Why Is User Experience (UX) So Essential In Trading Platforms?
User Experience refers to any experience that a user receives when interacting with an IT product. Experience can be both good and bad. UX is essential for all digital products, including trading platforms and applications. In this article, we will discuss why user experience is so critical to trading software and point out some elements that should be considered in terms of UX when developing a trading platform.
- The UX design process is an important mechanism that can be applied to almost any product or its parts.
- User experience consists not only of a user-friendly interface but also of such fundamental elements as research, functionality and accessibility, and user flow.
- To improve user experience, paying attention to platform navigation, scalability, visual appearance, etc., is essential.
Why is User Experience so Important?
The digitalisation of almost every sphere of our everyday life has posed an issue of positive user experience: software and applications now have to include many useful functions and must be user-friendly and appealing.
The aspect of UX is also a concern for fintech. Thus, banks like Revolut have elevated the standards of online banking. Now, all banks must keep up with the competition and attract more customers by creating digital experiences that address new customer expectations.
With the improvement of digital trading, the importance of UX is also growing in the eTrading sector.
The goal of many trading platform developers is to improve the user experience. Ensuring clients enjoy the product is an essential goal that can be achieved through good user experience design.
UX design is an important mechanism that can be applied to almost any product or its parts. Good UX design can quickly turn a potential customer into an existing one, while a bad design can lead to losing many customers.
The rising interest in digital trading has highlighted various issues in the industry’s software.
According to statistics, the number of downloads of the leading trading apps in 2021 increased drastically.
User experience is the cornerstone for defining user interaction with a trading app or platform. Some developers underestimate the significance of website usability, tending to prioritise content or specific elements. This approach results in unappealing websites or inconvenient applications that do not attract new customers and make the existing clients look for a better alternative.
How UX Can Help Improve Your Trading Platform
You may think that your trading software is flawless; however, users are reluctant to use it, they leave your platform, and you struggle to attract new clients. Here are reasons why you should address UX to improve your platform.
- Attract more clients – People’s interest in trading is growing daily, with more beginner traders entering the industry. An average person is unlikely to use a sophisticated tool, and a beginner trader will probably opt for more straightforward and user-friendly alternatives. By sticking to the UX rules and requirements, you can redesign your platform to meet the needs of both experts and newbies and attract more clients to your platform.
- Gain loyalty – By improving the user experience and creating convenient and user-friendly interfaces, you can achieve the loyalty of your audience since this is a sign that you care about your users, which makes them more loyal to your trading platform.
- Be ahead of the curve – The financial market is vast, meaning there are a variety of platforms and applications for all kinds of trading, like crypto trading, Forex trading and more. A solid technical foundation and an appealing user experience can make you stand out in the significant number of other trading software.
Vital Elements Of Creating A Positive UX
User experience typically consists of three fundamental elements: research, functionality and accessibility, and user flow. Let’s discuss them in more detail.
Research is the crucial element of creating a positive user experience. It helps analyse the market drivers, learn the current industry challenges, and understand the project demand.
User research is the most crucial part of the discovery process. User research aims to understand the user’s behaviour with the product, their trading experience and knowledge, and their goals and needs.
Finally, competitive analysis aims to study the competitors, analyse their strengths and weaknesses, and discover potential threats.
Functionality and Accessibility
Functionality and accessibility are also crucial for any trading platform, whether a Forex trading platform, stock trading app, a mobile application for crypto trading, or some other investment app.
Ensure easy access to your platform and sign-up form to attract more traders. Analyse the accessibility of your site in all available browsers. Also, ensure your platform is available on mobile devices since many users encounter negative experiences when using desktop-intended websites on their mobile phones. Overall, it’s vital to construct a platform that works on all devices.
The website’s information architecture should consist of two central elements: information placement on a page and navigation through site links. User experiences should be intuitive and seamless, ensuring traders can easily navigate the site without guessing what to do next or where to find the necessary information or buttons.
This element generally includes a visual representation of your platform. A good user journey is usually achieved by following the main UX principles. For example, to determine whether an image or a text portion is interactive, standard web conventions suggest underlining interactive text, providing a button, or offering a clear indication that it can be selected.
Also, to ensure a good UX, limit design elements on a page and simplify lengthy content. For example, registration forms should feel visually short and easy to fill in. This means you should include only the necessary information on the form.
Additionally, a good practice is to reduce the number of clicks a user makes to reach a desired goal.
Ways to Improve Trading Platforms for Better User Experience
Some research shows that many customers are not satisfied with the UX of the trading platforms they use. In fact, according to Statista, only 9% of traders are happy with the crypto exchanges they use.
The reason for this is simple: despite sticking to the basic UX rules and requirements when developing a website, the platforms’ creators don’t address all the needs of their customers.
Here is a list of elements that should be considered when creating a positive UX experience for a trading platform.
Acing the markets requires dedication and information. Trading platforms can offer traders comprehensive educational resources, instructional videos, articles and tutorials. These resources can be custom-made to suit different levels of traders’ experience. By giving significant knowledge, trading platforms can cultivate loyalty among traders. Traders, in turn, are more likely to form a positive user experience and proceed to trade on the selected platform.
Design is not just about visual representation; it also ensures a seamless user journey. Users often face challenges with platform navigation and understanding its functionality. Usability principles should be adhered to when creating the trading platform interaction design and interface layout. These principles include seamless interaction, visual design comprehension, functional features, and informative onboarding. Lack of onboarding, customer support, and poor information architecture can make navigation complex. Adhering to these principles can build a simple yet functional design for your trading platform and boost user engagement.
Transactions and Purchases
A trading application developer faces the challenge of ensuring users understand how to use financial instruments. To avoid a negative user experience in this aspect, it is crucial to provide tutorials on purchasing, transactions, exchanges, and more to explain transaction processing, including wallet usage, private and public keys, etc. Also, visual elements displaying real-time market data and movements are vital for trading and following market trends. These elements should be clear and easy to read yet contain all the essential financial data necessary for a trader.
A trading platform’s visual style is crucial for its attractiveness. It should be organised and intuitive, with carefully chosen colour schemes, clean, legible fonts, and meaningful icons. The overall design should be consistent, with all elements working together to create a cohesive look. Animations and interactive features can enhance the platform’s engagement but should not distract from the trading experience.
Overall, the design should be organised, intuitive, and visually appealing to users, and user interface and data visualisation should be clear and straightforward.
Trading via digital platforms has become very popular, meaning trading software development has increased. However, some trading platforms provide a better user experience than others due to the fact that reliable and easy-to-use platforms conduct thorough research and consider functionality and user flow at the start of the development process. These platforms are more user-friendly, convenient and more appealing to users