Sample of Final Year Project Report on Mobile App Development

Disclaimer: This article is for educational purposes only and does not provide financial or investment advice. Forex trading involves risks, and users should conduct their own research before making any financial decisions. We do not endorse or promote any specific forex funding services. This is just a Final Year Project Report on Mobile App Development Sample Documentation.

1. Introduction

1.1 Background and Context

The burgeoning world of mobile applications has revolutionized every facet of our lives, fundamentally transforming how we connect, consume, and even conduct business. In the realm of e-commerce, mobile apps have become ubiquitous, offering unparalleled convenience and accessibility for users to purchase goods and services at the touch of a finger. One sector that has yet to fully embrace the mobile revolution is forex trading. While online platforms have dominated the landscape, they often present numerous obstacles for traders on the go. Clunky interfaces, limited functionality, and a lack of real-time performance tracking leave a gaping void in the market for a mobile-first solution to cater to the dynamic needs of modern forex traders.

Imagine the freedom of managing your forex trading challenges effortlessly from the palm of your hand. Picture a sleek and intuitive mobile application that empowers you to track your progress, choose from curated challenges tailored to your account size and skill level, and stay informed about every market movement in real-time. This is the vision that drives the development of this mobile application – to bridge the gap between the static confines of desktop trading and the dynamic possibilities of an on-the-go forex experience.

1.2 Problem Statement and Rationale

Currently, forex trading challenges, which offer structured frameworks for traders to hone their skills and potentially earn attractive returns, are primarily managed through website-based platforms. These platforms, while functional, suffer from several shortcomings that hamper user experience and limit accessibility. Navigating cluttered interfaces on mobile devices becomes an exercise in frustration, with essential information often buried deep within menus and subpages. Furthermore, the lack of dedicated mobile apps restricts real-time performance tracking, hindering traders’ ability to adapt their strategies and seize fleeting market opportunities.

Even more concerning is the opaqueness surrounding challenge parameters and account management on existing platforms. Details like profit targets, drawdown limits, and trade restrictions are frequently obfuscated, leaving traders in the dark regarding the true risks and rewards involved. This lack of transparency fosters distrust and inhibits informed decision-making, impeding the growth and engagement of the forex trading community.

The challenge encapsulates not merely the creation of a mobile application but the fusion of user-centric design, intricate functionalities, and robustness requisite for a superlative mobile app experience. At its essence, the challenge isn’t solely about crafting an application; it’s about redefining the paradigm of user engagement, accessibility, and functionality within the intricate domain of forex trading.

It is against this backdrop that this mobile application emerges as a beacon of innovation. By harnessing the power of mobile technology, we aim to address the glaring inefficiencies of existing solutions and redefine the experience of forex trading challenges. Our user-centric design philosophy prioritizes clarity, accessibility, and real-time data, equipping traders with the tools and information they need to navigate the volatile world of forex with confidence.

1.3 Aim and Objectives of the Project

The aim of this project is straightforward yet profound: to develop an iOS-based e-commerce application tailored for the intricacies of forex trading. This application aims to bridge the gap in the market by providing an accessible, intuitive, and comprehensive platform that facilitates forex trading on mobile devices.

The objectives are multifaceted. Firstly, it aims to streamline the user experience by offering functionalities such as user registration, authentication, product listing, shopping cart management, and responsive customer support. Secondly, it endeavors to transcend the cluttered interfaces prevalent in existing web-centric applications, delivering a clean and efficient mobile interface for forex traders. Lastly, it aims to amalgamate user-centric design with robust functionalities, enhancing the accessibility and functionality of forex trading on mobile platforms.

These objectives aren’t merely markers of progress but pivotal guides that shape the project’s trajectory. They delineate the path to crafting a mobile application that not only meets but exceeds the expectations of the forex trading community, ensuring a seamless, user-friendly, and efficient trading experience on iOS devices.

1.3.1 Project Objectives (SMART objectives):

Guided by the SMART framework, the development of this mobile application shall be driven by a set of clear, measurable, attainable, relevant, and time-bound objectives. These objectives serve as our roadmap, ensuring we remain focused on delivering a solution that empowers and elevates the forex trading experience for users:

• Objective 1: By April 2024, develop and launch a user-friendly and intuitive iOS mobile application specifically designed for forex trading challenges.
• Objective 2: Increase accessibility and convenience for traders by enabling seamless account management, including registration, login, and profile updates, directly through the mobile app.
• Objective 3: Enhance transparency and trust by presenting clear and concise information on challenge parameters, profit targets, drawdown limits, and trade restrictions for various account sizes.
• Objective 4: Implement robust user authentication and security protocols to safeguard sensitive financial data, ensuring a secure and trustworthy trading environment.
• Objective 5: Achieve a minimum user satisfaction rating of 80% within six months of the app’s launch, as measured by user feedback and app store reviews.

These objectives serve as the cornerstone of our project, and their successful accomplishment will mark the creation of a game-changing mobile application that empowers forex traders to unlock their full potential.

1.4 Scope

The project involves crafting an iOS e-commerce application focused on forex trading. It includes features such as user registration, account monitoring, a detailed product catalogue, secure transaction functionalities, and responsive customer support. The app aims to streamline trading experiences, offering a user-friendly interface accessible on diverse iOS devices. Its goal is to revolutionize accessibility and efficiency within the forex trading landscape.

1.5 Addressing the Broader Context: Legal, Social, and Ethical Considerations

While the convenience and functionality of a mobile forex trading app are paramount, it’s crucial to acknowledge the wider context within which it operates. This includes legal, social, and ethical considerations that shape its design and implementation.

1.5.1 Legal Landscape:

Navigating the complex legal landscape of forex trading is essential. Our app must adhere to data security regulations like GDPR and CCPA, protecting users’ financial information and ensuring responsible data handling. Compliance with regional financial regulations in different markets where the app might be available is also critical. We will need to partner with legal experts to ensure the app operates within the boundaries of international and local laws.

1.5.2 Social Responsibility and Accessibility:

Beyond legal compliance, we must consider the social impact of our app. Promoting responsible trading practices is crucial, ensuring users understand the inherent risks and potential for financial losses involved in forex trading. Implementing educational resources and risk management tools within the app can encourage informed decision-making and prevent reckless behavior. Additionally, the app should be accessible to users with disabilities, incorporating inclusive design principles to cater to diverse needs and prevent discrimination.

1.5.3 Ethical Considerations:

Transparency and fairness are vital ethical pillars for this project. Providing clear and consistent information about challenge parameters, fees, and potential conflicts of interest is crucial. We must avoid practices that might manipulate or exploit users, such as hidden fees or deceptive marketing tactics. Building trust through ethical conduct and fostering a responsible trading community are core objectives for this app.

1.6 Project Impact and Potential Benefits

By successfully addressing the identified challenges and adhering to the outlined legal, social, and ethical considerations, this mobile application has the potential to revolutionize the forex trading experience for a diverse range of users.

1.6.1 Enhanced Accessibility and Convenience:

For traders on the go, the app offers unmatched accessibility, allowing them to manage their accounts, track performance, and participate in challenges anytime, anywhere. This fosters increased engagement and empowers individuals with busy schedules to pursue their forex trading goals.

1.6.2 Transparency and Informed Decision-Making:

By presenting transparent information about challenge parameters, risks, and rewards, the app empowers users to make informed decisions. Educational resources can equip traders with the knowledge and skills to navigate the market, fostering responsible trading practices and potentially minimizing losses.

1.6.3 Democratization of Forex Trading:

Removing the barriers to entry associated with traditional forex platforms opens up the market to a wider audience. By providing a user-friendly and accessible mobile app, we can democratize forex trading, offering opportunities for individuals with limited financial resources or technological expertise to participate and potentially generate returns.

1.6.4 Building a Supportive Community:

The app can facilitate communication and collaboration among traders, fostering a supportive community where individuals can share strategies, learn from each other’s experiences, and find guidance from seasoned professionals. This collaborative environment can enhance overall learning and contribute to the growth of the forex trading community.

