The global cryptocurrency market reached $1,8 billion in 2021. By 2027, it is expected to cost $32,4 billion, which is almost a 60% annual growth rate! So it’s no surprise that crypto trading platforms are gathering steam.
In 2021, the number of crypto application downloads climbed by 400% compared to the previous year. Consider that just the top five cryptocurrency apps in Google Play and App Store were downloaded 46 million times in 2021.
Yet, the rising interest in crypto has highlighted this industry’s software issues. The entry threshold to almost any trading platform remains rather high. Such platforms primarily focus on advanced technologies while often overlooking their users. As a result, they target only a tech-savvy audience.
Crypto adoption has posed a new challenge for trading app owners: providing a consistent user experience. After all, only a straightforward and user-friendly application will be able to attract a wider audience.
Today, we’ll use our background with FinTech apps to tell you why UI/UX is so crucial for trading platforms. Arounda has already designed blockchain products like BlocFX and Gigzi. Our team has masterfully blended advanced technology and first-class UI/UX in these platforms.
Continue reading to learn about common challenges, benefits, and reasons to improve the user experience of crypto trading apps.
Reasons to Consider Redesigning Your Trading App
You may think of your trading application as something sophisticated and flawless. But for some reason, users are reluctant to use it or even leave your platform. So let’s see why you should think about redesigning your app.
Attract Non-techies
The сrypto industry attracts more and more newcomers daily. Typically, those are people who seek new opportunities to earn money. An average person is unlikely to use a complicated crypto trading app and will find a more user-friendly alternative on the market.
Gain Audience Loyalty
Improving the user experience and creating user-friendly interfaces are good signs for your audience. When users see you care about them, they become more loyal to your trading or investment app.
Be One Step Ahead
The crypto application market is vast. For example, there are 259 cryptocurrency exchanges like Binance. So, you’ll need a solid tech foundation and an appealing UI/UX to stand out.
Traders Get Younger and Their App Expectations Get Higher
Investing and trading used to be popular among the older generations. However, times have dramatically changed. According to research by Investopedia, crypto is the most prevalent type of investment among millennials. These people, aged 26-41, have higher demands for the apps. Without a decent UI/UX, your FinTech product has no chance with the millennials.
Arounda’s Experience in Redesigning the FinTech App: BlocFX
We have extensive experience working with crypto projects and want to talk about one of them. So, meet BlocFX.
BlocFX is an OTC platform that offers users the ability to buy foreign currency and make payments. This financial product includes a two-way exchange of cryptocurrency and fiat money. A personal profile, which allows users to add their bank accounts and wallets used during the exchange, transaction history, and OTC service are among the other features.
Our team helped create a strategy, UI/UX design, and development of the OTC platform. Let’s go through each step in more detail.
Strategy
At this stage, we have established the vision and mission of the product to determine what exactly will pique the users’ interest. Our team also analyzed the product, market, and audience, based on which we developed a robust strategy ready for implementation.
UI/UX Design
Our team started with the discovery stage, where we defined the design ideas following all best practices. We conducted user experience research and created the platform’s information architecture, developing a crypto UX design. After that, our designers made a user-friendly interface.
Development
Our team has fully developed the BlocFX web application, covering the frontend and backend.
Common UX Challenges with Online Trading Applications
21% of traders complain about the crypto platforms’ inconvenient design. Yet, for some reason, such platform creators do not think about how to improve UI UX of their product. As a result, we see many intricate trading apps with an incomprehensible user experience.
We have collected the main pain points in crypto UX.
Onboarding
One challenge the crypto industry faces is that it’s difficult for users to get started with the application. The verification process is particularly troublesome, and it repels many people. The new audience may also find it problematic to understand how to use the app.
Design tips: conduct user research and ensure seamless platform navigation.
Transactions and Purchases
Another challenge the trading application’s owner faces is ensuring that the user understands how to use available financial instruments. The audience should have access to tutorials or tips on using financial features in the app, such as purchases, transactions, exchanges, and more.
Security and Privacy
Although a high level of security characterizes blockchain technology, there are still some problems with trading platforms. For example, such applications do not sufficiently inform their users about using and storing private and public keys, where to store the crypto better, etc.
Financial Statements
It may be challenging for new traders to comprehend the differences between particular tokens. Cryptocurrency prices vary on each platform, which also applies to transaction fees. Due to the lack of detailed financial statements, users risk spending more than they earn.
What Are the Benefits of Crypto Trading Platforms UI/UX Redesign?
If you decide to revise the crypto UI design and work on the user experience, you will benefit significantly. Just consider the following advantages:
Improved Usability
By reconsidering your product design, you not only work on the appearance of your trading platform. Here you also pave the way for the user and identify points your team can improve. By removing the flaws from your app design, you get improved usability and a satisfied audience.
Increased Retention Rates
Your application’s convenient and clear design will make your audience willing to use it. By redesigning, you adjust your platform to the users’ needs and, as a result, get higher retention rates.
Improved Engagement
Think of redesigning your app as something user-centric. High-quality UI/UX can lead to higher engagement with your platform. As a result, the audience will use all the features offered by your app since they will understand them well.
Boosted Trust
Users do not rely on suspicious platforms with a broken UX design. Instead, they opt for something comprehensible and visually pleasing.
Improved Brand Image
The redesign will allow you to keep up with the trends. With the new UI/UX, you can improve your brand identity and make it relevant.
Bonus: Use Your Redesign for Promotion
Once you have redesigned your crypto application, you can promote it to users. It may even help you attract the audience that left your platform, as you will offer them a refreshed app.
Improving users’ trading experience through redesign is a good idea. There are many reasons for this: the opportunity to attract non-techies, gain your audience’s loyalty, and boost your competitiveness.
As a result, the updated UI/UX will greatly benefit you. You’ll get better user retention and engagement, improved usability and brand image, and increased trust.
Arounda can improve your trading application’s design for you. We engage with many businesses, from startups to large corporations, and we’re here to help you.
If you need your trading platform redesign, feel free to contact our team.
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