Accelerating the mainstream adoption of cryptocurrency is one of the far reaching goals that cryptocurrency enthusiasts are currently pursuing. Rising to this challenge, UX designers are also getting equipped with relevant skills and acquainting themselves with the cryptocurrency trading space in order to break barriers to entry.
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So, what exactly qualifies as a good UX design for crypto trading platforms? To get to that, it’s important to first identify significant UX challenges that stand in the way in the crypto domain.
1.Crypto trading platforms and exchanges are complex – There’s a lot of perceived complexity surrounding constantly evolving cryptocurrency trading pairs and their underlying protocols. With several crypto exchanges mushrooming by the day, it’s challenging for crypto traders to keep up with the steep learning curve that each exchange demands. Having to unlearn and relearn a certain set of steps to use different exchanges can be tiring for users, leading them to give up way too soon. There is an absolute need for creating a simple, user-centered design experience for crypto trading, one that reduces the learning curve for the user to start trading.
Case in point is Supperrare, a digital artwork marketplace on the blockchain that auctions NFTs (non-fungible tokens). By keeping things simple, Superrare’s web interface is elegant and lets the user interact with the blockchain in an intuitive 4-click process for purchasing artwork.
2.There is a lot of ambiguity around crypto vocabulary – For them to be functionally relevant, crypto exchanges need to use familiar language and steer clear of jargon. It’s important for UX designers to take stock of this challenge and make information accessible, and also ensure a minimalistic user experience that doesn’t overwhelm the user upfront.
A good UX tip to tackle this would be to approach designing for crypto applications by assuming that user knowledge is fragmented and requires structuring.
Coinbase is a classic example of this. It doesn’t force its users to learn crypto vocabulary. It shows trade balances in traditional fiat. And instead of mentioning cryptocurrencies, it simply writes ‘assets’. Even more interesting is its strategy of rewarding users whenever they gain crypto knowledge through the platform. These little design elements can make all the difference. Coinbase’s user interface is so convenient that users don’t mind paying the premium transaction fees that the platform charges.
3.The difficulty of keeping up with ongoing trends – As the crypto industry continues to evolve, so do industry trends; latest among these is this year’s advent of DeFi applications. Staying up-to-date with emerging trends can be daunting for traders. Exchanges can provide more value by constantly educating their users about ongoing trends and developments in the space.
It is important to equip users with the right amount of information at the right time while being mindful to not overwhelm them. Crypto platforms like Voyager, through regular news feeds, makes sure users stay abreast of important market updates that would pave the way for smarter trade executions.
A delightful UX design experience is one that sets the tone at the very first point of interaction and offers traders an easy to use interface that generates confidence. Traders should feel confident and empowered by a well designed user interface. A good user interface will enable a trader to execute their trading strategies with ease, without having to deal with a confusing and clunky environment.
This would also consequently enable:
- Improved engagement and interaction
- Faster adoption
- Better user retention
Using design methodology effectively to the users’ benefit can go a long way. If you can identify crypto traders’ apprehensions and motivations, it will be much easier to take them through a more human-centered experience through your crypto exchange application. Ensure all features are available on mobile-friendly sites, easily navigable on handsets. Give users feedback when they make mistakes, and a request fails to process. While blockchain has proved a boon to FinTech, crypto exchanges are finding it difficult to simplify the user experience for their applications. A seamless user experience is the answer to growing your crypto exchange and adding to the popularity of these digital assets.