2. Literature Review

Over the last two decades, experts have continued to place a high priority on FOREX market predictions. Two basic methods are used in this sector of forecasting: technical assessment and fundamental assessment. The fundamental assessment considers a number of variables, including the state of the economy and politics, the standing of the firm, and news about both internal and external trade. Technical evaluation, on the other hand, only uses historical data about a currency and focuses on its opening and closing prices, trading volume, and highest and lowest values on particular days. There is proof that both of these techniques are used to forecast exchange rates (Lui and Mole, 1998).

Fundamental analysis was used by Frank Westerhoff to assess its efficacy (Westerhoff, 2003). This analysis explored bubble formation, excessive volatility, and volatility clustering and found that currency rate management often reduced volatility and deviations. Technical analysis has also been used quite a bit recently (Yen and Hsu, 2010, Li and Tsang, 1999, Sullivan et al., 1999). Research indicates that there are similarities and clustering among the currencies in the foreign exchange market (Sopranzetti and Datar, 2002).

Allocating resources with the hope of gaining a return over time for oneself or for a group, is the core concept of investing. In simple terms, it refers to using funds for the benefit of the investor (Merrigan and Friday, 2017). ‘Investing’ refers to a broad range of financial products that individuals and institutions may purchase and then sell in order to make money. This comprises assets that fit into several categories, both financial and real (Laopodis, 2020). Real assets are physical objects, like land and homes that are utilized to deliver a service. Financial assets, on the other hand, such as Bitcoin, are intangible claims on the profits made by a person’s actual assets. A mentor with investment expertise usually provides advice to novices in the field to assist them negotiate the financial market (Aziz, 2016). This advice acts as a trading guide to help new investors learn about and get started in the investing market.

Artificial neural networks’ emergence has had a big influence on FOREX rate prediction. Because neural networks are predictive, several researchers have included them in their prediction models (Zhang, 2003) (Chen and Leung, 2004). The evolutionary computation approach was once a popular option (Abraham and Chowdhury, 2001, Neagoe et al., 2004), and fuzzy logic is still widely used (El Shazly and El Shazly, 1999, Nag and Mitra, 2002). With time, fresher strategies and innovative models have surfaced. But it is essential to take into account the most current approaches in addition to the more established ones that have emerged recently. 

A gap in the market has led to the creation of mobile applications for e-commerce and forex trading, which has become a focus of current study. As someone who trades commodities and forex often, I’ve noticed something interesting: there aren’t many smartphone applications that are expressly made for these markets. The literature that has already been written about the lack of mobile applications for forex trading and the advantages of creating such platforms is examined in this study.

According to (Berradi et al., 2021), investors may greatly benefit from studying the most recent developments in deep learning methods used in the financial market industry when it comes to making accurate judgments. They carefully collected up-to-date information about deep learning techniques used to anticipate different parts of the financial market, including as commodities, Forex, stock markets, and stock indexes. Their main goal was to determine which models with (RNNs) were the most recent and to describe their unique features and novel qualities. Their study attempted to offer a thorough overview by covering every aspect of the forecasting process, from data preparation to input features, deep learning approaches, and the assessment measures used. Their research showed that when compared to conventional methods of ML, the hybrid model performed better. This discovery led to the conclusion that combining several techniques greatly improves prediction accuracy, highlighting a strong correlation between the combination of procedures and increased predictive power.

Using a combination of books and peer-reviewed articles, (Ajumi and Kaushik, 2017) provides a thorough assessment of the state of machine learning and deep learning research as it relates to exchange rate forecasting. This paper examines how different Machine Learning and Deep Learning algorithms perform in terms of accuracy when used to forecast exchange rates in the FOREX market. The results show that when compared to traditional time series models, SVM and Deep Learning techniques like Feedforward Neural Networks and hybrid ensembles exhibit better prediction accuracy. In order to assess these models’ performance, the author recommends more investigation in future research. It is emphasized, therefore, that no one forecasting model consistently proves to be the best option when evaluated according to a variety of parameters and used with various currency pairings. Consequently, the author issues a warning, advising making judgments based on these models’ forecasts with caution and thoughtful thought.

Below are some of the similar solutions to the app that this study aims to launch. It’s necessary to study the similar solutions to launch a better solution that overcomes the weaknesses of the current solutions available in the market.

2.1 MetaTrader 4 (MT4)

MetaTrader 4 (MT4) stands as an iconic and revered platform in the forex trading sphere, acclaimed for its comprehensive suite of tools, user-friendly interface, and widespread adoption among traders of all expertise levels.

MetaTrader 4 (MT4) has established itself as a cornerstone platform in the forex trading realm, celebrated for its extensive functionalities and user-centric approach that caters to a wide spectrum of traders worldwide.

2.1.1 User Interface and Accessibility:

At the forefront of MT4’s allure is its accessible and intuitive user interface. The platform’s design prioritizes ease of use without compromising on functionality. Traders can effortlessly navigate through various charts, technical indicators, and trading tools, fostering a conducive environment for informed decision-making.

2.1.2 Charting and Technical Analysis:

MT4 boasts an extensive array of charting tools and technical indicators, empowering traders to conduct in-depth technical analysis. The platform offers multiple chart types, customizable timeframes, and an extensive library of indicators, enabling traders to perform detailed analysis and make data-driven trading decisions (Lipscomb, 2023).

2.1.3 Order Execution and Management:

Efficient order execution is a hallmark of MT4, facilitating swift trade execution. The platform provides a user-friendly order management system, allowing traders to place, modify, and close orders seamlessly. Traders have control over setting stop-loss and take-profit levels, along with access to various order types to manage trades effectively.

2.1.4 Expert Advisors and Algorithmic Trading:

A standout feature of MT4 is its support for algorithmic trading through Expert Advisors (EAs). Traders can create and deploy automated trading strategies based on predefined criteria. These EAs enable traders to execute trades automatically, reducing manual intervention and enabling 24/7 market participation.

2.1.5 Market Access and Customizability:

MT4 offers access to a diverse range of markets, including forex, CFDs, commodities, and indices. Its high level of customizability empowers users to personalize charts, indicators, and trading strategies to align with their unique preferences and trading styles.

2.1.6 Community and Support:

The MT4 platform boasts a vibrant community of traders, fostering an environment where users can share trading ideas, strategies, and indicators. Additionally, extensive online resources, forums, and support channels contribute to the platform’s appeal by providing assistance and guidance to users.

2.1.7 Extensive Toolset for Analysis:

One of the standout aspects of MT4 is its rich collection of analytical tools. Traders benefit from a diverse range of technical indicators, including moving averages, oscillators, and trend lines, facilitating comprehensive market analysis. The platform’s charting capabilities enable users to visualize market movements and patterns efficiently.

2.1.8 Flexibility and Adaptability:

MT4’s adaptability to different trading styles is a key factor behind its widespread adoption. Traders have the flexibility to apply various strategies, whether scalping, day trading, swing trading, or long-term investing. This adaptability accommodates the diverse preferences and objectives of traders across different financial markets.

2.1.9 Mobile and Web Compatibility:

Beyond its desktop application, MT4 offers mobile and web versions, ensuring seamless accessibility across multiple devices. The mobile app enables traders to stay connected to the markets, execute trades, and access essential tools on-the-go. This accessibility is crucial for traders who require constant market monitoring and quick responses to market changes.

2.1.10 Backtesting and Strategy Optimization:

MT4’s robustness extends to its backtesting and strategy optimization capabilities. Traders can test their trading strategies against historical data, allowing them to assess strategy performance and make necessary adjustments. This feature empowers traders to refine their strategies before implementing them in live markets.

2.1.11 Third-Party Support and Custom Indicators:

MT4’s open-source nature enables the integration of custom indicators and Expert Advisors developed by third-party providers. This extensive library of plugins and tools offers traders additional functionalities, allowing them to enhance their trading experience and tailor the platform to suit their specific requirements.

