Best UX Practices for Cryptocurrency Exchange Platforms

In the ever-evolving crypto world, the number of cryptocurrency exchanges is increasing rapidly. According to the report, there are a vast number of crypto exchanges available, with numbers varying by source and definition. Regarding the numbers, there are more than 1,500 exchanges worldwide, which are not as successful and popular as Binance, Coinbase, Kraken, etc.

See: Best crypto exchanges in India 

Whether you want to build a new crypto exchange or are likely to improve the UX of your existing exchange, this guide covers the best UX practices for your platform. So, looking further, let’s learn how to create a smooth, secure, and user-centric trading platform. 

Why UX Matters in Crypto Exchanges

In the highly competitive crypto market, user experience is often the core deciding factor between a successful exchange and one that fails to attract traders. 

As a crypto user, who doesn’t wish their platform to function smoothly, intuitively, and reliably? Indeed, everyone does! On the other hand, if you use a platform with poor UX, it might lead to frustration, navigation issues, and even loss of trust.

This is why designing a seamless and engaging user experience is vital for every crypto exchange development. Moreover, you also need to understand that building a platform that offers clarity, simplicity, and speed not only attracts users but also often ensures long-term user retention and loyalty. 

Best UX Practices for Crypto Exchange Platforms

Once you’re familiar with why UX matters in cryptocurrency exchange, it’s time to learn about the best UX practices every exchange must work on: 

Adopt a User-First Design Approach

When developing an exchange, the platform’s design should be your top priority. What kind of exchange do users prefer? Simply developing a user-centered design is not necessary, but addressing the needs of both newcomers and professional traders is crucial.

Considering this, choose to build a platform that is: 

• Ease of Use: Enabling seamless crypto functions like trading, swapping, and staking. 
• Onboarding Process: Provide a straightforward onboarding process with crystal-clear instructions. 
• User Roles and Permissions: Design a dashboard that is ideal for retail traders, institutional traders, and new users.  

Expert Tips: 

• Use a minimalistic design with clear labels.
• Provide tutorials for each feature. 
• Enable users to customize their dashboard.

Focus on Security and User Trust

In the crypto world, security is the top priority; choose to build an exchange that heavily relies on trust. Build it in a way that users do not feel that their assets and sensitive information are in danger. 

Some of the core factors you need to work on include: 

• Two-Factor Authentication: Crucial for withdrawals, login, and critical account functions. 
• Clear Security Indicators: Typically show clear signs when security features like 2FA are active. 
• Transaction Transparency: Shows all transaction histories and fees clearly. 

Expert Tips: 

• Execute non-intrusive but apparent 2FA prompts. 
• Smooth KYC verification approach with status updates. 
• Utilize sliders or dropdowns to smoothly set withdrawal limits. 

Create a Clean and Intuitive Interface

If your aim is to cover a wider audience, including beginners and professionals, then creating a clean and intuitive interface is compulsory. 

Core aspects you need to concentrate on: 

• Clear Call-to-Action: Prioritize important actions like “Buy”, “Sell”, and “Deposit”. 
• Whitespace: To avoid sloppy interfaces, use whitespace, which also helps you enhance readability and reduce cognitive load. 
• Typography and Icons: Use bold, easy-to-read fonts and intuitive icons to direct the user’s attention. 

Expert Tips: 

• Using contrasting colours for high-priority activities 
• Merge real-time data with apparently labelled axes. 

Build a Seamless Multi-Device Experience

Most traders use mobile devices for quick trading; considering this, building a cryptocurrency exchange that has the necessary features makes a responsive design essential.

Choose to implement the following practices:

• Mobile-First Approach: Typically, built by considering the mobile users and ensuring they’ve seamless access across devices. 
• Responsive Charts: Ensure that charts and order books are easily readable on mobile, similar to how they are on desktop. 
• One-Handed Navigation: This is crucial because most users hold their phones single-handed. 

Expert Tips:

• Keep trading charts simplified and responsive. 
• Provide a full view with multiple columns and a collapsible, touch-friendly UI.

Simplify Transactions with Real-Time Feedback

Ensures that users enjoy smooth transactions that often provide clear feedback at every step. 

Here’s what you need to focus on:

• Instant Feedback: Provide users with quick confirmation for their activities, like buying or selling crypto. 
• Error Handling: Provide clear transmission of errors with suggested actions or solutions, like a “Try Again” button. 
• Progress Indicators: While users are creating their transaction, show them the progress cards or confirmation notifications.

Expert Tips: 

• Show real-time status updates.
• Display processing time and transaction ID.

Create a User-Friendly Trading Dashboard

Designing a well-optimized trading dashboard boosts user experience by offering all the essential information in an organized manner. 

Some of the key things you need to keep in mind while developing: 

• Customizable Interface: Enable users to customize their trading views based on their preferences. 
• One-Click Trading: Enforce one-click trading options for professional traders. 
• Real-Time Data: Provide real-time updates for order books, charts, and balances without lag. 

Expert Tips: 

• Consider providing an at-a-glance summary of holdings and profit/loss.
• Display real-time updates, and that too in an easy-to-read format. 
• Provide filter options and instant updates for chosen markets. 

Clear Fee Structure

Exchanges must prefer to share more details about the fee structure in order to win over users. Customers need to be aware of the precise location of their charges. 

Here’s how you can simply make it up to users: 

• Transparent Fee Display: Always shows fees before the transaction is finalized.
• Real-Time Calculation: Provide a real-time fee tally for every trade, withdrawal, or deposit. 
• Breakdown of Fees: Clearly outline network fees, platform fees, and any other associated costs. 

Expert Tips: 

• Show trading fees in percentage with detailed breakdowns.
• List withdrawal fees separately from platform fees.

Accessibility Features

To gain a wider audience, you can choose to design accessibility features that can help your platform work effectively. 

However, here are some must-have features you need to keep your eye on: 

• Keyboard Navigation: It ensures that the exchange is comprehensively using the keyboard. 
• Screen Reader Compatibility: Optimize the UI for screen readers for visually impaired users. 
• Color Contrast: Make sure the color scheme provides enough contrast, particularly for important elements like the Buy/Sell buttons. 

Expert Tips: 

• Choose to implement shortcuts for key actions like trading.
• Use accessible color combinations throughout the UI.

Multi-Language Support

Since the global market is booming rapidly, it is obvious to develop an exchange that caters to multiple regions by providing multi-language support.  This includes:

• Full Platform Localization: Go beyond simple translation and adapt the entire platform to the local context.
• Regional Data & Currency Formats: Display time, date, and currency according to the user’s location for clarity.
• Easy Language Switching: Include a visible and accessible language toggle on the dashboard for seamless use.

Conclusion

Creating an easy-to-use cryptocurrency exchange necessitates striking a careful balance between providing robust trading capabilities and ensuring that users of all skill levels can easily navigate it. By implementing these UX best practices, you can often build a crypto exchange platform that is secure, trustworthy, and highly functional.

Furthermore, businesses looking forward to build a cryptocurrency exchange, Technoloader offers cutting-edge development solutions tailored to create secure, user-friendly, and high-performing platforms. With expertise in UX design, multi-device optimization, we can help your deliver an exceptional trading experience that attracts and retains users worldwide.