Introduction
With the continuous rise in the number of digital asset exchanges, there seems to be no limit to the amount of venues that can offer trading for the projected massive adoption of digital assets that the space will have in the coming years. Notwithstanding, only a few will remain standing, depending on how they position themselves.
A series of barriers to entry are present in the digital asset space and thus influence this success; technology complexity, investment risk, and poor customer service are some of the main areas to look out for. In our white-label digital asset exchange month, we would like to develop upon the subject of digital asset exchange usability, and its direct impact on cryptocurrency adoption and user-friendliness.
What is usability?
Usability in a digital asset (exchange) context can be boiled down to how a user interacts with a website or product. User Interface (UI) helps with the first step of building credibility through visual design comprehension, while User Experience (UX) takes on the rest; the users’ journey. We believe the first thing digital assets must have is security, but the question of ‘what comes after?” still remains. Cryptocurrency holders need a similar level of security, speed and simplicity as payment solutions from traditional financial institutions. A recent survey carried out by Binance [1] shows that most customers value security (28%) followed by UI/UX (25%) and available trading pairs (23%).
Some of the main hurdles users face in the sense of UX include complex and demotivating onboarding and transaction processes, complicated information formats, as well as incomplete and unclear information access. Common retail traders deserve quick, clear and understandable onboarding and transaction processes that deter them from giving up after months of waiting, as well as clearly laid out technology explanations (like wallet use and how public/private keys work) that make the trading experience more seamless.
While there is no undisputed way of defining which design will ultimately capture the most amount of users, we require a way of systemic thinking and proven practices that can minimize errors and maximize the probability of adoption. According to Yeti [2], we should dedicate a fair amount of time to:
Discovering & understanding the “user persona.” Being capable of answering questions like “What does this user struggle with?” or “What is this person trying to achieve?” is paramount to recognize users’ pain points. Once core users and their needs are identified, it’s time to put in the work to solve them. Gathering and analyzing data as well as having empathy play a huge part in the journey users will embark on.
Use cases
Two exchanges currently focusing on a simple and intuitive UI/UX are Robinhood and Coinbase. Instead of making people carry out their own research for information and overly complex alternatives, they employ user-friendly interfaces and a straightforward buying-and-selling process. As more and more exchanges start to embrace the power of well designed infrastructures, digital assets will no longer be limited to a few marketplaces and investors but will democratize its access (and therefore its benefits).
SCALABLE
Our flagship white-label exchange has incorporated extensive industry knowledge into a balanced blend between security, liquidity, and outright usability to deliver every user with the most comprehensive platform to trade digital assets. We have applied thorough research on how best to harmonize regulatory processes (such as required KYC) with a powerful matching engine, to deliver our users the most absorbing journey into the digital assets world. We also cater for our clients to redesign those processes as they consider, with a highly malleable front-end platform tailored to their brand.
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References
[1] Binance Research. “Global Crypto User Index – 2021.” Binance Reseach, Binance , 28 Jan. 2021, research.binance.com/en/analysis/global-crypto-user-index-2021.
[2] House, Geoff. “The Product Design Process Guide.” Yeti, yeti.co/resources/white-papers/product-design-process-guide/.
Sources
Scherba, Tony. “The Usability of Cryptocurrency.” UXmatters, 6 Aug. 2018, www.uxmatters.com/mt/archives/2018/08/the-usability-of-cryptocurrency.php.
“UX & Cryptocurrency: Simplifying Trading For Everyone.” Artkai, artk.ai/blog/ux-cryptocurrency-simplifying-trading-for-everyone.