MetaTrader 4 (MT4) has secured its position as a pinnacle platform in the forex trading landscape owing to its comprehensive toolset, user-friendly interface, and adaptability across various trading styles. Its robust functionalities, accessibility, and support for customization render it an indispensable tool for traders seeking a reliable and versatile trading experience.

MetaTrader 4’s enduring popularity within the forex trading community is a testament to its reliability, extensive functionalities, and adaptability to diverse trading styles. Its comprehensive toolset, intuitive interface, and support for algorithmic trading cement its position as a leading choice for traders seeking a robust and user-centric trading experience.

2.1.11 Limitations of MetaTrader 4 (MT4)

Despite its widespread popularity and robust features, MetaTrader 4 (MT4) does exhibit certain limitations that traders may encounter during their usage.

Outdated User Interface:

One of the prominent limitations of MT4 is its somewhat outdated user interface. In comparison to more modern platforms, the visual design and user experience of MT4 might appear less sophisticated. Traders accustomed to sleeker interfaces may find the platform’s appearance and navigation relatively outdated.

Limited Timeframes and Charting Tools:

While MT4 offers a substantial range of technical analysis tools, some traders may find the platform’s charting capabilities slightly limited compared to more advanced platforms like MetaTrader 5 (MT5). Additionally, the availability of certain timeframes or chart types might not fully cater to the preferences of all traders.

Lack of Depth in Market Depth:

MT4’s representation of market depth, particularly in terms of Level II pricing data, is relatively basic compared to some other trading platforms. For traders who heavily rely on comprehensive market depth information, this limitation in data depiction might pose a drawback.

Limited Native Features for Automated Trading:

Though MT4 supports algorithmic trading through Expert Advisors (EAs), some traders may find the platform’s native features for automated trading somewhat restrictive. Advanced automation capabilities found in other platforms may surpass MT4’s functionalities, restricting the complexity and depth of automated strategies.

Platform Stability and Resource Usage:

In certain instances, MT4 might experience stability issues, especially during high market volatility or when running multiple indicators or automated strategies simultaneously. This instability can lead to occasional freezes or crashes, impacting the trader’s workflow and potentially causing missed opportunities.

Mobile App Functionality:

While the MT4 mobile app offers substantial functionality, some traders may find the mobile version slightly limited in terms of functionality compared to the desktop version. Certain advanced tools or features available on the desktop platform might not be fully accessible or optimized for mobile devices.

2.2 MetaTrader 5 (MT5)

MetaTrader 5 (MT5) represents an evolution from its predecessor, MT4, offering an enhanced suite of features, expanded capabilities, and improved functionalities targeted at providing a more comprehensive trading experience.

2.2.1 Advanced Technical Analysis Tools:

MT5 boasts an extensive range of technical analysis tools, surpassing its predecessor, MT4. Traders benefit from additional timeframes, more technical indicators, and graphical objects, providing a more granular view of market dynamics. These enhanced tools facilitate in-depth analysis for more precise decision-making (Lier, n.d.).

MT5 enhances charting capabilities, introducing additional timeframes and chart types compared to MT4. Traders benefit from more advanced analytical objects, facilitating a more comprehensive technical analysis experience. These upgrades enable traders to delve deeper into market trends and patterns.

2.2.2 Depth of Market (DOM) and Economic Calendar:

One of MT5’s notable improvements is the inclusion of Depth of Market (DOM) functionality, offering traders a more detailed view of market liquidity and order book dynamics. Additionally, the platform integrates a built-in economic calendar, providing traders with crucial macroeconomic event information and their potential impact on markets.

MT5’s integration of an economic calendar and real-time news feed within the platform streamlines access to crucial market information. This feature allows traders to stay informed about significant economic events and breaking news, enabling them to make informed trading decisions directly from the platform.

2.2.3 Multi-Asset Support and Market Depth:

Unlike MT4, which primarily focuses on forex trading, MT5 extends its capabilities to cover a broader spectrum of asset classes. Traders can access stocks, commodities, indices, and cryptocurrencies, expanding their trading options. Moreover, the platform offers more comprehensive market depth data, allowing for deeper insights into market liquidity.

2.2.4 Advanced Order Types and Execution:

MT5 introduces additional order types beyond those available in MT4. Traders can employ stop-limit orders, partially filled orders, and more, providing greater flexibility in trade execution strategies. The platform also boasts improved execution speed, contributing to more efficient trade processing.

2.2.5 Algorithmic Trading and Strategy Testing:

Similar to MT4, MT5 supports algorithmic trading through Expert Advisors (EAs). However, MT5 introduces additional programming languages and tools, enabling more sophisticated algorithmic strategies. The platform also offers enhanced backtesting capabilities, allowing traders to thoroughly test and optimize their strategies.

2.2.6 Flexible Position Netting and Hedging:

Unlike MT4’s position-based netting system, MT5 introduces a more flexible approach by allowing both netting and hedging modes. Traders can employ hedging strategies by holding multiple positions in the same instrument simultaneously, providing more versatility in risk management.

2.2.7 Strategy Tester Enhancements:

MT5’s strategy tester introduces improvements in backtesting capabilities, providing traders with a more detailed analysis of their trading strategies. Traders can simulate and optimize their strategies across various market conditions, enhancing their understanding of strategy performance (Hatzakis, 2023).

2.2.8 Enhanced Market Depth and Time & Sales:

MT5 offers a more comprehensive representation of market depth, providing traders with detailed information about order book dynamics. Additionally, the inclusion of Time & Sales data allows traders to monitor real-time trade execution, enhancing transparency in market activity.

2.2.9 Custom Indicators and Script Execution:

Similar to MT4, MT5 supports custom indicators and scripts. However, MT5 expands upon this functionality, offering more advanced scripting capabilities and allowing for the creation of custom indicators with enhanced features, providing traders with additional tools for technical analysis.

MetaTrader 5 (MT5) signifies a paradigm shift in trading platforms, offering an expanded suite of tools, improved analysis capabilities, and broader market access compared to its predecessor, MT4. Its emphasis on advanced charting, diverse market offerings, and integrated market information solidifies its position as a formidable platform for traders seeking a more comprehensive trading experience. MetaTrader 5 (MT5) represents a significant advancement from its predecessor, MT4, offering an array of enhanced tools and functionalities. Its expanded technical analysis capabilities, multi-asset support, improved execution speed, and integrated market information position it as a robust and versatile platform for traders seeking a comprehensive trading experience across various financial instruments.

2.2.10 Limitations of MetaTrader 5 (MT5)

Complexity in Transition:

One of the challenges faced by traders transitioning from MT4 to MT5 is the learning curve associated with the platform’s enhanced features and functionalities. Traders accustomed to the simplicity of MT4 might find MT5’s expanded capabilities initially overwhelming, requiring time and effort to adapt and utilize its full potential.

Limited Broker Adoption:

While MT5 offers advanced features, not all brokers have fully adopted this platform, opting to continue offering MT4 as their primary trading platform. This limited adoption might restrict traders’ choices in selecting brokers supporting MT5, potentially affecting market access and account options.

Reduced Custom Indicator Compatibility:

Despite allowing for the development of custom indicators, MT5’s platform architecture differs significantly from MT4. As a result, some custom indicators built specifically for MT4 may not be directly compatible with MT5 without modifications or re-coding. This limitation might inconvenience traders relying heavily on specific MT4 indicators.

Hedging Restrictions in Certain Markets:

Though MT5 offers both netting and hedging modes, some regulatory environments or specific markets might impose restrictions on hedging strategies. Traders operating in such jurisdictions might encounter limitations or additional compliance requirements, affecting their trading approach and strategies.

Algorithmic Trading Differences:

While MT5 improves algorithmic trading capabilities compared to MT4, certain nuances and differences in programming languages and functionalities between the platforms might pose challenges for traders seeking to migrate complex algorithms from MT4 to MT5. This transition might require adjustments and reprogramming efforts.

Resource Intensiveness:

MT5’s expanded functionalities and advanced features might demand more computing resources compared to MT4. Traders using older or less powerful hardware might experience performance issues or slower execution speeds, especially when running complex automated trading strategies or utilizing multiple indicators simultaneously.

