Does crypto trading need a better user experience?
Analyzing, observing and talking to traders of all levels of expertise gives us a clear answer – it surely does!
Actually, this UX room for improvement is present in the much wider area of financial services, but let us stay focused on crypto here. Even the most scientific and technical people have reported their sincere desire to use the trading platforms in a more friendly and efficient way. So, no matter how proud we are of all the complex functionalities, it is our duty to make them more user-friendly. The frequency potential of a platform that makes trading enjoyable to everyone brings smiles to the faces of its users as well as of the management of the exchange.
We get used to excellence really quickly.
Most of us use numerous platforms and apps on a daily basis. From Facebook to LinkedIn, Twitter, WhatsApp, to Booking or Tinder … all of these companies are investing significant resources into understanding their user. And by understanding, we mean making his or her life easier, happier and delightful with only a click or two. These continuous researches and improvements result in some quite impressive user interfaces and experiences – where basically no conscious thinking or guessing is needed.
We embrace intuitive simplicity super quickly. It became a standard and we roll our eyes every time we encounter an app we don’t understand instantly. And if we have high expectations of chatting, ordering food or shopping, why on earth would we compromise when it comes to our money?
We use the apps we love.
The goal of a trading platform and its respective apps is to be used as frequently as possible. What are the key experiences that make the user eager to log in, open the app and trade with pleasure?
Trading is supposed to be easy and intuitive. Whether you are a skilled Jedi or just getting to know the beauties of finance, you should not be asking yourself the questions such as “Where can I find this feature?” or “How do I deposit my assets?”.
Of course, there is one catch in designing the trading app or any other app for that matter. If we would take in all the user’s wishes and treat them with the same importance, the result would be overwhelming and complex. Sounds familiar?
When building the platform, there should be plenty of time and resources invested into researching its usability, the needs and the expectations of the traders. List down all the situations your customer may encounter (when using a laptop, a tablet or a phone), wireframe it with care and test it rigorously. The pretty and modern design is an extra mile that further differentiates you from others.
Speed of lighting
It seems kind of natural that a crypto trading platform should operate quickly. Yet in real life, that is not always the case.
When developing the exchange, make speed your top priority. Then test with an outstandingly large (yes, millions!) amount of trade requests. Fix it, improve the processing power and test it again.
Secure wherever whenever
Almost half of frequent crypto traders are concerned with the security of their assets. With the migration of money from your pocket to the omnipresent digital world, the risk potential can be much higher if not addressed properly.
Security is another topic where the UX designer can quickly encounter conflict with the stated expectations of the user. The latter wants to trade as soon as possible and is certain that losing a laptop or a mobile device is not an option. We have seen how that can turn out.
Therefore, when designing the “sweet simplicity”, there is also a tremendous need to identify all the potential security breaches and find the solution for every single one of them. The user experience on mobile devices deserves special attention.
Caring for me
In trading, caring for me means caring for my money. The fantastic world of crypto can get us really excited or immensely nervous, thinking about volatility, ups and downs, gains and losses. A lovable trading platform and all its applications will take care of user’s nerves and help him automatically react to all unpredictable market changes. The functionalities are there – from stop-loss orders to all kind of limits, but the real UX science makes them understandable and usable for everybody.
Seamless user experience is one of the crucial factors of making finance accessible to everyone. One can acquire the basic concepts of crypto (or fiat) trading quite quickly and is curious enough to open an account on an exchange. However, the chasm between one-time and regular users is huge.
Behind the tech, there are loving people.
Brilliant user experience is continuously improving. But no matter how deep we go into analytics, heatmaps and statistics, complete automation will never be reached. And to be honest, we would not want it to be. It would rob us of an invaluable opportunity to talk to the customer, answer his questions and understand trading even better. We certainly agree fantastic UX is an indispensable part of a much larger story, the one of customer experience.