Functionality | 80 h | $15,000 to $20,000 |
| Real Time Market Data | 60 h | $10,000 to $15,000 |
| Watchlist | 45 h | $2,500 to $3,500 |
| Synchronization | 15 h | $1,500 to $2000 |
Advanced Features of Robinhood App
You need to integrate advanced features in your app to make the app model generate greater revenues and traffic. Everything that adds more swiftness to the functionality should be considered. Here is a list of advanced features.
- Interactive UI/UX Design
The right selection of color, minimalistic graphics and clarity in graphs and stats.
- Multiple Payment Gateways
From integrating Apple Pay to all the newer payment gateways, make sure to offer multiple options to your traders.
- One-Tap Payment
To enable users to have desired functionality or required service permanently without getting involved in recurring charges.
- Get Rewards and Coupons
To keep your users involved and engaged on your app.
- Advanced Analytics and Reports
Offer real-time analytics with an in-depth market evaluation.
Cost of Advanced Features Of Robinhood
The estimated cost of advanced features of Robinhood is listed below:
Advanced Features | Estimated Time | Estimated Cost |
| Interactive UI/UX Design | 246 h | $12,300 |
| Multiple Payment Gateways | 60 h | $750 – 1,200 |
| One-Tap Payment | 30 h | $1000 |
| Get Rewards and Coupons | 25 h | $1,500 |
| Advanced Analytics and Reports | 120 h | $10,000 – $13,000 |
Innovative Features To Make Your Trading App Highly Functional
In pursuit to make your app stand out it needs to have advanced features and top-notch functionality. Here are some innovative aspects that can make your trading app ranked the charts in the app industry.
Micro Interactions can make your traders get in-depth analytics of the trading market. It helps them make profitable decisions generating long term benefits. Furthermore, the Onboarding feature should involve a personalized approach and various options that can make the app like Robinhood distinctive. From bank account integration to proper profile making options, there should be a lot. Moving towards app development, develop both iOS and Android versions of your app using an appropriate language whether Angular or JavaScript for frontend, .NET or Java for coding, or Python for backend development.
The Total Estimated Cost To Develop An App Like Robinhood
When pursuing a business in the fast-progressing trading industry, you must be wondering how much does It cost to build an app like Robinhood. So, here is the estimated total cost for a basic version. It starts from $25,000 and goes to US$300,000. The hourly rate of hiring professional developers is around US$15–20 to US$100 or more, whereas the full-stock version of Robinhood trading app is around US$25,000 or US$$55,000.