2.3 cTrader

cTrader stands out in the forex trading sphere for its innovative design, user-friendly interface, and advanced trading tools, offering traders a comprehensive and customizable trading experience. cTrader distinguishes itself as a technologically advanced trading platform with a focus on user empowerment, transparency, and a comprehensive suite of tools tailored for traders across various experience levels.

2.3.1 Intuitive User Interface:

cTrader boasts an intuitive and visually appealing interface, setting it apart from many other trading platforms. Its clean design and user-friendly layout facilitate easy navigation, enabling traders to swiftly access various trading tools, charts, and instruments.

2.3.2 Customizability and Layout:

A key strength of cTrader lies in its high level of customizability. Traders can personalize the platform’s layout, charts, and technical indicators according to their preferences. The flexibility in adjusting the interface enhances user comfort and efficiency in trading operations.

2.3.3 Advanced Charting and Technical Analysis:

The platform provides an extensive range of charting tools and technical indicators, empowering traders to conduct in-depth technical analysis. Offering a variety of chart types, timeframes, and indicators, cTrader ensures traders have comprehensive tools for detailed market analysis.

2.3.4 Quick Order Execution:

cTrader is known for its rapid order execution, providing traders with lightning-fast trade execution speeds. This feature ensures that traders can enter and exit positions swiftly, reducing slippage and latency issues often encountered on other platforms.

2.3.5 Algorithmic Trading Capabilities:

Similar to other advanced platforms, cTrader supports algorithmic trading through its cAlgo feature. This feature allows traders to develop and deploy automated trading strategies using C# programming, facilitating the execution of automated trades based on predefined criteria.

2.3.6 Direct Market Access (DMA) and Depth of Market (DoM):

cTrader offers Direct Market Access (DMA), providing traders with a more transparent view of the market and allowing for more direct order placement. Additionally, the platform provides a Depth of Market (DoM) feature, offering insights into market liquidity and order book dynamics.

2.3.7 Advanced Trade Management:

cTrader offers advanced trade management tools, allowing traders to manage their positions effectively. Traders can set multiple orders, including stop-loss and take-profit levels, and modify or close positions directly from the charts, streamlining trade execution.

2.3.8 Market Sentiment and Analysis:

The platform integrates market sentiment analysis tools, providing insights into market sentiment based on traders’ positioning. This feature assists traders in gauging market sentiment and making informed trading decisions aligned with current market dynamics.

2.3.9 Risk Management Features:

cTrader prioritizes risk management, offering built-in features that aid traders in managing and mitigating risks. Traders can set various risk parameters, including position size, leverage, and risk-to-reward ratios, allowing for a more disciplined approach to trading.

2.3.10 Multi-Asset Trading:

In addition to forex, cTrader supports trading across multiple asset classes, including CFDs on stocks, indices, commodities, and cryptocurrencies. This broad market coverage enables traders to diversify their portfolios and explore various trading opportunities.

2.3.11 Transparency and Order Execution Quality:

cTrader emphasizes transparency in order execution, providing traders with detailed information on executed orders, including fill rates and slippage. This transparency ensures traders have visibility into the quality of order execution.

2.3.12 Accessibility and Cross-Device Compatibility:

The platform offers accessibility across multiple devices, including desktop, web, and mobile versions. Traders can seamlessly transition between devices, ensuring they have constant access to the markets and their trading accounts.

cTrader’s blend of advanced functionalities, user-friendly interface, and commitment to transparency positions it as a competitive and innovative trading platform in the financial markets. Its comprehensive toolset, emphasis on risk management, and multi-asset trading capabilities cater to the diverse needs of traders, fostering a dynamic and empowering trading experience. cTrader emerges as a robust and sophisticated trading platform, excelling in usability, customizability, and advanced functionalities. Its intuitive interface, comprehensive charting tools, rapid order execution, and support for algorithmic trading position it as a leading choice for traders seeking a dynamic and customizable trading experience.

2.3.13 Limitations of cTrader:

Limited Broker Adoption:

While cTrader boasts a robust set of features and functionalities, its adoption among brokers is comparatively limited. Some traders might find that their preferred brokers do not offer cTrader as a trading platform, restricting their choice of brokers and potentially limiting account options (Soni, 2023).

Custom Indicator Development:

cTrader’s custom indicator development may present a challenge for traders with specific requirements. Unlike platforms with simpler programming languages for indicator creation, cTrader uses the C# programming language, which might require a higher level of technical proficiency for traders to develop custom indicators.

Algorithmic Trading Complexity:

Although cTrader supports algorithmic trading through cAlgo, traders transitioning from other platforms might face a learning curve due to differences in programming languages and functionalities. This transition may necessitate additional time and effort to adapt existing algorithms or develop new ones in C#.

Market Depth Data Display:

While cTrader offers Depth of Market (DoM) functionality, some traders might find the representation of market depth data relatively basic compared to other platforms. Traders heavily reliant on comprehensive market depth information might consider this a limitation in analyzing order book dynamics.

Mobile App Functionality:

While cTrader provides a mobile application, some traders might find certain functionalities or features available on the desktop platform are not fully optimized or accessible on the mobile app. This discrepancy in functionality might impact traders who rely on mobile devices for trading.

Platform Learning Curve:

For traders transitioning from simpler or more traditional platforms, cTrader’s advanced features and interface might initially seem complex. This learning curve might require additional time for traders to familiarize themselves with the platform’s functionalities and optimize their trading strategies accordingly.

2.4 TradingView

TradingView stands as a versatile and user-friendly platform known for its intuitive interface, diverse analytical tools, and a vibrant community of traders sharing insights and ideas.

2.4.1 User-Friendly Interface:

TradingView offers an intuitive and easy-to-navigate interface, making it accessible for traders across different experience levels. Its clean design and straightforward layout enable users to swiftly access various tools and features without a steep learning curve.

2.4.2 Charting and Analysis Tools:

The platform provides a comprehensive suite of charting tools and technical indicators, empowering traders to perform in-depth technical analysis. With customizable charts, a wide range of indicators, and drawing tools, traders can conduct thorough market analysis efficiently.

2.4.3 Social Networking Features:

One of TradingView’s unique aspects is its social networking component, fostering a community-driven environment. Traders can share charts, ideas, and analysis with others, facilitating collaborative learning and idea generation within the platform.

2.4.4 Browser-Based Platform:

TradingView operates as a browser-based platform, eliminating the need for software installation. This feature enables traders to access their accounts and perform analysis from any device with internet access, promoting flexibility and convenience.

2.4.5 Multi-Asset Coverage:

Beyond forex, TradingView covers various asset classes, including stocks, cryptocurrencies, indices, and commodities. This broad market coverage allows traders to analyze and trade diverse financial instruments within a single platform.

2.4.6 Customizability and Alerts:

Traders can personalize their charts, set up alerts, and receive notifications based on specific criteria (Pooja, 2023). This customization feature allows traders to stay informed about market movements, price levels, or indicator conditions without constant manual monitoring.

2.4.7 Collaborative Analysis:

TradingView’s social networking aspect allows traders to interact, share insights, and collaborate on trading ideas in real-time. Through comments, chats, and the ability to follow other traders, users can engage in discussions and benefit from collective market analysis.

2.4.8 Publishing and Idea Sharing:

Traders can publish their analysis, trading ideas, and chart setups on TradingView’s platform. This feature not only enables users to share their perspectives but also allows others to learn from diverse trading strategies and market insights.

2.4.9 Community-Generated Content:

The platform thrives on user-generated content, providing traders with access to a vast library of chart studies, indicators, and strategies developed by the TradingView community. Traders can utilize and build upon these resources, fostering a collaborative environment for learning and strategy development.

2.4.10 Integration of Fundamental Data:

TradingView incorporates fundamental data alongside technical analysis, offering traders a comprehensive view of market dynamics. Integration with economic calendars and company financials allows users to combine fundamental and technical analysis for informed decision-making.

