Cryptocurrency is a buzzword for the average consumer, but these potential customers have no idea where to start the investment process or how to use digital currency. To gain a competitive advantage, developers must prioritize the usability of their cryptocurrency applications to increase their customer base.
Most cryptocurrency applications have sufficient functionality, but they are primarily aimed at users who already know enough about crypto-currencies to use them. Whether these applications have a business model based on maintaining the user balance, gaining transaction costs, or selling subscriptions for a premium version, it is almost always desirable to increase the number of users. Improving usability is a great way to help developers achieve this goal. It can also give customers the confidence they need to invest more and make better decisions.
Cryptocurrency applications cover a wide range of uses, from the most user-friendly like Robinhood and Coinbase to the more complex ones like Binance and Kraken. In addition to the fact that some automatically assume that you are an experienced user, they also differ in use cases, some confined to desktops and others, to mobile devices only.
Although there are many exchanges and applications, improving the user experience should be a priority for each of them. Fortunately, these improvements are relatively easy for developers to make. The following three tips are a good starting point:
1. Provide tutorials and integration materials
Cryptographic applications are designed to minimize integration frictions, which means they almost always throw the user into the account setup steps without really explaining what's going on. Instead of assuming that users are experts in cryptography ready to invest, developers must include basic teaching materials that can help all users get the most out of the application.
According to Finder.com, less than 8% of Americans have crypto-currencies and 27% of respondents said the world of cryptocurrencies was too difficult to understand. Developers can eliminate this barrier by facilitating the integration process through educational materials and tutorials. After all, customers who do one or two unwise trades will have much lower lifetime value than those who learn the basics, make informed decisions, and pursue a carefully crafted investment strategy.
2 Include contextual help and FAQ
The Coinbase cryptographic exchange application is one of the most important, but for new users who expect more information about different currencies and the steps necessary to negotiate them, it may be disappointment. Kraken is another powerful exchange with a fantastic help guide on cryptocurrency trading. The problem is that it is buried in a support section of the website, while it should be available at the center.
If I had to guess, I would say that these exchanges did not care to optimize their UX because they did not need it. There are not many easy-to-use alternatives that make it easy for customers to sign up, so the main exchanges are doing what I would call a minimum viable product in terms of ease of use for beginners.
But that's not necessarily the case. Developers can extract a page from the UX game manual and ensure that they provide users with the information they need to make their decision. For example, novice users would probably like to read a detailed explanation of why there are different coins or a questionnaire to help them decide which type of investment to favor.
3 Explain your KYC and AML feeds
The amount of information that cryptography applications need to ask clients is often invasive. Of course, this is also required by law thanks to the rules "Know your client" and "Anti-Money Laundering". Since there is no way around this step, applications must explain why information is important and show demand-side strategy.
For example, instead of requesting all the information at the same time, developers could allow users to make minimal purchases (up to $ 1,000, for example) without restrictions, but require additional information from serious investors wishing to make larger purchases. This approach would greatly facilitate the process for users and would likely minimize the fall rates of new users.
Crypto-currencies can be complicated, but they go nowhere. They have important benefits, including the fact that anyone with access to the Internet can participate in an exchange. Despite their current volatility, they may one day be a viable alternative for customers who want to avoid the risks of a weak national currency, and exchanges must be ready to satisfy traders who are new to cryptography. If less than 8% of Americans now own a crypto, 92% may be one day, and this market is the real future of existing stock markets.