The UX Edge: How Crypto Exchanges Are Setting New Design Standards

Cryptocurrency has continued to emerge as a valuable asset across Canada. It is being widely adopted, despite the issues experienced at the national level.

There has been growing interest from the country’s population in tokens like Bitcoin, which suggests the market could experience a boom if current regulations are changed. Suggestions claim that there are several opportunities available due to the energy they possess. They’ve seen the impact this could have with their southern neighbors, with the U.S. continuing to back it.

Still, while the uptake hasn’t perhaps hit as mainstream as it could, there has been an increase in adoption. This is something that has provided many crypto exchanges with an opportunity to enter the market. However, if they are to be ranked as the best crypto exchanges available, they must ensure they meet a new type of demand that has been experienced: design.

Why UX Has Become an Important Design Feature of Crypto Exchanges

The cryptocurrency market can be a confusing industry for non-experienced users. With Canada’s sector continuing to grow, it’s a place that does have a relatively large market of inexperienced users. Crypto exchanges recognize the issues that this can bring, as complex design features can add to the feelings of being overwhelmed or confused further.

Designers have sought to implement various methods and techniques to ensure they meet the specific needs of consumers, focusing on key features such as accessibility, simplification, the use of artificial intelligence, and the provision of personalized experiences, among other aspects.

Accessibility

Modern exchanges are prioritizing intuitive design and streamlined onboarding, making it easier for users with little or no blockchain experience to participate. This includes simplified account creation, jargon-free interfaces, and guided tutorials, all designed to lower the barrier to entry and accelerate crypto adoption. By offering a simplified service, it can generate greater interest among novices who have no prior knowledge or understanding of how things work. This can enhance the revenue obtained.

Responsive and Mobile Design

According to estimates, in June 2024, around 29 million users used a mobile wallet for their crypto, with Canada ranking high on the list in terms of total users. With the majority of web traffic now originating from smartphones, exchanges are adopting mobile-first approaches. Native apps for iOS and Android, touch-optimized interfaces, and real-time push notifications enable users to trade and manage portfolios on the go, enhancing engagement and flexibility.

Using AI to Personalize Experiences

The top crypto exchanges have recognized the importance of personalizing their services. Customers want and expect to feel valued and appreciated when spending their money, especially on assets like cryptocurrency. The exchanges that implement personalization have done so by using AI. The technology can enhance the UX that is offered by providing customizable features, such as homepages that are specific to the user, widgets that can tailor their experience, and offer instant access to what they want. This shift away from a “one-size-fits-all” model provides both beginners and advanced users with experiences that match their needs, boosting satisfaction and retention.

Gamification

Gamification has proven to be a solid engagement strategy across several markets and industries. The crypto sector is no different. Crypto exchanges have been able to use techniques that include game-like elements (badges, achievements, leaderboards) and social features (community forums, copy trading) to make trading more engaging and collaborative. These innovations help create a sense of community, encourage learning, and increase platform stickiness, making the exchange something users are happy to return to.

Visuals and Data

Crypto is a very real-time industry. Things can happen in an instant and require a lot of monitoring due to the volatility that can be experienced with certain tokens. Everyone knows about Bitcoin and the swings it has experienced in the past at a moment’s notice. It’s arguably one of the reasons that can put many off trading or holding digital coins, especially when they have never done so before. The top crypto exchanges focus their UX designs on this aspect. Designers emphasize the creation of clear, visually appealing dashboards featuring real-time charts, color-coded order management, and interactive elements. These features enable users to quickly interpret market trends and make informed decisions, thereby reducing cognitive load in high-stress environments.

Final Words

Crypto exchanges have begun to focus on the UX that they offer to customers, as they realize novices are just as important to them as those who are experienced traders and holders. By making themselves more accessible, they can increase their revenue share by ensuring higher engagement levels as customers feel more comfortable and can trust using them for all of their crypto needs.