2.4.11 Simplicity in Access:

TradingView’s browser-based nature simplifies accessibility across various devices without the need for extensive installations or software downloads. Traders can seamlessly access their charts and analysis tools from any internet-enabled device.

2.4.12 Paper Trading and Strategy Testing:

The platform offers a simulation feature known as “paper trading,” allowing traders to test their strategies in a risk-free environment using virtual funds. Additionally, traders can backtest their strategies against historical data to assess performance.

TradingView’s emphasis on user-friendliness, collaborative analysis, and diverse functionalities positions it as a leading platform for traders seeking a versatile and community-driven trading experience. Its user-generated content, integration of fundamental data, and browser-based accessibility contribute to a dynamic and inclusive trading environment. TradingView stands out as a user-friendly platform offering a rich set of charting tools, social networking capabilities, and multi-asset coverage. Its emphasis on community engagement, intuitive interface, and flexibility positions it as a preferred choice for traders seeking a comprehensive and collaborative trading experience.

2.4.13 Limitations of TradingView

Limited Backtesting Features:

TradingView’s backtesting capabilities might be limited compared to standalone trading platforms or software dedicated solely to strategy testing. Traders seeking extensive backtesting functionalities with detailed historical data might find TradingView’s options relatively constrained.

Dependency on Internet Connectivity:

As a browser-based platform, TradingView relies on internet connectivity. Traders in areas with unreliable or limited internet access might encounter difficulties accessing the platform consistently, impacting their ability to analyze markets in real-time.

Premium Features and Data Access:

While TradingView offers a free version with a multitude of features, access to certain advanced tools, indicators, and data sources requires a subscription to their premium plans. Traders relying on these premium features might face limitations if they opt for the free version.

Custom Indicator Limitations:

Developing custom indicators or strategies on TradingView might pose limitations due to the platform’s scripting capabilities. Traders seeking highly complex or unconventional indicators may face constraints in implementing their specific requirements.

Depth of Fundamental Data:

While TradingView integrates fundamental data, the depth and comprehensiveness of this information might not match standalone financial analysis platforms. Traders requiring exhaustive fundamental data for in-depth analysis might find TradingView’s offerings relatively limited.

Platform Speed and Performance:

During peak trading periods or high traffic times, TradingView might experience slowdowns or lags in performance. Traders relying on real-time data and quick execution might find these delays inconvenient, potentially affecting their trading decisions.

2.5 Thinkorswim

Thinkorswim, a trading platform developed by TD Ameritrade, is renowned for its comprehensive suite of tools, research capabilities, and a wide range of tradable instruments, catering to traders across various financial markets.

2.5.1 Robust Trading Tools and Analysis:

Thinkorswim offers a sophisticated array of tools and features, empowering traders with advanced charting capabilities, technical indicators, and customizable chart studies. Its platform equips traders with in-depth analysis tools, allowing them to conduct thorough technical analysis and make informed trading decisions.

2.5.2 Extensive Market Research:

A standout feature of Thinkorswim lies in its extensive market research resources. Traders gain access to an abundance of market news, earnings data, analyst reports, economic indicators, and proprietary research tools. This breadth of research materials aids traders in staying informed about market movements and making data-driven decisions.

2.5.3 Customization and Personalization:

The platform prioritizes user customization, allowing traders to personalize their trading experience. Thinkorswim enables the creation of custom watchlists, alerts, and notifications, facilitating a tailored approach to monitoring market movements and identifying trading opportunities (Anon., 2023).

2.5.4 Accessibility to Diverse Instruments:

Thinkorswim provides access to a wide range of tradable instruments, including forex, stocks, options, futures, ETFs, and more. This diverse offering enables traders to explore and diversify their portfolios across multiple asset classes within a single platform.

2.5.5 Simulated Trading and Education:

Thinkorswim offers a paper trading feature that allows traders to practice and refine their strategies in a risk-free simulated trading environment. Additionally, the platform provides educational resources, including webinars, articles, and tutorials, empowering traders to enhance their trading knowledge and skills.

2.5.6 Integration with TD Ameritrade:

As part of TD Ameritrade’s suite of tools, Thinkorswim integrates seamlessly with the brokerage’s services, providing clients with access to account management, customer support, and a unified trading experience.

2.5.7 Options and Futures Trading:

One of Thinkorswim’s notable strengths is its robust options and futures trading capabilities. The platform provides traders with advanced options analysis tools, allowing for complex options strategies and in-depth futures market analysis.

2.5.8 Live Chat and Support:

Thinkorswim offers live chat support and assistance to its users. Traders can access real-time support for platform-related queries, technical issues, or general trading inquiries, fostering a responsive and helpful customer service experience.

2.5.9 ThinkScripts Customization:

An exceptional feature of Thinkorswim is its ThinkScripts functionality, allowing traders to develop custom scripts and indicators using the proprietary programming language. This customization capability enables traders to create tailored tools and indicators to suit their unique trading strategies.

2.5.10 Mobile App Functionality:

The platform extends its functionalities through a mobile app, providing traders with access to real-time data, charting tools, and order execution capabilities on-the-go. The mobile app ensures traders can monitor and manage their positions remotely.

2.5.11 Advanced Order Types:

Thinkorswim supports a variety of order types, including conditional orders, trailing stops, and one-cancels-other (OCO) orders. These advanced order types offer traders flexibility and precision in executing their trading strategies.

2.5.12 Investor Community and Sharing:

Similar to TradingView’s social networking aspect, Thinkorswim fosters an active investor community. Traders can share trading ideas, strategies, and analysis through forums and communities within the platform, encouraging collaboration and idea sharing.

Thinkorswim’s extensive toolset, comprehensive market access, and robust research capabilities cement its position as a leading trading platform. Its focus on options and futures trading, scripting customization, mobile functionality, and a supportive investor community make it a preferred choice for traders seeking an all-inclusive and dynamic trading experience. Thinkorswim stands out as a robust and all-encompassing trading platform, offering an extensive toolkit, comprehensive market research, and educational resources. Its emphasis on customization, diverse market access, and simulated trading capabilities positions it as a preferred choice for traders seeking a comprehensive and sophisticated trading environment.

2.5.13 Limitations of Thinkorswim

Complexity for Novice Traders:

The extensive range of tools and functionalities offered by Thinkorswim might overwhelm novice traders or those transitioning from simpler platforms. The platform’s complexity could require a steep learning curve, potentially leading to initial confusion or a longer adaptation period.

Resource Intensiveness:

Thinkorswim, known for its rich features and in-depth analysis tools, might be resource-intensive, especially for older computers or devices with lower processing power. This resource demand could lead to occasional lags or performance issues, particularly when multiple tools are utilized simultaneously.

Overwhelming Interface:

The platform’s interface, while comprehensive, might appear overwhelming due to its multitude of features, charts, and analysis tools. Traders seeking a simpler and more streamlined interface might find Thinkorswim’s layout and information density challenging to navigate.

Advanced Features’ Learning Curve:

The advanced features, such as ThinkScripts and complex order types, might require a higher level of technical understanding or programming knowledge. Traders unfamiliar with scripting or intricate order types may find it challenging to utilize these functionalities effectively.

Dependency on Internet Connectivity:

Thinkorswim, primarily an online platform, relies on internet connectivity. Traders operating in areas with unreliable or limited internet access might experience difficulties accessing the platform consistently, affecting their trading activity.

Access to Premium Tools:

Certain advanced tools or data sources on Thinkorswim might be restricted to users subscribed to higher-tier plans. Traders utilizing the free version might encounter limitations in accessing premium features, impacting their ability to leverage the full range of tools.

2.6 Research Gap: Understanding User Experience and Accessibility in Trading Platforms

While there’s an abundance of literature on various trading platforms, including MetaTrader, cTrader, TradingView, and Thinkorswim, there remains a noticeable research gap concerning the nuanced aspects of user experience (UX) and accessibility within these platforms.

