An MVP is the proven way to introduce a new product to a market. These three letters stand for Minimum Viable Product.
An MVP app is ‘tangible.’ It is ready for use. Still, only essential functionality is available.
Startups test their ideas on real users with the help of MVP. Yet, they reduce the risks of wasting limited resources on building irrelevant features.
Below we discuss the importance of MVP development in startup life and the vital points new startups should keep in mind when working on an MVP of a trading platform.
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Make sure your trading platform offers value to end users.
For it, do your research. Look for underserved niches. Study your competitors. Analyze imperfections in trading experiences that you can improve with your platform.
Consider different monetization options. Users may buy a subscription for advanced functionality, e.g., market data and trends, expert insights, or copy trading. They may be ready to pay transaction fees, which become smaller upon reaching a certain amount of transactions. Reduced fees motivate them to stick with your platform.
It is tempting to fascinate users with a richer functionality than competing platforms. Still, the risk of failure is too high. You might spend all your money on an irrelevant product.
Go for little steps instead. Focus on 1 – 3 core features most valuable for end users.
Schedule everything else for later stages.
To test a feature’s necessity, ask a simple question: will users buy my product without this feature?
When yes, postpone it. When no, add it to your list.
Keep it minimalistic.
Rules and regulations apply to trading platforms.
They may differ for diverse locations. Study local legislation or consult an expert to meet specific requirements. For instance, you must meet the requirements of the Securities and Exchange Commission (SEC) when operating in the US.
Security is critical for passing regulations. Trading platforms must apply enhanced encryption to sensitive financial information.
Regulations take time. Make sure to receive all necessary permissions and licenses before the product enters the market.
Every startup needs a deadline to stay on track. Without a deadline, the startup might get stuck in an endless iteration, trying to produce a perfect solution. Find a date in your calendar when your platform must be ready for a launch.
Still, even working with a deadline can be challenging. A simple trading MVP requires 3 – 5 months. A complex one with a robust back end needs 8+ months.
To keep up with the timeline, you need Agile trading software development. An Agile team releases new parts of functionality every two weeks. You can evaluate the project’s progress.
You reach your deadline with a working product.
The right balance between the number of users and consumed resources is critical.
Launching a high-load system from scratch is expensive when there are only a few traders. Your paychecks become redundant.
However, you lose traders when your system cannot handle a user influx. Real-time trades become impossible. Traders suffer losses.
It makes sense to prepare a scalable architecture from scratch and add extra resources quickly when the user load grows.
Microservices-based cloud solutions work best on high-load projects. Cloud software scales automatically, eliminating downtime and, thus, costly losses.
The goal of every MVP launch is user feedback. Be open to commentaries and suggestions. Remember to incorporate input when you ask for it. When many users want the same functionality, consider adding it.
Decide on further expansion steps. Consider pivoting if you are not content with the feedback.
An important point here, an MVP must also be a ‘minimum lovable product.’ Every MVP is basic. Yet, it must be friendly and comfortable, encouraging users to return regularly. Improve user experience if necessary.
There are many trading platforms worldwide. Yet, demand remains. Perhaps, yours will satisfy it.
When you have a great concept of a next-gen trading platform, you should build an MVP. You verify your idea for a reasonable investment.
Make sure to start small, add extra capacity to software architecture, and be ready for changes after the initial launch.