Currency Converter

How we built a Currency Conversion FinTech App that Helps Traders Get Real-time Price Movement Alerts?

Requirement:

Building a currency conversion app to help forex traders track price movements

Tech Used:

Laravel, React Native

“Thanks to WebsOptimization Software Solution's efforts, the company received an overwhelmingly positive response from its end users. Additionally, their revenue also successfully soared. They are responsive, approachable, and innovative.”

Amit Patel, Partner, Currency Converter

Project Overview

The client, a serial entrepreneur, and a finance enthusiast, wanted to build a FinTech app that could help traders get real-time pricing alerts for various currencies.

The goal was to build something similar to XE for the Indian market. The client wanted an app that could offer price alerts and work like a social network where people can share their opinion on price movements for each currency.

Using a carefully structured dynamic database and React Native, we were able to launch an intuitive app for currency trading enthusiasts who want to have a community-backed by real-time price fluctuations.

Challenges

Currency rates change every second. The major was to store the historical conversion rates for hundreds of currencies, update all data in real-time, and showcase the movements smoothly within a chart on a mobile app.

Alongside, the real-time pricing alert had to be nimble as there was no room for error (or delays) in triggering alerts.

As the app was in the financial niche, security and safety of personal data were highly crucial. Another challenge was building a secure social media network that allows users to comment and share opinions on price movements.

Solution

Our team started ideating the solution by analyzing best practices in currency conversion and the fintech space. After careful evaluation, the following features were decided to be developed in v1 of the app:

Historical price data for every currency on the planet (up to 10 years)
Real-time alerts for price movements
Currency conversion rate graph
Social media commenting and public discussion board

A PostgreSQL database was designed and deployed, keeping in mind the large volume of data. The database kept a record of 10-year historical conversion data and would be updated with real-time price movements.

Third-party API and socket were deployed for real-time price triggers that would alert a user on price movement.

Separate modules were designed for users to discuss and share opinions about buying, selling, and holding a particular currency based on price movements. Like/Dislike and share features were embedded along with threaded discussion like any modern social media app.

React Native was used with the core HTML library to create a smooth graph for the price movement of every currency within the app.