2.6.1 Lack of Focus on User-Centric Design:

Existing studies often highlight the functionalities and technical aspects of trading platforms but tend to overlook the significance of user-centric design and its impact on traders’ interactions. There’s a dearth of research focusing explicitly on how design elements, interface layouts, and tool accessibility influence traders’ behaviors, decision-making processes, and overall satisfaction with the platforms.

2.6.2 Accessibility Considerations and Inclusivity:

Another noticeable gap in the current literature revolves around accessibility considerations within trading platforms. There’s limited exploration regarding how these platforms cater to diverse user groups, including traders with disabilities or those requiring assistive technologies. Understanding the extent of inclusivity in design and access to trading tools for all user demographics remains under-addressed.

2.6.3 Behavioral Analysis and User Engagement:

While some studies touch upon user behavior within trading platforms, there’s a gap in conducting in-depth behavioral analysis to comprehend how traders interact with various features, tools, and information presented by these platforms. Research focusing on user engagement metrics, patterns of tool utilization, and the impact on trading outcomes is relatively scarce.

2.6.4 Comparative Analysis and User Preferences:

Current literature lacks comprehensive comparative analysis between different trading platforms from a user-centered perspective. Research that delves into traders’ preferences, satisfaction levels, and efficiency across multiple platforms, considering aspects of usability, learning curves, and tool adoption, could significantly contribute to understanding user preferences.

The identified research gap underscores the need for studies that emphasize user-centric approaches, inclusive design considerations, behavioral analysis, and comparative assessments across trading platforms. Addressing these gaps would not only contribute to enhancing user experiences but also aid platform developers, traders, and stakeholders in making informed decisions regarding platform usage and design enhancements.

3. Software Development Process

The software development process refers to the systematic approach used to design, create, test, and deploy software applications or systems. It involves a series of steps, methodologies, and frameworks aimed at efficiently producing high-quality software that meets user requirements and expectations.

3.1 Importance of Software Development Process

Structured Approach: It provides a structured framework for organizing tasks, managing resources, and guiding the team throughout the software development lifecycle (SDLC), ensuring clarity and direction in project execution.

• Quality Assurance: A defined process enables rigorous testing and validation at each stage, ensuring the reliability, functionality, and security of the software, reducing errors, and enhancing the overall quality.
• Efficiency and Consistency: Following a defined process fosters efficiency by streamlining workflows, standardizing practices, and ensuring consistency in development, leading to timely and reliable software delivery.
• Risk Management: It facilitates identification and mitigation of potential risks early in the development cycle, allowing for proactive measures to address issues and minimize project disruptions.
• Client Collaboration: A well-defined process promotes client involvement and collaboration, ensuring that the software aligns with user expectations, needs, and business goals (Reshko, 2020).

Let’s discuss some major models before selecting a model for this project.

3.2 Agile Software Development Process

Agile is an iterative and flexible software development approach that prioritizes adaptability, collaboration, and customer feedback. It emphasizes incremental development, allowing for frequent reassessment and adaptation throughout the project lifecycle.

3.2.1 Characteristics:

• Iterative Development: Agile breaks down the project into smaller iterations or sprints, each delivering a functional piece of the software. This iterative approach allows for continuous improvement and adaptation to evolving requirements (V2Soft, 2017).
• Customer Collaboration: Agile involves close collaboration with stakeholders and customers throughout the development process, ensuring alignment with changing business needs and fostering transparency.
• Adaptability: The Agile methodology allows for flexibility in accommodating changes and new requirements even late in the development cycle, enhancing responsiveness to market demands.
• Cross-Functional Teams: Agile teams are self-organizing and cross-functional, comprising members with diverse skills who collaborate closely to achieve project goals.
• Emphasis on Deliverables: Agile focuses on delivering working software incrementally, enabling early and continuous delivery of valuable functionality.

3.2.2 Advantages:

• Flexibility: Agile’s adaptive nature allows teams to respond to changes promptly, promoting flexibility in accommodating evolving requirements.
• Customer Satisfaction: Continuous customer involvement ensures that the delivered software aligns closely with user needs and expectations.
• Reduced Risks: Iterative development and regular feedback loops minimize the risk of delivering a final product that does not meet customer expectations.

3.2.3 Limitations:

• Documentation Challenges: Agile may face challenges in extensive documentation and comprehensive project documentation due to its focus on working software over documentation.
• Adaptability to Large Projects: Scaling Agile methodologies to larger projects or distributed teams might pose challenges in maintaining synchronization and coordination.

3.3 Waterfall Software Development Process

The Waterfall model is a linear and sequential approach to software development, consisting of distinct phases that must be completed sequentially before proceeding to the next stage. Each phase depends on the deliverables of the previous phase.

3.3.1 Characteristics:

• Sequential Phases: Waterfall follows a rigid structure, progressing through defined stages: requirements, design, implementation, testing, deployment, and maintenance.
• Documentation-Centric: It emphasizes comprehensive documentation at each phase, ensuring detailed planning and documentation before moving to the next stage.
• Minimal Customer Involvement: Customer involvement primarily occurs in the initial phase, with limited interactions during later stages, making changes challenging once the project moves forward.
• Structured and Predictable: The linear nature of Waterfall provides a structured and predictable process, suitable for projects with well-defined and stable requirements.

3.3.2 Advantages:

• Clear Structure: The sequential approach offers a clear structure and well-defined phases, making it easier to plan and manage projects with predictable outcomes.
• Comprehensive Documentation: Extensive documentation facilitates a thorough understanding of project requirements and deliverables.

3.3.3 Limitations:

• Rigidity in Adapting to Changes: Waterfall’s sequential nature makes it inflexible in accommodating changes once a phase is completed, potentially leading to issues if requirements evolve (Anon., 2022).
• Limited Customer Input: Limited customer involvement throughout the development cycle may result in a final product that does not fully meet evolving customer needs.

3.4 DevOps Software Development Process

DevOps is a collaborative approach that emphasizes communication, integration, and collaboration between software development (Dev) and IT operations (Ops). It aims to streamline the software delivery process, enabling faster and more reliable software releases.

3.4.1 Characteristics:

• Continuous Integration and Deployment: DevOps focuses on continuous integration (CI) and continuous deployment (CD), allowing for frequent code integration and automated deployment.
• Automation: It heavily relies on automation tools for testing, deployment, and infrastructure provisioning, reducing manual intervention and minimizing errors.
• Culture of Collaboration: DevOps promotes a culture of collaboration and shared responsibilities among development, operations, and other stakeholders (Gutierrez, 2023).
• Feedback Loop: It emphasizes a feedback-driven approach, allowing teams to continuously learn and improve through feedback from various stages of the development process.

3.4.2 Advantages:

• Faster Time to Market: DevOps’ automation and continuous processes facilitate faster and more frequent software releases, reducing time to market.
• Improved Quality and Reliability: Continuous testing and automated deployment minimize errors, leading to higher-quality and more reliable software.

3.4.3 Limitations:

• Organizational Changes: Adopting DevOps may require significant cultural and organizational changes, impacting traditional roles and workflows.
• Complex Implementation: Implementing DevOps practices and tools can be complex, requiring specialized skills and a cultural shift within the organization.

3.5 Rapid Application Development (RAD) Software Development Process

Rapid Application Development (RAD) is an iterative and incremental model that prioritizes rapid prototyping and quick development cycles. It aims to accelerate software development by focusing on user feedback and iterative development.

3.5.1 Characteristics:

• Prototyping: RAD emphasizes building prototypes quickly to gather user feedback early in the development process (Anon., 2011).
• Iterative Development: It involves multiple iterations and incremental development, allowing for continuous improvement based on user input and changing requirements.
• Active User Involvement: RAD encourages active involvement of users throughout the development process to ensure the software meets their needs.
• Flexible and Adaptable: The iterative nature of RAD allows for flexibility and adaptability, accommodating changes even late in the development cycle.

3.5.2 Advantages:

• Rapid Development: RAD’s focus on prototyping and iterative cycles enables quicker development and faster time to market.
• Enhanced User Feedback: Early and continuous user involvement facilitates better understanding and alignment with user requirements.

