October 19, 2022 ・8 min read
Despite the market fluctuation, cryptocurrency has demonstrated a powerful growth momentum in recent years. In 2021, crypto exchanges worldwide recorded a trading volume of USD 14 trillion, a surge of 689% from 2020. Decentralized Exchanges’ trading volume rocketed from USD 115 billion in 2020 to USD 1 trillion in 2021, an 858% growth. Boston Consulting Group’s report forecasts that the number of crypto users will reach 1 billion by 2030.
However, numerous user experience(UX) challenges and obstacles discourage users from participating in crypto trading. According to Statista, 21% of crypto traders identify the inconvenient user interface as one of the “biggest problems” of cryptocurrency exchange. Only 9% see “no issues” in the crypto trading platforms.
Undoubtedly, mainstream crypto apps are not meeting users’ expectations of usability and accessibility. How can crypto startups ensure their crypto wallets or exchanges platforms succeed in the highly competitive market? Seamless UX design will be the key differentiator to overcome usability issues and enable mass adoption of crypto products.
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Simplicity is the golden principle in UX design. The more complex your product is, the less your users intend to stay in and engage with your app. However, many crypto products fail to deliver an effortless user experience to their users. Here’re some common UX design challenges in many crypto wallets or trading platforms:
Unlike traditional banking products, a crypto exchange requests users get familiar with many new concepts and knowledge before they can trade confidently. “What is the difference between private and public keys?” “How to cash in and cash out?” “How do I trade securely on a crypto exchange?” “What is a gas fee?” “What is a stablecoin?” “What are ETH blockchain and SOL blockchain?” Newbie crypto users may have these questions lingering in their minds. As crypto assets can be valuable, users may be scared of managing their assets in a crypto platform if they cannot figure out all these questions.
Crypto apps must utilize quick and straightforward onboarding flows to reduce the knowledge gap and help users get confident with starting trading quickly. UX designers and product managers can use onboarding cards with visualized content to educate new users on all the essential trading and security knowledge they must know.
Besides, adding tooltips, pop-up tips, FAQ sections, chatbots, or live chat throughout relevant areas of a crypto app is an excellent way to make the users can solve all questions without leaving your app.
Cryptocurrency and blockchain are relatively new technologies that have emerged in the market for only about a decade. It is not only about investing in Bitcoin but there are various ways users can use their crypto apps:
There are too many possible goals and tasks that users can do with a crypto app, and failing to address users’ needs and expectations will result in declining retention rates.
Crypto UX designers should conduct comprehensive UX research through user interviews, user journey mapping, user story writings, and persona development to understand what your target users expect to achieve with your crypto app. That will help the product team make the best decisions in the roadmap and find your points of differentiation to stand out from competitors.
Some crypto projects are primarily led by blockchain technicians without UX specialists researching and designing the ideal user journeys. The overall navigation experience could sometimes be unclear and inconsistent.
For instance, users may find it challenging to look for the features and information inside the complex UI of the navigation menu and bar. On other occasions, users may expect clear guidance on complicated features such as connecting a wallet to web3 applications. Sharing a wallet address will be troublesome if there isn’t a single button to copy or share via a QR code.
Product managers should ensure smooth communications with the users to gather feedback on user experience. Conducting a UX audit is effective in helping the team identify the friction points that increase the drop-off rate, providing valuable insights into rethinking the navigation and user journey to improve the UX of your crypto products. Some crypto apps even offer a lite version to make the workflow of major features more accessible for novice crypto users.
There are a lot of new technical terminologies in the world of blockchain and cryptocurrencies, such as hash rate, ICO, smart contracts, gas, dApps, and altcoins. Frequent uses of technical terms without explanation can confuse users and prevent them from taking appropriate and secure actions on a crypto platform.
Product managers should ensure easy-to-read microcopies are presented to the users across the crypto products. Good UX copywriting has to be clear, concise, and consistent, conversational, leading users to complete transactions, transfers, and other tasks effortlessly.
When intricate jargon and concepts are inevitable, you can consider using tooltips, short videos, or other short content in different formats to explain and deliver your messages effectively.
Cryptocurrency and blockchain technology is well-known tech by blockchain enthusiasts and investors. However, general users may still find it more complicated than traditional banking products. Especially when losing a secret phrase can cause a total loss of their money. The unfamiliarity and fear can lead to a sense of insecurity, stopping them from storing their crypto asset in exchanges or wallets.
Excellent UX design in crypto wallets and apps should educate users from onboarding to every feature, empowering them to confidently enter the crypto world and manage their valuable assets in the wallet with ease. Once users trust your crypto product and service, the customer stickiness will improve, and you will eventually acquire more loyal users and prevent them from going to your competitors.
Understanding users’ behaviors and habits are crucial in building crypto with the seamless UX your target customers enjoy. This cannot be achieved without the contribution of experienced UX researchers who deeply comprehend crypto-economics.
There are a lot of designers and UX design agencies that can create beautiful UI. However, achieving sustainable growth in the highly competitive crypto market cannot rely on only the aesthetics of your products. Therefore, crypto companies must carefully select their design partners and ensure everyone in the development team understands blockchain and crypto-economics.
This can enhance the UX of your Web3 / crypto product and save your team a lot of time and effort by avoiding usability issues and mistakes, speeding up and smoothing the development process, and bringing you closer to your desired product success.
Talk to us now if you wish to enable the mass adoption of crypto products and take your business to the next level.
Web 3.0, or Web3, is the third generation of the internet. Web3 uses blockchain technology to decentralize data ownership and transfer power from the administrator to the users. Data stored on the blockchain is transparent and secure, where proof-of-work is applied to protect data from being corrupted. To put it simply, Web1 is read-only, Web2 is read-write, and Web3 is read-write-own.
Cryptocurrency is a relatively new innovation that many new users are still unfamiliar with. Crypto designers and researchers have a vital role in addressing usability issues encountered by users and building better crypto products with a seamless user journey. This can be achieved by conducting in-depth UX research to discover the user mental models, their pain points and expectation, and then improving the features and experience and help them onboard to the crypto and Web3