We can all agree that crypto has come a long way. It has grown from a niche interest to a mainstream financial tool. And as cryptocu rrencies continue to gain popularity, more and more users are looking to participate in the crypto market one way or another.
Some choose trading and swapping. However, the complexity of these activities has been a barrier to entry.
Fortunately, things got easier; trading platforms became more accessible to all users, and developers started building user-friendly platforms.
In 2024, user-friendliness is not just a nice-to-have feature; it’s a necessity. With more users exploring the world of digital assets, the demand for intuitive, accessible, and efficient trading platforms is higher than ever.
Thus, how have crypto trading and swapping platforms progressed, what pain points do they have, and what should such a platform offer to be truly user-friendly?
How Have Crypto Trading and Swapping Changed?
A few years ago, crypto trading used to be a complex and time-consuming activity, sometimes even being a bit confusing, especially for beginners. Platforms were designed primarily by and for tech enthusiasts, with little consideration for user experience.
The interfaces were often complex, requiring extensive knowledge of blockchain technology and market mechanics. As a result, many potential crypto traders found the idea of trading crypto intimidating and decided to choose other crypto-related activities.
Over the years, however, the crypto trading concept has changed surprisingly. Many user-friendly platforms were developed and gained popularity, especially thanks to this feature. Many platforms include modern design principles, focusing on simplicity, clarity, and ease of use.
Another significant change is represented by the introduction of automated tools and features. Trading bots, for instance, make it possible for users to execute trades without needing to be actively involved. All they have to do is set up the bot the right way.
Furthermore, mobile apps made it even easier to trade crypto and can actually be considered a game-changer.
The Fees that Scared Them All
One of the biggest obstacles to the widespread adoption of crypto trading used to be the high fees associated with every crypto transaction. High fees scared and drove away many potential traders who feared that the costs of trading would outweigh the benefits.
And fees still are a bit of a problem, depending on some factors. For example, when the market is crowded, it’s almost impossible to avoid higher fees, and this can make traders think twice before completing a trade.
Fortunately, many crypto projects focus on lowering the fees as much as possible without affecting the overall user experience. A good example is Swapped.com, a platform that charges as low as 0.5% for bank transfer swaps.
A Crypto Trading Platform Should…
…Be Suitable for a Wide Range of Crypto User
A truly user-friendly crypto trading or swapping platform should focus on a wide audience, from beginners to seasoned traders. If a project still aims to divide the two groups, it can develop two platforms: one designed for beginners and one specially built for experienced crypto investors.
This can help a company significantly increase its user base, as it is harder to offer everything every user might need through a single platform. Instead, developing two similar ones will do the trick. This way, anyone who wants to buy crypto will have a suitable platform for this.
Still, it’s essential to keep in mind that both platforms should be user-friendly. While the beginner version is easier to use and leverages automated processes more, the other one, which is designed for experienced traders, should make it easy for them to find all the features they might need.
…Have Transparent Fee Structures
We have already mentioned that it’s pretty difficult to keep the fees under control all the time, as they depend heavily on market conditions. However, you can build transparent fee structures.
In the crypto industry, transparency is golden, and the projects that don’t provide it are less likely to become popular and widely used. Traders are looking for safe, secure, transparent, and overall trustworthy platforms to help them manage their funds.
This can also apply when it comes to fee structures. The trading and swapping platforms that will provide them will have much to win. Users should be able to see exactly what they are paying for, with no hidden costs. A clear and straightforward fee structure helps build trust between the platform and its users, encouraging them to trade more frequently and with more confidence.
A trading or swapping platform can also have a disclaimer stating that network fees do not depend on the platform itself but on the network activity. This can be helpful, especially for beginner traders.
…Provide Fast Transactions
In the crypto industry, speed is crucial. Users want to complete their transactions quickly and efficiently without having to wait for long processing times. Delays in trading can lead to missed opportunities, especially considering how volatile the crypto market is. So, a user-friendly platform should (or even must) prioritize fast transaction processing to keep its users satisfied.
To achieve this, platforms need to invest in developing features that can support larger volumes of transactions without slowing users down. This might include using high-performance servers and optimizing network connections.
Furthermore, crypto trading apps and platforms should also offer real-time market data. This way, users can make more informed decisions based on the latest information about market changes.
…Offer Educational Tutorials
Imagine you created your first crypto wallet and just signed up on your first trading or swapping platform. You have heard of crypto before, you know there is a cryptocurrency named Bitcoin, you can either buy or sell Bitcoin and other cryptocurrencies, NFTs are photos stored on blockchain, blockchain is a concept that focuses on decentralization, and Satoshi Nakamoto is popular because of Bitcoin.
You go to that platform you have just signed up for and try to make your first swap. However, there is no explanation of how you are supposed to do it. You see a “Connect Wallet” button, but why should you connect your wallet when you don’t have crypto assets yet?
This is where educational content comes into play. When you feel overwhelmed by all the new concepts and processes in the crypto industry, just look for a platform that also offers educational content and detailed tutorials about how to use its features.
This way, your trading experience will improve significantly, and you will have a better view of how trading works, what you can do to maximize your earnings, and how you can navigate through a certain platform as fast and efficiently as possible.
In Conclusion
Crypto and blockchain have progressed surprisingly. The use cases of blockchain technology increase with each day that passes, and new crypto-related platforms make our trading experience easier.
Still, user-friendliness remains a widely-discussed and much-expected concept. Regardless of their knowledge and expertise, crypto enthusiasts want and seek to interact with user-friendly platforms, especially when it comes to trading, which is a pretty complex activity.
The future of crypto trading lies in making it as easy, intuitive, and fast as possible for everyone, whether we’re talking about beginners or experienced traders. Thus, related platforms should ensure they are transparent, offer educational tutorials, and provide fast and safe transactions.