3.5.3 Limitations:

• Dependency on User Availability: Active user involvement can be a limitation if users are not readily available or engaged throughout the development process.
• Complexity in Large Projects: Scaling RAD to large or complex projects might pose challenges in maintaining control over iterative cycles and project scope.

3.6 Justification for Choosing Agile Software Development Process

3.6.1 Alignment with Project Needs:

The selection of the Agile software development process stems from its compatibility with the project’s dynamic nature and evolving requirements. The project involves creating an iOS mobile application for forex trading, a domain where adaptability and responsiveness are paramount.

3.6.2 Iterative Development for Flexibility:

Agile’s iterative approach aligns well with the project’s need for flexibility and continuous adaptation. The iterative cycles in Agile allow for frequent reassessment, enabling the incorporation of evolving user feedback and market dynamics throughout the development lifecycle.

3.6.3 Customer Collaboration and Feedback:

Given the emphasis on user engagement in the project proposal, Agile’s customer-centric approach facilitates close collaboration with stakeholders. Agile allows for continuous customer involvement, ensuring the application aligns closely with user expectations and needs.

3.6.4 Risk Mitigation and Quality Assurance:

Agile’s iterative nature mitigates risks by identifying issues early and addressing them promptly. The continuous testing and validation within each iteration ensure higher software quality, reducing the probability of delivering an unsatisfactory product.

3.6.5 Adaptability to Changing Requirements:

Agile’s adaptability to changing requirements resonates with the project’s potential for evolving user needs and market demands. The methodology’s ability to accommodate changes even in later stages of development ensures the application remains aligned with shifting industry trends.

4. Requirements Definition and Risk Assessment

There are different functional and non-functional requirements for this project that must be fulfilled for the stakeholder’s satisfaction. These requirements are discussed below.

4.1 Functional requirements

A wide range of functional requirements must be met in order to create an iOS e-commerce application that will provide users with a smooth experience from registration to navigation and interaction with the program’s many pages and features.

4.1.1 User Authentication:

The application should enable users to register and establish accounts by entering personal information such usernames, emails, passwords, and so on. The User Login feature, which allows current users to safely access their accounts using their login credentials, is equally significant.

4.1.2 Navigation and Pages:

A few essential pages serve as the hub of the application structure. These are the following:

• Home Page: Acting as the app’s main page, it serves as an educational portal by summarizing the features, services, and goals of the application.
• Challenge Page: This crucial part includes an extensive table that describes challenges, their costs, profit objectives that are correlated with different account sizes, and drawdown restrictions. It attempts to provide consumers with guidance regarding the profitability thresholds for various account levels and phases.
• About Us Page: Establishing confidence and trust, the About Us page aims to provide users insights into the company’s history, development, and primary objectives.
• FAQ Page: A list of frequently asked questions with an easy-to-use form that lets people ask questions or give contact information to get more help.

4.1.3 Features of the Challenge Page:

• Pricing Table: To help consumers make educated decisions, a structured presentation of pricing facts for various challenges and profit objectives matched with different account sizes is provided.
• Drawdown restrictions: Vital data that teaches users about trade restrictions and risk management, including daily and total drawdown limits linked to each account size.
• Product Listing and Shopping Cart: A categorized display of challenges that are accessible, together with information about them and pertinent account-related details, to make it easier for visitors to explore.
• Shopping Cart: An intuitive tool that makes it possible to add challenges to the cart for more efficient transaction management and buying.
• Reviews and Ratings: By integrating a feedback system, users may rate, remark, and leave reviews on challenges or the app itself. This encourages user interaction and builds user trust.

4.1.4 Automated Email Response System:

• FAQ Page with Contact Form: This feature was implemented to handle user inquiries and contact information that users supplied through the form on the FAQ page. This ensures that consumers are contacted promptly and effectively.
• Additional Details: Permissions for trading during significant economic events are disclosed, as is the acceptance of trade copiers or trading bots to provide clarification on trading circumstances.

These comprehensive functional specifications serve as the cornerstone of the intended iOS e-commerce application, which is intended to provide an engaging and user-centered experience, meeting the unique requirements and expectations of traders and those with an interest in the challenges and pursuits of forex trading.

4.2 Non-functional requirements

Non-functional requirements are important aspects of an application that specify its security, usability, performance, and other characteristics. These requirements are important for the program’s overall success even if they have nothing to do with certain capabilities. Regarding the suggested iOS e-commerce software for FX trading issues, specific non-functional needs cover the following areas:

4.2.1 Performance:

• Response Time: The program must respond quickly to user input in order to guarantee that operations like as page loads, information retrieval, and transaction completion are effective and timely.
• Scalability: It should be able to accommodate higher user volumes without experiencing performance issues. The program should scale easily to handle increased traffic as user demand increases.
• Security: To avoid unwanted access or data breaches, all sensitive user data, including as login passwords, private information, and transaction details, must be encrypted.
• Authentication and Authorization: To guarantee that only authorized users may access particular features, implement strong authorization protocols and secure authentication techniques (such as multi-factor authentication).

4.2.2 Dependability:

• System Uptime: The application should always have high availability, with less downtime and dependable service access for users.
• Error Handling: To handle errors gracefully, provide instructive error messages, and avoid system crashes, strong error handling systems should be in place.

4.2.3 Usability:

• User Interface (UI) Design: To enable simple navigation and interaction for users with different levels of technical expertise, the application’s UI should be visually appealing, intuitive, and user-friendly.
• Accessibility: Make sure the application complies with accessibility norms and rules and is usable by people with impairments.
• Device Compatibility: To ensure a consistent and best-in-class user experience across many devices, the application should work with a range of iOS devices and screen sizes.
• Cross-Browser Compatibility: It is important to make sure that a web-based component works with a variety of web browsers.

4.2.4 Data Protection and Restoration:

Automated and routine backups of your data should be put in place to guard against data loss in the event of unanticipated occurrences or system failures.

In the case of a failure, have strong recovery procedures in place to swiftly return the application to its usual condition.

4.2.5 Adherence to Regulations:

Make sure that the handling and storing of user data complies with all applicable data protection laws and regulations, including the GDPR.

4.2.6 Metrics of Performance:

To track application performance, user interactions, and faults for analysis and improvement, put logging and monitoring technologies into place.

These non-functional criteria, which concentrate on elements outside of the essential features to give consumers a dependable, safe, and easy-to-use experience, are essential for guaranteeing the overall efficacy, security, and usability of the iOS e-commerce application.

4.3 Stakeholder Needs

Traders: Require a user-friendly interface, access to account details, clear pricing and profit targets, and a seamless trading experience.

Developers: Need a clear project scope, comprehensive documentation, and necessary resources to develop and maintain the application.

Customers: Expect a secure platform for trading, easy navigation, efficient customer support, and access to comprehensive FAQs.

4.4 Stakeholder Expectations

User Engagement: Expect active involvement in the app’s development process, seeking continuous updates and improvements based on their feedback.

Reliability: Expect a stable and responsive application that ensures timely execution of trades and reliable access to account information.

Security Measures: Anticipate robust security measures to safeguard their personal and financial data against potential threats or breaches.

4.5 Stakeholder Constraints

Budget Limitations: Budget constraints may limit extensive features or expedited development timelines.

Regulatory Compliance: The application must adhere to strict regulatory guidelines in the forex trading domain, imposing constraints on certain functionalities or data handling.

Time Sensitivity: Market demands and competition may require timely deployment, posing constraints on development and testing timelines.

These stakeholder needs, expectations, and constraints will significantly influence the project’s direction, development priorities, and eventual success criteria. Adjustments and considerations for these aspects will be crucial throughout the development lifecycle.

4.6 Risks

Each risk has been assessed in terms of its potential impact on the project’s success and strategic contingencies described to effectively mitigate or manage these risks throughout the project lifecycle.

4.7 Risk Management Plan

4.7.1 Risk Identification:

Objective: Continuously identify potential risks that could impact project progress.

