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Trading platforms for cryptocurrencies have rapidly become the main hub for trading digital assets and as the industry has developed it has naturally resulted in increasing competition to offer the best possible trading experience for users.
Building a crypto trading platform that attracts positive user experiences and a loyal user base relies heavily on traditional amenities such as security and reliability, however, the differentiating factor to keep users engaged is simplicity through an intuitive user interface (UI) and an overall enjoyable experience.
In this article, we will talk about the fundamental building blocks of a user-friendly trading platform so that you can successfully engage both beginner and experienced traders.
Here are the seven best practices that you should follow for designing a user-friendly crypto exchange platform:
When users come to a crypto exchange, they are typically looking to make quick and informed decisions, so the design should never hinder the process. The best designs focus on simplicity and usability while still emphasizing important functionality.
Did You Know:
One of the largest exchanges in the crypto space, has different themes (just like mobile phones), with an option called "Night Mode" to enhance the user experience.
One of the most significant frustrations that crypto users encounter is transaction delays. In a market that can move significantly in seconds, your platform must be able to execute transactions in real-time.
Did You Know:
The time it took for the first Bitcoin transaction has seen little changes, a mere 10 minutes for the block to verify. However, most transactions today on Binance take seconds - quite the leap!
In a rapidly evolving crypto space, your users need the ability to trade anywhere and at any time; hence, having a platform that functions effectively on both mobile and desktop devices is essential.
Did You Know:
More crypto users prefer trading via mobile apps to their desktop, making it more important than ever for a crypto exchange to focus on mobile-first design and style.
Successful traders depend on real-time data to make more educated decisions. Your platform should supply live market data and have sophisticated charting capabilities to accommodate both rookie traders and experienced traders.
Did You Know:
Traders who follow technical indicators to implement their trading decisions have higher chance of determining price market movement as compared to using a price alert alone.
Since crypto trading may seem overwhelming for newcomers, you'll want to consider providing educational or support-related content to maximize the user's experience on your platform.
Did You Know:
Platforms like Coinbase have seen an increase in user engagement when they started offering comprehensive educational materials directly within the platform.
Also Read: Develop Your Cryptocurrency Trading Platform With these Latest Tech Stack
In order to cater to users in different countries and regions, a crypto trading platform should have multiple payment mechanisms.
Did You Know:
One of the larger crypto exchanges- Kraken, allows deposits of 5 different fiat currencies and has a broad global reach.
Also Know: 15 Ways Developing a Crypto Exchange Can Be Profitable
As regulatory scrutiny increases of crypto exchanges, applying local laws and compliance with global regulations will be the important first step in creating user trust.
Did You Know:
In 2020, it was reported that crypto transactions marked as suspicious by exchanges amounted to a worldwide total of $10 Billion. As a result, it is very important to have well-established security and compliance protocols in place within your crypto platform.
Designing a user-friendly crypto trading platform doesn’t mean on simply focusing the design aesthetics, but also requires a keen eye on multiple aspects.
While interface, security, and functionality will all be very important aspects, user experience is the axiom. If you take care to focus on a couple of main principles regarding UX: Access to real-time data, accessibility for multiple devices, and creating educational platforms, you will establish a better functioning platform for both new, experienced, and professionals.
This crypto is a fast-moving space and crypto exchanges/ trading platforms that do not innovate, risk losing their users. The bottom line is if you want your crypto exchange development to shine and stay ahead, put an emphasis on the user experience and provide real-time features, offer a great deal of security, and provide full support.
If you are curious and interested in designing and developing a user-friendly crypto exchange platform, we are here to help you with it. We have an ample amount of expertise in dealing with complex requirements and turning them into a reality.
You can get in touch with us with your business needs today.
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