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.

7 Best Practices to Design a User-friendly Cryptocurrency Trading Platform:

Here are the seven best practices that you should follow for designing a user-friendly crypto exchange platform:

1. Simple and Intuitive User Interface (UI)

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.

  • Navigation: Ensure that the design is easy to navigate, with the most critical actions within reach of the homepage. Most users should be able to make a trade or review their portfolio in a couple of clicks.
  • Dashboard: The dashboard should surface all the critical information that a user would want to see to examine their account balances, make a trade, or conduct research. It should include account balances, recent transactions, and market-oriented data.
  • Dark Mode: Trading occurs 24/7, so dark mode options can limit eye strain while reinforcing the modern vibe of the platform.

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.

2. Fast and Secure Transactions

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.

  • Speed of Execution: Make sure transactions (both for deposits and withdrawals) are fast; seeking to discover the speed of execution for trades (whether it be in and out of an asset or a limit trade to purchase on the cryptocurrency exchange). You want to reduce latency from order entry to execution.
  • Low Transaction Fees: High transaction fees will deter users. Competitive or, better yet, low transaction fees will be the differentiator in attracting users who wish to maximize efficiency for trades.
  • Security Features: Even if the user experience is seamless, users will not transact if security is disregarded. Utilize strong encryption, 2FA (two-factor authentication), and cold storage for user funds.

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!

3. Cross-Platform Compatibility: Mobile and Desktop

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.

  • Responsiveness: The platform should be responsive (i.e., flexibly accommodate various sizes, operating systems, and devices) to provide consistent experiences on both devices.
  • Mobile App Development: Developing a mobile app that allows users to trade on the go and should offer all basic functions otherwise produced on a system of larger size, i.e., trading of BUYs and SELLs as well as portfolio management styles of use.
  • Push Notifications: Users will be notified of price changes of their trades, as well as order processing and important news to keep the users engaged with the platform.

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.

4. Real-Time Data and Advanced Charting Tools

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.

  • Live Price Feed: Show price charts of cryptocurrency markets in real-time, in addition to charts of historical prices and live price feeds.
  • Advanced Charting: Providing tools, such as candlestick charts with moving averages and the Relative Strength Index (RSI), to be the technical indicators traders use to study market trends.
  • Customizable Interface: This allows users to personalize their interface setup and chart preferences.

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.

5. Educational Resources and Support

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.

  • Guided Tutorials: Providing guided education for users to follow their first trade or other procedural steps like setting stop-loss limits.
  • FAQs and Glossary: Develop a glossary and FAQ section with clear definitions of common terms, and concepts like altcoins, wallets, and/or decentralized finance (DeFi).
  • Customer Support: Implement a robust customer support system, including live chat, email, and a chatbot to address common queries.

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

6. Offer Multiple Payment Options

In order to cater to users in different countries and regions, a crypto trading platform should have multiple payment mechanisms.

  • Fiat to Crypto: By supporting credit/debit card payments and bank transfers, users can convert fiat currency into cryptocurrency with ease.
  • Crypto to Crypto: Afford users many different digital assets to trade and a good group of popular peer-to-peer digital assets to trade with low spreads including BTC, ETH, and popular altcoins.
  • Multiple Fiat Currencies: Allow users to trade in their local currency (i.e. USD, EUR, INR, etc) and to support local fiat payment methods (i.e. PayPal or SEPA transfers).

Did You Know:

One of the larger crypto exchanges- Kraken, allows deposits of 5 different fiat currencies and has a broad global reach.

7. Compliance with Regulations

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.

  • KYC (Know Your Customer): Implementing KYC will help confirm you are who you say you are, reduce fraud, and ultimately establish the trust of your users in the integrity of the platform.
  • AML (Anti-Money Laundering): Establish an automated AML compliance system that will recognize suspicious transactions, while documenting and reporting those transactions according to anti-money laundering regulations.
  • Data protection: Ensure your platform complies with data privacy laws (Most prominently, GDPR) to protect your users' personal and financial info.

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.

Conclusion:

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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