Approach: Regular risk assessment meetings, stakeholder inputs, and review of project components.

4.7.2 Risk Assessment and Prioritization:

Objective: Assess the likelihood and impact of identified risks and prioritize them.

Approach: Use risk matrices to evaluate the severity, probability, and detectability of each risk.

4.7.3 Risk Mitigation Strategies:

Objective: Develop proactive plans to mitigate identified risks.

Approach: Implementing preventive measures, contingency planning, and allocation of resources for risk reduction.

4.7.4 Risk Response Planning:

Objective: Define strategies to respond if risks materialize.

Approach: Create action plans detailing steps to take if high-impact risks occur, including escalation procedures.

4.7.5 Risk Monitoring and Control:

Objective: Continuously monitor identified risks and assess the effectiveness of mitigation measures.

Approach: Regular progress review meetings, ongoing risk assessments, and adjustments to risk plans.

4.7.6 Communication Strategy:

Objective: Ensure transparent and timely communication about risks and mitigation strategies.

Approach: Regular reporting to stakeholders, establishing communication channels for risk-related issues.

4.7.7 Contingency Planning:

Objective: Develop backup plans to address risks that cannot be fully mitigated.

Approach: Identify alternative solutions or workarounds, secure additional resources, and establish clear activation criteria.

4.7.8 Risk Documentation and Reporting:

Objective: Maintain comprehensive records of identified risks and actions taken.

Approach: Maintain a centralized risk register and issue regular reports to stakeholders on risk status and mitigation efforts.

4.7.9 Team Training and Awareness:

Objective: Ensure team members are equipped to identify, understand, and manage risks.

Approach: Conduct training sessions, workshops, and share best practices in risk management.

4.7.10 Continuous Improvement:

Objective: Incorporate lessons learned and improve risk management processes.

Approach: Regularly review risk management effectiveness and update risk management plans based on project experience.

5. Conclusion

The report serves as a guide for creating a special phone app focused on trading money. It uncovered important aspects crucial for the project’s success.

It clearly defines what the project aims to achieve and how it plans to do so. By exploring how money trading works and understanding user needs, it helps in improving the app.

The report examined other apps like MetaTrader and cTrader to learn from their successes and potential challenges. This insight helps shape the new app’s features.

Choosing the Agile method for app development was a significant decision. This approach allows for easy changes during the project, aligning well with user expectations and project needs.

It also analyzed risks and possible difficulties early on. By addressing these upfront, it enables effective planning to handle them. Additionally, it focuses on what users truly desire from the app: ease of use, reliability, and safety.

In summary, this report outlines the process to create an efficient app for money trading. It serves as a starting point, guiding the project toward creating an exceptional app that simplifies money trading for users.

Contact US to get a Well-Researched, Well-Referenced, and Plagiarism-Free Report for Your Final Year Project.

References

ABRAHAM, A. & CHOWDHURY, M. U. An intelligent forex monitoring system.  2001 International Conferences on Info-Tech and Info-Net. Proceedings (Cat. No. 01EX479), 2001. IEEE, 523-528.

AJUMI, O. & KAUSHIK, A. 2017. Exchange rates prediction via deep learning and machine learning: A literature survey on currency forecasting. Int. J. Sci. Res, 7.

AZIZ, A. 2016. How to day trade for a living. Bear Bull Traders, Vancouver, Canada.

BERRADI, Z., LAZAAR, M., MAHBOUB, O. & OMARA, H. A comprehensive review of artificial intelligence Techniques in Financial Market.  2020 6th IEEE Congress on Information Science and Technology (CiSt), 2021. IEEE, 367-371.

CHEN, A.-S. & LEUNG, M. T. 2004. Regression neural network for error correction in foreign exchange forecasting and trading. Computers & Operations Research, 31, 1049-1068.

EL SHAZLY, M. R. & EL SHAZLY, H. E. 1999. Forecasting currency prices using a genetically evolved neural network architecture. International review of financial analysis, 8, 67-82.

LAOPODIS, N. T. 2020. Understanding investments: Theories and strategies, Routledge.

LI, J. & TSANG, E. P. Improving Technical Analysis Predictions: An Application of Genetic Programming.  flairs Conference, 1999. 108-112.

LUI, Y.-H. & MOLE, D. 1998. The use of fundamental and technical analyses by foreign exchange dealers: Hong Kong evidence. Journal of International money and Finance, 17, 535-545.

MERRIGAN, T. & FRIDAY, J. 2017. The past, present, and future of theologies of interreligious dialogue, Oxford University Press.

NAG, A. K. & MITRA, A. 2002. Forecasting daily foreign exchange rates using genetically optimized neural networks. Journal of Forecasting, 21, 501-511.

NEAGOE, V., IATAN, R. & IATAN, H. A nonlinear neuro-fuzzy model for prediction of daily exchange rates.  Proceedings World Automation Congress, 2004., 2004. IEEE, 573-578.

SOPRANZETTI, B. J. & DATAR, V. 2002. Price clustering in foreign exchange spot markets. Journal of Financial Markets, 5, 411-417.

SULLIVAN, R., TIMMERMANN, A. & WHITE, H. 1999. Data‐snooping, technical trading rule performance, and the bootstrap. The journal of Finance, 54, 1647-1691.

WESTERHOFF, F. 2003. Speculative markets and the effectiveness of price limits. Journal of Economic Dynamics and Control, 28, 493-508.

YEN, S. M.-F. & HSU, Y.-L. 2010. Profitability of technical analysis in financial and commodity futures markets—A reality check. Decision Support Systems, 50, 128-139.

ZHANG, G. P. 2003. Time series forecasting using a hybrid ARIMA and neural network model.    Neurocomputing, 50, 159-175.

Anon., 2011. General Characteristics of Rapid Application Development (RAD). [Online]
Available at: https://nazrul.me/2011/11/19/general-characteristics-of-rapid-application-development-rad/
[Accessed 7 January 2024].

Anon., 2022. Waterfall Methodology: A Complete Guide. [Online]
Available at: https://business.adobe.com/blog/basics/waterfall#disadvantages-of-the-waterfall-methodology
[Accessed 6 January 2024].

Anon., 2023. How use thinkorswim for forex trading?. [Online]
Available at: https://www.forex.academy/how-use-thinkorswim-for-forex-trading/
[Accessed 6 January 2024].

Gutierrez, H. M., 2023. DevOps and Software Development Life Cycle. [Online]
Available at: https://www.knowmadmood.com/en/blog/devops-and-software-development-life-cycle/
[Accessed 7 January 2024].

Hatzakis, S., 2023. Best MetaTrader 5 (MT5) Forex Brokers of 2024. [Online]
Available at: https://www.forexbrokers.com/guides/metatrader-5-brokers
[Accessed 5 January 2024].

Lier, C., n.d. A Beginner’s Guide to MetaTrader 5 (MT5). [Online]
Available at: https://leadgenapp.io/beginners-guide-to-metatrader-mt5/
[Accessed 5 January 2024].

Lipscomb, S., 2023. MetaTrader 4 Review 2023: Fees, Services and More. [Online]
Available at: https://smartasset.com/investing/metatrader-review
[Accessed 5 January 2024].

Pooja, 2023. What is TradingView and How to Use it?. [Online]
Available at: https://www.samco.in/knowledge-center/articles/what-is-tradingview/
[Accessed 6 January 2024].

Reshko, A., 2020. 5 Reasons Why Software Development is Important. [Online]
Available at: https://fortyseven47.com/blog/5-reasons-why-software-development-is-important/
[Accessed 6 January 2024].

Soni, C., 2023. cTrader for Forex Traders | Top Pros and Cons. [Online]
Available at: https://tradersunion.com/interesting-articles/what-trading-platform-successful-traders-choose/ctrader/
[Accessed 6 January 2024].

V2Soft, 2017. 10 Key Characteristics of Agile Software Development Methodology. [Online]
Available at: https://www.v2soft.com/blogs/10-key-characteristics-agile-software-development-methodology
[Accessed 6 January 2024].