UX: The secret sauce behind the success of online trading platforms

It’s no hidden fact that the financial landscape is experiencing a period of significant evolution. Traditional financial practices, including budgeting, planning, investing, and trading, are being fundamentally transformed by digital technologies globally. 

Apart from the experienced traders, a whole new generation of young investors is emerging; unafraid to take bold financial risks in the volatile world of stocks and cryptocurrencies.

While a user-centered approach is advocated, many fintech trading platforms reflect a significant lack of attention to user research, usability testing, and a user-first design. By neglecting this outlook, platforms risk creating beautiful interfaces for complex features that ultimately fail to deliver on user expectations.  

As digital trading apps gain popularity with a 47% yearly increase in downloads, and India reaches 117,000 downloads in 2024, an astonishing fact emerges. Statista reveals a 4.6% user retention rate after 30 days in fintech applications, hinting towards retention in trading applications to be lesser. This stark contrast highlights the urgent need for improved user experience and engaging app design to foster long-term user loyalty.

A user on a trading application or website should primarily be able to create, manage, trade, and track their account. Even better if they enjoy the process. All, only possible if the stakeholders design with delight. 

Here’s how a good design approach benefits business and trading: 

Diverse set of users 

Trading has taken the world by storm, captivating experts, seasoned investors, and newbies alike. Digital trading and stock platforms are at the forefront of this exciting trend, offering untapped opportunities for the growth of fintech companies. 

To capitalize on this actively flourishing market, platforms must prioritize user experience. A user-centric design approach is crucial to cater to the diverse needs of different users. 

A simplified navigation might be the best choice for starters, but experienced users can demand sophisticated tools to increase efficiency of their trade. By balancing these contrasting requirements, designers and only designers can craft platforms that build a loyal customer base.

Lower drop-out rates 

To make the platform more user-friendly, it's essential to include features like calendars, stock notice screens, real-time streaming sections, and flexible dashboards. These features should be designed to provide a smooth user experience, allowing users to effortlessly navigate the platform and accomplish their goals.

A thoughtfully designed UI/UX can elevate the user experience by minimizing load times and providing robust technical support. This, in turn, can lead to higher user retention and lower dropout rates.

Better data visualization 

To empower users to make informed decisions, fintech platforms need to present complex data in a clear and intuitive way. While raw numbers and icons might be technically accurate, they can be overwhelming and confusing. 

Here, UI designers step in to enhance the user experience by leveraging data visualization techniques such as pie charts, bar graphs, line charts, and maps. These visual tools make information more accessible, enabling users to quickly grasp trends, identify patterns, and make better decisions.

Simplified and efficient onboarding 

The onboarding process is one of the major pain-points for fintech and trading platforms. With journeys such as account linkings, verification, and registration, experience often takes a back seat. 

UI/UX designers optimize these processes to reduce load times and increase the efficiency of trading platforms. By leveraging user research, testing, and high-fidelity prototypes, one can optimize these journeys, reducing load times and creating a more delightful experience for users.

Conclusion 

In today's digital age, a well-designed user experience (UX) is no longer a luxury, it's a necessity. This is especially true for complex platforms like crypto and stock trading platforms. A thoughtful and well-researched design approach can transform a mere trading tool into an engaging and memorable experience.

One of the key factors contributing to the success of these platforms is responsive design. This ensures a seamless user experience across various devices, from smartphones to desktops. By adapting to different screen sizes and resolutions, platforms can reach a wider audience and cater to users' diverse preferences. 

Ultimately, design is the secret ingredient that sets successful trading platforms apart. By prioritizing user experience, these platforms can simplify the trading process, making it more accessible and enjoyable. In conclusion, the future of trading platforms lies in the hands of skilled designers who can create intuitive and visually appealing experiences. By embracing responsive and adaptive design principles, fintech trading platforms will continue to evolve and meet the ever-changing needs of their users.

We hope this blog offered some great insights into why user experience should be at the centre of every trading platform. Ready to elevate your designs and enhance your digital presence? At Lemon Yellow, we specialize in crafting delightful user experiences that leave a lasting impact. Let’s create something amazing together— contact us today!