While collecting the requirements of our client, we created a list of primary challenges and requirements as listed below:
The primary requirement for developing forex trading software was to provide real-time updates to all end-users. Our client describes the following needs to our team:
- The currency price change rate must modify with the live rate change at the forex exchange.
- There must be no delay in data updation.
- All the forex investment orders must get executed as soon as the user places it.
Time Zone Alignment
The forex application will be accessible in different countries and continents, creating a time zone difference. Therefore, the software will handle the time conversions to streamline operations for a user in India to invest in the US forex market.
In addition, the user will get to know the market opening and closing time of another country’s market in its native or current time zone.
Multiple Payment Gateways
Our client wants to offer all the major transaction gateways to its customers. In addition, all the gateways must align with required standards and policies according to the country’s regulations. Below-listed is the primary modes which our client asked to integrate with the app:
- Net Banking
- Credit Card
- Debit Card
- Digital Wallets
- Bank Transfers
Secure Data Transaction
Our client needs edge-to-edge security to maintain transactional, personal, and organizational data integrity and confidentiality. The main focus of security configuration was preventing breaches upon money transactions.
Moreover, our client demanded a reliable log-in mechanism, allowing only authorized users to utilize resources. Besides this, the platform must verify the authenticity of documents uploaded by users for creating a Demat account.
Customer Support Portal
For assisting the customers, our client required a customer support portal. It must allow the users to raise a ticket for their issue and track it accordingly. Moreover, the user must get different categories while raising a ticket.
For instance, if a user has to raise a ticket for a failed transaction, they should get an option for it. The focus of this feature is to streamline the support process to provide fast and efficient services.
Further, our client demanded a sleek interface to review the open forex orders. In addition, they demanded to include a cancellation button, allowing users to cancel the currency buying order through a click.
Moreover, our ally demanded to configure the following conditions for order cancellation:
- Cancel only if the balance is not transferred to the receiver.
- Cancel order if more than tickets are active in the user’s account for transactional issues.
- Cancel buying, if documents are not verified.
Searching and Filtering
For streamlining the process of searching for a specific fund, our client’s requirement was to integrate a filtering mechanism with the following functionality:
- Low Price to High Price Filtering
- High Price to Low Price Filtering
- Filtering according to Sectors
- Filtering as per forex index and much more
The following requirement of our ally was to provide an interface for assessing the personal portfolio with the below features:
- Display Total Investment
- Charts and Graphs for Profit and Loss
- Functionality to generate reports in PDF format and forward them to the mail
- Hovering over the charts to analyze investment, profit, and loss according to specific dates and times.
For providing all the details about risk in an investment, our client defined a need for a dedicated expert portal. Our ally employees, various Forex experts, and users can access their analysis and portfolio details from the risk management portal.
In addition, the portal will offer an in-depth insight into different exchanges, helping to determine whether it will be a good buy or not.