People who want to obtain cryptocurrencies and engage in related activities, need to open an account at an online exchange platform first. Numerous exchanges out there offer various options for trading, but all of them have one thing in common — they strive to provide the perfect interface in order to attract more users and give them an ultimate trading experience.
If you’re a member of the Internet community (and by reading this text online, you probably are), then chances are that you’ve already heard the term “user interface” (or UI). Let’s take a closer look at what it actually is and how it affects your trading experience in a cryptocurrency exchange. Read on!
What is UI?
UI stands for “user interface,” and it is basically everything you see once you enter an app or a website. We take interface for granted, as it is something that all computer users are very accustomed to. However, what we don’t know is the amount of research, testing, and development it takes to get the interface just right.
How many times has it happened to you that you just cannot find a page you’re looking for on a website? There are many sites with awful interfaces with dozens of buttons and numerous useless options.
Therefore, using a certain platform is always more comfortable if you can find what you’re looking for instantly. There’s a great word used to describe the type of interface where everyone can get around pretty quickly – “intuitive”.
Trading cryptocurrencies is a difficult task. That’s why exchanges need to devote a lot of attention to their interface in order to facilitate all the processes and help users achieve their goals faster.
Many exchanges make one big mistake
Since the entire world of cryptocurrencies is fairly young, there are still a lot of things to improve in every aspect, including interfaces of online exchanges. Many platforms are often cluttered with a lot of information being presented to users on the homepage. This can drive off many new customers who are simply looking to buy their first digital currency and are not interested in detailed trading.
On the other hand, once you get into the swing of things, all these graphs and data can be pretty useful. However, there’s probably a better way to present these things to users instead of the “in-your-face” approach with everything displayed at once.
Basic vs Advanced solution
Many exchanges realize that providing all in-depth info about cryptocurrencies might not be the best solution for all users. There are numerous newcomers who get scared away with so many things going on. Therefore, you can find that a lot of exchanges adopt the “basic vs advanced” approach where users get to choose which type of interface they want to have.
The basic interface will often show only the elementary trading options, allowing users to obtain their first cryptocurrency in just a couple of clicks. Those who get comfortable with the basic options can easily switch to the advanced version and enjoy all the benefits that a trader can have.
Exchanges targeting newcomers
Some online exchanges, such as CEX.IO, adopt a step-by-step solution. They are slowly introducing newcomers to the world of cryptocurrency trading. As soon as you register on the platform, you will be provided with a few straightforward options. You immediately get to choose which crypto coin you want to buy and which fiat currency you want to use to make the purchase. Moreover, the platform also gives you an opportunity to immediately buy Bitcoin or another cryptocurrency of your choice for $200, $500, or $1,000. Alternatively, you can type in the amount yourself (it can be either the amount of target currency or the amount you want to invest) and the platform will automatically make the calculations for you.
In other words, CEX.IO is made for people who are looking to buy their first cryptocurrency. However, once you scratch the surface, you’ll notice many other features that can be rather helpful when it comes to cryptocurrency trading.
So – how can UI actually influence the trading experience?
Being rather volatile, the price of cryptocurrencies changes every second. So, people who want to begin their trading journey need to be very comfortable with using the trading interface on the exchange of their choice. If that doesn’t happen, they will end up missing out on numerous opportunities as they seek to find the piece of information or the option they need in order to make their next move.
There’s one more thing that we need to take into account, and that’s mobile devices. All exchanges looking to provide the best possible experience need to pay special attention to how they present information on small screens. Price changes, graphs, balance, orders, and more – all of these things may seem cluttered even if you have two monitors. That’s why it’s particularly challenging for exchanges to retain the simplicity on small screens. If you’re into trading on the go, make sure to explore the interface before you make any big moves from your mobile device.
Conclusion: The future is bright
As previously stated, online exchanges might still struggle to present information and options in the best possible way. But the underlying technology is rapidly changing and is being continuously improved by professionals around the globe. In other words, there’s no need to worry about the interface of online exchanges as it is only going to get better as the entire industry moves towards worldwide acceptance.